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USA Rare Earth Targets Global Supply Chain With US$2.8 Billion Serra Verde Acquisition and US Backing USA Rare Earth agreed to acquire 100% of Brazil’s Serra Verde Group in a cash-and-stock transaction valued at US$2.8b, with the goal of creating a fully integrated mine-to-magnet rare earth company operating across several countries.
The Serra Verde deal includes roughly US$300m in cash, 126.8 million new USA Rare Earth shares, and a 15-year offtake arrangement that features price floor guarantees backed by U.S. government agencies and private capital.
USA Rare Earth secured a US$1.6b funding agreement with the U.S. Department of Commerce and is participating in the Project Vault initiative, which involves U.S. government equity stakes in domestic rare earth developers.
China’s restrictions on rare earth exports have highlighted U.S. supply chain fragility, and companies such as USA Rare Earth are working to build Western processing capacity despite profitability challenges in domestic mining.
The combination of the Serra Verde acquisition, long-term offtake agreements, and U.S. government funding positions the company as a central player in efforts to build a non-Asian rare earth supply chain that spans mining through magnet production.
Investors may wish to weigh this growing government and defense exposure against execution risks related to integrating Serra Verde, meeting offtake commitments, and operating in a sector where economic viability has been difficult. Announcement • May 07
USA Rare Earth, Inc. to Report Q1, 2026 Results on May 13, 2026 USA Rare Earth, Inc. announced that they will report Q1, 2026 results After-Market on May 13, 2026 Announcement • Apr 21
USA Rare Earth, Inc. (NasdaqGM:USAR) announced a definitive agreement to acquire Serra Verde Pesquisa E Mineracao Ltda for $2.83 billion. USA Rare Earth, Inc. (NasdaqGM:USAR) announced a definitive agreement to acquire Serra Verde Group for $2.83 billion on April 19, 2026. A cash consideration of $300 million will be paid by USA Rare Earth, Inc. The consideration consists of 126.85 million common equity of USA Rare Earth, Inc. to be issued for common equity of Serra Verde Group. USAR’s and Serra Verde’s shareholders will own ~66% and ~34% of the combined company, respectively. The Merger Agreement further provides that, in the event that the Merger Agreement is terminated by either party because USAR Stockholder Approval has not been obtained, USAR shall pay SVRE a termination fee equal to (i) $75 million if USAR’s board of directors has made an adverse recommendation change as described in the Merger Agreement prior to such termination, or (ii) $25 million if no such recommendation change has been made prior to such termination. Thras Moraitis current Chief Executive Officer of Serra Verde, former leadership roles at X2 Resources and Xstrata will also join USAR as President and Mick Davis current Chair of Serra Verde, former CEO of Xstrata plc and Chief Financial Officer of BHP Billiton and Ricardo Grossi will become President of USAR Brazil and remain Chief Operations Officer of Serra Verde's operations.
The transaction is subject to the Clear regulatory path to closing in Brazil and U.S., with no requirements beyond standard U.S. Hart-Scott-Rodino approval, deal is Unanimously approved by both USAR’s and Serra Verde’s Boards, Closing only subject to USAR shareholder approval and other customary closing conditions, Closing is expected in Q3 2026.
