IMC Rare Earth (IMC) Registration filing summary

Company overview and business model

• Focuses on exploration and development of rare earth element (REE) resources, primarily the Itarantim Project in Bahia, Brazil, targeting magnet rare earths for advanced technologies.

• Holds 27 research permits covering 452 km², with all permits in good standing and renewable.

• The Itarantim Project is an ionic adsorption clay (IAC) REE deposit, with mineralization adsorbed onto clay minerals, recoverable by simple leaching.

• No operating revenues to date; business model is to advance the project to production and supply Western markets with critical REEs.

Financial performance and metrics

• Reported net losses of $3.2 million in FY2026 and $2.1 million in FY2025, with negative operating cash flows in both years.

• As of March 31, 2026, cash and cash equivalents were $2.7 million; outstanding related party loan of $2.9 million.

• All exploration and evaluation costs are expensed due to early-stage status; no capitalized development costs.

• Total deficit as of March 31, 2026 was $7.1 million; company will require additional financing to continue operations.

Use of proceeds and capital allocation

• Proceeds from the IPO are intended to fund ongoing exploration, technical studies, and development of the Itarantim Project.

• No proceeds from the resale of shares by the Resale Shareholder will go to the company; all such proceeds accrue to the selling shareholder.

• Planned exploration and technical work over the next two years is budgeted at $10.8 million, including drilling, metallurgical studies, and ESG initiatives.