USA Rare Earth (USAR) investor relations material

Executive summary

• Advancing a vertically integrated, US-based rare earth magnet supply chain with a focus on reducing dependence on China and securing critical minerals for defense and high-growth sectors; Stillwater magnet facility and Round Top project are key components.

• Acquisition of Less Common Metals (LCM) accelerates strategy, adding metal making and strip casting capacity, with the deal expected to close by year-end pending regulatory approval.

• Magnet manufacturing plant in Stillwater is on track for Q1 2026 commissioning, with robust demand across defense, industrial, and technology sectors.

• Advancements in recycling and extraction technologies, including pilot-scale swarf recycling and successful hafnium extraction, expand capabilities.

• Management notes substantial doubt about ability to continue as a going concern due to ongoing losses and need for additional capital.

Financial highlights

• Ended Q3 2025 with $257.6–$258 million in cash and no significant debt; post-quarter cash position exceeded $400 million after warrant exercises and equity investments.

• Net loss attributable to common stockholders for Q3 2025 was $156.7 million, or $1.64 per share, including significant non-cash fair value adjustments.

• Adjusted net loss for Q3 2025 was $14.3–$25.6 million, or $0.25 per share, excluding non-cash and one-time items.

• Operating expenses for Q3 2025 were $15.9 million, with adjusted ongoing operating expenses of $8.9 million.

• Raised $200 million from PIPE financings and $163.3 million from warrant exercises during 2025.

Outlook and guidance

• Stillwater magnet facility commissioning expected in Q1 2026; Round Top Pre-Feasibility Study targeted for H2 2026.

• Swarf recycling pilot-scale testing to commence in Q1 2026.

• Anticipates adjusted ongoing operating expenses of $13–$15 million in Q4 2025.

• Expects to require additional capital to fund strategic initiatives and production ramp-up.