USA Rare Earth (USAR) Investor Presentation summary

Mission and strategic vision

• Aims to establish a U.S.-based rare earth magnet supply chain supporting energy, mobility, and national security sectors.

• Focused on building a 310,000 sq. ft. magnet manufacturing facility with advanced in-house mineral processing capabilities.

• Controls mining rights to the Round Top deposit, a unique source of heavy rare earths and other critical minerals.

• Plans to serve a diverse set of industries, initially targeting smaller customers and expanding as capacity grows.

• Innovations Lab commissioned to accelerate prototyping and customer engagement.

Market opportunity and industry context

• U.S. rare earth magnet market estimated at $19B (ex-China), with a projected $41B total addressable market by 2035.

• Demand for rare earth magnets is driven by commercial and defense sectors, with a 7.5% CAGR expected.

• China controls over 90% of global rare earth processing and 92% of magnet manufacturing, creating supply chain vulnerabilities.

• U.S. government is actively supporting domestic rare earth initiatives through grants, tax credits, and executive orders.

• Ex-China supply is projected to fall short of demand for the foreseeable future.

Operations, assets, and technology

• Round Top deposit contains 15 of 17 rare earth elements, including significant dysprosium and terbium, plus gallium and beryllium.

• Achieved up to 80% recovery of rare earths using mild heap leach and developed continuous ion exchange technology.

• Initial magnet manufacturing line (1,200 tpa) targeted for commissioning in early 2026, with long-term goal of 4,800 tpa.

• Feedstock agreements secured with non-Chinese suppliers to ensure supply through at least 2027.

• Flexible production process and state-of-the-art equipment enable a wide range of magnet specifications.