USA Rare Earth Inc Q3 FY2025 earnings call

• Barbara emphasized the mission to diversify rare earth supply chain to reduce dependence on China, with visits to sites showing progress in magnet manufacturing, LCM acquisition benefits (integrated supply chain, samarium production), processing R&D progress (swarf recycling pilot, PFS for Round Top), and mining milestones (recycling flow sheet testing, PFS for Round Top). • Rob discussed strong cash position ($400M+), magnet demand growth, LCM integration plans, operating expenses in Q4 2025 expected $13M-$15M, financial results for Q3 2025 (net loss $156.7M, adjusted net loss $14.3M), and plans to ramp magnet production and secure metal inventory.

No detailed breakdown of product segment financial performance by absolute terms and revenue contribution % provided in the transcript.

• Formal guidance for 2026 to be shared in Q4 2026 results. • Anticipates adjusted ongoing operating expenses in Q4 2025 to be $13M to $15M. • Focus on ramping magnet production capacity and securing metal inventory to support growth into 2027.

• Forward-looking statements subject to risks, uncertainties, and factors that could cause actual results to differ, as referenced to SEC filings.

Q: Discuss steps to achieve magnet facility commissioning in Q1 2026 and what's needed beyond that to bring Line 1 online?

A: Rob stated it's about equipment installation completion in Q1 for commissioning and ensuring trained human capital.

Q: Confidence in LCM timely sourcing oxides?

A: William Steele said diligence showed LCM can source needed oxides for their and customers' needs, sufficient for next 1-1.5 years.

Q: Customer end markets and LCM confidence?

A: Barbara mentioned prioritizing defense sector, also automotive, agriculture, energy sectors; William Steele noted demand exceeds capacity.

Q: LCM acquisition close confidence and U.S.-UK govt collaboration?

A: Barbara said high confidence, UK govt national security review not seen as an issue, close collaboration between governments.

Q: Variable and fixed costs for magnet production?

A: William Steele said he'd follow up on quantifying variable and fixed costs.

Q: Comfort with heavy rare earth oxides and PFS?

A: William Steele said confident in current heavy rare earth capacity for next 1-1.5 years, PFS economics differ from previous PEAs as flow sheet is different.

Q: Customer POs and pricing, line expansion funding?

A: William Steele said pricing as expected; primarily using own capital for line expansion but open to large customer investments.