Track market-moving stories before they get noisy

USA Rare Earth (USAR +0.28%) stock recorded strong double-digit gains in August. The company's share price climbed 19.2%, according to data from S&P Global Market Intelligence, in a month that played host to a 2.6% increase for the S&P 500's level and a 3.9% gain for the Nasdaq Composite.

Along with the bullish backdrop for the broader market, the company also published its second-quarter results and announced the completion of an upsized $1.55 billion capitalization of the special purpose vehicle (SPV) backed by the U.S. government to support its acquisition of Brazilian rare-earth mining specialist Serra Verde. While the company's Q2 report didn't do anything to push the stock higher, the SPV announcement did boost the stock -- and investors have gotten more good news in September.

Image source: Getty Images.

USA Rare Earth's Q2 report wasn't exciting USA Rare Earth published its Q2 results on Aug. 10, and the report didn't arrive with much for investors to get excited about. The company reported a non-GAAP (adjusted) loss of $0.15 per share on sales of $5.82 million in the period. The performance fell short of the average Wall Street targets, which called for an adjusted loss of $0.13 on sales of roughly $6.5 million.

USA Rare Earth is still in a relatively early stage of ramping its business, so the sales and earnings misses in Q2 didn't look particularly significant. On the other hand, the company didn't deliver the kinds of scaling updates that investors were looking for -- and the stock lost ground following the earnings release. The good news was that investors didn't have to wait long for positive developments.

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The Serra Verde deal looks to be transformative On Aug. 24, USA Rare Earth published a press release announcing the finalization of its SPV deal with the U.S. Department of War to support its acquisition of Serra Verde. Through the arrangement, the Department of War agreed to provide a direct $750 million investment in the SPV, the facilitation of a $500 million debt facility from a tier-1 institutional bank, and a five-year purchasing contract worth at least $300 million. In short, the deal helped secure both financial support and a rare earth mineral purchasing contract from the U.S. government contingent on the finalization of the Serra Verde acquisition.

USA Rare Earth then published a press release on Sept. 4 announcing that it had completed its roughly $2.8 billion acquisition of Serra Verde. When USA Rare Earth announced the acquisition in April, it said that Serra Verde was expected to achieve annualized earnings before interest, taxes, depreciation, and amortization (EBITDA) by the end of 2027 and that the combined corporate entity was expected to generate roughly $1.8 billion in EBITDA by 2030. The completion of the deal has transformed USA Rare Earth's financial profile, and it positions the company to rapidly scale in the critical minerals space.

Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Key Takeaways USA Rare Earth began commercial NdFeB magnet production at its Stillwater facility in Q2 2026.USAR expanded equipment, inventories and construction assets to support production ramp-up.USA Rare Earth ended Q2 2026 with about $1.53 billion in cash to fund manufacturing expansion. USA Rare Earth, Inc. (USAR - Free Report) continues to make steady progress at the Stillwater magnet manufacturing facility in Oklahoma as it ramps up commercial production. The facility is designed to manufacture Neodymium Iron Boron (NdFeB) magnets, which are critical components for defense, aerospace, automotive, industrial and other high-growth end markets. During the second quarter of 2026, the Stillwater facility began commercial production of NdFeB magnets, although the company has not yet started generating revenues from magnet sales as production continues to ramp up.

Throughout the second quarter of 2026, USAR continued to expand the Stillwater facility by advancing building improvements, installing additional manufacturing equipment and increasing inventories to support production ramp-up. The company also continued investing in construction-in-progress assets and equipment deposits as it prepares the facility for higher production volumes.

To support its progress, USA Rare Earth maintained a strong balance sheet, ending the second quarter of 2026 with approximately $1.53 billion in cash and cash equivalents. The company continues to deploy capital toward the Stillwater facility, equipment purchases and the development of its rare earth manufacturing platform, including the planned Blacksburg refined metals facility in South Carolina.

In November 2025, USAR strengthened its vertical integration through the acquisition of Less Common Metals, a rare earth metals and alloys manufacturer in the United Kingdom. The acquisition continues to support the company’s mine-to-magnet strategy by expanding its capabilities in rare earth metals, alloys and strip-cast production for the Stillwater facility.

Snapshot of USA Rare Earth’s PeersAmong its major peers, Trilogy Metals Inc. (TMQ - Free Report) continues to make steady progress at the Ambler mining district. Although Trilogy is not yet in production, it is advancing the Upper Kobuk Mineral Projects through Ambler Metals LLC, its joint venture with South32 Limited. In August 2026, Trilogy executed definitive agreements for a roughly $35.6 million strategic equity investment by the U.S. Department of War to support exploration and development of the projects. The Arctic Project is also progressing through federal and state permitting, with a targeted Record of Decision in September 2028.

USAR’s other peer, NioCorp Developments Ltd. (NB - Free Report) , is working to move its Elk Creek Project in Nebraska closer to production. In August 2026, NioCorp completed an updated feasibility study that envisions a 40-year mine producing eight critical-mineral products, including niobium, scandium, titanium and several rare earth products. NioCorp's study estimates a pre-tax net present value of $4.1 billion, while ongoing mine-portal construction is establishing the future access point to the underground operation.

USAR’s Price Performance, Valuation & EstimatesShares of USAR have gained 48% in the year-to-date period compared with the industry’s growth of 29.5%.

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From a valuation standpoint, USAR is trading at a forward price-to-sales ratio of 8.67X compared with the industry’s average of 1.43X. USA Rare Earth carries a Value Score of F.

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The Zacks Consensus Estimate for USAR’s 2026 earnings has declined over the past 60 days.

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Chinese rare earth suppliers are quietly refusing U.S. shipments, and one American producer just closed a deal that could position it to fill that gap at the worst possible moment for Beijing's leverage.

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Shares of USA Rare Earth (NASDAQ:USAR) rose but then retreated Friday morning after Reuters reported that some Chinese suppliers have refused to ship rare earth materials to U.S. customers, sharpening the case for a domestic non-China supply chain. The broad tape is quiet, with the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) down 0.1% to $772.31, so this is a narrow, single-theme rally-and-drop with the broader tape quiet.

USA Rare Earth stock jumped 4% to $18.35, extending a year that had it up 49% year to date (YTD) through Thursday’s close. However, USAR stock then fell back to $17.70 soon after 10:00 a.m. ET, making it flat on the session at that time. The move lands the same week USA Rare Earth completed its combination with Serra Verde Group on September 3, giving it scaled heavy rare earth production at the exact moment the shipment story broke.

Two peers are drawing attention on the same theme. MP Materials (NYSE:MP) operates Mountain Pass in California and is expanding U.S. processing and magnet output through its Fort Worth Independence facility. Critical Metals (NASDAQ:CRML) is developing the Tanbreez project in Greenland, which isn’t yet in commercial production.

Shipment Freeze Sparks a Supply-Security Bid Reuters reported that some Chinese suppliers have declined to ship rare earth materials to U.S. customers since early August despite holding export licenses, worried about repercussions from Beijing or the risk that the materials could ultimately reach sanctioned end users. Adding to the diplomatic backdrop, Reuters said Chinese President Xi Jinping is scheduled to visit Washington on September 24, with rare earth supplies expected on the agenda.

The China exposure is enormous. China accounts for 70% of global rare earth mining and 90% of processing, so any disruption at the shipping desk quickly becomes a bottleneck for U.S. industrial and defense customers. On the policy side, the Trump administration last month finalized a $1.55 billion funding package to develop domestic rare earth supply chains, including equity investment, debt support, and long-term purchase commitments.

What Sets USA Rare Earth Apart Timing is the differentiator today. USA Rare Earth described Serra Verde as the only scaled producer of all four magnetic and other critical heavy rare earth elements outside Asia, operating in Goiás, Brazil. That directly plugs into the gap the Chinese refusals expose, and it does so with production already running rather than a project still in development.

Leadership at USA Rare Earth is turning over on the same clock. The company said Thras Moraitis, previously Chief Executive Officer of Serra Verde, will succeed Barbara Humpton as Chief Executive Officer on October 1, and Moraitis has been appointed President and added to the board, according to USA Rare Earth. That gives the combined company an operator running the newly scaled Brazilian asset from the top of the org chart.

MP Materials continues to lean on Mountain Pass and its Fort Worth magnet facility, with a Department of War partnership and long-term supply agreements in the background. Critical Metals remains a developer story tied to Greenland approvals, offtake term sheets, and a 2028 exploitation target, so its response to any China headline is more sentiment-driven than operational.

Scorecard and Session Context USA Rare Earth stock’s intraday move sits on top of a 49% YTD run through Thursday’s close, so the tape was already leaning positive into the news. The SPDR S&P 500 ETF Trust’s 0.1% dip suggests the move in USAR stock is idiosyncratic, a theme trade tied to policy and supply headlines with the broader tape flat.

Durability is the signal to weigh. Nothing in either company’s cost structure or contracted revenue changed today, and a shipment freeze reported three weeks ahead of a diplomatic meeting can function as a bargaining position as much as a supply event. That framing keeps expectations honest even as the tape rewards the theme.

What to Watch Next The Xi Jinping visit to Washington on September 24 is the next scheduled catalyst that can move the whole complex either way, according to Reuters. Any language on rare earth licensing coming out of that meeting can land on USA Rare Earth, MP Materials, and Critical Metals in real time.

Investors can watch for whether Beijing formalizes or walks back the shipment posture around that meeting, and whether MP Materials and Critical Metals continue to trade in sympathy with USA Rare Earth on each headline. Position sizing on their exposure matters here, because a single diplomatic outcome can compress the theme quickly (we put the sizing rules for exactly this kind of headline-driven trade in a free speculation playbook). Traders should keep their allocation to any single rare earth name modest until the September meeting resolves.

Contact [email protected] for any questions or corrections.

Shares of US rare earth companies rose in premarket trading Friday after a Reuters report said some Chinese suppliers have declined to ship rare earth materials to US customers despite receiving export licenses.

The developments come weeks before Chinese President Xi Jinping is scheduled to visit Washington, putting critical mineral supply chains back in focus.

USA Rare Earth USAR gained 4.8%, MP Materials shares rose 3.9%, and Critical Metals climbed 5.9% in premarket trading.

According to the Reuters report, some Chinese suppliers have refused shipments to US customers since early August, citing concerns about potential repercussions from Beijing and the possibility that materials could ultimately reach sanctioned users.

The issue adds to ongoing concerns about access to rare earths and other critical materials.

US officials have repeatedly urged China to follow through on commitments made in Busan and Beijing to support the flow of rare earth export licenses.

A source familiar with US planning said in the report that the issue has become part of preparations for Xi's planned Sept. 24 visit to Washington.

The supply situation remains tight for several rare earths and critical materials with applications in areas including aerospace, defense and chipmaking.

While exports of many rare earths and related magnets have recovered since China introduced restrictions in April 2025, prices for some materials remain near record highs.

China maintains dominant position in supply chainChina remains the dominant force in the global rare earth industry, accounting for about 70% of mining and 90% of processing.

Export restrictions and licensing delays have continued to affect US buyers.

Some US companies have reportedly waited more than six months for mineral licenses, while several firms have recently received multiple approvals after lengthy delays.

Yttrium exports to the US have increased this year but remain around half of 2024 levels.

China shipped 27 tons of yttrium to the US in July after two months without exports, marking the second-highest monthly shipment since January 2025.

Chinese restrictions have also affected other markets.

Chinese suppliers have largely refrained from shipping rare earth materials to Japanese companies, while exports of terbium, gallium and yttrium to Japan declined sharply in the first eight months of the year.

Reva Goujon, a geopolitical strategist at Rhodium Group, told Reuters that China has used rare earth export controls as a tool to constrain the US Commerce Department's Bureau of Industry and Security.

She also expects Beijing could loosen some controls around the summit to ease US concerns over the implementation of previous agreements.

