Usa Rare Earth, Inc. · NASDAQ:USAR
Usa Rare Earth — Investor Presentation (October 2026)
28 slides from Usa Rare Earth's investor presentation, October 2026
Slide 1: Investor Presentation
USA RARE EARTH Investor Presentation The Critical Elements of Progress. Delivered Responsibly. At Global Scale. October 2026 1
Slide 2: Disclaimer
IMPORTANT INFORMATION Disclaimer Forward-looking Statements This Presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Refor
Slide 3: Disclaimer (Continued)
IMPORTANT INFORMATION Disclaimer (Continued) Management’s Estimates Certain information contained in this Presentation, including the Company’s growth forecasts, relates to or is based on a number of internal and third-party estimates and resources, including, without limitation, third-party reports
Slide 4: Disclaimer (Continued)
IMPORTANT INFORMATION Disclaimer (Continued) Mining Disclosure The Company’s disclosure of scientific and technical information regarding its mineral properties is governed by subpart 1300 of Regulation S-K (“S-K 1300”). The Round Top project is an exploration stage property, and no mineral reserves
Slide 5: Market Opportunity
MARKET OPPORTUNITY
Slide 6: At the Intersection of Two Consequential Structural Shifts
MARKET OPPORTUNITY At the Intersection of Two Consequential Structural Shifts 01 · UNPRECEDENTED DEMAND The creation of unprecedented demand for critical materials by the global energy transition and technological advances THE OPPORTUNITY Secure, scaled supply of the critical elements of progress ou
Slide 7: Demand is Growing Across Applications, Not Just Magnets
MARKET OPPORTUNITY Demand is Growing Across Applications, Not Just Magnets REE DEMAND GROWTH BY APPLICATION (TONNES) SHARE OF REE DEMAND, 2026 VS. 2040 WHY IT MATTERS FOR USAR Magnets rise from ~36% to ~52% of rare earth demand by 2040, and Magnets Metals & Alloys Oxides & MREC non-magnet demand gro
Slide 8: Supplying the Building Blocks of Tomorrow's Modern Economy
MARKET OPPORTUNITY Supplying the Building Blocks of Tomorrow's Modern Economy Trillions of Dollars in GDP Depend on Rare Earth Products Diversified and Attractive End-Market Exposure Sizeable TAM with Strategic Importance Global Magnet TAM Ex-China >$45B Mobility Industrial AI & Technology RARE EART
Slide 9: China Dominates Every Stage from Mine to Magnet
MARKET OPPORTUNITY China Dominates Every Stage from Mine to Magnet Upstream Midstream Downstream Mining Refining Separation Metals & Alloys Magnet Making 79% 85% 89% 90% 92% China’s and Myanmar’s market share China’s and Myanmar’s market share China’s market share China’s market share China’s market
Slide 10: China is Increasingly Leveraging its Dominant Position
MARKET OPPORTUNITY China is Increasingly Leveraging its Dominant Position 2010 Japan Embargo China halts/slows rare earth shipments to Japan during a political dispute — proof of concept for weaponization 2014 WTO Ruling WTO Appellate Body rules against China’s export quotas and duties (DS431/432/43
Slide 11: A Two-Tier Market Has Emerged for Heavy Rare Earths
MARKET OPPORTUNITY A Two-Tier Market Has Emerged for Heavy Rare Earths NON-CHINA PRICE PREMIUM OVER CHINA SPOT (×) Nd ~1.0× ↓~50% $6.5T/yr NdFeB magnet exports from China after the Production outside China at risk if supply were April 2025 controls fully disrupted (IEA) Pr ~1.0× Dy ~13× REAL-ECONOMY
Slide 12: USAR: Positioned to Lead
USAR: POSITIONED TO LEAD
Slide 13: To Be the World's Leading Rare Earth Enterprise
A CLEAR VISION To Be the World's Leading Rare Earth Enterprise WHAT WE ARE WHO WE SERVE A pioneering global advanced materials company that excels at The partner of choice for nations, industries and communities every stage of the value chain — from the earth to the magnet that depend on a secure, s
Slide 14: Three Business Units, Organized to Execute
MANAGEMENT AND VISION Three Business Units, Organized to Execute Thras Moraitis Chief Executive Officer Greg Bowman* Rob Steele Valerie Ford Jacob Victoria Sprenger* Markus Noethiger Greg Bowman Chief Corporate Affairs Chief Financial Officer Chief Legal Officer Chief HR Officer Chief Sustainability
Slide 15: Investment Highlights