Moelis & Company LLC is acting as exclusive financial advisor and Steven B. Stokdyk, David A. Zaheer, Eric Cho, Bryan J. Monson, Maj Vaseghi, Aron Potash, Jessica N. Cohen, Robert Brown, Joshua N. Holian, Kyra K. Bromley, Patrick Campbell English, Philipp Studt, Wesley Lepla, Paul M. Rosen, Andrew P. Galdes, Zachary N. Eddington, Harrison White, and Enrique Covarrubias of Latham & Watkins LLP is acting as legal counsel for USA Rare Earth.Goldman Sachs & Co. LLC is acting as exclusive financial advisor and Keith Hallam,Thomas Pate and Adam Cieply of White & Case LLP is acting as legal counsel for Serra Verde. Bill Nelson and Michael Walraven of Allen Overy Shearman Sterling US LLP is acting as legal counsel for the shareholders of Serra Verde. Announcement • Apr 18
USA Rare Earth, Inc. Appoints Chaitan Kansal As Chief Commercial Officer USA Rare Earth, Inc. announced the appointment of Chaitan Kansal as Chief Commercial Officer. In this newly created role, Kansal will oversee the Company’s global commercial strategy, including customer engagement, market development, offtake agreements, pricing, and go-to-market execution across the Company’s integrated mine-to-magnet platform. An experienced industry leader, Kansal joins USA Rare Earth at a significant inflection point as the Company accelerates execution across its global value chain. The company recently announced the commission of Phase 1a commercial magnet production at its Stillwater, Oklahoma facility, as well as a strategic investment in Carester SAS, a leading French rare earth separation and processing company. These milestones mark USA Rare Earth’s transition from development to active production, signaling the need for dedicated go-to-market leadership to capture the significant commercial opportunities ahead. Kansal brings more than 25 years of experience across the critical minerals, specialty chemicals, and advanced materials sectors. Most recently, he served as Chief Commercial Officer at Ecobat, a global leader in battery recycling and lead production, where he drove strategic growth initiatives across the company’s international portfolio. Prior to Ecobat, Kansal served as Chief Marketing Officer at Albemarle Corporation, where he led the
Energy Storage Global Business Unit Growth Platforms, developing and executing a comprehensive lithium go-to-market strategy during a period of rapid market expansion. Earlier in his career, Kansal spent seven years at Eastman Chemical Company, holding increasingly senior roles, including Global General Manager of the Specialty Fluids & Energy division, Global Business Director for Adhesive Resins, and Director of Corporate Strategy. He also served as Director of Strategy at Ashland Inc. and spent seven years as a management consultant at Kearney (formerly A.T. Kearney). Kansal began his career as an Engineering Team Lead and Senior Software Design Engineer at MicroStrategy Inc. Kansal holds an MBA in Corporate Strategy and Finance from the Stephen M. Ross School of Business at the University of Michigan and a Bachelor of Engineering in Computer Engineering from the Thapar Institute of Engineering & Technology. Announcement • Mar 28
USA Rare Earth, Inc. Commissions Phase 1a Magnet Production Line At Stillwater Facility USA Rare Earth, Inc. announced the successful commissioning of its commercial magnet production line (Phase 1a) at its facility in Stillwater, Oklahoma. This enables the Company to begin fulfilling customer orders for sintered neodymium-iron-boron (NdFeB) permanent magnets in the second quarter of 2026. Commissioning is a critical step in validating any manufacturing line for commercial production at scale. In this case, it represents the consistent, successful achievement of a complex, multi-step process to make commercial-grade permanent magnets. It begins with the formation of rare earth and metallic elements into a powder, then jet milling this powder to 3-5 microns in size (around 20 times finer than a human hair) in an oxygen-restricted environment. This extremely fine powder is “wet pressed” into large blocks, which are then machined, coated and magnetized to form the final product: high-grade permanent magnets that are essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and numerous industrial sectors, particularly where reliability at very high temperatures is required. This process is managed from start to finish by the more than 100 employees of USAR’s Stillwater facility. Phase 1a is expected to ramp to a run rate capacity of 600 mtpa by the end of Fourth Quarter 2026. Combined with the production expected from the next line (Phase 1b), USAR anticipates total active production capacity at Stillwater of 1,200 mtpa in First Quarter 2027. Announcement • Mar 13
USA Rare Earth, Inc., Annual General Meeting, Jun 03, 2026 USA Rare Earth, Inc., Annual General Meeting, Jun 03, 2026. Announcement • Mar 12