China's foreign ministry said the country remained committed to maintaining global critical mineral supply chains.

The supply concerns are strengthening the focus on US and Western rare earth producers seeking to develop alternatives to China's dominant position.

USA Rare Earth is developing a domestic supply chain that includes its Round Top project in Texas.

The company also completed its acquisition of Serra Verde Group on Thursday. Serra Verde is described as "the only scaled producer of four magnetic and other critical heavy rare earth elements outside Asia": neodymium, praseodymium, dysprosium and terbium.

MP Materials operates the Mountain Pass rare earth mine in California and stopped selling rare earth concentrate to China in July 2025.

The company is also expanding domestic processing and magnet manufacturing, including at its Independence facility in Texas.

Critical Metals is developing the Tanbreez project in Greenland as a potential Western source of rare earths, although the project has not yet entered commercial production.

The US government has also increased support for domestic supply chains.

Last month, the Trump administration finalized a $1.55 billion funding package that includes equity investment, debt support and long-term purchase commitments aimed at expanding domestic rare earth production and reducing reliance on China.

With rare earth supplies expected to feature in the upcoming Xi-Trump meeting, developments in export licensing and shipments could remain an important factor for the sector.

USA Rare Earth offers high-upside exposure to critical rare earths, with national security and defense demand as a key driver. USAR's Round Top mine is set to supply essential elements like Nd, Pr, Dy, and gallium, supporting vertical integration and domestic supply chains. Financially, USAR holds $1.53B in cash and manageable liabilities, but is pre-revenue, burning cash, and faces execution and dilution risks.

United States Antimony surged 8% this morning with no press release, no earnings, and no same-day filing to explain it, while the broader critical minerals sector quietly slipped lower. Something moved this stock, and the answer matters for anyone sizing…

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The critical minerals corner is splitting this morning between a company-specific bid in antimony and a rare earth basket that’s drifting lower. That’s the tell in what looks like an isolated single-name bounce.

The VanEck Rare Earth and Strategic Metals ETF (NYSEARCA:REMX) is down 0.5% to $75.82, so the sector wrapper is slightly softer while a single antimony name runs. United States Antimony (NYSE:UAMY) stock is up 8% to $5.04, a sharp move for a small critical-minerals producer that had gone nowhere this year. Meanwhile, USA Rare Earth (NASDAQ:USAR) stock is up 3% to $17.72, adding to what has already been a stronger year for the magnet-focused developer.

Insider Buying Doesn’t Match the Timeline The verified insider purchases at United States Antimony predate this session. Chairman and CEO Gary Evans acquired 20,000 shares at $4.92 on August 28, and director Jon Marinelli acquired 12,500 shares at $7.45 on June 15. Both were disclosed on Form 4 filings, and neither is a same-day catalyst.

No same-day filing or company announcement from United States Antimony explains today’s bid. What the market shows is concentrated buying in one antimony name while the broader rare earths and strategic metals basket is lower, which reads as a mechanical bounce in a laggard rather than a fresh news trigger.

Four Names, Four Supply Chains United States Antimony holds a $245 million sole-source contract with the U.S. Defense Logistics Agency and supplies military-specification antimony ingots exceeding 99.5% purity from its Thompson Falls, Montana smelter and its Madero, Mexico facility. That’s a narrow, defense-anchored business with a single dominant customer.

USA Rare Earth is building a rare earth and permanent-magnet chain anchored by magnet manufacturing in Stillwater, Oklahoma and the Round Top deposit in Texas. MP Materials (NYSE:MP) operates the Mountain Pass mine in California, and Critical Metals (NASDAQ:CRML) is a pre-revenue developer with the Tanbreez deposit in Greenland and the Wolfsberg lithium project in Austria. Antimony and rare earths sit on different supply chains serving different buyers, which is why one name can move alone here.

Scorecard: Today Narrows a Wide Gap Through Tuesday’s close, United States Antimony stock was down 7% year to date (YTD), while USA Rare Earth stock was up 45% over the same stretch. Today’s move narrows that spread rather than extending either trend.

USA Rare Earth stock has ridden capital raises and government funding tailwinds through the year. United States Antimony stock has been the laggard, weighed down by weak antimony pricing and a lowered outlook. A 7% bounce doesn’t reset either story on its own.

What to Watch Next Traders can watch for whether United States Antimony stock holds above the $5 line into the close. Volume confirmation would matter as much as the price level, since a bid without a filing behind it tends to be thin.

Investors sizing their exposure to the critical minerals theme should consider their positions carefully. These are volatile small and mid-caps with wide daily ranges, and a session move that isn’t tied to a same-day catalyst can fade as quickly as it appears.

Contact [email protected] for any questions or corrections.

USA Rare Earth's (USAR -0.95%) goal is to become a leader in critical minerals and a leading production partner for rare-earth elements, oxides, metals, and magnets. The company went public through a merger with a special purpose acquisition company (SPAC) in 2025, and it's been raising capital by selling its stock. Notably, the mining specialist has sold a significant equity stake to the U.S. government -- with the initial deal working out to a 10% ownership position and options to exercise warrants that could bring the government's ownership position as high as 16%.

Thanks to the company's fundraising moves, USA Rare Earth closed out the second quarter with a cash position of roughly $1.53 billion. Meanwhile, the company generated just $5.8 million in revenue in the quarter. With its current market capitalization at roughly $4.4 billion, even though the business is generating very little in sales, how should investors value the company?

Image source: Getty Images.

USA Rare Earth is a speculative bet with real catalysts Rare-earth elements and the broader category of critical minerals are essential for a wide range of defense and commercial technologies, and the U.S.'s ability to source these crucial building blocks represents a potentially foundational supply chain fault line with huge economic and national security implications.

China currently dominates the global market for the extraction and processing of rare-earth elements and critical minerals, and the U.S. and its allies are heavily reliant on its exports. Meanwhile, relations between the U.S. and China have generally become more adversarial, and China has moved to restrict access to minerals as a key point of leverage against its geopolitical rivals.

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In response to sourcing dynamics surrounding critical minerals, the U.S. is taking steps and moving quickly to increase its ability to reduce its reliance on China for important metals and elements. So while USA Rare Earth is currently generating little revenue relative to its valuation, there are good reasons to think that the business will scale rapidly.

USA Rare Earth is on track for a transformative acquisition In April, USA Rare Earth announced that it had entered into an agreement to acquire Brazilian rare-earth specialist Serra Verde for roughly $2.8 billion. The deal will see USA Rare Earth pay $300 million in cash and issue roughly 126.5 million new shares of common stock to Serra Verde -- a deal that will be hugely dilutive for shareholders but one that also looks poised to have a beneficial, transformative impact.

To facilitate the deal, the U.S. Department of Defense created a $1.55 billion special-purpose vehicle that includes $750 million in direct investment, $300 million in rare-earth element purchases, and $500 million in credit. With the acquisition's completion, USA Rare Earth projects that Serra Verde alone is on track to reach an annualized run rate for earnings before interest, taxes, depreciation, and amortization (EBITDA) between $550 million and $650 million by the end of 2027. Meanwhile, it expects that the combined company will generate roughly $1.8 billion in EBITDA in 2030. If USA Rare Earth hits that target, shares could be significantly undervalued at current prices.

The market doesn't know what to think about USA Rare Earth (USAR -6.54%). Its 52-week price chart has a Jack-o'-lantern smile, with peaks in the $40s and troughs in the $10s. Wide price swings aren't uncommon for a growth stock, but USAR gives the unmistakable impression that Wall Street simply can't make up its mind.

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Surely, some of that confusion is owed to the mismatch between USAR's business and valuation, which at times has been truly absurd. Last October, for instance, the metal company had a market cap north of $5 billion while generating essentially zero revenue.

Starting in 2027, however, the bull case for USAR is going to get stronger -- strong enough, I think, to make it rally back to its former highs. Here's why.

A ban on Chinese rare-earth magnets and alloys will send USAR higher USAR is in a critical position: It owns a particularly heavy rare-earth deposit in Texas. The metals found there are used to make rare-earth magnets, whose tech applications span aviation, defense, clean energy, and other industries.

The U.S. has long been uncomfortably dependent on China for rare-earth magnets. The security of that dependence was always wobbly, but it reached a critical point in the recent tit-for-tat trade war between China and the U.S. That means the U.S. government has been extremely aggressive in establishing its own rare-earth supply chain, from policies that support miners to direct investments in companies themselves.

Image source: Getty Images.

That brings us here. Starting on Jan. 1, 2027, rare-earth magnets sourced from China will be barred from use in American military systems. Defense contractors will need to ensure that everything from the mining and refining of rare earth to the production of magnets occurs outside of China. Waivers -- that is, special permission from the government -- are also becoming harder to obtain, which means defense companies will have greater incentive to work with U.S. suppliers.

That will put USAR in an unusually favorable position. Not only does it own one of the country's largest and most diverse rare-earth deposits in the U.S. -- Round Top in Texas -- but it is also building two magnet factories in Oklahoma and South Carolina. Together, those assets will give USAR something few domestic miners have: a largely U.S.-based magnet supply chain.

An important caveat Round Top is significantly rich in the "core four" rare earths used in defense: neodymium, praseodymium, dysprosium, and terbium. And USAR is developing innovative extraction technology tailored to Round Top to make its mining there less expensive and more efficient.

The only catch: It is not an operating mine, and it won't become one until at least 2028. So it's unlikely that USAR will be supplying rare-earth magnets to defense companies next year. But that doesn't mean it won't take advantage of the changed environment to ink agreements with defense clients for future sales.

Indeed, I predict that USAR will enter agreements with defense clients before 2027, with more to come next year. The U.S. cannot meet the strict requirements of this new rule without the help of USAR, and defense clients will likely be eager to lock in future supply before that capacity comes online.

I wouldn't wait until those agreements are inked before buying USAR. If you can tolerate the ups and downs of a growth stock, I think it's worth owning now before Wall Street finally makes up its mind.

Shares of USA Rare Earth Inc. (NASDAQ:USAR) are trading lower Monday, pulling back alongside a broader unwind across small-cap critical mineral stocks. Here’s what investors need to know.

USA Rare Earth stock is among today’s weakest performers. Why is USAR stock dropping? Government-Backed Capitalization Clears Key Condition For Serra Verde MergerThe weakness comes despite a major operational and financing update announced Monday morning confirming the completion of an upsized $1.55 billion capitalization for the special purpose vehicle that will purchase 100% of Phase 1 rare earth production from the Serra Verde Group.

The milestone satisfies a critical closing condition ahead of the upcoming special stockholder meeting on Friday to vote on the merger.

U.S. Department of War Upsizes Funding CommitmentThe updated funding structure includes $750 million in equity backed by the U.S. Department of War, an increase of $250 million over original requirements, under a take-or-pay arrangement with floor prices.

In addition, a Tier-1 institutional bank delivered a commitment letter for an up to $500 million senior secured credit facility, while the U.S. government entered into a forward purchase contract for at least $300 million of rare earth products over five years.

Pela Ema Mine Acquisition Unlocks Vertically Integrated SupplyUpon closing the transaction, USA Rare Earth will acquire the Pela Ema mine in Brazil, creating the only mine outside Asia commercially producing all four key magnetic rare earths.

The acquired supply will tie directly into the company’s downstream magnet manufacturing facility in Stillwater, Oklahoma, which targets 600 metric tons per annum of capacity by fourth-quarter 2026.

USAR Shares Slide MondayUSAR Price Action: USA Rare Earth shares were down 5.14% at $18.27 at the time of publication on Monday, according to Benzinga Pro data.

