Usa Rare Earth, Inc. · NASDAQ:USAR
Usa Rare Earth — Q2 2026 Earnings Presentation
31 slides from Usa Rare Earth's earnings presentation, Aug 10, 2026
Slide 1: USA Rare Earth Investor Presentation
USA RARE EARTH INVESTOR PRESENTATION June 2026
Slide 2: Disclaimer: Forward-looking Statements
DISCLAIMER Forward-looking Statements This Presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the proposed U.S. government collaboration and the expected timing of executing definit
Slide 3: Disclaimer: Use of Projections; Non-GAAP Financial Measures
DISCLAIMER Use of Projections; Financial, Capacity and Production Targets; Non-GAAP Financial Measures Certain information and conclusions set forth in this Presentation are based on projections. Actual results may differ materially from those indicated in the forward-looking statements because the
Slide 4: Our Mission
METAL MAKING & STRIP CASTING Cheshire, UK RESEARCH & DEVELOPMENT Wheat Ridge, CO METAL & MAGNET PRODUCTION Stillwater, OK METAL & MAGNET PRODUCTION Blacksburg, SC ROUND TOP DEPOSIT Sierra Blanca, TX OUR MISSION Secure, Reshore and Grow Rare Earth Magnet Value Chain for the United States and its Alli
Slide 5: Building the Leading Rare Earth Value Chain Platform
BUILDING THE LEADING RARE EARTH VALUE CHAIN PLATFORM Fully Integrated mine-to-magnet platform with operations across ✓ three continents1 Provides increased upstream optionality and embedded growth ✓ options through access to critical HREEs at scale Combines scarce non-China industry materials intell
Slide 6: Capabilities Across the Entire Value Chain
CAPABILITIES ACROSS THE ENTIRE VALUE CHAIN Upstream Midstream Downstream 100% ownership2 12.5% ownership2 100% ownership Metal Making & Mining Processing & Separation1 Magnets Strip Casting Goiás, Brazil Wheat Ridge, CO Cheshire, U.K. Stillwater, OK Round Top Deposit, TX Round Top Deposit, TX Stillw
Slide 7: Unmatched U.S. & Allied Government Support
UNMATCHED U.S. & ALLIED GOVERNMENT SUPPORT ~$2.7B+ IN COMMITTED & PROPOSED FINANCIAL SUPPORT FROM U.S. AND ALLIED GOVERNMENTS U.S. DEPARTMENT OF COMMERCE U.S. DEVELOPMENT FINANCE CORP. (DFC) U.S. DEPARTMENT OF ENERGY $1.6B Non-Binding LOI $565M DFC Loan Facility Up to $19.3M DOE Grant • $277M USG Eq
Slide 8: Proposed U.S. Government Collaboration Provides Financial Visibility and Predictability
PROPOSED U.S. GOVERNMENT COLLABORATION PROVIDES FINANCIAL VISIBILITY AND PREDICTABILITY Key USG Objectives ~$1.6 Billion to USAR1 Strategic Structural Objectives Objectives Dramatically speed up and scale Invest significant capital to support highly domestic production of targeted accelerated and ac
Slide 9: Access to Public and Private Funding Accelerates and De-Risks Production Plan
ACCESS TO PUBLIC AND PRIVATE FUNDING ACCELERATES AND DE-RISKS PRODUCTION PLAN U.S. Government LOI Overview U.S. Government LOI CHIPS Program1,2 • $277M Direct Funding Award • $1,300M Senior Secured Loan CHIPS Act of 2022 o 15yr term, 4yr-optional PIK o T + [150bps]3 • Milestone-based disbursements •
Slide 10: Business Model Designed to Leverage Compelling Sector Dynamics
BUSINESS MODEL DESIGNED TO LEVERAGE COMPELLING SECTOR DYNAMICS Trillions of Dollars of GDP Depends on Rare Earth Metals and Magnets Diversified and Attractive End-Market Exposure Sizeable TAM with Strategic Importance Global REE TAM ~$16B $19B Aerospace High Tech & AI & RARE EARTH METALS 1 RARE EART
Slide 11: Our Business
OUR BUSINESS © 2026 USA Rare Earth. All rights reserved. 11
Slide 12: World-Class Assets with Global Reach Spanning Continents
