04
The allied market map
Who sells at every stage from ore to finished material outside China, which allied countries hold what, and who buys it across ten end markets. Not just magnets. Magnets are perhaps a third of the volume and most of the attention.
Last updated 2 August 2026 · Click any entry for detail · Not sized by revenue. This is structure, not scale
Sell side. Five stages, three consecutive chokepoints
The ore is diversified. Everything after it is not. Stages 2, 3 and 4 are all China-dominated back to back, and most Western project announcements address only one of them.
The services layer. Alongside every stage above
None of these appear on a market map, none of them trade, and most belong to someone in their late fifties. They serve the miner, the separator, the metallizer and the magnet plant alike. This is the layer I'm mapping and looking to buy into.
Allied partners. Who holds what
The non-China chain is not American. It is Australian ore, Malaysian and Estonian separation, Japanese magnets and metallurgy, Korean and Brazilian expansion, with US capital increasingly underwriting all of it.
Buy side. Ten markets, and only five are about magnets
Each market shows the Tier 1 that builds the subsystem, the OEM or prime that buys it, and what it becomes. The compliance obligation lands on the Tier 1, not the miner. The part most maps miss entirely.
What this map does not show. Revenue, market share or company size. Deliberately, since the point is structure and dependency. It also shows only the non-China chain, which is a small fraction of world capacity and all of the current policy attention. The other side is here.
Where it's thin. Tier 1 lists are what surfaced in my screening, not a census. Private Tier 2 and Tier 3 suppliers are almost entirely absent, and that is where most of the actual businesses are. If you know one that belongs here, tell me.
Research and opinion. Not investment, financial, or legal advice. I hold positions in some companies named here. · Matt Stone · Thinking about selling? · matt@stonehammer.ai