USA Rare Earth (USAR) investor relations material

Company overview and business model

• Mission is to establish a domestic rare earth magnet supply chain supporting energy, mobility, and national security in the U.S.

• Developing a sintered neo magnet manufacturing plant in Stillwater, Oklahoma, and controlling rights to the Round Top Deposit in Texas.

• Business plan includes three stages: initial magnet production using third-party feedstock, scaling production and partnerships, and long-term vertical integration with mining at Round Top.

• Focused on supplying high-quality neo magnets to diverse industries, including defense, automotive, aviation, and electronics.

• Recent acquisition agreement to purchase LCM, a UK-based rare earth alloy manufacturer, to enhance supply chain capabilities.

Financial performance and metrics

• No operating revenues to date; operations funded through equity and debt financings.

• Net loss of $91.0 million for the six months ended June 30, 2025, including a $74.4 million non-cash fair value loss on financial instruments.

• Net loss of $16.4 million for the year ended December 31, 2024, compared to $8.5 million in 2023.

• Cash and cash equivalents of $121.8 million as of June 30, 2025, bolstered by a $125 million PIPE financing in September 2025.

• Operating expenses increased due to merger-related costs, consulting, legal, and R&D; headcount reduced to manage cash flow.

Use of proceeds and capital allocation

• Net proceeds from the September 2025 PIPE ($125 million) intended for general corporate purposes.

• $100 million in cash and 6.74 million shares of common stock allocated for the LCM acquisition.

• Significant capital required for completion and build-out of the Stillwater Facility and Round Top Project; additional capital raises anticipated.

• Deferred grant income of $7 million received for Stillwater Facility development; subject to compliance with investment and employment milestones.