USA Rare Earth Inc.

USAR · NASDAQ

usare

$3.6B

USD

Market cap · 2026–07 · week 29

🇺🇸 United States, Stillwater

Country

Rare Earths & Critical Minerals

Sector

Developer · Mid-Tier · Europe · USA

Last updated 21 June 2026

Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.

Overview: USA Rare Earth, Inc. is a development-stage critical-minerals and rare earth magnet company headquartered in Stillwater, Oklahoma, operating primarily in the United States with metal-and-alloy operations in the United Kingdom. The company's portfolio consists of 3 principal assets, comprising 1 exploration-stage mineral project, 1 magnet manufacturing facility under development, and 1 operating rare earth metal-and-alloy maker. Key assets include the Round Top Project in West Texas, the Stillwater Facility magnet plant in Oklahoma, and Less Common Metals in the United Kingdom. The business model is built on creating a U.S.-anchored, vertically integrated mine-to-magnet platform that spans a domestic heavy- and light-rare-earth resource, separation and metal-making capability, and sintered neodymium-iron-boron (NdFeB) permanent-magnet production, intended to reduce dependence on foreign — predominantly Chinese — supply chains that control the large majority of heavy rare earth and gallium processing. Round Top is envisioned as a low-complexity operation using mining, crushing, heap leaching and solvent extraction, benefiting from an above-ground deposit in an arid, sparsely populated setting. Downstream, the Stillwater Facility is being built to manufacture neo magnets for aerospace, defense, semiconductor, data-center, mobility, healthcare and industrial customers, while Less Common Metals supplies rare earth metals and alloys and supports recycling of rare earth materials. The principal model-linked risks are the exploration-stage nature of the resource base, dependence on external financing through development, execution risk on scaling magnet and metal-making capacity, and exposure to rare earth pricing and trade-policy volatility.

Strategy: Strategic direction is centered on building a globally integrated, U.S.-anchored mine-to-magnet value chain across critical minerals and rare earth magnets. A near-term priority is advancing the Round Top Project from exploration toward development, with a definitive feasibility study targeted for completion by early 2027 and commercial production targeted for late 2028 on a low-capital-intensity heap-leach and solvent-extraction flowsheet. The enterprise intends to consolidate ownership of Round Top by acquiring the minority interest in the project's joint venture, positioning itself as sole operator and full economic beneficiary. Growth downstream is pursued through completion and ramp-up of the Stillwater, Oklahoma magnet facility and through expansion of metal-and-alloy capacity following the acquisition of Less Common Metals, with announced plans to grow metal-making across the U.S., U.K. and France, including a 3,750 MTPA plant in Lacq supported by the French government. Capital allocation depends on equity and other external financing to fund magnet production, mineral exploration and evaluation, and corporate costs until either the Stillwater Facility generates net profits or an economic resource at Round Top is developed into profitable production. The organization is also evaluating expansion of magnet manufacturing capacity, weighing additional production sites against workforce, utilities, transportation and stakeholder-support considerations.

Management: Executive leadership is headed by Chief Executive Officer Barbara Humpton, who leads the company's mine-to-magnet strategy and downstream build-out, succeeding former Chief Executive Officer Joshua Ballard, who transitioned during 2025. Financial strategy and reporting are directed by Chief Financial Officer William Robert Steele Jr., who oversees the external financing programs on which the company's development plans depend. The company became publicly traded on the Nasdaq Global Market under the symbol USAR following its March 2025 business combination with IPXX, with public-company governance established through its post-merger board and committee structure.

Sustainability: Environmental stewardship is positioned as a design principle of the Round Top Project, which is planned around an above-ground deposit using overland conveying of ore and heap leaching to minimize the use of mobile mining equipment and reduce disturbance relative to conventional mining, aided by its location in an arid, sparsely populated area of Texas that limits impacts on communities and ecosystems. The company emphasizes closed-loop recycling systems intended to minimize waste and reduce water usage and is exploring the use of renewable energy to power its projects. Through Less Common Metals, the company supports recycling of rare earth materials as part of a circular value-chain objective that reduces dependence on primary mine feedstock.

Structure: The corporate structure was reshaped by the March 2025 business combination with IPXX Inc., a special-purpose acquisition company, in which a merger subsidiary merged with USARE OpCo and the combined company began trading on Nasdaq under USAR, with warrants exercisable at $11.50 per share trading under USARW. The Round Top Project is held through Round Top Mountain Development (RTMD), a joint venture with Texas Mineral Resources Corp. (TMRC) in which the company held 81.3% and TMRC 18.7% at December 31, 2025; on March 4, 2026 the company entered a definitive merger agreement to acquire TMRC and consolidate 100% ownership, issuing shares determined by dividing 3,823,328 by TMRC's fully diluted shares outstanding. On November 18, 2025 the company, through its Laconia subsidiary, acquired Indian Ocean Rare Metals Pte. Ltd., the parent of Less Common Metals, securing rare earth metals and alloys, recycling capability and alternative low-cost feedstock for magnet production. The capital structure also includes contingent Earnout Shares tied to post-merger triggering events and government grants accounted for by analogy to IAS 20, and the company has announced a French-government-supported metal-making plant in Lacq, France.