WORLD-CLASS ASSETS WITH GLOBAL REACH SPANNING 3 CONTINENTS U.S. Metal and Magnet Making (Blacksburg, SC) Stage In Construction Type Metal & Magnet Making U.S. Metal and Magnet Making (Stillwater, OK) Rare Earth Metals & Alloys, Products Stage Commissioning Permanent Magnets Type Metal & Magnet Makin
Slide 13: Combined Company Will Be the Only Fully Integrated Mine-to-Magnet Offering Outside China
COMBINED COMPANY WILL BE THE ONLY FULLY INTEGRATED MINE-TO-MAGNET OFFERING OUTSIDE CHINA… More Less Integrated Integrated Company Significant Amounts of Dy and Tb Mined Significant Amounts of Nd and Pr Mined Light Rare Earth Processing and Separation Heavy Rare Earth Processing and Separatio
Slide 14: With a Compelling Growth Pipeline Benefitting from Enhanced Expertise of Combined Teams
...WITH A COMPELLING GROWTH PIPELINE BENEFITTING FROM ENHANCED EXPERTISE OF COMBINED TEAMS ✓ Leverages Serra Verde Serra Verde Round Top Serra Verde Phase 2 combined technical Phase 11 Phase 2 + Round Top resources to + 4,300 tpa ~6,400 tpa + 6,400 tpa Up to 17,100 tpa execute on growth pipeline U.S
Slide 15: Serra Verde: The First and Only Scaled Non-Asian Producer of the Four Magnetic Rare Earths
Mining Separation Metal Making & Strip Casting Magnets Management / Vision SERRA VERDE: THE FIRST AND ONLY SCALED NON-ASIAN PRODUCER OF THE FOUR MAGNETIC RARE EARTHS Serra Verde is Expected to Control >50% of the Total Non-China Critical HREE Supply by YE2027 • Highly Strategic: Provides Western Mar
Slide 16: Serra Verde's Unique Offtake with SPV Includes Price Floors
Mining Separation Metal Making & Strip Casting Magnets Management / Vision SERRA VERDE’S UNIQUE OFFTAKE WITH SPV INCLUDES PRICE FLOORS FOR ALL FOUR MAGNETIC RARE EARTH ELEMENTS Highly Attractive Offtake Terms Provide Financial Visibility Magnetic REEs and Yttrium Drive Serra Verde’s Basket Value • 1
Slide 17: Serra Verde: Dramatically Accelerates and Enhances USAR's Financial Profile
Mining Separation Metal Making & Strip Casting Magnets Management / Vision SERRA VERDE: DRAMATICALLY ACCELERATES AND ENHANCES USAR’S FINANCIAL PROFILE In US$ millions, unless otherwise noted Serra Verde Brings Significant EBITDA to USAR by the end of 2027E… Form of Product Delivered by Serra Verde M
Slide 18: Round Top Deposit and Processing Multiply the Nation's Capabilities
Mining Separation Metal Making & Strip Casting Magnets Management / Vision ROUND TOP DEPOSIT AND PROCESSING MULTIPLY THE NATION’S CAPABILITIES Expect commercial production in late 2028, two years earlier than initially planned • One of the richest known deposits of heavy rare earth elements (HREEs)
Slide 19: Heavy Rare Earths Drive Superior Economics
Mining Separation Metal Making & Strip Casting Magnets Management / Vision HEAVY RARE EARTHS DRIVE SUPERIOR ECONOMICS Round Top LRE Mines • 100% flow sheet for HREs and valuable critical minerals • Sub-economic light rare earths are commercially available ex-China • These are not commercially availa
Slide 20: DOC Collaboration Secures Domestic Supply of Key Raw Material Inputs for Semiconductor Industry
Mining Separation Metal Making & Strip Casting Magnets Management / Vision DOC COLLABORATION SECURES DOMESTIC SUPPLY OF KEY RAW MATERIAL INPUTS FOR SEMICONDUCTOR INDUSTRY Expected to Secure Key Rare Earth Elements and Critical Minerals on U.S. Soil 64 31 72 66 65 62 USAR’s Supply: Round Top, Texas G
Slide 21: Round Top Is Amenable to High-Volume Ore Processing
