Usa Rare Earth, Inc. · NASDAQ:USAR
Usa Rare Earth — Investor Presentation (January 2026)
19 slides from Usa Rare Earth's investor presentation, Jan 26, 2026
Slide 1: USA Rare Earth Investor Presentation
January 2026 USA RARE EARTH INVESTOR PRESENTATION
Slide 2: Disclaimer
2 © 2026 USA Rare Earth. All rights reserved. DISCLAIMER About this Presentation This presentation and the accompanying oral presentation (this “Presentation”) are highly confidential, have been prepared so lel y for informational purposes and are intended only for “accredited investors” within the
Slide 3: Disclaimer (Continued)
3 © 2026 USA Rare Earth. All rights reserved. DISCLAIMER (CONTINUED) 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 materi all y from
Slide 4: Highly Experienced Leadership Team
4 © 2026 USA Rare Earth. All rights reserved. HIGHLY EXPERIENCED LEADERSHIP TEAM Chief Financial Officer • Over 35 years of financial services industry experience in Investment Banking and Public Accounting, including at Bank of America Securities, J.P. Morgan and Thomas Weisel Partners having raise
Slide 5: Secure, Reshore and Grow Rare Earth Magnet Value Chain
Secure, Reshore and Grow Rare Earth Magnet Value Chain for the United States and its Allies OUR MISSION 5 © 2026 USA Rare Earth. All rights reserved. ROUND TOP DEPOSIT Sierra Blanca, TX METAL & MAGNET PRODUCTION Stillwater, OK RESEARCH & DEVELOPMENT Wheat Ridge, CO METAL MAKING & STRIP CASTING Chesh
Slide 6: Our Strategy: Secure, Reshore and Grow
6 © 2026 USA Rare Earth. All rights reserved. OUR STRATEGY: SECURE, RESHORE AND GROW Technical Development » One of the largest Heavy REE (HREE) deposits in North America » High levels of Dy, Tb, Y, Ga, Gd, Hf, and other Heavies » Engineering Feasibility Work on an Accelerated Timetable Under Constr
Slide 7: U.S. Government Investment Provides Financial Visibility and Predictability
7 © 2026 USA Rare Earth. All rights reserved. U.S. GOVERNMENT INVESTMENT PROVIDES FINANCIAL VISIBILITY AND PREDICTABILITY (1) USG Investment terms based on terms in non - binding LOI, which specifies certain requirements for entering into binding agree ments; funding is on a “milestones achieved” ba
Slide 8: Transformative Investment Accelerates and De-Risks Mine-to-Magnet Production Plan
8 © 2026 USA Rare Earth. All rights reserved. TRANSFORMATIVE INVESTMENT ACCELERATES AND DE - RISKS MINE - TO - MAGNET PRODUCTION PLAN (1) USG Investment terms based on terms in non - binding LOI, which specifies certain requirements for entering into binding agree ments; funding is on a “milestones
Slide 9: USAR's Supply: Round Top, Texas
9 © 2026 USA Rare Earth. All rights reserved. USAR’s Supply: Round Top, Texas Highly stable, heat - and plasma - resistant oxides and ceramics Improves the efficiency and stability of magneto - optical materials Maintain magnetic strength at high operating temperatures Effective electrical insulatio
Slide 10: Public + Private Partnership Designed to Take Advantage of Sector Dynamics
10 © 2026 USA Rare Earth. All rights reserved. (1) Expected Rare Earth Metals Market value by 2032; Vantage Market Research, July 31, 2024, “Rare Earth Metals Market to Reach U SD 15.8 Billion by 2032.” (2) Estimated addressable market calculated for 2035 by management from data provided by industry
Slide 11: Transformative Investment Expected to Expedite Commercial Scale REE Value Chain
11 © 2026 USA Rare Earth. All rights reserved. TRANSFORMATIVE INVESTMENT EXPECTED TO EXPEDITE REALIZATION OF A TRUE COMMERCIAL SCALE REE VALUE CHAIN FOR USAR Metal Making 2026E 2027E 2028E 2029E 2030E 2026E 2027E 2028E 2029E 2030E 2026E 2027E 2028E 2029E 2030E Source: management projections (1) Tota
Slide 12: Clear Capital Path to Strong Cash Generation
12 © 2026 USA Rare Earth. All rights reserved. CLEAR CAPITAL PATH TO STRONG CASH GENERATION Go - Forward Sources and Uses Detail to Accelerate Scale ($ in billions) Substantial EBITDA and FCF 4 Targeted by 2030 Cash Today + PIPE & Other Investments 1 Total Uses Total Government Investment 2 Addition
Slide 13: Delivering a Complete Rare Earth Value Chain Solution
13 © 2026 USA Rare Earth. All rights reserved. DELIVERING A COMPLETE RARE EARTH VALUE CHAIN SOLUTION Landmark U.S. Public + Private Partnership Catalyzes a mine - to - magnet platform aligned with CHIPS Act priorities to accelerate domestic semiconductor supply chains Advancing National & Industrial
Slide 14: Appendix
thir, USA|Rare Earth APPENDIX January 2026
Slide 15: Risk Factors
15 © 2026 USA Rare Earth. All rights reserved. RISK FACTORS All references to “we,” “us,” “our,” or the “Company” refer to the business of USA Rare Earth, Inc. and its consolidated subs idi aries. This presentation contains certain information pertaining to the Company. Any transaction with the Comp
Slide 16: Risk Factors (Continued)
16 © 2026 USA Rare Earth. All rights reserved. RISK FACTORS (CONTINUED) • Delays or failure in achieving required milestones could result in deferral, reduction, or loss of government funding, which cou ld adversely affect the company’s liquidity, capital resources, and project economics. • The Comp
Slide 17: Risk Factors (Continued)
17 © 2026 USA Rare Earth. All rights reserved. RISK FACTORS (CONTINUED) • Given the scarcity of U.S. precedents for transactions such as those contemplated under the government investment and the gov ern ment becoming a significant stockholder of a company like the Company, the Company may experienc
Slide 18: Risk Factors (Continued)
18 © 2026 USA Rare Earth. All rights reserved. RISK FACTORS (CONTINUED) • Any failure by management to manage growth properly could negatively impact our business. • The Company is or may be subject to risks associated with strategic alliances and acquisitions. • The Company may fail to realize all
Slide 19: Risk Factors (Continued)
19 © 2026 USA Rare Earth. All rights reserved. RISK FACTORS (CONTINUED) • Our failure to comply with applicable anti - corruption, anti - bribery, anti - money laundering and similar laws and regulations coul d negatively impact our reputation and results of operations. • Our operations are subject,
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