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 (Nd, Pr, Dy, Tb) for advanced technologies and clean energy markets.

• Aims to become a major supplier of high-grade magnet rare earths outside China and Myanmar, integrating into Western supply chains, especially the U.S. and Europe.

• Plans to develop a vertically integrated supply chain in Brazil, from mining to magnet manufacturing, leveraging environmentally responsible ionic adsorption clay extraction.

• Holds 27 exploration licenses covering 452 km², with rights of access but not ownership of land, and is in the exploration stage with no operating revenues.

Financial performance and metrics

• Reported net losses of $3.2 million in FY2026 and $2.1 million in FY2025, with negative operating cash flows and no revenues to date.

• As of March 31, 2026, had $2.7 million in cash, $2.9 million in related party loans, and a total deficit of $7.1 million.

• All exploration and evaluation costs are expensed due to early-stage status and uncertainty of success.

• Additional financing is required to continue exploration and development; recent $5 million investment from St. James Place and ongoing reliance on related party loans.

Use of proceeds and capital allocation

• Intends to use $16 million in net IPO proceeds primarily for exploration and development of the Itarantim Project (81%), licensing and permitting (13%), and general/admin expenses (6%).

• Plans to drill 175 additional holes to expand resource definition and advance the project toward development stage.

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