Mining Separation Metal Making & Strip Casting Magnets Management / Vision ROUND TOP IS AMENABLE TO HIGH-VOLUME ORE PROCESSING USA RARE EARTH’S SIMPLIFIED PROCESS SAVES COST, POWER AND TIME Conventional Rare Earth Processing Round Top Process • Mild leaching conditions: Yttrofluorite is soluble in d
Slide 22: Growing Separation Capabilities for In-House and 3rd Party Feedstock
Mining Separation Metal Making & Strip Casting Magnets Management / Vision GROWING SEPARATION CAPABILITIES FOR IN HOUSE AND 3RD PARTY FEEDSTOCK • Hydrometallurgical facility commissioning at Wheat Ridge R&D center in Q2, running demonstration campaign on: o Round Top Ore Processing o Third-Party Fee
Slide 23: Carester Investment Secures Strategic Capabilities, Accelerates Strategic Vision
Mining Separation Metal Making & Strip Casting Magnets Management / Vision CARESTER INVESTMENT SECURES STRATEGIC CAPABILITIES, ACCELERATES STRATEGIC VISION1 Why Carester Value to USAR & LCM • One-of-a-kind: leading heavy rare earth and recycled • Will provide key supply of rare earth oxides — magnet
Slide 24: Less Common Metals - Expanding to Meet Internal and Market Needs
Mining Separation Metal Making & Strip Casting Magnets Management / Vision LESS COMMON METALS - EXPANDING TO MEET INTERNAL AND MARKET NEEDS • 2,500 tpa metal, alloy and strip cast capacity at LCM Cheshire • Planned 3,750 tpa metal and alloy facility in Lacq, France, co- located with Carester’s Carem
Slide 25: LCM Is a Linchpin in the Non-China REE Supply Chain
Mining Separation Metal Making & Strip Casting Magnets Management / Vision LCM IS A LINCHPIN IN THE NON-CHINA REE SUPPLY CHAIN Premier Non-Chinese REE’s Metal and Alloy Maker… …With Deep Technical Knowledge in a Scalable Vehicle Select Metallization Capabilities ▪ 30 years of proven operating experi
Slide 26: Rapidly Scaling Magnet Production Capacity
Mining Separation Metal Making & Strip Casting Magnets Management / Vision RAPIDLY SCALING MAGNET PRODUCTION CAPACITY • 310,000 square foot facility in Stillwater, Oklahoma • Line 1a (600 tpa) commissioned in 1Q 2026 • Line 1b (600 tpa) targeting commissioning in Q1 2027 • Ability to address most ma
Slide 27: Building Capabilities to Make a Range of Magnets for Use Across Industries
BUILDING CAPABILITIES TO MAKE A RANGE OF MAGNETS FOR USE ACROSS INDUSTRIES… © 2026 USA Rare Earth. All rights reserved. 27
Slide 28: Planned Metal Making to Magnet Flowsheet
Mining Separation Metal Making & Strip Casting Magnets Management / Vision PLANNED METAL MAKING TO MAGNET FLOWSHEET LCM Acquisition Brings Key Mid-stream Capabilities to Stillwater Metal Making Fe Nd/Dy/Tb B Metallothermic Reduction Pressing & Strip Casting H2 Decrepitation Jet Milling Sintering Ali
Slide 29: Our Vision Will Be Driven by an Exceptional Leadership Team
Mining Separation Metal Making & Strip Casting Magnets Management / Vision OUR VISION WILL BE DRIVEN BY AN EXCEPTIONAL LEADERSHIP TEAM… Serra Verde delivers a world-class team of industry leaders, including Sir Mick Davis and Thras Moraitis who together built Xstrata from a $500mm business in 2001 t
Slide 30: Taking Bold and Decisive Action to Solve the Critical Shortage of Rare Earths Outside China
Mining Separation Metal Making & Strip Casting Magnets Management / Vision …TAKING BOLD AND DECISIVE ACTION TO SOLVE THE CRITICAL SHORTAGE OF RARE EARTHS OUTSIDE CHINA Continued Focus on Delivering Critical Actions Taken to Become the Global Rare Earth Platform of Choice Shareholder Value • Advance
Slide 31: Thank You
THANK YOU USAR Magnet Manufacturing Facility in Stillwater, OK © 2026 USA Rare Earth. All rights reserved. 31