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U.S. Department of War (DoW) provides a $750 million investment in the SPV, reflecting a $250 million increase over original capitalization requirementsTier-1 institutional bank delivers commitment letter for $500 million Senior Debt FacilityDoW enters into forward purchase contract with the SPV for not less than $300 million of rare earth products over five yearsMerger expected to close promptly following the August 28, 2026, special meeting of USAR stockholders, subject to satisfaction of the remaining closing conditionsUpon closing of the Serra Verde acquisition, USA Rare Earth will own the only mine outside of Asia commercially producing all four magnetic rare earths, thus anchoring an integrated rare earth value chain from mine to magnet and beyond
STILLWATER, Okla., Aug. 24, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (“USAR,” “USA Rare Earth,” or the “Company”) today announced the special purpose vehicle (the “SPV”) that will purchase 100% of the Phase 1 production of rare earth materials (“the Offtake Agreement”) produced by Serra Verde Group (“Serra Verde”) has completed its capitalization arrangements.

Pursuant to the capitalization transaction, totaling an upsized $1.55 billion in funding:

The Department of War has committed to a $750 million investment in the SPV - $250 million more than the $500 million originally contemplated under the Offtake Agreement. The agreement, which has both a take-or-pay arrangement and floor prices, is vital to support the development of an integrated rare earth value chain.The SPV has secured a commitment letter from a Tier-1 institutional bank for a senior secured borrowing-base revolving credit facility (the “Senior Debt Facility”) in an aggregate principal amount of up to $500 million, subject to certain conditions precedent set forth therein. The Senior Debt Facility is intended to fund working capital for the SPV’s purchases of rare earth products from SV Management Switzerland.The U.S. government has entered into a forward purchase contract with the SPV for the purchase of not less than $300 million of rare earth payable products over five years.
USA Rare Earth announced a definitive agreement to acquire Serra Verde on April 20, 2026. On the same day, Serra Verde announced it entered into a 15-year offtake agreement to supply the SPV capitalized by various U.S. Government agencies, as well as private capital sources for 100% of its Phase I production with guaranteed price floors for its magnetic rare earths, including the industry’s first and only price floors for heavy rare earths dysprosium and terbium. The capitalization satisfies one of the closing conditions for USAR’s proposed merger with Serra Verde. Additional information regarding the Offtake Agreement, the Offtake Amendment and the capitalization of the SPV is contained in USAR’s Current Report on Form 8-K filed with the SEC.

“We appreciate the strategic support and upsized funding commitment of the U.S. government and are proud to continue our strong partnership to build a secure and resilient rare earth supply chain,” said Michael Blitzer, Executive Chairman of USA Rare Earth. “With more than $1 billion already invested, Serra Verde is one of the world’s most advanced rare earth projects and the only commercial producer of all four magnetic rare earths outside Asia. Serra Verde can now begin supplying these critical materials into the U.S. market and is positioned to be the first to deliver all four into Western supply chains at scale. With the SPV capitalized, we expect to close the Serra Verde acquisition in the coming days, providing access to advanced processing technologies and integrating a foundational asset into USA Rare Earth’s mine-to-magnet platform.”

Following close, USA Rare Earth will own the Pela Ema mine in Goiás, Brazil, the only ionic clay rare earth mine in commercial production outside of Asia and will operate an integrated rare earth value chain from mine to magnet across the United States, the United Kingdom and Brazil. Rare earth magnets are the building blocks of the technologies powering today’s economy, from mobility and electrification to robotics and data centers, to the aerospace and defense platforms that safeguard national security, to the energy and medical technologies improving lives around the world. The transaction will also give Serra Verde access to emergent rare earth processing technologies, deepening the integration of the two companies’ combined value chain. To date, more than $1 billion has been invested in Serra Verde.

In connection with the transactions contemplated by the Merger Agreement, on July 24, 2026, USAR filed a Proxy Statement with the SEC for its special meeting of stockholders to be held on August 28, 2026 at 10:00 a.m. Eastern Time to consider certain proposals related to the merger as further described in the Proxy Statement. The Company expects the transaction to close promptly following the special meeting and the satisfaction or waiver of the remaining closing conditions.

About USA Rare Earth, Inc.

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States and the United Kingdom, with planned expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its development of magnet manufacturing capacity in Stillwater, Oklahoma, the Pela Ema mine in Brazil (subject to closing the Serra Verde transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western-aligned supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and industrial sectors. For more information, visit www.usare.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the Offtake Amendment, the proposed acquisition of Serra Verde, the satisfaction of the remaining conditions to the completion of the merger, the capitalization of the SPV and the U.S. government financial support therefor, the documentation, closing and funding of the Senior Debt Facility and the continued effectiveness of the Offtake Agreement. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “growth,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “propose,” “should,” “target,” “vision,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from our expectations, including without limitation: risks that the merger may not be consummated on its anticipated timeline or at all, including as a result of the failure to obtain the USAR stockholder approval or to satisfy the other conditions to closing; risks that the proposed transaction with Carester SAS may not be consummated on its anticipated timeline or at all; risks that the Senior Debt Facility is not documented, closed or funded, in whole or in part, and that the SPV is otherwise inadequately capitalized and unable to perform its obligations under the Offtake Agreement; risks that the forward purchase contracts between the U.S. government and the SPV may not result in purchases at the levels or on the timeline currently anticipated; risks that the U.S. government financial support described herein may be reduced, delayed or withdrawn as a result of changes in government policy, budgetary constraints or political developments; risks that the remaining conditions precedent under the Offtake Agreement are not satisfied or waived by the applicable long-stop date, or that the Offtake Agreement is terminated or ceases to be in full force and effect; risks that, because the requirement with respect to the Senior Debt Facility under the Offtake Agreement, as revised by the Offtake Amendment, may be satisfied by entry into a commitment letter rather than by a funded facility, USAR and Middlebury Merger Sub Ltd., an indirect, wholly owned subsidiary of USAR (“Merger Sub”), become obligated to complete the merger notwithstanding the absence of funded debt financing at the SPV; risks that we may not realize the anticipated benefits of the merger or our proposed and prior acquisitions, including expected synergies, financial performance, estimated earnings before interest, taxes, depreciation and amortization and, in the case of Serra Verde, integration of operations, on the anticipated timeline or at all; political, economic, regulatory, tax, currency and other risks associated with Serra Verde’s operations in Brazil and Switzerland following the consummation of the Serra Verde acquisition; the assumption of substantial indebtedness under Serra Verde’s Retained Finance Agreement, which contains restrictive covenants and other requirements that could adversely affect the combined company’s financial flexibility and operations; the risk that the planned CEO transition is contingent on the timely closing of the Serra Verde acquisition and that any delay or failure of this acquisition to close could result in leadership uncertainty and may require the board of directors of USAR to identify an alternative CEO successor; the ability of our Stillwater magnet manufacturing facility to generate revenue and the ability of our planned Blacksburg facility to commence commercial operations on the timing and with the production capacity anticipated or at all; our limited operating history; our ability to commercially extract minerals from the Round Top deposit on our anticipated timeline or at all; risks that we may experience delays, unforeseen expenses, increased capital costs, and other complications while developing our projects; our ability to raise necessary capital on acceptable terms or at all; potential dilution to existing stockholders and adverse effect on our stock price if we issue additional common stock or equity-linked securities; the volatility of our stock price; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow us to develop and commercially operate our Stillwater facility and other facilities; our ability to meet individual customer specifications and produce a consistently high quality product; fluctuations in demand for and prices of neo magnets and our other products, including without limitation as a result of dumping, predatory pricing and other tactics by our competitors or state actors or the overall competitive environment; our ability to achieve positive cash flow or profitability or the ability to access cash flow within our corporate structure due to restrictions contained in our financing agreements; our ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of our neo magnets and other products into definitive orders; our dependence, in part, on the growth of existing and emerging uses for neo magnets; the risk that additional manufacturing, refining and mining competitors could result in a reduction in revenue; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which we operate or sell products or otherwise; our designation on an export control list by China which has had and is expected to continue to have an adverse impact on our ability to source key raw materials and supplies from China; war, terrorism, natural disasters or public health emergencies; our ability to retain or recruit key personnel; environmental, health and safety regulations; the receipt of funding from the U.S. Department of Commerce is subject to the achievement of milestones which may not be achieved on the expected timeline or at all; our ability to comply with requirements for federal, state and local government incentives and financing; and the other risks described in the definitive proxy statement filed on Schedule 14A on July 24, 2026 (the “Proxy Statement”) under “Risk Factors.”

Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in our filings with the SEC, including our most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and we undertake no obligation to update any forward-looking statements as a result of new information or future events or developments.

Additional Information and Where to Find It

In connection with the merger, USAR filed the Proxy Statement with the SEC and first mailed the Proxy Statement to its stockholders on or about July 24, 2026, in connection with USAR’s solicitation of proxies for the vote by USAR’s stockholders with respect to the issuance of USAR common stock as merger consideration and other matters described in the Proxy Statement. Serra Verde’s shareholders approved the merger by written consent, which was delivered concurrently with the signing of the Merger Agreement, and will not receive a proxy statement or prospectus. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS THAT ARE OR WILL BE FILED WITH OR FURNISHED TO THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS.

Investors and security holders will be able to obtain free copies of the Proxy Statement and other documents containing important information about USAR and the merger through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with or furnished to the SEC by USAR will be available free of charge on USAR’s website at investors.usare.com or by contacting USAR’s Investor Relations department by email at [email protected].

Participants in the Solicitation

USAR and certain of its directors and executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies in respect of the merger. Information about the directors and executive officers of USAR, including a description of their direct or indirect interests, by security holdings or otherwise, is contained in the Proxy Statement. Any changes in the holdings of USAR’s securities by USAR’s directors or executive officers from the amounts described in the Proxy Statement will be reflected in Statements of Changes in Beneficial Ownership on Form 4 or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5 subsequently filed with the SEC and available at the SEC’s website at www.sec.gov.

No Offer or Solicitation

This communication is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval on the merger or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or pursuant to an applicable exemption therefrom.

Investor Contact

JB Lowe
Vice President, Investor Relations
USA Rare Earth, Inc.
[email protected]

Media Contact

Collected Strategies
[email protected]

A broad bid is running through the critical-resources complex Friday morning while the S&P 500 barely moves. USA Rare Earth (NASDAQ:USAR) stock is up 8% to $18.40 in early trading. Meanwhile, Critical Metals (NASDAQ:CRML) shares are jumping 10% to $6.37.

Additionally, MP Materials (NYSE:MP) stock is up 5% to $58. United States Antimony (NYSE:UAMY) shares are up 4% to $5.48, extending gains from Wednesday’s buyback announcement.

The VanEck Rare Earth and Strategic Metals ETF (NYSEARCA:REMX) is up 6% to $80.28, outrunning both the S&P 500 (up 0.3%) and the NASDAQ 100 (up 0.1%). There’s no fresh company news behind the moves. This is a sector rotation into hard assets, showing up first where liquidity is thinnest.

Sector Bid and Market Moves Gold is up 1.63% over the past 24 hours to $4,646.10 per ounce while the U.S. dollar index is down 0.2%. That follows a bond selloff that pushed the 30-year Treasury yield to its highest level since 2007, U.S. debt crossing $40 trillion, and a Treasury decision to double its bond buybacks. Hard assets are catching a bid in that environment, and critical minerals equities like MP Materials and USA Rare Earth are the highest-beta expression of it.

The 30-year Treasury yield printed 5.19% on the latest observation, sitting at the 94.4 percentile of its one-year range. This elevated long-duration cost of capital historically pushes flow into scarce physical commodities and the equities that mine them, including REMX holdings like MP Materials.

Two days ago, the same complex was quiet while United States Antimony moved on its own $100 million buyback authorization. Today every name is higher and the ETF is beating the broad tape by a wide margin.