Hedge: The company does not use derivative instruments to hedge exposures to cash flow, market, or foreign-currency risks. It evaluates its financial instruments to determine whether any are derivatives or contain embedded derivatives requiring bifurcation under ASC 815, but maintains no commodity, interest-rate or foreign-exchange hedge book, leaving it with direct exposure to rare earth and critical-mineral prices and to currency movements arising from its U.K. and European operations.

Source: USA Rare Earth, Inc. - 10-K Filing - 2025

Exploration · 1 project

Round Top Project

Asset · Pre-feasibility · Ownership 81.3%

United States, Texas

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Mining

Type

Exploration

Status

🇺🇸 United States, Texas

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 81.3

Operator: Yes

Extraction: Heap Leach

Ore type: Oxide

Processing route: Heap leach, or acid leach and SX-EW

Description

As at 31 December 2025

Heavy- and light-rare-earth, lithium, gallium and beryllium deposit at Round Top Mountain in Hudspeth County, West Texas, held through the Round Top Mountain Development (RTMD) joint venture in which USA Rare Earth held 81.3% and Texas Mineral Resources Corp. (TMRC) 18.7% at December 31, 2025. Under Item 1300 of Regulation S-K the property is an exploration-stage property with no disclosed mineral reserves and no declared S-K 1300 mineral resources. The deposit is a rhyolite-hosted, above-ground body amenable to a low-complexity flowsheet of mining, crushing, heap leaching and solvent extraction, which is expected to reduce capital intensity, energy use and operational footprint relative to conventional mining; the arid, sparsely populated setting further limits environmental impact. Historical exploration by TMRC (2010-2019) included 173 located drill holes, 80 reverse-circulation and 2 core holes drilled and 3,081 samples analyzed. The Company expects to complete a definitive feasibility study by early 2027 and move into commercial production by late 2028. A Colorado (Wheat Ridge) facility supports separation and process development. On March 4, 2026 USA Rare Earth signed a definitive merger agreement to acquire the TMRC minority and become the sole operator and 100% economic beneficiary of the project.

Mining metrics

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Processing facilities · 2 projects

Less Common Metals (LCM)

Asset · Other

United Kingdom, Ellesmere Port

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United Kingdom

Region: Ellesmere Port

Facility kind: Other

Licensed capacity: 2500

Capacity unit: t

Capacity period: Per Year

Capacity kind: Nameplate

Description

As at 31 December 2025

Rare earth metal and alloy maker in the United Kingdom acquired on November 18, 2025 through the purchase of Indian Ocean Rare Metals Pte. Ltd. (IORM), LCM's parent, via the Company's Laconia subsidiary. LCM links processing/separation feedstock to magnet production, supplying critical rare earth metals and alloys used in magnet making and supporting circular-economy recycling of rare earth materials. It is the Company's only revenue-generating operation in 2025 (partial period from the acquisition date), with the majority of sales into Europe. Current annual capacity is approximately 2,500 MTPA of rare earth and critical-mineral metal and alloy, with planned expansion across the U.S., U.K. and France, including an announced 3,750 MTPA metal-making plant in Lacq, France supported by the French government.

Processing facilities

As at 31 December 2025

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Stillwater Facility

Asset · Other · Construction

United States, Oklahoma

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Construction

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: Oklahoma

Facility kind: Other

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 31 December 2025

Sintered neodymium-iron-boron (NdFeB) permanent-magnet manufacturing facility under development in Stillwater, Oklahoma, which also serves as the Company's headquarters and primary manufacturing center. The facility was not yet completed and had not commenced producing or selling neo magnets as of the reporting date; it anchors the downstream end of the Company's planned mine-to-magnet value chain serving aerospace, defense, semiconductor, data-center, mobility and industrial markets.

Processing facilities

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Assumptions

The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.

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How to read this tab

The tables below list unit codes most often used in the Rare Earths & Critical Minerals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.

What the Portfolio tab shows

The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.

Concepts in your sector — Rare earths & critical minerals

TREO vs individual oxides. Deposits disclose TREO % with a basket (Nd, Pr, Dy, Tb, …). Value is dominated by magnet metals; TREO without the basket misses most of the economics.
Vanadium in V₂O₅. Reserves use % V₂O₅ or ppm; multiply V₂O₅ by 0.560 for V metal.
Niobium, tantalum, scandium, fluorspar each have their own chemistry idiom; the rating engine normalises within commodity family.

Portfolio tab — table guide

Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.

Ownership / Working interest

Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.

Units, conversions & reporting standards

Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.

Assumptions

Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.