1. Project Information
Title: Project Crucible
Sector: Manufacturing

2. Project Location 
Address: Project Crucible is proposed to be located in Clarksville, Tennessee, proximate to the Nyrstar smelter located at 1800 Zinc Plant Road (Montgomery County).

3. Project Sponsor Contact Information
Company Name/Agency: Crucible Metals, LLC (a wholly owned subsidiary of Korea Zinc Co. Ltd.)
Project Sponsor: Crucible Metals, LLC
Street Address: 140 Broadway
City: New York
State: New York
Zip Code: 10005-1108-996
POC Name: Kiwon Park
POC Title: President (Crucible Metals, LLC)
POC Phone: +82-2-6947-2114
POC Email Address: kwpark@koreazinc.co.kr
Alternate Project Sponsor Contact Information: None

4. Project Purpose
To support the United States in securing domestic critical minerals supply chains and increase domestic refining capacity, Project Crucible is proposed to be an integrated non‑ferrous smelting and refining facility intended to produce 12 types of non-ferrous metals, including 11 of the 60 critical minerals designated by the US government, as well as semiconductor-grade sulfuric acid. Products include zinc, lead, copper, gold, antimony, gallium, germanium and semiconductor-grade sulfuric acid.

The purpose of the Project is to strengthen U.S. supply chain resilience, reduce reliance on foreign processing capacity, and support national security, semiconductor manufacturing, and advanced industrial sectors.

5. Project Description
Crucible Metals is proposing to develop Project Crucible, an integrated non‑ferrous smelting and refining facility to produce a diversified portfolio of critical and strategic minerals including zinc, lead, copper, silver, gold, indium, antimony, bismuth, tellurium, palladium, gallium and germanium, along with industrial-grade and semiconductor-grade sulphuric acid products. The Project is proposed to be located in Clarksville, Tennessee adjacent to Nyrstar’s existing smelting facility and will be based on Korea Zinc’s proven Onsan Smelter at approximately 50% scale, as well as incorporate best practices from their Sun Metals Zinc Refinery in Australia.

The Project will receive feedstock primarily from U.S. and North American sources. Materials will arrive via multiple routes: bulk concentrates shipped to a Lower Mississippi River terminal and barged to Clarksville, budel cake (a zinc oxide intermediate from Nyrstar’s Netherlands smelter) trucked from ports in Savannah or New Orleans, and domestic secondary feeds delivered by rail. Finished products are intended to be distributed to U.S. customers by rail.

5.1 Project Components
The proposed Facility Location and Construction Staging Area is presented in Figure 1 and encompasses approximately 280 acres.
 

Consideration of additional construction staging and laydown areas, crane operations, barge side material handling, transportation improvements, and potential twinning or expansion of the existing conveyor system is advancing in parallel with Project design. These considerations also include evaluation of construction and operations related traffic increases, temporary or permanent roadway or access improvements, and logistics infrastructure necessary to support material deliveries, workforce access, and equipment mobilization.

Accordingly, the Study Area encompasses the potential locations of the following Project components and related activities (final locations and configurations to be determined):
•The primary smelter facility and associated industrial process units, including processing buildings, furnaces, reactors, material handling systems, emission points, and supporting structural infrastructure.
•A barge-side crane unloading and material handling area, associated access roads, anticipated in water work areas, and related temporary or permanent transportation improvements.
•Approximately 100 acres of additional land for construction staging and laydown, including areas that may be subject to future restoration, closure, or removal following construction.
•Upgrades to rail and rail facilities, including associated increases in rail traffic during construction and operation.
•Potential expansion of the existing conveyor system.
•Ancillary facilities or infrastructure associated with operational staffing changes.

All Project components will be sited, designed, and implemented to avoid and minimize impacts to sensitive environmental resources, including wetlands and waters of the United States, to the extent practicable and in accordance with NEPA and other applicable environmental requirements. Where impacts cannot be avoided, Crucible Metals will implement appropriate mitigation measures in coordination with regulatory agencies and in compliance with all applicable permit conditions.

The Tennessee Valley Authority will be supplying approximately 230 MW of power to the Project. Additionally, a natural gas pipeline approximately 26,000 feet in length will be routed to the Project Location, predominantly within existing road rights-of-way. These utilities will be permitted, installed, owned, operated, and maintained by the utility provider.

The Tennessee Department of Transportation will be conducting certain work on Zinc Plant Road bridge in the coming years. That work is not necessary for the viability of the Project and will be performed independent of this Project.