Where the Names Diverge USA Rare Earth is valued almost entirely on promise rather than production. In Q2 2026, the company generated $5.8 million of revenue against a $46.3 million loss from operations, burned $56.9 million in cash, and ended with $1.5 billion in cash and a $2.8 billion agreement to acquire Serra Verde Group. With USA Rare Earth stock more than 50% below its 52-week high and up 55% year to date (YTD), sentiment moves the name hard in both directions.

Critical Metals posts the largest percentage gain off the weakest base. Even after today’s rally, CRML shares are down 16% YTD and remain the only name in the group still in the red. Its Tanbreez rare earths deposit in Greenland and Wolfsberg lithium project in Austria are pre-revenue, with production not expected until 2028 or 2029. Small floats and thin catalogs make Critical Metals the highest-torque way to play a sector move, up or down.

MP Materials moves least among gainers because it produces at scale. Mountain Pass in California and the Independence magnet facility in Fort Worth, Texas anchor a business model that rests less on future milestones than peers’. That is why MP Materials stock caps both upside and downside on days like this, even with an analyst target price of $75.38 and 13 Buy and 5 Strong Buy ratings on the name.

United States Antimony is riding the same policy theme through a different commodity. The company is the only fully integrated antimony company in the world outside of China and Russia. On Wednesday its board authorized a repurchase program of up to $100 million, days after cutting full-year revenue guidance to a range of $60 million to $75 million from $125 million.

Fund Note and What to Watch The VanEck Rare Earth and Strategic Metals ETF is a narrow thematic vehicle whose daily moves track a small set of mining and processing names. That fund carries single-country policy risk and small-cap concentration risk, so a rule change from one producing jurisdiction or a rerating in a handful of top holdings can drive outsized swings.

Position sizing should reflect that volatility. These names give back quickly when momentum fades, so smaller allocations and staggered entries make sense for anyone leaning into the theme rather than one-shot commitments at the highs (we laid out the sizing and exit rules for exactly this kind of high-torque trade in a free speculation playbook). USA Rare Earth’s 55% YTD run and the fund’s 36% one-year gain both illustrate how fast these swings compound in either direction.

The bid’s ability to hold into the close is the near-term tell given the thin base under some of these names. Investors can watch for follow-through in gold and the long end of the Treasury curve as the next tell for the complex, since a drift back in yields or a stronger dollar would take the wind out of the trade.

Contact [email protected] for any questions or corrections.

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United States Antimony (NYSE:UAMY) stock is up 8% midday Wednesday to $5.63 after the board authorized a share repurchase program of up to $100 million. The move carries outsized weight coming days after a badly missed quarter and guidance cut.

The broader critical minerals complex is barely moving. USA Rare Earth (NASDAQ:USAR) stock is down 2% to $18.16, MP Materials (NYSE:MP) stock is up 0.4% to $56.92, and Critical Metals (NASDAQ:CRML) stock is up 0.9% to $6.21. Wednesday’s action is UAMY-specific rather than a sector rerating.

UAMY stock had climbed 4% year to date (YTD) through Tuesday’s close. The rebound reflects a company action.

The $100 Million Buyback Authorization The board approved a program under which United States Antimony may repurchase up to $100 million of its outstanding common stock. Repurchases may occur in the open market, in privately negotiated transactions, or otherwise, with amount and timing at the discretion of the company’s Finance Committee. The authorization is discretionary.

Chairman and CEO Gary C. Evans provided a concise statement:

In light of the future potential of the Company’s current activities and after a thorough review by the Board of Directors, it was determined by unanimous consent, that the price of USAC’s common stock was deemed to be undervalued and the Company should implement the share repurchase program today.

Evans said the United States Antimony board discussed the recent share price after reviewing the company’s projects across the United States, Canada, and Mexico.

The Quarter That Set the Stage United States Antimony’s second-quarter revenue dropped 25% to $7.9 million, well below a Wall Street estimate of $21.7 million, according to Fiscal.ai. Antimony sales volume rose 26% to 428,425 pounds. Volume growth did not offset the price collapse.

United States Antimony cut its full-year revenue outlook to a range of $60 million to $75 million, down from earlier guidance of $125 million. Cash and equivalents rose to $41.4 million from $30.5 million at the end of 2025.

H.C. Wainwright maintained a Buy rating on United States Antimony stock, citing balance sheet strength and zeolite growth. The consensus 12-month price target sits at $11.19, with all four covering analysts rating it a Buy. United States Antimony describes itself as the only fully integrated antimony company in the world outside of China and Russia.

How the Peer Critical Minerals Names Traded USA Rare Earth stock traded lower without a company-specific catalyst Wednesday, though the shares remained up 56% YTD through Tuesday’s close. The company is building an integrated rare earth and permanent magnet supply chain from mining through neodymium-iron-boron magnet manufacturing, anchored by a magnet facility in Stillwater, Oklahoma and the Round Top heavy rare earth deposit in Texas.

MP Materials stock is essentially flat, with the shares up 12% YTD through Tuesday’s close. The company operates the Mountain Pass rare earth mine and processing facility in California and manufactures permanent magnets at its Independence facility in Fort Worth, Texas.

Critical Metals stock ticked higher, though the shares are down 11% YTD through Tuesday’s close. Critical Metals is a pre-revenue development-stage company whose assets include the Tanbreez rare earths deposit in Greenland and the Wolfsberg lithium project in Austria, with production not expected until 2028 or 2029.

A Rare Earth ETF for Context The VanEck Rare Earth and Strategic Metals ETF (NYSEARCA:REMX) is down 1% to $75.77, with the fund up 4% YTD through Tuesday’s close. REMX is a narrow thematic vehicle focused on rare earth and strategic metals producers, so its daily moves track a small set of mining and processing names rather than a broad basket.

Thematic commodity funds like REMX carry both single-country policy risk and small-cap concentration risk. A rule change from a major producing jurisdiction or a rerating in a handful of top holdings can drive outsized swings, so position sizing matters more than with diversified funds.

What to Watch The UAMY story is a management-signaling event layered on top of a difficult operating quarter. The authorization gives United States Antimony a tool to support the stock, yet it does not obligate spending or fix commodity price weakness in antimony.

Investors could look for signs that United States Antimony begins executing repurchases in coming filings, since an authorization without follow-through carries less weight. A moderate position size makes sense for anyone playing a commodity turn where guidance was just halved. The rest of the critical minerals complex is treading water, so the next catalysts likely come from company-specific milestones rather than a sector move.

Contact [email protected] for any questions or corrections.

Handelsbanken Fonder AB purchased a new stake in shares of USA Rare Earth Inc. (NASDAQ:USAR – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 74,700 shares of the company’s stock, valued at approximately $1,612,000.

Other institutional investors also recently modified their holdings of the company. Larson Financial Group LLC boosted its holdings in shares of USA Rare Earth by 217.5% during the 4th quarter. Larson Financial Group LLC now owns 2,092 shares of the company’s stock worth $25,000 after buying an additional 1,433 shares during the period. NewEdge Advisors LLC grew its stake in USA Rare Earth by 158.2% in the 2nd quarter. NewEdge Advisors LLC now owns 2,324 shares of the company’s stock valued at $25,000 after buying an additional 1,424 shares during the last quarter. Ascentis Independent Advisors bought a new position in USA Rare Earth in the 1st quarter worth $27,000. Center for Financial Planning Inc. bought a new position in USA Rare Earth in the 4th quarter worth $28,000. Finally, Havemeyer Place LP acquired a new position in USA Rare Earth during the 4th quarter worth $33,000.

Wall Street Analysts Forecast Growth A number of equities research analysts have issued reports on USAR shares. Wall Street Zen upgraded shares of USA Rare Earth from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Wedbush increased their target price on USA Rare Earth from $29.00 to $35.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. Northland Securities began coverage on USA Rare Earth in a report on Thursday, April 23rd. They issued an “outperform” rating and a $45.00 target price on the stock. Benchmark reaffirmed a “buy” rating on shares of USA Rare Earth in a research report on Wednesday, June 3rd. Finally, Needham & Company LLC cut their price target on USA Rare Earth from $39.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday, July 22nd. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, USA Rare Earth has an average rating of “Moderate Buy” and an average price target of $35.83.

Check Out Our Latest Report on USA Rare Earth Insiders Place Their Bets In other USA Rare Earth news, Director Carolyn Trabuco sold 13,000 shares of USA Rare Earth stock in a transaction on Monday, June 8th. The shares were sold at an average price of $22.77, for a total transaction of $296,010.00. Following the sale, the director owned 18,783 shares in the company, valued at $427,688.91. The trade was a 40.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 9.10% of the stock is owned by corporate insiders.

USA Rare Earth Stock Down 3.6% Shares of USAR opened at $19.29 on Tuesday. USA Rare Earth Inc. has a 12-month low of $11.45 and a 12-month high of $43.98. The firm has a market capitalization of $4.30 billion, a price-to-earnings ratio of -7.94 and a beta of 2.55. The stock’s 50-day moving average price is $18.80 and its 200 day moving average price is $20.35.

USA Rare Earth (NASDAQ:USAR – Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.08). The business had revenue of $5.82 million during the quarter. Equities research analysts expect that USA Rare Earth Inc. will post -0.62 EPS for the current year.

USA Rare Earth Profile (Free Report)

USA Rare Earth (NASDAQ: USAR) is a development-stage critical minerals company focused on advancing a fully integrated rare earth element (REE) and lithium project in the United States. Its flagship asset is the Round Top deposit in West Texas, a large, polymetallic concentration of light and heavy rare earth elements, lithium and other co-products. The company seeks to move this asset through resource delineation, pilot-scale processing and eventual commercial production to address growing domestic demand for secure REE supply chains.

In addition to exploration, USA Rare Earth is engineering an on-site separation facility that will utilize dry magnetic separation and hydrometallurgical flowsheets to produce mixed rare earth carbonates.

Read More Five stocks we like better than USA Rare Earth Commodities Are Booming, But These 3 ETFs Tell Different Stories 3 Active ETFs Making Big Moves in August This ETF Is Outperforming by Avoiding the S&P 500’s Biggest Problem Birkenstock Beats the Skeptics—But Not on EPS Want to see what other hedge funds are holding USAR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for USA Rare Earth Inc. (NASDAQ:USAR – Free Report).

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Traders are concentrating their attention on crucial-mineral stocks today, it seems. USA Rare Earth (NASDAQ:USAR) stock is up 7% to $19.93, while MP Materials (NYSE:MP) stock is up 8% to $60.12. The moves come alongside gains for other critical-minerals names, suggesting investors are continuing to favor the broader U.S. supply-chain theme rather than reacting to one obvious company-specific catalyst.

The backdrop remains supportive for domestic critical-minerals developers and producers, particularly as the U.S. government commits more capital to reducing reliance on China. Recent government initiatives have included billions of dollars of support for critical-mineral and materials projects, while China’s dominant position in rare-earth processing and magnet production remains a strategic concern.

Why Rare Earth Stocks Are Moving Today The latest strength appears to reflect an accumulation of favorable sector conditions rather than a single headline. Federal support is increasingly reaching beyond mining and into separation, refining and magnet manufacturing, which could improve the economics and strategic importance of U.S.-based supply chains over time.

China still accounts for a dominant share of global rare-earth processing and permanent-magnet production, leaving U.S. manufacturers exposed to supply disruptions and geopolitical tensions. That imbalance gives companies developing domestic alternatives a potentially valuable long-term opportunity, although building competitive processing and manufacturing capacity remains technically and financially demanding.

USA Rare Earth Has an Early-Stage Opportunity USA Rare Earth is developing a vertically integrated supply chain centered on its Round Top project in Texas, with an emphasis on heavy rare earth elements and domestic magnet production. The company’s strategy fits closely with Washington’s goal of developing an alternative to China’s supply chain, while recent results and funding support give USA Rare Earth substantial financial resources as it advances its projects.

