CURRENT PROJECT
US Strategic Metals
- Fredericktown, Missouri
- |
- EB-5 Rural Project with Priority Processing
US Strategic Metals (USSM) is a USCIS-approved rural EB-5 project in the US national interest. Founded to address the nation’s need for critical mineral independence, USSM is building a critical minerals refinery in rural Missouri.
This facility will play a crucial role in processing critical minerals to support the domestic supply of consumer electronics and defense technologies, enhancing the economic and national security of the United States. Phase I of the project included environmental remediation of a historical mine site, permitting, and a pilot program. The current EB-5 loan is for Phase II, which is the building of a hydrometallurgical plant.
LCR’s rigorous project selection and underwriting processes ensure we partner only with developers who have long standing track records of success and strong credit worthiness.
Project Summary
Location
1050 Madison 263, Fredericktown, MO
Developer
Missouri Cobalt Holding, LLC
Construction Status
Phase I has been completed, and Phase II construction is underway, with $66.8 million invested as of April 2025.
Estimated Jobs at Completion
22 Total Jobs per Investor
Total Project Cost
$204.6M
Total EB-5 Capitalization
$100.8M
Investment Required
$800,000
Structure
Secured Debt
Loan Term
February 2029 (+1+1)
Why Is US Strategic Metals an Exceptional EB-5 Project?
USCIS-Approved EB-5 Rural Project in the US National Interest
This project qualifies as a rural EB-5 project, enabling EB-5 investors to benefit from priority processing and access to the 20% of visas reserved for investments in rural areas. Most important, the project’s documentation has been reviewed and designated as being of national interest to the United States. The project has already received I-956F and I-526E approvals.
A Domestic Supplier of Key Materials to a High-Growth Strategic Industry
USSM has a 99-year lease for the 1,800-acre site, providing ample space to build the hydrometallurgical plant and expand refinery operations in the future at a single site in Fredericktown, Missouri. The site also has a historical underground mine that will service future phases of USSM’s operations. The mine has an estimated expected life of 17 years and includes deposits of cobalt, nickel, and copper. Critical minerals are key inputs into various industries, including national defense applications and electric vehicle manufacturing, which is growing exponentially in the United States.
Planning and Pilots
USSM has been testing and piloting critical minerals processes at its St. Louis-based demonstration facility since 2019, using advanced hydrometallurgical processing to maximize efficiency and sustainability. A key advantage of USSM’s business plan is the Fredericktown, Missouri site, which boasts 1,800 acres of land ready for redevelopment. The site was a historical lead mine that required significant environmental remediation due to operations prior to USSM’s involvement. USSM and its affiliates have completed the remediation in conjunction with the EPA Superfund program and received all necessary environmental permits to build the hydrometallurgical plant. Construction is already well underway on Phase II of the project.
Experienced Management and Established Partners
Glencore, a key investor and partner, has agreed to 100% offtake (purchase of all of the refinery’s future production), reinforcing the critical role of USSM’s refinery in supplying essential critical minerals to the market. USSM is in negotiations with Glencore to supply feedstock for the hydrometallurgical plant and management anticipates completing this contract in 2025. The USSM board is “public company ready,” with top-tier management and a deep bench of talent across operations. In addition, USSM raised $230 million from Appian Capital Partners, a leading investment advisor in the metals and mining industry with global experience across South America, North America, Australia, and Africa.
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FAQs
How does the ‘’at risk’ requirement interact with the various ‘’guarantees’’ that LCR Capital negotiates with the developer on the fund level?
The EB-5 Immigrant Investor Program’s “at risk” requirement, mandated by the US Citizenship and Immigration Services (USCIS), ensures investments carry risk without direct guarantees to individual investors. LCR Capital’s fund-level guarantees comply with this rule while enhancing investor protections.
- Fund-Level Guarantees: LCR Capital negotiates guarantees at the EB-5 fund level, not between developers and individual investors. These fund-level protections, such as denial, project completion, or loan repayment guarantees, apply to the investor cohort collectively, maintaining compliance with USCIS regulations.
- No Conflict: The “at risk” requirement applies at the individual investor level, while LCR’s guarantees operate at the macro fund level, ensuring no direct promises are made to individual investors, thus adhering to EB-5 rules.
