USA Rare Earth (USAR) Investor presentation summary

Geology and resource uniqueness

• Round Top is a rhyolite laccolith in West Texas, formed 36 million years ago, with uniquely consistent and uniform heavy rare earth element (HREE) grades across its varieties.

• It is the only North American deposit dominated by HREEs, gallium, zirconium, and hafnium, and the only deposit globally with over 70% heavy rare earths.

• The deposit features a near-zero stripping ratio, minimal waste rock, and exceptional grade homogeneity, allowing for bulk mining and predictable mill feed.

• REEs are hosted in soluble fluorite, with no clay minerals, reducing processing complications and radioactive waste concerns.

Processing advantages and technological innovation

• Round Top's ore is amenable to high-volume, cost-effective processing using mild leaching with dilute sulfuric acid at ambient temperature.

• High permeability and porosity of the rhyolite enable efficient leaching at coarse crush size, eliminating the need for expensive milling and flotation.

• Up to 70% REE extraction has been demonstrated in column-leaching studies.

• The process flowsheet includes heap leach, solvent extraction, impurity removal, and finishing steps for various rare earth products.

R&D and digital optimization

• The Wheat Ridge facility offers 12,000 sq. ft. of lab and pilot plant space, with a radioactive materials license and a new demonstration facility launching in 1Q26.

• Continuous demonstration of eight solvent extraction circuits will generate real-time data, integrated into a machine learning model developed with the Department of Energy.

• This digital twin model will support full-scale design, reduce scale-up risk, and accelerate engineering.