Usa Rare Earth, Inc. · NASDAQ:USAR
Usa Rare Earth — Merger or Acquisition (September 2025)
12 slides from Usa Rare Earth's merger presentation, Sep 29, 2025
Slide 1: USA Rare Earth to Acquire Less Common Metals
USA RARE EARTH TO ACQUIRE LESS COMMON METALS September 29, 2025
Slide 2: Disclaimer
DISCLAIMER Forward Looking Statements Certain statements made in this presentation (together with any oral statements made in connection herewith) are or contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act o
Slide 3: Today's Speakers
TODAY’S SPEAKERS Mike Blitzer Chairman, USA Rare Earth Barbara Humpton Incoming CEO, USA Rare Earth Grant Smith CEO, Less Common Metals Robert Steele CFO, USA Rare Earth © 2025 USA Rare Earth. All rights reserved. 3
Slide 4: Creation of the Leading, Scaled Ex-China Producer of Heavy Rare Earth Metals
CREATION OF THE LEADING, SCALED EX-CHINA PRODUCER OF HEAVY RARE EARTH METALS Establishes USA Rare Earth Inc. (“USAR”) as the leading, scaled REE metal and alloy manufacturer outside of China, with leadership in Samarium, Samarium Cobalt and Neodymium Praseodymium Transaction secures critical link in
Slide 5: Acquisition of LCM Completes USAR Mine-to-Magnet Strategy
ACQUISITION OF LCM COMPLETES USAR MINE-TO-MAGNET STRATEGY Promise Made, Promise Kept Processing & Deposit Metal Making Strip Casting Magnets Round Top, TX Separation1 Cheshire, U.K. Cheshire, U.K. Stillwater, OK Wheat Ridge, CO Technical Development Operating Under Construction ➢ Largest Heavy RE De
Slide 6: Transaction Details
TRANSACTION DETAILS ▪ USAR to acquire Less Common Metals (“LCM”) for $217 million1 Transaction Consideration ▪ $100 million in cash and 6.74 million shares of USAR common stock Funding Fully ▪ Approximately $250 million in cash to finance the cash portion of the transaction and execute the Secured c
Slide 7: Rare Earths Are Critical to a Functioning Economy
RARE EARTHS ARE CRITICAL TO A FUNCTIONING ECONOMY LCM’s Supplies All Key Rare Earth Metals Critical to Global Supply Chains 60 59 66 65 62 Rare Earth Nd Pr Dy Tb Sm Element Neodymium Praseodymium Dysprosium Terbium Samarium Improved Thermal Application to Miniaturization of High-Temperature & Corros
Slide 8: LCM Is a Linchpin in the Global REE Supply Chain
LCM IS A LINCHPIN IN THE GLOBAL 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 experience Heavy REEs Light REEs Priority REEs ▪ 67,000 ft2 alloy production facilit
Slide 9: LCM's Strip Casting Capacity Potential Can Support Growing Ex-China Demand v. Supply Imbalance
LCM’S STRIP CASTING CAPACITY POTENTIAL CAN SUPPORT GROWING EX-CHINA DEMAND V. SUPPLY IMBALANCE Plans for 18,500 MT of Incremental Supply Capacity… …to Support U.S. & Europe NdFeB Magnet Demand Less Common Metals Potential Strip Casting Supply Capacity (metric tons) U.S. & Europe NdFeB Magnet Demand
Slide 10: LCM Has Peerless Rare Earth and Critical Mineral Metal and Alloy Making Capabilities Outside of China
LCM HAS PEERLESS RARE EARTH AND CRITICAL MINERAL METAL AND ALLOY MAKING CAPABILITIES OUTSIDE OF CHINA ▪ Only Western Producer with Metal and Alloy Making Technical Capabilities to Match the Chinese Producers ▪ Unique Capabilities for Metal Making from Recycled Magnet Oxides Commercial Scale Metalliz
Slide 11: In the Best Interest of All Stakeholders
IN THE BEST INTEREST OF ALL STAKEHOLDERS ▪ Significantly accelerates USAR’s mine-to-magnet strategy by securing metal Shareholder supply for Stillwater magnet facility Value Unlocks ▪ De-risks operational performance by harnessing 30 years of time-tested operational knowledge Supplier ▪ Vertical int
Slide 12: Q&A
Q&A Investor Relations Contact: Lionel McBee VP, Investor Relations ir@usare.com
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