What are the criteria used to evaluate the I-829 petition?
The US Citizenship and Immigration Services (USCIS) evaluates I-829 petitions based on the following key criteria:
- Creation of at Least 10 Full-Time Jobs
The investor must demonstrate that their investment in the New Commercial Enterprise (NCE) has created or preserved at least 10 full-time jobs (minimum 35 hours per week) for qualifying US workers, excluding the investor and their family. For direct investments, this requires evidence such as payroll records or tax documents. For regional center investments, an economic impact report, typically provided by the regional center to the investor and their attorney, may be used to verify direct, indirect, or induced job creation. - Sustained Investment
The investor must prove that the required investment ($1,050,000 or $800,000 in a Targeted Employment Area) has been sustained throughout the two-year conditional residency period and remains “at risk.” This includes providing financial records, business documents, or other evidence showing the investment was maintained and not withdrawn. - Compliance with Physical Presence Requirements
The investor must show they have not abandoned US residency. While there is no strict 183-consecutive-day rule, extended absences from the US (typically over six months) may raise concerns about residency intent unless justified, such as with a re-entry permit obtained from USCIS prior to departure.
What are the reasons why a petition may be denied? Would the capital invested be returned?
I-526 Petition Denial Reasons: An I-526 petition may be denied for the following reasons:
- Inadequate Source of Funds Documentation
USCIS may deny the petition if the investor fails to provide complete and transparent documentation proving the lawful source of the invested capital, such as a clear paper trail from sources like salary, property sales, or gifts to the New Commercial Enterprise (NCE). - Non-Compliant EB-5 Project
The petition may be denied if the project does not meet EB-5 program requirements, such as lacking a valid I-956F approval for regional center projects, failing to qualify as an NCE, or not demonstrating the creation or preservation of 10 full-time jobs.
Working with a reputable regional center and experienced immigration attorney is crucial to ensure compliance with USCIS requirements for both the source of funds and project structure. In the event of an I-526 denial, industry best practices typically include provisions in the project’s Private Placement Memorandum (PPM) for returning the investor’s capital, often within 90 to 180 days, depending on the project’s escrow agreement.
I-829 Petition Denial Reasons: An I-829 petition may be denied for the following reasons:
- Failure to Create or Sustain Required Jobs
The petition may be denied if the NCE does not create or preserve at least 10 full-time jobs (minimum 35 hours per week) for qualifying US workers, as evidenced by payroll records or economic reports for regional center projects. - Failure to Maintain US Residency
The investor must demonstrate they have not abandoned US residency during the two-year conditional residency period. Extended absences (typically over six months) without a re-entry permit may lead to denial, as USCIS evaluates residency intent.
Capital Return After Denial: For an I-526 denial, the return of capital is governed by the project’s PPM, which typically outlines refund procedures, with funds often returned within 90 to 180 days, depending on escrow terms. For an I-829 denial, investors may request capital return after the conditional residency period, as the investment is no longer required to remain “at risk” post-I-829 filing. However, the timing and feasibility of the return depend on the project’s structure and loan repayment terms outlined in the PPM. A denial at the I-829 stage does not typically require a separate request for capital return if already initiated.
After my I-526 petition approval, may members of my family have their consulate interview in different countries?
US Citizenship and Immigration Services (USCIS) permits EB-5 family members to attend consular interviews in different countries. Typically, interviews are held in the country of origin or where family members have current ties. However, a family member, such as a student studying in the US, may apply for adjustment of status at a USCIS district office instead of returning to their country of origin for consular processing.
It is recommended that family members attend their consular interviews together in the same country to ensure smoother and faster processing for all involved.
What is a Follow to Join Petition?
The Follow-to-Join benefit allows the spouse and unmarried children under 21 of a lawful permanent resident (Green Card holder) to obtain immigrant visas and Green Cards without filing separate immigrant petitions for each dependent. This benefit applies only if the familial relationship (spouse or child) existed when the principal applicant was granted lawful permanent resident status and if the principal’s Green Card was obtained through a preference-based visa category, such as the EB-5 program. Eligible dependents can apply for immigrant visas at a US Embassy or Consulate abroad or, if in the U.S., adjust their status through US Citizenship and Immigration Services (USCIS).