The bullish case for USAR stock rests on the possibility that Round Top and the company’s processing and magnet initiatives eventually create a strategically important domestic supplier. The bear case is that USA Rare Earth remains much earlier in its development than an established producer, leaving investors exposed to construction, permitting, capital-allocation and execution risks that could make the path to commercial-scale production lengthy.

MP Materials Offers More Operating Proof MP Materials has a different risk profile because the company already operates the Mountain Pass rare-earth facility in California and is expanding downstream capabilities. MP Materials reported Q2 2026 revenue of $108.5 million and adjusted EBITDA of $28.5 million, while rare-earth production and sales volumes improved significantly from the prior year.

The bullish argument for MP stock is therefore tied not only to critical-mineral policy but also to demonstrated operating progress and the company’s push toward a mine-to-magnet business. However, MP stock has already attracted substantial attention, and investors still face commodity-price, execution and valuation risks even if domestic rare-earth demand continues strengthening.

CRML, UAMY and REMX Show Broader Strength The move extends beyond the two headline names, with Critical Metals (NASDAQ:CRML) stock up 2% to $6.72 and United States Antimony (NYSE MKT:UAMY) stock up 2% to $5.47. Those gains suggest that the market’s interest is reaching into other parts of the critical-minerals complex, although the individual businesses have different commodities, projects and risk profiles.

Meanwhile, the VanEck Rare Earth and Strategic Metals ETF (NYSE ARCA:REMX) is up 3% to $78.67, providing another indication that the strength isn’t confined to one or two stocks. Investors may want to watch for whether that broader participation persists, but the sector’s long-term story still depends on companies converting government support and strategic demand into profitable production.

The critical-minerals theme has a compelling strategic foundation, but strategic importance doesn’t automatically translate into attractive stock returns. Investors who choose to participate should consider keeping their position sizes moderate, particularly in earlier-stage names such as USA Rare Earth, while MP Materials offers a more developed operating story with its own valuation and execution risks.

Contact [email protected] for any questions or corrections.

Posted by Defense World Staff on Aug 13th, 2026

California State Teachers Retirement System grew its stake in USA Rare Earth Inc. (NASDAQ:USAR – Free Report) by 150.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,048 shares of the company’s stock after acquiring an additional 69,787 shares during the period. California State Teachers Retirement System owned 0.05% of USA Rare Earth worth $1,756,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Bayshore Capital Advisors LLC acquired a new stake in shares of USA Rare Earth in the 4th quarter valued at approximately $102,378,000. Vanguard Group Inc. lifted its stake in USA Rare Earth by 533.3% in the fourth quarter. Vanguard Group Inc. now owns 6,036,486 shares of the company’s stock valued at $71,834,000 after acquiring an additional 5,083,288 shares during the last quarter. Alyeska Investment Group L.P. grew its position in shares of USA Rare Earth by 44.0% in the 3rd quarter. Alyeska Investment Group L.P. now owns 12,799,325 shares of the company’s stock valued at $219,034,000 after acquiring an additional 3,909,455 shares during the period. Inflection Point Holdings II LLC acquired a new position in shares of USA Rare Earth during the 4th quarter worth about $37,188,000. Finally, State Street Corp increased its stake in shares of USA Rare Earth by 78.4% during the 4th quarter. State Street Corp now owns 5,032,866 shares of the company’s stock worth $59,891,000 after purchasing an additional 2,212,177 shares during the last quarter.

USA Rare Earth Stock Performance NASDAQ USAR opened at $18.41 on Thursday. The stock has a market cap of $4.11 billion, a PE ratio of -7.58 and a beta of 2.55. The firm has a 50-day moving average of $19.08 and a 200-day moving average of $20.49. USA Rare Earth Inc. has a 52-week low of $11.45 and a 52-week high of $43.98.

USA Rare Earth (NASDAQ:USAR – Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.08). The business had revenue of $5.82 million for the quarter. As a group, analysts predict that USA Rare Earth Inc. will post -0.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades Several brokerages recently issued reports on USAR. Roth Capital cut their target price on shares of USA Rare Earth from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, July 21st. Cantor Fitzgerald reissued an “overweight” rating on shares of USA Rare Earth in a research report on Tuesday. Needham & Company LLC dropped their price objective on USA Rare Earth from $39.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. Wedbush raised their price objective on USA Rare Earth from $29.00 to $35.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Finally, Benchmark reaffirmed a “buy” rating on shares of USA Rare Earth in a research report on Wednesday, June 3rd. Nine investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.83.

Read Our Latest Stock Analysis on USAR

Insider Buying and Selling at USA Rare Earth In other news, Director Carolyn Trabuco sold 13,000 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $22.77, for a total transaction of $296,010.00. Following the transaction, the director owned 18,783 shares in the company, valued at approximately $427,688.91. This trade represents a 40.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 9.10% of the company’s stock.

About USA Rare Earth (Free Report)

USA Rare Earth (NASDAQ: USAR) is a development-stage critical minerals company focused on advancing a fully integrated rare earth element (REE) and lithium project in the United States. Its flagship asset is the Round Top deposit in West Texas, a large, polymetallic concentration of light and heavy rare earth elements, lithium and other co-products. The company seeks to move this asset through resource delineation, pilot-scale processing and eventual commercial production to address growing domestic demand for secure REE supply chains.

In addition to exploration, USA Rare Earth is engineering an on-site separation facility that will utilize dry magnetic separation and hydrometallurgical flowsheets to produce mixed rare earth carbonates.

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Key Takeaways USA Rare Earth is building a non-China rare earth chain spanning mining, processing, metals and magnets.USAR targets first magnet sales by year-end as Stillwater ramps to 600 metric tons of run-rate capacity.Round Top stays on track for a year-end feasibility study as recycling tests yield dysprosium and NdPr oxides. USA Rare Earth, Inc. (USAR - Free Report) used its second-quarter earnings call to emphasize the buildout of an integrated rare earth chain outside China.

Management centered the outlook on closing Serra Verde, ramping Stillwater, qualifying magnet customers and advancing Round Top. The quarter also missed the Zacks Consensus Estimate on adjusted loss per share and revenues.

USAR Puts Supply Security at the CenterCEO Barbara Humpton said that availability, rather than price alone, has become the defining issue in rare earth supply chains. She described an emerging two-tier market with separate China and non-China sourcing structures.

Humpton mentioned that USAR is positioning itself to anchor the non-China tier through mining, processing, metals and magnet manufacturing across three continents.

She highlighted the planned Serra Verde acquisition, the Carester investment and Blacksburg, S.C., as a second U.S. metals and magnet site. USAR also signed definitive Commerce Department agreements providing access to up to $1.6 billion in CHIPS Act funding.

USA Rare Earth Moves Serra Verde Toward ClosingA Canaccord Genuity analyst asked about remaining Serra Verde closing hurdles. CFO William Steele said that the Aug. 28 shareholder vote was the final hurdle and no additional regulatory approvals remained.

Steele said that Serra Verde is targeting 6,400 metric tons of Trio run-rate capacity by the end of 2027. Management plans to provide more detail after closing.

Humpton said that Thras Moraitis, currently Serra Verde’s CEO, is scheduled to become USA Rare Earth’s CEO on Oct. 1, marking a leadership handoff.

USAR Tests Higher Pricing Amid Feedstock TightnessSecond-quarter revenues were $5.8 million, missing the Zacks Consensus Estimate of $7.8 million. Adjusted net loss was $0.15 per share, wider than the consensus estimate of a $0.07 loss.

Steele said that higher raw material costs, especially for heavy rare earths, pressured gross margins at LCM. USAR is working with alternative suppliers ahead of anticipated Serra Verde and Carester feedstock access.

In response to a William Blair analyst, Steele said that USAR has already raised product prices and expects the impact in upcoming quarters. He tied the action to tighter non-China supply.

USA Rare Earth Targets Magnet Sales by Year-EndSteele said that the magnet pipeline includes more than 100 potential customers, with more than 20 in qualification discussions. MOUs and LOIs cover 2,500 metric tons of annual demand.

A William Blair analyst asked how those arrangements could develop. Steele said that contracts may range from single purchase orders to annual agreements, with selective offtake agreements based on transaction economics.

A ROTH Capital analyst asked about Stillwater’s ramp. Steele said the site should reach 600 metric tons of run-rate magnet capacity by year-end, with another 600 metric tons being installed in the first quarter of 2027. First magnet sales are expected by year-end.

USAR Advances Round Top and RecyclingSteele said that Round Top drilled more than 10,000 feet in its resource upgrade program, with early assays confirming heavy rare earth distribution above 70%. The definitive feasibility study remains on track for year-end completion.

At Wheat Ridge, USAR is running three demonstration circuits covering Round Top ore, third-party mixed rare earth carbonate and magnet swarf recycling. July work produced commercial-grade dysprosium and NdPr oxide samples from recycled swarf.

A Cantor Fitzgerald analyst asked about recycling’s future role. Steele replied that swarf could represent 20-30% of finished magnet output and, after recycling, could supply a similar share of raw material needs.

USA Rare Earth Keeps Execution Milestones in FocusManagement’s tone remained centered on execution: complete Serra Verde, turn customer qualifications into orders, advance Round Top engineering and keep magnet capacity moving toward planned scale.

Humpton framed the next phase as moving material through each link of the chain at scale. Steele reinforced that focus through milestones for magnet sales, Stillwater capacity and project development.

USAR's Zacks Signals Stay MixedUSAR carries a Zacks Rank #3 (Hold) at present. Its Value Score is F, Growth Score is F, Momentum Score is C and VGM Score is F. Under the Zacks Style Scores framework, A and B grades are preferred, while F is the weakest grade.

The Rank #3 sits below the Zacks Rank #1 (Strong Buy) and 2 (Buy) categories that Zacks identifies as stronger stock-selection signals. USAR’s Style Score offers limited support, with Momentum at C and the other three at F. The Zacks Rank can change as estimates are revised after the results. You can see the complete list of today’s Zacks #1 Rank stocks here.

3 Rare-Earth ETFs That Help Investors Balance Exposure and RiskUSA Rare Earth NASDAQ: USAR reported second-quarter revenue of approximately $6 million, generated by third-party sales from its Less Common Metals metal and alloy-making business, while outlining progress on its mine-to-magnet supply chain strategy outside China.

The company reported a net loss attributable to common stockholders of $10.3 million, or $0.05 per share. The result included a non-cash fair-value adjustment of about $22.4 million related to warrant and earnout liabilities. Excluding that adjustment, adjusted net loss was $33.5 million, or $0.15 per share.

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USA Rare Earth Just Moved Closer to Commercial RealityChief Financial Officer Rob Steele said gross margins were affected by higher raw-material input costs amid supply constraints, particularly for heavy rare earths. The company is pursuing alternative supply sources ahead of expected feedstock access from Serra Verde and Carester. Steele said USA Rare Earth has already raised prices on its products and expects the impact to become visible in upcoming quarters.

Serra Verde vote and integrated supply-chain plans Chief Executive Officer Barbara Humpton said the company is seeking to establish an integrated rare-earth platform spanning mining, processing, metal and alloy production, and magnet manufacturing. She cited Chinese export restrictions and rising Western prices for certain heavy rare earths as evidence of the need for supply chains outside China.

Critical Metals: Sizing Up This Tiny Rare-Earth Stock Making Big MovesDuring the quarter, USA Rare Earth announced its intended acquisition of Serra Verde, invested in rare-earth processor Carester, and selected Blacksburg, South Carolina, for a second U.S. metals and magnet facility. The company also signed definitive documentation with the Department of Commerce for a milestone-based capital-expenditure reimbursement program.

The Serra Verde transaction’s shareholder vote is scheduled for Aug. 28, which Steele said was the final remaining closing condition. He said there are no remaining regulatory hurdles and that the acquisition is expected to close shortly following the vote.