THE CRITICAL ELEMENTS OF PROGRESS. DELIVERED RESPONSIBLY. AT GLOBAL SCALE. Investment Highlights The only fully integrated mine-to-magnet platform outside Asia, spanning mining, separation, metals Integrated mine-to-magnet platform 3 Continents 1 outside Asia and alloys, and magnets across the U.S.,
Slide 16: Highly Experienced Leadership Team
LEADERSHIP Highly Experienced Leadership Team THRAS MORAITIS ROB STEELE RICARDO GROSSI Chief Executive Officer Chief Financial Officer Head of Upstream, Brazil • Thras Moraitis became CEO of USA Rare Earth (Nasdaq: USAR), • Rob Steele has over 35 years of financial services industry experience • Ric
Slide 17: Unmatched U.S. and Allied Government Support
~$3.7B+ IN COMMITTED & PROPOSED FINANCIAL SUPPORT FROM U.S. AND ALLIED GOVERNMENTS Unmatched U.S. and Allied Government Support U.S. DEPARTMENT OF COMMERCE (DOC) U.S. DEVELOPMENT FINANCE CORP. (DFC) U.S. DEPARTMENT OF ENERGY (DOE) $1.6B in Agreements with DOC* $565M DFC Facility Selected for up to $
Slide 18: The Only Fully Integrated Ex-China Mine-to-Magnet Platform
COMPETITIVE POSITIONING The Only Fully Integrated Ex-China Mine-to-Magnet Platform with Global Capabilities 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 Proces
Slide 19: Our Platform
UPSTREAM | MIDSTREAM | DOWNSTREAM OUR PLATFORM Wheat Ridge, CO – USAR's fully automated and instrumented hydrometallurgical facility
Slide 20: Capabilities Across the Entire Value Chain
OUR PLATFORM Capabilities Across the Entire Value Chain Upstream Midstream Downstream 100% ownership 13.6% ownership1 100% ownership Metal Making & Processing & Separation2 Mining Strip Casting Magnets Goiás, Brazil Goiás, Brazil Cheshire, U.K. Wheat Ridge, CO Stillwater, OK Round Top Deposit, TX St
Slide 21: World-Class Assets with Global Reach Spanning 3 Continents
OUR PLATFORM World-Class Assets with Global Reach Spanning 3 Continents, with Growth Optionality U.S. Metal and Magnet Making (Blacksburg, SC) Upstream Midstream Downstream U.S. Metal and Magnet Making (Stillwater, OK) Stage In Construction Stage Operating Type Metal & Magnet Making LCM – Cheshire,
Slide 22: The Only Producer Outside of Asia of Nd, Pr, Dy and Tb at Scale
OUR PLATFORM The Only Producer Outside of Asia of Nd, Pr, Dy and Tb at Scale • Highly Strategic: Provides Western Markets with Serra Verde is Expected to Control >50% of the Total Non -China Critical HREE Supply by YE2027* Much-Needed Magnetic Heavy Rare Earths (HREEs) and Yttrium • Established Oper
Slide 23: Serra Verde's Unique Offtake with SPV
OUR PLATFORM Serra Verde's Unique Offtake with SPV Highly Attractive Offtake Terms Provide Financial Visibility Magnetic REEs and Yttrium Drive Serra Verde’s Basket Value • 15-year take-or-pay offtake covers 100% of Serra Verde’s Phase 1 production • Agreement includes price floors for Nd, Pr, Dy, a
Slide 24: Advanced Materials and Magnet Solutions for Technical End Markets
OUR PLATFORM Advanced Materials and Magnet Solutions for Technical End Markets Significant Depth in Midstream Capabilities Customizable NdFeB Magnets for Critical Needs NdFeB Strip Cast Samarium Metal & Metal & Electrolysis Specialty Alloys Resale Alloys Alloys Alloy feedstock for Samarium metal; ca
Slide 25: Delivering Western Solutions for Complex Products
OUR PLATFORM Delivering Western Solutions for Complex Products Rapidly Scaling Manufacturing Capacity, Backed by Cutting-Edge R&D Capabilities LCM R&D Lab – Cheshire, U.K. Stillwater magnet R&D lab – Stillwater, OK Wheat Ridge Hydromet facility – Wheat Ridge, CO Stillwater magnet manufacturing facil
Slide 26: Appendix
APPENDIX
Slide 27: Board of Directors
MANAGEMENT AND VISION Board of Directors MICHAEL BLITZER THRAS MORAITIS DR. THOMAS CAULFIELD SIR MICK DAVIS Executive Chairman Chief Executive Officer Director Director • Executive Chairman since July 2026; Chairman • Became CEO in October 2026 after serving as • Executive Chairman of GlobalFoundrie
Slide 28: Taking Decisive Action to Solve the Shortage of Rare Earths Outside China
KEY MILESTONES Taking Decisive Action to Solve the Shortage of Rare Earths Outside China Critical Actions Taken to Become the Global Rare Earth Platform of Choice Continued Focus on Delivering Shareholder Value • Advance operational objectives in key elements of portfolio Went public via de-SPAC and
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