USA Rare Earth, Inc. Announces Board Changes USA Rare Earth, Inc. announced the appointment of Dr. Thomas Caulfield to its Board of Directors, effective March 9, 2026. Dr. Caulfield currently serves as Executive Chairman of GlobalFoundries and brings decades of experience spanning engineering, executive management, and global operations at leading technology companies. Most recently, from 2018-2025, he was President and Chief Executive Officer of GlobalFoundries, where he led the company from a startup through its successful IPO and current profitable growth in a rapidly evolving semiconductor industry and external environment. He has deep experience in operations, process development, and the expansion and ramp-up of semiconductor manufacturing production. Dr. Caulfield also serves as a board member at Sandisk Corp. Dr. Caulfield succeeds Ms. Tready A. Smith, after her five years of distinguished service on the board. Following this transition, the company’s board continues to have eight members. Dr. Thomas Caulfield brings decades of experience spanning engineering, executive management and global operations at leading technology companies. From 2018-2025, he was President and Chief Executive Officer of GlobalFoundries, where he led operations, process development, and the expansion and ramp-up of semiconductor manufacturing production, including the company’s successful 2021 IPO, the largest semiconductor IPO in history at that time. Prior to joining GlobalFoundries, Dr. Caulfield was President and COO of Soraa, the world’s leading developer of solid-state lighting technology, and President and COO of Ausra, a provider of large-scale power generation technology. He has also held various leadership roles at Novellus Systems Inc. and IBM. Dr. Caulfield currently serves as Executive Chairman of GlobalFoundries and is a board member at Sandisk Corp., following its spin-off from Western Digital Corp; he was previously a board member at Western Digital. Dr. Caulfield holds a B.S. in physics from St. Lawrence University, as well as B.S., M.S. and Doctor of Engineering degrees in materials science and engineering from Columbia University. Dr. Caulfield was also a postdoctoral fellow at Columbia’s Engineering Center for Strategic Materials. Announcement • Mar 10
USA Rare Earth, Inc. Announces Executive Appointments USA Rare Earth, Inc. announced the appointment of Valerie Ford Jacob as Chief Legal Officer, Gregory Bowman as Chief Global Policy Officer and Head of External Relations. Valerie Ford Jacob will oversee all legal, regulatory, compliance, and corporate policy matters. She joins the Company from Freshfields US LLP, where she served as partner and co-head of both the Financial Institutions Group and Global Capital Markets over a period of 10 years. Previously, she was Chairperson and Senior Partner at Fried, Frank, Harris, Shriver & Jacobson LLP. Jacob holds a B.S. from Boston University and a J.D. from Cornell Law School. She is also a member of The Committee of 200 (C200), an invitation-only organization of leading women executives. She has been consistently recognized as a leading lawyer by numerous independent organizations. Gregory Bowman will lead public policy, corporate affairs, government relations, and strategic communications. He brings decades of experience across national security policy, legislation, global strategy, and complex infrastructure programs. Most recently, he served in senior leadership roles at Siemens Government Technologies, including Chief Corporate Strategy Officer and Senior Vice President, National Security Solutions. Before Siemens, Bowman spent more than 25 years in senior leadership and legal roles in the U.S. Army. He holds a J.D. from the University of Virginia School of Law, a master’s degree from the U.S. Army Command and General Staff College, and an LL.M. from the Judge Advocate General’s Legal Center and School. He previously served on the U.S. Army Science Board and the U.S. Department of Defense Business Board, and currently serves on the Founding Council of PRISM, the Strategic Council of the Silverado Policy Accelerator, and the Board of Directors of Hope for the Warriors. Announcement • Mar 06
USA Rare Earth, Inc. (NasdaqGM:USAR) signed a definitive agreement to acquire Texas Mineral Resources Corp. (OTCPK:TMRC) for $72.3 million. USA Rare Earth, Inc. (NasdaqGM:USAR) signed a definitive agreement to acquire Texas Mineral Resources Corp. (OTCPK:TMRC) for $72.3 million on March 4, 2026. In case of termination of transaction, seller will pay a termination fee of $3.25 million.
The transaction is subject to approval by regulatory board, approval of offer by target shareholders and registration statement effectiveness(S-4 / F-4). The transaction has been approved by the board of directors. The expected completion of the transaction in the third calendar quarter of 2026.
Joel Rubinstein; Gregory Pryor; Joseph F. Rosati of White & Case LLP acted as legal advisor for USA Rare Earth, Inc. Mitchell Nussbaum; Megan Stombock of Loeb & Loeb LLP acted as legal advisor for Texas Mineral Resources Corp. Moelis & Company LLC acted as financial advisor for USA Rare Earth, Inc. ROTH Capital Partners, LLC acted as financial advisor for Texas Mineral Resources Corp. Announcement • Jan 26
USA Rare Earth, Inc. announced that it expects to receive $3.076437003 billion in funding from National Institute of Standards and Technology, Cantor Fitzgerald & Co. and other investors. USA Rare Earth, Inc. announced that it had entered into a non-binding letter of intent to issue equity and debt for gross proceeds of $1,600,000,000 of which The total equity is worth $277 million, The federal government will take a 10% stake in the miner through 16.1 million shares priced at $17.17 each for proceeds of $276,437,000, and warrants for another 17.6 million at the price of $17.17. and is also raising over $1 billion in private equity through a separate deal for aggregate proceeds of $2,576,437,000 on January 26, 2026. The total equity is worth $277 million, but the government is already looking at an implied profit of $490 million based on the company’s current stock price of $24.77 and A separate $1.3 billion in senior secured debt. The office operates under the National Institute of Standards and Technology. USA Rare Earth is also raising over $1 billion in private equity through a separate deal. That effort is being handled by Cantor Fitzgerald.
