Tronox Announces Signing of a Cooperation and Investment Agreement with JX Advanced Metals to Advance Rare Earth Strategy

Agreement Advances Development of Tronox's Critical Minerals Processing Capabilities Across Australia, the United States, and Japan

STAMFORD, Conn., Sept. 29, 2026 /PRNewswire/ -- Tronox Holdings plc (NYSE: TROX) ("Tronox"), the world's leading integrated manufacturer of titanium dioxide ("TiO₂") pigment, today announced the signing of a cooperation and investment agreement with JX Advanced Metals Corporation (TYO: 5016) ("JXAM") to advance the development of its rare earth and critical minerals business to support growing demand for these minerals in semiconductor, advanced electronics, robotics, automotive, defense, and other high-technology applications.

Under the signed agreement, Tronox and JXAM (together "the Companies") will fund on a 50/50 basis approximately $32 million to support a definitive feasibility study for Tronox's previously announced proposed rare earth cracking and leaching facility ("Cracking Plant") in Australia and a pre-feasibility study for a proposed rare earth oxide refinery ("Refinery") in the United States and development of a US-based pilot facility capable of producing initial quantities of high-purity rare earth oxides. Tronox and JXAM anticipate that the joint investment in feasibility work for the Cracking Plant and Refinery will demonstrate the technical, economic, environmental, and commercial viability of establishing an integrated rare earth processing and refining platform. The agreement also contemplates joint development of other critical minerals and materials from Tronox's mineral resources, including niobium (Nb), scandium (Sc), zirconium (Zr), and hafnium (Hf), all of which are critical to the economic and national security of the United States and Japan.

The joint cooperation and investment agreement with JXAM represents a key milestone for Tronox in the development of its rare earth supply chain that could enable significant value creation. The agreement reflects the shared commitment of Tronox and JXAM to establish new capabilities across the critical mineral value chain while supporting the economic security and industrial competitiveness objectives of the United States, Australia, and Japan, including the Pax Silica Initiative.

The Companies plan to locate the Cracking Plant in the Rockingham Industrial Zone in Western Australia, approximately three kilometers south of Tronox's Kwinana TiO₂ pigment plant, enabling shared services and other resources that can be leveraged due to Tronox's extensive footprint and infrastructure in Australia, where it employs more than 1,200 people at its existing operations. The Companies currently expect to locate the Refinery on Tronox-owned land adjacent to its existing Hamilton, Mississippi TiO₂ pigment facility, where it employs more than 400 people. The site has access to abundant and low-cost power, existing utilities, reagents, and substantial infrastructure that Tronox expects would provide meaningfully lower refining costs versus a typical new entrant.

Together, as currently contemplated, the two sites would aim to produce up to 10,000 tonnes per annum of total rare earth oxides. Tronox's mines have an attractive mineralogy mix of light and heavy rare earth refinery feedstock, including neodymium (Nd) and praseodymium (Pr), dysprosium (Dy) and terbium (Tb), samarium (Sm), gadolinium (Gd), and yttrium (Y).

Tronox's Chief Executive Officer John D. Romano commented, "This strategic agreement represents an important milestone in Tronox's efforts to leverage our unique mineral sands resources and hydrometallurgical and chemical processing expertise to participate in the rapidly growing critical minerals value chain. By combining Tronox's mining resources and reserves and project development capabilities with JXAM's advanced refining and materials expertise, we are creating a pathway toward a secure, reliable, and globally competitive source of high-purity rare earth oxides and other critical minerals."

Hayashi Yoichi, President and Chief Executive Officer of JXAM, added, "Rare earths are essential to the advanced materials at the core of our growth strategy, and diversifying and strengthening their supply chain is an important strategic priority for JX Advanced Metals. Through this joint study, we will bring together Tronox's mineral resources and mineral separation capabilities with our technologies and expertise in nonferrous metals smelting and recycling to evaluate the potential of a rare earth processing business in Australia, the United States, and other locations. Working in close partnership and leveraging our complementary strengths, we aim to strengthen the supply chain supporting our advanced materials businesses and create new business opportunities that contribute to the sustainable growth of both companies."