Serra Verde is targeting run-rate capacity of 6,400 metric tons of total rare earth oxides by the end of 2027, Steele said. Humpton said the operation’s optimization and growth project was being recommissioned and was developing toward a commercial-production restart and ramp-up on time and within budget.

USA Rare Earth ended the quarter with approximately $1.5 billion in cash and cash equivalents and recorded $66 million in capital expenditures. Steele said the company expects to seek its first Commerce Department reimbursement distribution in the coming months.

Round Top and processing developments At the company’s Round Top project, USA Rare Earth began a resource-upgrade drilling campaign involving more than 10,000 feet of core across three rigs. Early assay results were in line with expectations for resource grade and confirmed heavy rare-earth distribution above 70%, according to Steele.

The company remains on schedule to complete its definitive feasibility study by year-end and publish an S-K 1300 technical report in early 2027. Round Top is targeted to begin commercial operations in late 2028.

At its Wheat Ridge, Colorado, research and development headquarters, USA Rare Earth commissioned a hydrometallurgical facility during June. The site is operating three demonstration circuits: the Round Top flowsheet, third-party mixed rare-earth carbonate separation, and magnet-swarf recycling. The data will support the Round Top feasibility study as well as engineering for a consolidated separation plant.

Humpton said the company produced its first commercial-grade dysprosium and NdPr oxide samples from recycled magnet-manufacturing swarf in July. During the analyst question-and-answer session, Steele said swarf could represent 20% to 30% of finished magnet production and potentially account for a similar share of future raw-material supply if recycled into oxides, metals and magnets.

Magnet production and customer pipeline USA Rare Earth said its Stillwater magnet operation had grown to 140 employees and is targeting 200 employees by year-end. The company expects to have 600 metric tons of annual run-rate magnet capacity at Stillwater by year-end, followed by an additional 600 metric tons in the first quarter of the following year.

Steele said Stillwater is expected ultimately to reach 3,600 metric tons of magnet-making capacity and 5,000 metric tons of metal-making capacity. The later-stage Blacksburg facility is expected to begin operating in early 2028, with its building shell due for completion at the end of 2027. Blacksburg is planned to have 5,000 metric tons of metal-making capacity and 6,400 metric tons of magnet-making capacity.

Across its magnet business, the company is in active commercial discussions with more than 100 potential customers, including more than 20 in qualification discussions. It has secured memorandums of understanding and letters of intent representing 2,500 metric tons of annual demand from large multinational customers in aerospace and defense, industrial automation, industrial motors and automotive markets.

Steele said the company has also received production purchase orders, prototype orders for finished parts and orders for semi-finished magnet blocks. Qualification timelines vary by customer, application and product requirements, but the company expects its first magnet sales by year-end. The company did not quantify the purchase orders that have resulted from prior memorandums of understanding.

Leadership transition Humpton said the call would be her final quarterly earnings call as chief executive. Thras Moraitis is scheduled to take over as CEO on Oct. 1. Humpton said she intends to remain focused on the business through the transition.

About USA Rare Earth (NASDAQ:USAR)USA Rare Earth NASDAQ: USAR is a development-stage critical minerals company focused on advancing a fully integrated rare earth element (REE) and lithium project in the United States. Its flagship asset is the Round Top deposit in West Texas, a large, polymetallic concentration of light and heavy rare earth elements, lithium and other co-products. The company seeks to move this asset through resource delineation, pilot-scale processing and eventual commercial production to address growing domestic demand for secure REE supply chains.

In addition to exploration, USA Rare Earth is engineering an on-site separation facility that will utilize dry magnetic separation and hydrometallurgical flowsheets to produce mixed rare earth carbonates.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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USA Rare Earth Inc (NASDAQ:USAR) shares are moving lower in Monday’s after-hours session on the heels of the company’s second-quarter financial results.

USA Rare Earth stock is taking a hit today. Why is USAR stock dropping? USA Rare Earth Q2 Earnings HighlightsUSA Rare Earth reported second-quarter revenue of $5.82 million, missing estimates of $8.05 million, according to Benzinga Pro. The company posted a second-quarter adjusted loss of 15 cents per share, missing estimates for a loss of 13 cents per share.

“We are moving from assembling a world-class set of operations to delivering for our customers and driving value for our shareholders. The urgency in the market has never been greater, and we are among the very few companies anywhere positioned to meet it,” said Barbara Humpton, CEO of USA Rare Earth.

USA Rare Earth ended the quarter with approximately $1.53 billion in cash.

The company said it expects to complete the Round Top definitive feasibility study in the fourth quarter of 2026 and reach 600 MTPA of run-rate magnet manufacturing capacity at its Stillwater facility.

USAR Shares Slip After HoursUSAR Price Action: USA Rare Earth shares were down 9.40% in after-hours, trading at $17.25 at the time of publication on Monday, according to Benzinga Pro.

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The case for rare-earth stocks like MP Materials (MP +9.10%) and USA Rare Earth (USAR +10.06%) rests on the argument that demand for domestically produced rare-earth magnets will be strong enough to create favorable pricing conditions, and that both companies will effectively implement their "mine-to-magnet" business strategy. The two issues are intrinsically linked and closely tied to efforts to reshore manufacturing to the U.S.

Reshoring requires rare-earth materials Perhaps the most illustrative example of the importance of reshoring and the strategic significance of rare-earth materials and magnets comes from last year's events involving MP Materials.

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In the span of less than two weeks, the company entered into a transformative public-private partnership with the Department of Defense that secured a 10-year price floor commitment for its materials, a 10-year commitment to ensure magnets produced at MP Materials' new 10X facility will be purchased, commitments to $1 billion of financing, as well as a $150 million loan from the DOD and a $400 million investment in stock by the DOD.

A few days later, Apple signed a $500 million long-term supply agreement with MP Materials to secure "rare-earth magnets manufactured in the United States from 100 percent recycled materials" from its Fort Worth, Texas, facility. A few days after that, MP Materials raised $650 million in a public offering.

Strategic importance of MP Materials and USA Rare Earth None of these developments is coincidental. The U.S. government is actively supporting the development of domestic rare-earth magnets and securing the financial future of MP Materials (the U.S. government also made a supportive deal with USA Rare Earth) to reduce reliance on rare-earth materials and magnets from China. That support encouraged Apple to join General Motors as a foundational customer (MP Materials has likely begun making commercial deliveries from Fort Worth to GM) and to secure markets to finance its investment plans.

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The need to support domestic production is critical because, in the words of USA Rare Earth CFO William Steele at a J.P. Morgan conference, there's a need for a "bifurcated" market given that "China dominates well in excess of 90% of the market, in fact, up to 99% of certain rare-earth."

Given the importance of rare-earth materials in defense, consumer electronics, semiconductors, drones, and automotive and industrial applications, it's clear that reshoring these activities on a major scale will be difficult unless manufacturers can invest with the surety of a reliable source of magnets.

Image source: Getty Images.

What's next for MP Materials and USA Rare Earth Neither company is without significant risk, and it's important to note that reshoring is not just about ensuring domestically produced rare-earth materials are available. As if to illustrate that point, the majority of Apple's products are still manufactured in China, and there's nothing in the agreement with MP Materials that says its magnets won't be used in production in China.

That said, removing the uncertainty about manufacturers' ability to reshore production is a major plus and a key support for both companies' business plans. It's also something that's being proactively invested in and encouraged by the U.S. government. Reshoring in certain industries is unlikely to take place without rare-earth magnet supplies -- which is where MP Materials and USA Rare Earth come in.

USAR more than doubled after my April call before giving it all back, but Serra Verde leaves the long-term thesis stronger than where it started. The deal fills the biggest hole in the mine-to-magnet story by adding a producing upstream asset. The dilution only works financially if Serra Verde moves beyond MREC and toward higher-value oxide sales.

Formalizes the Strategic Investment and Commercial Framework Between the Companies Announced in April 2026

Strengthens USA Rare Earth's Midstream Rare Earth Platform in Europe and the Integrated Industrial Ecosystem Forming in Lacq, France

Carester’s Caremag Facility to Commence Operations in Q4 2026

Provides LCM Europe and USA Rare Earth Access to Carester’s Rare Earth Oxides; Gives Carester Access to USA Rare Earth Feedstock from Serra Verde and Round Top

STILLWATER, Okla., July 23, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (the “Company”) today announced that it has entered into definitive agreements to acquire strategic minority stakes representing approximately 13.6 percent each in Carester SAS (“Carester”), a French leader in rare earth processing and separation. InfraVia, acting through its Critical Metals Fund, seeded by the French State as an anchor investor alongside private institutional capital, is acquiring a similar stake in Carester alongside USA Rare Earth.

The agreements finalize the strategic investment and commercial framework the parties announced in April 2026. In addition to targeting healthy returns, USA Rare Earth and its subsidiary Less Common Metals (“LCM”) Europe will have the ability to purchase a portion of Carester’s oxide output from its Caremag facility. USA Rare Earth will have access to Carester’s engineering capabilities and related intellectual property for separation, processing, and recycling. In turn, Carester will have access to USA Rare Earth feedstock sources, including Serra Verde and the Round Top deposit in Texas.

"Integrating Carester’s capabilities into our global platform brings additional advanced processing optionality into our integrated value chain, further supporting our mining, metal making and magnet manufacturing businesses," said Barbara Humpton, Chief Executive Officer of USA Rare Earth. "This is also a highly strategic financial investment, as Carester’s position as one of the few facilities outside of China capable of separating heavy rare earths beginning in 2027 can provide a distinct competitive advantage. We anticipate that this scarcity, coupled with accelerating demand for secure critical materials, can drive sustainable, long-term value for our shareholders."

Founded in 2019, Carester is a French specialist in rare earth processing and separation technologies, with decades of technical expertise across the value chain from raw material sourcing through high-purity rare earth oxides. Carester is currently building its Caremag magnet recycling and heavy rare earth separation facility in Lacq, France, scheduled for commissioning in late 2026 with an anticipated annual production when fully ramped of 800 tonnes per annum (tpa) of neodymium-praseodymium (NdPr) oxide, 500 tpa of dysprosium (Dy) oxide and 100 tpa of terbium (Tb) oxide. The facility’s Dy and Tb oxide production is expected to represent approximately 15% of current world production of these magnetic heavy rare earth oxides.

Proceeds will primarily fund Carester’s next phase of growth, including expansion of its rare earth processing and separation platform (Caremag), research and development, and working capital. As a condition to completion of the strategic investment, a portion of the joint investment will fund the acquisition of minority shareholders’ interest, resulting in their full exit. Funding is expected in the third quarter of 2026, subject to remaining customary conditions.

The investment is part of a broader partnership between USA Rare Earth, LCM Europe, and Carester to build an integrated rare earth industrial platform in Lacq, France, spanning processing, separation, metal and alloy production, and potentially magnet manufacturing. In parallel, USA Rare Earth, through LCM Europe, is developing a 3,750 mtpa metal and alloy production facility at the same location. Together, these projects are intended to form one of Europe’s most complete rare earth industrial ecosystems and to advance a secure, Western-aligned value chain across the United States, the United Kingdom, and Europe.

The Lacq platform builds on the French government’s previously announced support for the LCM Europe metallization and alloy project, including direct credits under the C3IV program of up to 45 percent of eligible equipment and real estate, up to €130 million, and Bpifrance Assurance Export’s readiness to consider a state guarantee (Garantie des Projets Stratégiques) covering 50 percent of commercial debt financing for project capital expenditures.

Transaction Advisors

Moelis & Company LLC acted as financial advisor and Latham & Watkins LLP acted as legal advisor to USA Rare Earth.