On the same day the company announced that it has entered into a securities purchase agreement for the private placement of 69,767,442 common shares par value $0.0001 per share at an issue price of $21.50 for gross proceeds of $1,500,000,003. The transaction includes participation from Inflection Point and other fundamental and strategic investors and from large mutual fund complexes. Subject to the satisfaction of customary closing conditions, the Company intends to close the Private Placement and issue the Shares on January 28, 2026. The Private Placement is exempt from the registration requirements of the Securities Act pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and in reliance on similar exemptions under applicable state laws. Each Purchaser represented that it is an accredited investor within the meaning of Rule 501(a) of Regulation D and is acquiring the Shares as principal for its own account and not with a view to or for distributing or reselling the Shares. The Shares were offered without any general solicitation by the Company or its representatives. The Shares sold and issued in the Private Placement have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from the registration requirements of the Securities Act. The Purchase Agreement contains customary representations, warranties, covenants and agreements by the Company, indemnification obligations of the Company and the Purchasers, including for liabilities under the Securities Act of 1933, as amended (the “ Securities Act ”), and other obligations of the parties. Securities issued in the proposed PIPE will be restricted securities and will not be registered upon issuance and therefore will be subject to securities law restrictions on transferability until such time as the resale of such securities is registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available. The PIPE transaction, together with the proposed U.S. Government funding and loan, would bring the total amount of capital to $3.1 billion. Announcement • Dec 13
USA Rare Earth Accelerates Timeline for Round Top Deposit Commercial Production by Two Years USA Rare Earth, Inc. announced a significant acceleration of the commercialization timeline for its Round Top heavy rare earth deposit in Texas. The Company now plans to begin commercial production in late 2028, two years earlier than previously anticipated. Round Top is the United States' richest known deposit of heavy rare earth elements,gallium, and beryllium, and is a cornerstone of USAR's integrated mine-to-magnet value chain. That value chain also includes a 310,000 sq ft. magnet manufacturing facility in Stillwater, Oklahoma, which is expected to be the largest metal-and-alloy-making and strip-casting capability outside of China, and a processing and separation laboratory in Wheat Ridge, Colorado. USAR has accelerated the planned commercialization timeline for Round Top because it expects to begin operating its Hydromet demonstration facility in Colorado early in 2026, based on the promising results of its recent and ongoing SX piloting. The Hydromet facility will operate five solvent-extraction (SX) circuits continuously, for 2,000 to 4,000 hours, to generate the operational data required to proceed with commercial plant design. These circuits will target heavy rare earth elements, particularly dysprosium (Dy) and terbium (Tb), which are essential for high-performance permanent magnets, while also extracting additional critical minerals includingafnium and zirconium. This novel parallel-process approach is expected to save the Company tens of millions of dollars, while enabling USAR to complete its definitive feasibility study (DFS) by early 2027. Earlier completion of the DFS would allow USAR to move into commercial production at Round Top by late 2028. Accelerating these milestones allows USAR to extract value from the Round Top deposit sooner and underscores its disciplined execution, technical leadership, and commitment to building a resilient, fully integrated U.S. rare earth supply chain. Announcement • Nov 13
USA Rare Earth, Inc. Announces UK Regulatory Approval for Acquisition of Less Common Metals (LCM) USA Rare Earth, Inc. announced that it has received regulatory approval from the UK Minister of State for its acquisition of LCM. Having now received the only regulatory approval required, the Company expects to close the acquisition in a timely manner, in line with its stated target of fourth quarter of calendar year 2025. The acquisition represents a significant acceleration of USAR's magnet-to-mine strategy, establishing an end-to-end rare earth supply chain. As a result of this transaction, LCM will be able to continue to expand and serve its global customer base with a broad portfolio of rare earth and critical metals and alloys, while also supplying Neodymium Iron Boron (NdFeB) metal and strip cast alloy to USAR's Stillwater, Oklahoma magnet facility once production begins. Announcement • Oct 07
USA Rare Earth, Inc. to Report Q3, 2025 Results on Nov 06, 2025 USA Rare Earth, Inc. announced that they will report Q3, 2025 results After-Market on Nov 06, 2025 Announcement • Sep 29