The cooperation and investment agreement contemplates that if the Cracking Plant and Refinery engineering studies demonstrate technical and commercial viability, Tronox and JXAM will explore the formation of a joint venture to fund, build, and operate the assets. The Companies have engaged with several government-backed financing institutions, including the US Export-Import Bank, Export Finance Australia, relevant Japanese financial institutions and organizations, and other government-supported and commercial lenders regarding potential funding, which could represent a significant portion of the project's capital structure.

Mr. Romano concluded, "The strategic importance of a diversified and secure rare earth supply chain has never been greater. As the proposed projects would contribute to strengthening supply chains in the United States, Japan and Australia, we also hope to receive support from the relevant authorities and other stakeholders in each country."

About Tronox
Tronox Holdings plc is one of the world's leading producers of high-quality titanium products, including titanium dioxide pigment, specialty-grade titanium dioxide products and high-purity titanium chemicals, and zircon. We mine titanium-bearing mineral sands and operate upgrading facilities that produce high-grade titanium feedstock materials, pig iron and other minerals, including the rare earth-bearing mineral, monazite. With approximately 5,700 employees across six continents, our rich diversity, unmatched vertical integration model, and unparalleled operational and technical expertise across the value chain, position Tronox as the preeminent titanium dioxide producer in the world. For more information about how our products add brightness and durability to paints, plastics, paper and other everyday products, visit tronox.com.

About JXAM
JX Advanced Metals Corporation is a global player in advanced materials related to copper, minor metals, and other nonferrous metals. JXAM operates its businesses based on an integrated supply chain that extends from securing resources to recycling. It operates under five business lines: Thin Film Materials, Tantalum and Niobium, Functional Materials, Metal & Recycling, and Mineral Resources. JXAM's head office is located in Tokyo, Japan. The company employs 10,413 on a consolidated basis, or 3,267 on a non-consolidated basis, as of March 31, 2025.

Cautionary Statement about Forward-Looking Statements 
Statements in this release that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance, our operating rates, anticipated completion of extensions and upgrades to our mining operations, anticipated trends in our business and industry, including trade defense measures in specific jurisdictions and their timing and effectiveness, market penetration and growth rates, anticipated costs, competitive landscape, benefits and timing of capital projects including planned mining expansions, the Company's anticipated capital allocation strategy including future capital expenditures, the benefits and timing of the Company's cost improvement and other cost saving, inventory reduction and asset rationalization plans, our sustainability goals, commitments and programs, our rare earths and critical minerals strategy, including any expectation that the cooperation and investment agreement with JX will demonstrate the technical, economic, environmental, and commercial viability of establishing an integrated rare earth processing and refining platform, any expectation that we will be successful in forming a joint venture with JX to, among other things, fund, build, and operate the proposed Cracking Plant and Refinery, any expectation that the Company will be successful in constructing and/or operating the proposed Cracking Plant and Refinery, any expectation that the Company will be successful in arranging all required financing and/or developing a financeable structure with respect to its rare earths and critical minerals initiatives, and any expectation that the Company will be successful in developing a rare earth supply chain in Australia and/or the United States. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, actual costs, benefits and timing of capital projects, or the cost improvement plan and other cost saving, inventory reduction and asset rationalization plans, or achievements to differ materially from the results, level of activity, performance, anticipated costs, benefits and timing of capital projects, or the cost improvement plan and other cost saving, inventory reduction and asset rationalization plans, or achievements expressed or implied by the forward-looking statements. Significant risks and uncertainties may relate to, but are not limited to, macroeconomic conditions; policy changes affecting international trade, including import/export restrictions and tariffs; inflationary pressures and energy costs; currency movements; interest rate and debt market volatility, including in respect of our debt securities; political instability, including the ongoing conflicts in Eastern Europe and the Middle East and any expansion of such conflicts, and other geopolitical events; supply chain disruptions; market conditions and price volatility for titanium dioxide, zircon and other feedstock materials, as well as global and regional economic downturns, that adversely affect the demand for our end-use products; disruptions in production at our mining and manufacturing facilities; and other financial, economic, competitive, environmental, political, legal and regulatory factors. These and other risk factors are discussed in the Company's filings with the Securities and Exchange Commission.

Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, synergies or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments.

Investor Relations and Media Contact: Jennifer Guenther
     +1.203.705.3701 extension: 103701 (Media)
     +1.646.960.6598 (Investor Relations)

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