About USA Rare Earth

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States, the United Kingdom, and Europe. Through its ownership of Less Common Metals Ltd. (LCM) and development of magnet manufacturing capacity in Stillwater, Oklahoma, USA Rare Earth operates across the entire value chain, from heavy rare earth processing to metal-making, alloy production, and neodymium magnet manufacturing. By combining domestic feedstock from the Round Top deposit with advanced processing technologies, recycling capabilities, and an expanding European industrial footprint, USA Rare Earth is establishing a secure, Western-aligned supply of materials essential to defense, electrification, robotics, energy, and advanced manufacturing.

About Carester

Founded in 2019 by Frédéric Carencotte and a team of international experts, Carester is a French company specializing in the refining of rare earth elements, critical materials for advanced technologies. The company is a leader in the separation and production of highly valuable heavy rare earth oxides including praseodymium (Pr), neodymium (Nd), terbium (Tb), and dysprosium (Dy), all critical components of permanent magnets. Carester processes both mined and recycled material, and its proprietary software intellectual property enables customers to optimize oxide formulations for specific use cases.

About InfraVia Capital Partners

Founded in 2008, InfraVia is a leading independent private capital firm specialized in real assets (infrastructure, critical metals, real estate) and technology investments. InfraVia is a conviction-driven investor focusing on resilient assets and long-term value creation through active, hands-on asset management. Headquartered in Paris, InfraVia is 100 percent partner-owned. InfraVia manages more than EUR 20 billion of capital and has invested in more than 60 companies across Europe.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the Company’s investment in Carester and the timing and completion of that investment, the development of Carester’s Caremag facility and LCM Europe’s planned metal and alloy production facility in Lacq, France, the Company’s role in establishing a midstream and downstream rare earth and magnet value chain in Europe, and USAR’s expectations for future development, operations, strategies, transactions and financial performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “can,” “continue,” “could,” “growth,” “may,” “might,” “plan,” “potential,” “project,” “propose,” “should,” “target,” “vision,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from our expectations, including without limitation: the investment in Carester is subject to remaining customary conditions and may not be completed on the terms contemplated or at all; Carester’s Caremag facility in Lacq, France is under construction and has not commenced commercial operation, and its commissioning may be delayed; the proposed transactions with Serra Verde Group and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; we may not realize the anticipated benefits of our proposed and prior acquisitions, including expected synergies, financial performance, estimated earnings before interest, taxes, depreciation and amortization and, in the case of Serra Verde, integration of operations, on the anticipated timeline or at all; the ability of our magnet manufacturing facility in Stillwater, Oklahoma (the “Stillwater facility”) or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; our limited operating history; our ability to commercially extract minerals from the Round Top deposit in Texas on our anticipated timeline or at all; risks that we may experience delays, unforeseen expenses, increased capital costs, and other complications in operating our business; our ability to raise necessary capital on acceptable terms or at all; potential dilution to existing stockholders and adverse effect on our stock price if we issue additional common stock or equity-linked securities; the volatility of our stock price; our ability to satisfy project milestones and other conditions to disbursement under our financing arrangement with the DOC on the anticipated timeline or at all; our dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict our operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across our financing arrangements; the impact of the DOC’s equity interest in us on our ability to pursue strategic transactions and on our relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow us to develop and commercially operate our Stillwater facility and other facilities; our ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of our products, including without limitation as a result of dumping, predatory pricing and other tactics by our competitors or state actors or the overall competitive environment; our ability to achieve positive cash flow or profitability or the ability to access cash flow within our corporate structure due to restrictions contained in our financing agreements; our ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of our neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which we operate or sell products or otherwise; limitations imposed on our business by the Chinese government; war, terrorism, natural disasters or public health emergencies; our ability to retain or recruit key personnel; environmental, health and safety regulations; and our ability to comply with requirements for federal, state and local government incentives and financing.

Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in our filings with the SEC. Any forward-looking statements speak only as of the date of this report (or such other date as is specified in such statements), and USAR undertakes no obligation to update any forward-looking statements as a result of new information or future events or developments, except to the extent required by law.

Investor Contact

JB Lowe

Vice President, Investor Relations

USA Rare Earth, Inc.

[email protected]

Media Contact

Collected Strategies

[email protected]

Barbara Humpton to retire and Thras Moraitis to become CEO, both effective October 1, 2026

Michael Blitzer elected Executive Chairman, effective immediately

STILLWATER, Okla., July 20, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (“USAR”, “USA Rare Earth”, or the “Company”), announced today that Barbara Humpton will retire as Chief Executive Officer and Board Director on October 1, 2026. USAR’s Board of Directors has named Thras Moraitis, current CEO of the Serra Verde Group (“Serra Verde”) and a highly experienced operator in the rare earths industry, as Ms. Humpton’s successor. Mr. Moraitis will assume the CEO role on October 1, 2026, following the anticipated completion of USAR’s combination with Serra Verde by the end of August. During the interim period, Mr. Moraitis will continue to oversee the combined company’s operations as President.

Michael Blitzer, current Chairman of USAR's Board and significant shareholder in the Company, has been elected Executive Chairman, effective immediately. Since its public listing, he has played a central role in setting USAR’s strategic direction, anchoring its vision to build a global mine-to-magnet value chain and identifying organic and inorganic growth opportunities. He also helped lead USAR’s efforts to obtain U.S. government financing, including by personally agreeing to restrictions on the transfer of his USAR common stock until certain strategic funding release milestones under the government financing are satisfied.

Ms. Humpton has been instrumental in steering USAR’s mine-to-magnet strategy, overseeing company milestones that have fundamentally transformed the Western critical minerals landscape. Under her leadership, USAR secured landmark public-private partnerships and established a global footprint spanning critical processing, metals, and magnet capabilities. She has also helped establish a culture that attracts the best and brightest minds across the sector.

Mr. Moraitis has served as Chief Executive Officer of Serra Verde since January 2023 and has an unparalleled track record of operational execution, strategic development and transaction leadership in the rare earths sector. Over his tenure, Serra Verde transformed into the only large-scale producer of the four critical magnetic rare earths outside of Asia and a pioneer of the Brazilian rare earths sector. In April 2026, Serra Verde entered into a definitive agreement to combine with USAR, creating a platform to support the first fully integrated, Western mine-to-magnet supply chain. Prior to Serra Verde, Mr. Moraitis served on the Executive Committee of Xstrata, led by CEO Sir Mick Davis, where he and the team grew Xstrata into a US$65B company, ultimately selling it to Glencore in 2013.

”On behalf of the Board of Directors, I want to thank Barbara for her leadership and contributions to USA Rare Earth – including securing landmark public-private agreements, advancing our global mine-to-magnet strategy and building an exceptional portfolio of industry leading assets,” said Michael Blitzer, Executive Chairman of USA Rare Earth’s Board of Directors. “With the Serra Verde combination nearing completion and our overall focus shifting to execution, Barbara and the Board agree this is the right time for a leadership transition. Thras is among a rare group of leaders in this industry, with a proven record of carrying companies through integration and large-scale project execution, honed over his many years helping build Xstrata. He knows what it takes to build an industry champion, and his relentless focus on operational excellence will be invaluable as we ramp to full production and scale. We are confident Thras is the right leader to guide USAR through this pivotal next chapter and deliver lasting value for all our stakeholders."

“When I joined USAR, I said this work was about being part of a mission that matters: strengthening national security, advancing American industrial competitiveness and building the critical supply chains required for the future,” said Ms. Humpton. “With the close of the Serra Verde transaction approaching and focus shifting to execution, the Board and I agree this is the right time to pass the torch to Thras. I could not be more grateful to the USAR team for what we have built, and the Board and our partners for their collaboration and commitment to those efforts. I look forward to supporting Thras and the team, and watching them execute on the transformative work that lies ahead.”

Mr. Moraitis concluded, “I am honored and excited to take on this role and grateful to Barbara for the strong foundation she has built. Over the past year, under Barbara’s leadership, the company has been transformed into a leading rare earth platform with enormous potential for growth. Through the merger integration preparation, I have become deeply familiar with USAR's operations across all steps in the value chain, its mission-critical ambitions and the importance of what it is building. Mike, the Board and I are all closely aligned in our vision for USAR: to create a platform comprising all components of the rare earth value chain, with the scale and capabilities to lead this industry globally. The rare earth industry and our customers are facing the unprecedented challenge of building secure, integrated supply chains to power the vital technologies propelling our society forward. Together, with our team and partners around the world, we will rise to this challenge.”

Additional Details About Thras Moraitis

Prior to joining Serra Verde in 2023, Mr. Moraitis served as Chief Development Officer and a member of the Executive Board of EuroChem Group AG. Mr. Moraitis was also a co-founder of X2 Resources, a US$5.6B mining investment fund. He previously served as Group Head of Strategy and Corporate Affairs and as a member of the Executive Committee of Xstrata Plc, where he was responsible for strategic development, post-acquisition integration, leadership development, external affairs and investor relations as well as Xstrata’s technology business. He has been involved in approximately 40 transactions over the course of his career and currently serves as an advisor to Vision Blue Resources. Mr. Moraitis holds an honors BSc in Electrical Engineering, a postgraduate qualification in Computer Science and an MBA.

About Michael Blitzer

Michael Blitzer is a Founder and Managing Partner of Inflection Point, the leading financial sponsor of companies at the intersection of national security, technology, and critical infrastructure. Across eight announced or closed public listings, he has led Inflection Point’s portfolio of strategically important assets, including more than US$5B of capital raised to catalyze growth across the portfolio. He has led billions of dollars in strategic M&A to scale portfolio companies into public leaders in their respective industries. As the financial sponsor and Chairman of USA Rare Earth since its 2025 public listing, Mr. Blitzer has overseen a nearly tenfold increase in market capitalization through M&A and the landmark US$1.6B public-private partnership with the United States Government.

About USA Rare Earth, Inc.

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States, the United Kingdom, as well as plans for expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the planned acquisition of the Pela Ema mine in Brazil (subject to closing the Serra Verde Group transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and other key industrial sectors. For more information, visit www.usare.com.

Forward Looking Statements

Cautionary Note Regarding Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding USAR’s expectations for future development, operations, strategies, transactions and financial performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “can,” “continue,” “could,” “growth,” “may,” “might,” “plan,” “potential,” “project,” “propose,” “should,” “target,” “vision,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from our expectations, including without limitation: risks that the proposed transactions with Serra Verde Group, Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; we may not realize the anticipated benefits of our proposed and prior acquisitions, including expected synergies, financial performance, estimated earnings before interest, taxes, depreciation and amortization and, in the case of Serra Verde, integration of operations, on the anticipated timeline or at all; the ability of our magnet manufacturing facility in Stillwater, Oklahoma (the “Stillwater facility”) or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; our limited operating history; our ability to commercially extract minerals from the Round Top deposit in Texas on our anticipated timeline or at all; risks that we may experience delays, unforeseen expenses, increased capital costs, and other complications in operating our business; our ability to raise necessary capital on acceptable terms or at all; potential dilution to existing stockholders and adverse effect on our stock price if we issue additional common stock or equity-linked securities; the volatility of our stock price; our ability to satisfy project milestones and other conditions to disbursement under our financing arrangement with the DOC on the anticipated timeline or at all; our dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict our operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across our financing arrangements; the impact of the DOC’s equity interest in us on our ability to pursue strategic transactions and on our relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow us to develop and commercially operate our Stillwater facility and other facilities; our ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of our products, including without limitation as a result of dumping, predatory pricing and other tactics by our competitors or state actors or the overall competitive environment; our ability to achieve positive cash flow or profitability or the ability to access cash flow within our corporate structure due to restrictions contained in our financing agreements; our ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of our neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which we operate or sell products or otherwise; limitations imposed on our business by the Chinese government; war, terrorism, natural disasters or public health emergencies; our ability to retain or recruit key personnel; environmental, health and safety regulations; and our ability to comply with requirements for federal, state and local government incentives and financing.
 Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in our filings with the SEC. Any forward-looking statements speak only as of the date of this report (or such other date as is specified in such statements), and USAR undertakes no obligation to update any forward-looking statements as a result of new information or future events or developments, except to the extent required by law.

