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 and Minas Gerais, Brazil, targeting magnet rare earths for advanced technologies and clean energy markets.

• Aims to become a major supplier of high-value magnet rare earth elements (MREEs) outside China and Myanmar, with a strategy to integrate into Western supply chains.

• The Itarantim Project is an ionic adsorption clay (IAC) deposit with 1.1 billion tonnes of inferred resources at 1,233 ppm TREO, offering potential for expansion and low-cost, environmentally responsible extraction.

• Plans include vertical integration from mining to magnet manufacturing, leveraging Brazil’s infrastructure and proximity to U.S. and European markets.

Financial performance and metrics

• No operating revenues to date; total comprehensive loss of $3.2 million for the year ended March 31, 2026, and $2.1 million for 2025.

• Cash and cash equivalents of $2.7 million as of March 31, 2026; net liabilities of $7.1 million.

• Exploration and evaluation expenses were $1.3 million in 2026, down from $1.8 million in 2025; general and administrative expenses rose to $1.9 million in 2026 due to IPO preparation.

• Financing has been primarily through related party loans and a $5 million equity investment from St. James Place Limited.

Use of proceeds and capital allocation

• Expects to raise approximately $16 million in net proceeds from the IPO, with 81% allocated to exploration and development of the Itarantim Project, 13% to licensing, permitting, and reporting, and 6% to general and administrative expenses.

• Proceeds will fund additional drilling, technical studies, and advancement toward feasibility and mine planning.