Rare Earths Americas (REA) Q1 2026 earnings summary

Executive summary

• Exploration-stage mining company focused on rare earth projects in the US and Brazil, with no operating revenues to date and all projects in the exploration phase.

• Significant expansion in operations and costs following the acquisition of FRE Australia and the build-out of the Shiloh Project in Georgia.

• Completed an IPO in May 2026, raising gross proceeds of $63.3 million, with all SAFE agreements converting to equity and a related party loan converting to shares.

Financial highlights

• Net loss for Q1 2026 was $16.8 million, compared to $0.3 million in Q1 2025, driven by increased exploration, administrative expenses, and fair value losses on warrants and SAFE liabilities.

• Operating expenses rose to $4.8 million from $0.3 million year-over-year, with exploration expenses at $2.1 million and G&A at $2.7 million.

• Cash and cash equivalents were $20.4 million as of March 31, 2026, down from $22.8 million at year-end 2025.

• Accumulated deficit increased to $36.6 million from $19.8 million at December 31, 2025.

• Significant non-cash losses: $8.6 million from warrant revaluation and $3.4 million from SAFE revaluation.

Outlook and guidance

• Funds from the IPO and prior financings are expected to cover cash needs for at least the next 12 months.

• Planned expenditures include $7 million for the Shiloh Project, $4 million for Brazilian projects, and $5 million for working capital and corporate purposes over the next year.

• Continued focus on advancing exploration, resource definition, and technical studies to support future development.