6. Technical and Financial Ability
Korea Zinc brings more than five decades of integrated smelting and refining experience, with demonstrated capability to engineer, construct, commission, and operate large-scale, continuous non‑ferrous smelting facilities. Its existing operations encompass complex metallurgical processing units; high‑capacity furnaces and reactors; advanced material handling and conveying systems; air emissions control infrastructure; wastewater and stormwater management systems; and comprehensive environmental monitoring and compliance programs. These facilities operate under stringent environmental permitting frameworks, and Crucible Metals is adapting this technically proven design, construction, operational, and compliance capability for U.S. execution through Project Crucible.

Crucible Metals will design, construct, operate, maintain, and, as applicable, modify or decommission the Project in compliance with all applicable federal, state, and local environmental laws and regulations. Project Crucible remains responsible for obtaining and maintaining all required environmental permits and approvals; implementing permit conditions during construction, operation, and any future facility modifications, closure, abandonment, or demolition; and establishing robust environmental management systems to ensure sustained regulatory compliance over the life of the facility. Environmental compliance requirements are fully integrated into Project planning, design, construction, operations, and potential future changes to facility configuration or staffing, with the objective of avoiding, minimizing, and effectively managing potential environmental impacts while supporting long-term operational and regulatory viability.

To localize Project Crucible to U.S. technical and regulatory standards, Crucible Metals has retained Hatch Associates Consultants Inc. (Hatch) to provide engineering, procurement, and construction management (EPCM) services. Hatch supports detailed design development and execution planning and provides technical and regulatory support associated with environmental permitting, agency coordination, and compliance implementation in accordance with applicable U.S. federal and state requirements, including the National Environmental Policy Act (NEPA), Clean Air Act, Clean Water Act, Endangered Species Act, and National Historic Preservation Act, as applicable.

Crucible Metals will retain ultimate accountability for environmental compliance throughout construction and operation of the facility, including permit administration, routine monitoring, inspections, regulatory reporting, and implementation of adaptive or corrective measures as regulatory requirements, operating conditions, or facility configurations evolve. This framework ensures that environmental permitting and compliance obligations are treated as core elements of project execution, financial assurance, and long-term operational continuity.

7. Summary of Financing, Reviews and Authorizations
Summary of Project Crucible Funding:
•U.S. Department of Commerce has granted Crucible Metals $210 million through its CHIPS Incentive Program.
•U.S. Department of War will provide over $3.7 billion in equity and loan funding, comprising (i) $1.4 billion in funds ($1.25 debt and $150 million equity to Crucible JV) that were used to make an equity contribution by Crucible JV into Korea Zinc, which Korea Zinc then contributed to Crucible Metals and (ii) $2.349 billion in direct loans that will be made to Crucible Metals.
•A syndicate of commercial banks led by JPMorgan will initially provide Crucible Metals with a senior secured loan of $2.349 billion, with half of such amount ($1.1745 billion) to be refinanced through an Export Credit Agency (ECA) facility supported by entities such as Korea Trade Insurance Corporation (K-Sure).
•Korea Zinc will make additional capital contributions in excess of $400 million and up to $585 million.
•The U.S. Department of War will also be issued warrants to purchase ownership interests in Crucible Metals
•$45 million FastTrack Economic Development grant commitment for new construction from the State of Tennessee
•Clarksville-Montgomery County Industrial Development Board committed to Payment in Lieu of Taxes (PILOT) tax abatement over a phased 20-year period.
Environmental Reviews anticipated to be required (Q1-Q4 2026):
•NEPA review, anticipated to include preparation of an Environmental Assessment (EA) as determined by the lead federal agency.
•Clean Water Act (CWA) Section 404 (USACE)
•Clean Water Act Section 401 Water Quality Certification
•Clean Water Act Section 402 (Tennessee NPDES Stormwater Construction Permit)
•Endangered Species Act (ESA) Section 7 consultation, including coordination with the U.S. Fish and Wildlife Service
•National Historic Preservation Act (NHPA) Section 106 consultation, including Government‑to‑Government Tribal consultation, as applicable
•Rivers and Harbors Act Section 10
•U.S. Army Corps of Engineers Real Estate Review
•FEMA Floodplain Review
•Multiple Water and Air State Reviews

8. Project Assessment
Project Crucible falls within the Manufacturing industry sector and qualifies as a covered project under FAST‑41 because:
•it is potentially subject to NEPA and may require multiple federal/state authorizations;
•total investment is expected to exceed $200 million
•the Project is not likely to qualify for ‘abbreviated authorization or environmental review process’; and
•the Project’s size and complexity make it likely to benefit from the enhanced oversight as well as a coordinated permitting timetable and milestone tracking under FAST‑41.

9. Form Submitter Contact Information
Name: Taeyoon Wang
Title: General Manager
Work Phone: +82-52-280-7341
Email Address: wang4287@koreazinc.co.kr