Usa Rare Earth, Inc. · NASDAQ:USAR
Usa Rare Earth — Q1 2026 Earnings Presentation
23 slides from Usa Rare Earth's earnings presentation, May 13, 2026
Slide 1: USA Rare Earth Investor Presentation
USA RARE EARTH INVESTOR PRESENTATION Februar y 2026
Slide 2: Disclaimer
DISCLAIMER Forward Looking Statements Certain statements made in this presentation are "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may generally be identified by the us
Slide 3: Our Mission
OUR RESEARCH & DEVELOPMENT Wheat Ridge, CO METAL MAKING & STRIP CASTING Cheshire, UK METAL & MAGNET PRODUCTION MISSION Stillwater, OK ROUND TOP DEPOSIT Secure, Reshore and Grow Sierra Blanca, TX Rare Earth Magnet Value Chain for the United States and its Allies METAL MAKING Lacq, France © 2026 USA R
Slide 4: The Leading Ex-China Rare Earth Value Chain Platform
THE LEADING EX-CHINA RARE EARTH VALUE CHAIN PLATFORM Developing Scalable Mine - to- Magnet Platform with Complete Metal - Making Capabilities Proposed U.S. Government Collaboration with CHIPS Program Accelerates Growth Advancing Commercialization of Round Top Deposit, Richest Source of 15 of the 17
Slide 5: Assembling Key Capabilities to Support Growing Demand
ASSEMBLING KEY CAPABILITIES TO SUPPORT GROWING DEMAND Value Chain Overview 2 2 100% acquisition 100% acquisition Processing & Metal Making Strip Casting Deposit Separation1 Magnets Cheshire, U.K. Cheshire, U.K. Wheat Ridge, CO Round Top, TX Stillwater, OK Stillwater, OK Stillwater, OK Stillwater, OK
Slide 6: Proposed U.S. Government Collaboration Provides Financial Visibility and Predictability
PROPOSED U.S. GOVERNMENT COLLABORATION PROVIDES FINANCIAL VISIBILITY AND PREDICTABILITY Key USG Objectives ~$1.6 Billion to USAR1 Strategic Structural Objectives Objectives Dramatically speed up and scale Invest significant capital to support highly domestic production of targeted accelerated and ac
Slide 7: Proposed Government Collaboration Secures Domestic Supply of Key Raw Material Inputs for Semiconductor Industry
PROPOSED GOVERNMENT COLLABORATION SECURES DOMESTIC SUPPLY OF KEY RAW MATERIAL INPUTS FOR SEMICONDUCTOR INDUSTRY Expected to Secure Key Rare Earth Elements and Critical Minerals on U.S. Soil 64 31 72 66 65 62 USAR’s Supply: Round Top, Texas Gd Ga Hf Dy Tb Y Gadolinium Gallium Hafnium Dysprosium Terbi
Slide 8: Investing in USARE: The Foundation for the Semiconductor Industry and CHIPS
INVESTING IN USARE: THE FOUNDATION FOR THE SEMICONDUCTOR INDUSTRY AND CHIPS Secures key minerals for chips: Ensures U.S. access to hafnium, gallium, and yttrium for advanced semiconductor manufacturing. Strengthens data-center infrastructure: Rare-earth materials (like dysprosium, terbium, holmium,
Slide 9: Proposed Government Collaboration to Expedite Commercial-Scale REE Value Chain
PROPOSED GOVERNMENT COLLABORATION TO EXPEDITE COMMERCIAL-SCALE REE VALUE CHAIN Mining & Processing1 Metal Making Magnet Making2 Before Base Case was Contingent 2,000 tpa 4,800 tpa USG Transaction3 on Capital Raise Base case capacity in 2030 Base case capacity in 2030 After ~8,000 tpa ~27,500 tpa ~10
Slide 10: Clear Capital Path to Strong Cash Generation
CLEAR CAPITAL PATH TO STRONG CASH GENERATION Go-Forward Sources and Uses Detail to Accelerate Scale Substantial EBITDA and FCF4 Targeted by 2030 ($ in billions) ~$0.6 ~$4.1 Key Uses Detail ~$1.6 • Capex funds critical domestic rare earth ~$2.6 Billion production capabilities: 2030E Revenue Mining &
Slide 11: Our Business
OUR BUSINESS rs 3 tp, USA|Rare Earth
Slide 12: Highly Experienced Leadership Team
HIGHLY EXPERIENCED LEADERSHIP TEAM BARBARA HUMPTON Chief Executive Officer ROB STEELE Chief Financial Officer • Visionary executive with more than a decade of leadership at Siemens, including as CEO • 35+ years of financial services industry experience in Investment Banking and Public of Siemens USA
Slide 13: Rapidly Scaling Magnet Production Capacity
RAPIDLY SCALING MAGNET PRODUCTION CAPACITY • 310,000 square foot facility in Stillwater, Oklahoma • Commissioning Line 1a (600 mtpa) in 1Q 2026 • Ability to address most magnet needs across multiple industries, including high- value / high-margin / lower-volume runs © 2026 USA Rare Earth. All rights
Slide 14: Building Capabilities to Make a Range of Magnets for Use Across Industries
BUILDING CAPABILITIES TO MAKE A RANGE OF MAGNETS FOR USE ACROSS INDUSTRIES…
Slide 15: Round Top Deposit and Processing Multiply the Nation's Capabilities
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) in the U.S., with a world class >70% HREE distribution • Key elements inclu
Slide 16: Proposed Government Collaboration Secures Domestic Supply of Key Raw Material Inputs for Semiconductor Industry
PROPOSED GOVERNMENT 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 Gd Ga Hf Dy Tb Y Gadolinium Gallium Hafnium Dysprosium Terbi
Slide 17: Investing in USARE: The Foundation for the Semiconductor Industry and CHIPS
INVESTING IN USARE: THE FOUNDATION FOR THE SEMICONDUCTOR INDUSTRY AND CHIPS Secures key minerals for chips: Ensures U.S. access to hafnium, gallium, and yttrium for advanced semiconductor manufacturing. Strengthens GPU data-center infrastructure: Rare-earth materials (like dysprosium, terbium, holmi
Slide 18: Proposed Collaboration Designed to Leverage Compelling Sector Dynamics
PROPOSED COLLABORATION 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 R
Slide 19: Recovery Economics: Round Top Wins
RECOVERY ECONOMICS: ROUND TOP WINS Total Rare % Heavy Dysprosium Terbium Dysprosium Terbium Deposit Earth Oxide Rare Earth Recovery (%) Recovery (%) Recovered (ppm) Recovered (ppm) Grade (ppm) Oxide Round Top ~ 630 72% 70% 70% 25 3 Mine 1 ~ 1,150 38% 35% 37% 15 3 Mine 2 ~ 1,500 25% 42% 42% 14 2 Mine
Slide 20: Heavy Rare Earths Drive Superior Economics
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 available non-China • No commercially available HREs or critical minerals • Fluor
Slide 21: Recent Business Updates
RECENT BUSINESS UPDATES $1.6B $1.5B $217M From proposed U.S. Government Raised in January 2026 Acquisition of LCM collaboration PIPE transaction (closed November 2025) 2028 4,800 mt 1 3,750 mt 2 Expected start of commercial Commissioning first phase (Line Annual production capacity of production at
Slide 22: 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 Snapshot of USAR’s Commercial Scale Target U.S. Government LOI Mining, Processing and Separation5 CHIPS Program1,2 ~40,000 tpd projected by December 2029 • $277M Direct Funding Award • $1,300M
Slide 23: Thank You
THANK YOU USAR magnet manufacturing facility in Stillwater, OK