Highlights

• REalloys announced retired four-star General Jack Keane will join its board upon closing its merger with Blackboxstocks (NASDAQ: BLBX), with the SEC declaring the Form S-4 effective.
• The company is building an integrated North American rare earth platform from Hoidas Lake through midstream processing with the Saskatchewan Research Council to downstream manufacturing in Ohio.
• Investors should watch for merger closing, confirmed financing, demonstrated production volumes, and binding supply agreements, as governance appointments don't equal operational capacity.

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REalloys (opens in a new tab) announced that retired four-star General Jack Keane (opens in a new tab) will join its board upon closing its merger with Blackboxstocks (NASDAQ: BLBX). The Form S-4 has been declared effective by the SEC, and the companies expect to complete the merger pending customary conditions, including NASDAQ approval. REalloys positions itself as building a North American “mine-to-magnet” rare earth supply chain spanning upstream assets, midstream processing with the Saskatchewan Research Council (opens in a new tab) (SRC), and downstream alloy and magnet component production in Ohio.

General Jack Keane

What the Press Release Confirms

The company formally appointed General John M. “Jack” Keane as a Designate Director. He will join the board once the merger closes. The SEC has declared the registration statement effective. The transaction remains subject to final conditions and listing approval.

REalloys states it is advancing an integrated rare earth platform, including:

• Hoidas Lake (Saskatchewan) upstream asset
• Midstream separation, refining, and metallization in collaboration with SRC
• Downstream alloy and magnet component manufacturing in Euclid, Ohio

The Ohio facility reportedly supplies federal logistics and procurement agencies serving DoD, DOE, and NASA.

What Is Strategic — and What Is Forward-Looking

Keane’sappointment signals national security alignment. His background in defense leadership reinforces the company’s positioning around supply chain resilience.

However, much of the release contains forward-looking language. Scaling midstream separation and metallization, securing long-term feedstock, and achieving industrial throughput remain execution-dependent. The company’s own Safe Harbor language underscores commercialization, financing, and supply-chain risks.

The merger is not yet closed. EXIM engagement referenced in prior releases involves a letter of interest, not disbursed capital.

Why This Matters for Rare Earth Investors

The midstream and metallization gap in North America is real. China dominates separationand alloy conversion. If REalloys successfully scales domesticmetallization and secures a reliable oxide supply, it addresses a genuine structural vulnerability.

But investors should distinguish governance appointments from operational milestones. Board strength does not equal throughput capacity.

Watch for:

• Merger closing and NASDAQ listing
• Confirmed financing
• Demonstrated production volumes
• Binding supply agreements

National security alignment is notable. Industrial proof will be decisive.

Source: REalloys Inc. Press Release, February 9, 2026.