USA Rare Earth (USAR) Canaccord Genuity’s 45th Annual Growth Conference summary

Strategic vision and market context

• Aggressive investment in magnet manufacturing and rare earth deposit development since going public in March 2025.

• U.S. rare earth magnet demand is expected to double in coming years, driven by sectors like AI, data centers, and robotics.

• China controls 90% of rare earth processing and 70% of magnet making, creating supply chain vulnerabilities for the U.S.

• U.S. government is highly motivated to invest in domestic supply chains, with multiple agencies involved.

• Company is in active discussions with the government for support and collaboration.

Operations and facilities

• Three main facilities: flagship magnet plant in Stillwater, Oklahoma (310,000 sq ft), R&D lab for deposit, and magnet innovations lab.

• Magnet facility targets 600 metric tons initial production, scalable to 5,000 and potentially 10,000 metric tons.

• Focused on serving the 92% of the market not covered by government-backed competitors.

• Deposit at Round Top Mountain contains heavy rare earths, gallium, and beryllium, critical for national security.

• $1.5 billion market cap and $130 million in cash provide a strong capital foundation.

Supply chain and growth strategy

• Current supply chain secured via Korea Strategic Minerals for initial production; plans to diversify sources and invest in in-house capabilities.

• Exploring joint ventures, acquisitions, and recycling to secure rare earth supply.

• Recycling seen as a key strategy to access heavy rare earths and close the supply loop.

• Facility commissioning expected in Q1 next year, with 200-400 tons of product to be shipped.

• Pipeline includes 70+ customers with 5,000-7,000 tons of potential demand; high confidence in 2,000 tons.