For the second time this year, a little-known company backed by Donald Trump Jr. has scored a major contract with the US Department of Defense.

The Financial Times reported on Wednesday that Vulcan Elements — a tiny startup of 30 employees that specializes in producing rare-earth magnets used in drones , radars, and other pieces of military equipment — has scored a $620 million loan from the Pentagon as part of “a $1.4 billion deal to increase the supply of magnets for industries alongside partner ReElement Technologies.”

Vulcan has received funding from 1789 Capital, a venture capital firm founded by pro-Trump donors in 2023 that brought Trump Jr. in as a partner last year. According to the Financial Times’ analysis, “at least four of 1789’s portfolio companies have won cont

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