Additional Information and Where to Find It
In connection with our business combination with Serra Verde (the “Serra Verde Merger”), USAR filed the Preliminary Proxy Statement and, following SEC review, intends to file a definitive proxy statement (together with any amendments or supplements thereto, the “Proxy Statement”), to be distributed to USAR’s stockholders in connection with USAR’s solicitation of proxies for the vote by USAR’s stockholders with respect to the issuance of USAR common stock as merger consideration and other matters described in the Proxy Statement. SVRE’s shareholders approved the merger by written consent which was delivered concurrently with the signing of the merger agreement and will not receive a proxy statement or prospectus. USAR also plans to file with or furnish to the SEC other relevant documents regarding the Serra Verde Merger. After SEC review of the preliminary proxy statement is completed, the definitive Proxy Statement will be mailed to stockholders of USAR. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS THAT ARE OR WILL BE FILED WITH OR FURNISHED TO THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS.

Investors and security holders will be able to obtain free copies of the Proxy Statement and other documents containing important information about USAR and the Serra Verde Merger, once such documents are filed with or furnished to the SEC through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with or furnished to the SEC by USAR will be available free of charge on USAR’s website at investors.usare.com or by contacting USAR’s Investor Relations department by email at [email protected]. The information included on, or accessible through, USAR’s website is not incorporated by reference into this communication.

Participants in the Solicitation

USAR and certain of its directors and executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies in respect of the Serra Verde Merger.

Information about the directors and executive officers of USAR, including a description of their direct or indirect interests, by security holdings or otherwise, is contained in USAR’s Preliminary Proxy Statement. Any changes in the holdings of USAR’s securities by USAR’s directors or executive officers from the amounts described in the Preliminary Proxy Statement will be reflected in Statements of Changes in Beneficial Ownership on Form 4 (“Form 4”) or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5 (“Form 5”) subsequently filed with the SEC and available at the SEC’s website at www.sec.gov. Additional information regarding the interests of such participants will be contained in the Proxy Statement when available.

No Offer or Solicitation

This communication is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval on the Serra Verde Merger or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or pursuant to an applicable exemption therefrom.

Investor Contact
JB Lowe
Vice President, Investor Relations
USA Rare Earth, Inc.
[email protected]

Media Contact
Collected Strategies
[email protected]

July 14, 2026 07:00 ET  | Source: USA Rare Earth, Inc.

Positions USA Rare Earth as one of few companies outside of Asia with the capability to separate heavy rare earths

Represents important step toward an integrated value chain that secures global supply for advanced manufacturing and critical industries

Broadens Company’s feedstock options to include recycled material, complementing planned oxide production from Round Top and Serra Verde concentrates

Samples to be sent to LCM for qualification; produced oxides to serve as feedstock to rare earth metal production, which supplies the Company’s magnet manufacturing facilities in the United States

WHEAT RIDGE, Colo., July 14, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) ("USAR", "USA Rare Earth", or the "Company"), a rare earth, critical minerals and advanced materials company, today announced that its hydrometallurgical facility in Wheat Ridge, Colorado, has produced commercial-grade dysprosium (Dy) oxide and neodymium-praseodymium (NdPr) oxide samples from recycled rare earth magnet scrap, known in the industry as "swarf."

USA Rare Earth’s successful separation of commercial-grade Dy oxide and NdPr oxide at Wheat Ridge is a pivotal milestone, establishing the Company as one of the few Western producers capable of executing this technically demanding process outside Asia. By bridging world-class upstream resources with advanced separation and processing, metallization, and magnet manufacturing, the Company’s mission is to build the leading global rare earth and critical mineral value chain where each link reinforces the next. This achievement marks a critical step toward delivering a global, integrated solution to de-risk supply chains for defense, semiconductors, and physical AI infrastructure.

The Dy and NdPr oxides were produced using swarf, the fine scrap generated when neodymium-iron-boron (NdFeB) magnets are machined and finished, which in this case were sourced from the Company’s Stillwater, OK magnet manufacturing facility. Turning that scrap back into high-purity light and heavy rare earth oxide broadens the Company’s feedstock options and strengthens the circularity of its value chain, with swarf projected to support up to 30% of future magnetic rare earth oxide feedstock needs. This validation of the magnet swarf recycling flowsheet also lays the foundation to potentially incorporate end-of-life magnets as an additional commercial feedstock option.

The oxides produced at Wheat Ridge are expected to be sent to Less Common Metals (“LCM”), USA Rare Earth’s subsidiary in the United Kingdom, for qualification and for conversion into rare earth metals and strip cast. The output from LCM, which is one of the few commercial scale metal, alloy and strip cast producers outside of Asia, is expected to serve as feedstock for the Company’s magnet manufacturing facilities in the United States.

Dysprosium is one of the most technically challenging rare earth elements to separate at commercial purity, and today virtually all Dy oxide is produced in China. While NdPr provides the magnetic foundation of NdFeB permanent magnets, dysprosium is added in smaller quantities to allow magnets to retain performance and coercivity at high operating temperatures, a requirement of the aerospace, defense, electric vehicle, robotics and industrial motor applications that NdFeB magnets enable. Producers with the proven ability to separate heavy rare earths at commercial specification outside Asia remain scarce, and Dy availability is widely recognized as a primary constraint on the Western permanent magnet industry.

Today’s production milestone places USA Rare Earth in that small group and establishes swarf from magnet manufacturing as a feedstock stream back into the Company’s value chain, closing the loop between the Company’s downstream magnet manufacturing and its upstream separation. Additional campaigns underway at Wheat Ridge are expected to process material from the Company’s Round Top project and from Serra Verde’s Pela Ema mine. These campaigns are expected to produce additional varieties of rare earth and critical mineral oxides in the coming weeks, further advancing USA Rare Earth toward proven capability across every stage of the rare earth value chain: mining, separation and processing, metal and alloy making, and permanent magnet manufacturing.

About the Wheat Ridge Facility

The Wheat Ridge demonstration facility runs 24 hours a day and is fully instrumented for real-time process monitoring across every unit operation. The facility is built to digitally and physically simulate the Company’s future commercial-scale operation, and the data it generates flows directly into the engineering design of a planned consolidated separation facility, which will process both magnet swarf and mixed rare earth carbonate (MREC). This allows the team to validate its proprietary flowsheets and refine the commercial design using live operating data and physical testing rather than theory alone.

About USA Rare Earth, Inc.

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States and the United Kingdom, with plans for expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the planned acquisition of the Pela Ema mine in Brazil (subject to closing the Serra Verde Group transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and other key industrial sectors. For more information, visit www.usare.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the objectives, scope and anticipated benefits of the Wheat Ridge demonstration program; the Company’s ability to validate and optimize its processing and separation flowsheets and to produce separated oxides at commercial quality; the Company’s plans for a consolidated commercial separation facility for magnet swarf and mixed rare earth carbonate; and the Company’s global value chain strategy. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from the Company’s expectations, including without limitation: the Company’s ability to execute its business plan, including development of the Round Top deposit and its processing and manufacturing facilities; the timing and advancement of expected business milestones; the significant long-term and inherently risky investments the Company is making in mining and manufacturing facilities; the Company’s ability to obtain additional or replacement financing as needed; risks that the proposed transactions with Serra Verde Group, Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; the Company may not realize the anticipated benefits of its proposed and prior acquisitions, including expected synergies, financial performance, estimated EBITDA and, in the case of Serra Verde Group, integration of operations, on the anticipated timeline or at all; the ability of the Company’s Stillwater facility or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; the Company’s limited operating history; risks that the Company may experience delays, unforeseen expenses, increased capital costs, and other complications in operating its business; potential dilution to existing stockholders and adverse effect on the Company’s stock price if the Company issues additional common stock or equity-linked securities; the volatility of the Company’s stock price; the Company’s ability to satisfy project milestones and other conditions to disbursement under the Company’s financing arrangement with the Department of Commerce (“DOC”) on the anticipated timeline or at all; the Company’s dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict the Company’s operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across the Company’s financing arrangements; the impact of the DOC’s equity interest in the Company on the Company’s ability to pursue strategic transactions and on the Company’s relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow the Company to develop and commercially operate the Company’s Stillwater facility and other facilities; the Company’s ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of the Company’s products, including without limitation as a result of dumping, predatory pricing and other tactics by the Company’s competitors or state actors or the overall competitive environment; the Company’s ability to achieve positive cash flow or profitability or the ability to access cash flow within the Company’s corporate structure due to restrictions contained in the Company’s financing agreements; the Company’s ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of the Company’s neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which the Company operates or sells products or otherwise; war, terrorism, natural disasters or public health emergencies; the Company’s ability to retain or recruit key personnel; environmental, health and safety regulations; and the Company’s ability to comply with requirements for federal, state and local government incentives and financing.

Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and the Company undertakes no obligation to update any forward-looking statements as a result of new information or future developments except as required by law.

Investor Contact
JB Lowe
Vice President, Investor Relations
USA Rare Earth, Inc.
[email protected]

Media Contact
Collected Strategies
[email protected]

Critical minerals stocks are ripping higher this morning on the back of a powerful macro catalyst: unprecedented direct US military-industrial integration.

On July 7th, the US Army said it has selected REalloys (ALOY) to build and operate the first-ever commercial critical mineral processing facility directly on a US military installation.

This notable escalation of the Pentagon’s domestic supply-chain mandate is triggering a rising tide effect for Western-aligned, non-Chinese names like USA Rare Earth USAR, Critical Metals Corp (CRML), and United States Antimony Corp (UAMY).

Here’s a deeper dive into why each of these three critical minerals stocks are responding positively to the US Army announcement today.

As a heavyweight in domestic REE development with its 100% economic consolidation of Round Top project in Texas, USAR stock is the natural institutional beneficiary of the DoD news.

The Pentagon’s announcement explicitly noted that REalloys will begin qualification of defense-grade heavy rare earths (including dysprosium and terbium) by the end of 2026.

This timeline is intended to let defense contractors validate North American-processed materials ahead of the strict January 1, 2027, defense procurement deadline.

Because USAR is already tracking toward its own CHIPS Program funding ($1.6 billion under Department of Commerce evaluation), today’s news reinforces that the government sees 2026 as a critical execution window to sustainably divorce the defense base from foreign supply.

US Rare Earth shares are Buy-rated among Wall Street firms.

CRML shares are getting a massive lift due to its tight corporate ties with REalloys.

Back in May, Critical Metals executed a “15-year binding definitive offtake agreement” to supply rare earth concentrate from its massive Tanbreez project in Greenland directly to REalloys.

Because REalloys just landed the US Army flagship base-processing initiative, CRML’s upstream material from Greenland suddenly has a highly secure, direct, and priority route straight into the military-industrial complex.

Investors are aggressively buying Critical Metals stock today because the DoD news helps notably de-risk Tanbreez project’s path to monetization.

Analysts rate CRML at “Buy” currently, according to The Wall Street Journal.

UAMY stock is riding the coattails of the defense-mandate thesis because antimony is one of the most critically undersupplied minerals in the US defense sector.

Antimony is vital for military applications, including ammunition primers, armor-piercing bullets, night-vision goggles, and precision optics – and UAMY operates the “only” functional antimony smelter in the US.

With the market aggressively rotating capital into domestic defense-supply infrastructure on July 7th, small-cap, highly shorted names like UAMY are experiencing massive momentum bursts as traders hunt for pure-play US critical mineral stocks.

Wall Street has a consensus “Buy” rating on United States Antimony at the time of writing.

Elroy Air, Inc., a leading U.S.-based technology developer of autonomous heavy-cargo drones for defense, rapid response and commercial logistics, and Columbus