USA Rare Earth (USAR) investor relations material

Executive summary

• Announced and closed transformative acquisitions, including Serra Verde, TMRC, and a stake in Carester, consolidating global rare earth leadership and creating a fully integrated mine-to-magnet platform across three continents.

• Secured a 15-year offtake agreement for Serra Verde's Pela Ema mine, the only scaled producer of all four magnetic rare earths outside Asia, with price floors for NdPr, dysprosium, and terbium.

• Closed $1.5 billion PIPE financing, boosting liquidity to $1.75 billion at quarter-end and supporting strategic growth initiatives.

• Commissioned Phase 1a at Stillwater magnet plant, enabling customer-ready NdFeB magnet production in Q2 and sales in H2 2026, with expansion to 1,200 MTPA by Q1 2027.

• Expanded leadership team and board with key industry and policy experts to support rapid global scaling.

Financial highlights

• Q1 2026 revenue was $5.7 million, primarily from Less Common Metals; gross profit was $0.1 million with a 1.9% margin.

• Net loss attributable to common stockholders was $67 million ($0.34/share), including a $43.6 million non-cash fair value adjustment; adjusted net loss was $24.1 million ($0.12/share).

• Operating expenses were $36.8 million, driven by higher SG&A, R&D, and amortization from acquisitions.

• Ended Q1 with $1.75 billion in cash, up from $359.9 million a year earlier.

• Capital expenditures totaled $38.6 million in Q1 2026, mainly for magnet manufacturing and LCM ramp-up.

Outlook and guidance

• Stillwater magnet plant targeting 600 MTPA run rate by year-end and 1,200 MTPA by Q1 2027; LCM aiming for 3,000 MTPA strip cast capacity by Q4 2026.

• Definitive feasibility study for Round Top expected to complete by year-end 2026 and publish in Q1 2027.

• Hydrometallurgical demonstration facility in Colorado to be commissioned in Q2 2026.

• No formal financial guidance provided; first Investor Day planned for Q3 2026 post-Serra Verde close.

• Long-term capital requirements for Round Top and expansions expected to exceed current resources; additional financing will be needed.