Rare Earths Americas (REA) Q3 2026 earnings summary

Executive summary

• Exploration-stage operations generated no mining revenue; Q3 2026 net loss was $10.8m, with expanded drilling and project work in the U.S. and Brazil.

• IPO proceeds boosted cash, cash equivalents and short-term investments to $68.3m at quarter-end; management expects funding for at least the next 12 months.

Financial highlights

• Q3 operating expenses were $15.6m vs. $4.5m YoY; operating loss was $15.6m vs. $4.5m, and net loss was $10.8m vs. $4.5m.

• 9M operating expenses were $33.2m vs. $5.4m; net loss was $40.4m vs. $5.4m, including a $4.6m SAFE fair-value expense and a $3.5m warrant fair-value loss.

• Q3 basic and diluted loss per share was $0.52 vs. $0.34; 9M loss per share was $2.25 vs. $0.51.

• 9M operating cash use was $17.1m; investing cash use was $61.7m, primarily reflecting net purchases of short-term investments, while financing provided $64.3m.

Outlook and guidance

• Quarter-end liquidity of $68.3m is expected to fund planned cash needs for at least 12 months; planned next-12-month spending includes $11m for Georgia projects, $20m for Brazil projects and $7m for corporate needs.

• Alpha Initial Assessment is over 80% complete and targeted for Q1 2027; Constellation Initial Assessment is targeted for mid-2027.

• Homer-A's 15,000m drilling program was on track for year-end 2026, with an initial mineral resource estimate targeted for 2027.

• FRE District drilling was on track for 28,000m by year-end 2026; an initial resource estimate is expected in H1 2027.