Usa Rare Earth, Inc. · NASDAQ:USAR
Usa Rare Earth — Merger or Acquisition (April 2026)
7 slides from Usa Rare Earth's merger presentation, Apr 9, 2026
Slide 1: USA Rare Earth Strategic Investment in Carester
USA RARE EARTH STRATEGIC INVESTMENT IN CARESTER Apri l 9, 2026 Exhibit 99.2
Slide 2: Disclaimer: Forward Looking Statements
2© 2025 USA Rare Earth. All rights reserved. DISCLAIMER Forward Looking Statements Certain statements made in this Presentation 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 of 1934 and the Priv
Slide 3: Investment Secures Strategic Capabilities, Accelerates Strategic Vision
3© 2026 USA Rare Earth. All rights reserved. INVESTMENT SECURES STRATEGIC CAPABILITIES, ACCELERATES STRATEGIC VISION* WHY CARESTER • One-of-a-kind: leading heavy rare earth and recycled magnet intellectual property • Historic relationship between LCM and Carester founders highlights deep commercial
Slide 4: Transaction Details
4© 2026 USA Rare Earth. All rights reserved. TRANSACTION DETAILS SUPPLY & OFFTAKE • 15-year supply: excess concentrate from Round Top or other USAR sources to Caremag • 15-year offtake: USAR takes oxides produced from its contributed concentrate TECHNOLOGY & GOVERNANCE • Master framework for enginee
Slide 5: Company Overview
5© 2026 USA Rare Earth. All rights reserved. CARESTER COMPANY OVERVIEW COMPANY PROFILE • One of the leading heavy rare earth IP consulting and processing technology companies in Europe • Founded 2019 by Frédéric Carencotte, 20-year Rhodia/Solvay rare earth veteran in France and China • Long-term his
Slide 6: Production Capabilities
6© 2026 USA Rare Earth. All rights reserved. CARESTER PRODUCTION CAPABILITIES Source: Company information 500t/y Dy oxide production 100t/y Tb oxide production 800t/y NdPr oxide production 15% of the current world productionEnd of Life magnets & SWARFS 2000t/y permanent magnets capacity Mining compa
Slide 7: Further Bolsters USAR's Existing Value Chain
7© 2026 USA Rare Earth. All rights reserved. CARESTER FURTHER BOLSTERS USAR’S EXISTING VALUE CHAIN Technical Development ➢ Believed to be 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 accel