USA Rare Earth, Inc. announced that it has received $124.999995 million in funding On September 29, 2025, USA Rare Earth, Inc. closed the transaction. Announcement • Jul 22
USA Rare Earth, Inc. to Report Q2, 2025 Results on Aug 11, 2025 USA Rare Earth, Inc. announced that they will report Q2, 2025 results After-Market on Aug 11, 2025 Announcement • Jul 10
USA Rare Earth, Inc. Announces Retirement of Steve Ridge as Chief Operating Officer, Effective July 4, 2025 On July 4, 2025, Steve Ridge, the chief operating officer of USA Rare Earth, Inc., retired from the Company, effective immediately. In connection with his retirement, the Company and Mr. Ridge entered into a separation agreement dated as of July 5, 2025, pursuant to which Mr. Ridge will continue to provide services to the Company for a three-month period as a consultant on a part-time basis to assist in the transition of his duties. Pursuant to the Separation Agreement, upon a general release of claims, Mr. Ridge will receive a lump sum cash payment of $5,000 and a grant of restricted stock units (RSUs), which RSUs will have a grant date value equal to $450,000 and will vest in full on January 1, 2026. Announcement • Jun 05
USA Rare Earth, Inc Announces Appointment of David Bushi as Senior Vice President of Manufacturing USA Rare Earth, Inc. announced the appointment of David Bushi as Senior Vice President of Manufacturing. In this role, Mr. Bushi will lead the Company’s manufacturing operations at its Stillwater, Oklahoma, sintered neodymium magnet (neo magnet) production facility.Mr. Bushi has over 25 years of large-scale manufacturing experience and most recently served as Vice President of Manufacturing for CoorsTek, a ceramics manufacturer in Golden, Colorado – experience directly applicable to magnet manufacturing. Mr. Bushi has a strong background in heading high volume manufacturing operations and a record of success across multiple industries, including automotive, defense, and aerospace. Mr. Bushi holds an MBA from Wayne State University and a BS in Electrical Engineering from Kettering University. Announcement • May 05
USA Rare Earth, Inc. announced that it has received $74.97 million in funding On May 5, 2025, USA Rare Earth, Inc closed the transaction. Announcement • Apr 30
USA Rare Earth, Inc. announced that it expects to receive $74.97 million in funding USA Rare Earth, Inc. announced that it has entered into a securities purchase agreement with a new fundamental institutional investor to issue equity shares of the company for the aggregate gross proceeds of up to $74,970,000 on April 30, 2025. Under the terms of the securities purchase agreement, the Company will issue, for an aggregate purchase price of $75 million, an aggregate of approximately 8.55 million shares of common stock, pre-funded warrants to purchase an aggregate of approximately 2.16 million shares of common stock and warrants to purchase shares of common stock, in an amount equal to 100% of the Aggregate Shares at a strike price of $7 per share, with an expiry date of 6-years from the issue date of the PIPE Warrants. The Shares and the PIPE Warrant Shares are entitled to customary resale registration rights. The Company will hold a special meeting of stockholders to approve the issuance of the Warrant Shares. The closing of the PIPE also is subject to other customary closing conditions for financing of this nature. The securities being sold in the private placement have not been registered under the Securities Act of 1933, as amended. Announcement • Apr 21
USA Rare Earth, Inc. to Report Q1, 2025 Results on May 14, 2025 USA Rare Earth, Inc. announced that they will report Q1, 2025 results After-Market on May 14, 2025 Announcement • Mar 31
USA Rare Earth, Inc. Commissions Advanced Innovations Lab in Stillwater, Oklahoma USA Rare Earth, Inc. announced it has commissioned its advanced Innovations Lab at its manufacturing facility in Stillwater, Oklahoma, and will begin prototyping permanent neo magnets for customers in the second quarter. The lab is designed to replicate the complete magnet production process, enabling rapid prototyping, customized magnet recipe development, and innovative processing techniques including grain boundary diffusion. This facility marks a significant milestone in establishing one of the largest rare earth, sintered neo magnet manufacturing facilities in the United States. The lab will accelerate the Company's customer qualification process and play a critical role in USAR's research and development efforts, supporting customers, proprietary intellectual property advancements, quality control, and production optimization ahead of the commissioning of the plant's first production line in early 2026. The lab is staffed by a team of experts with deep experience in metal and magnet technology, manufacturing, and sales. USAR will offer flexible finishing capabilities for a wide-range of magnet compositions, sizes, andapes. As USAR secures offtake agreements, future production lines could be customized to meet the specific needs of key customers. The Company remains committed to strengthening the domestic rare earth supply chain and driving innovation in magnet manufacturing. 
