USAR Gains Sole Control of Round Top: A Strategic Milestone for North America’s Critical Minerals

USA Rare Earth, Inc. (NASDAQ: USAR) is set to fully acquire Texas Mineral Resources Corp. (OTCQB: TMRC), taking exclusive control of North America’s richest known deposit of heavy rare earths and critical minerals at Round Top, Texas. The transaction, valued at approximately $73 million based on USAR’s closing price on March 4, 2026, unifies the previously split ownership structure and places all operations, economic benefits, and development decisions under USAR’s direction.

Unification Streamlines Operations and Expands USAR’s Strategic Platform

Prior to this agreement, TMRC held an 18.6% minority interest in Round Top. By acquiring all outstanding TMRC shares in exchange for 3,823,328 USAR shares, USAR becomes the sole operator, simplifying governance and aligning capital planning for its ambitious Accelerated Mining Plan (AMP). The strategic deal not only secures the critical resource, it also integrates 950 leased acres and 9,345 additional prospecting acres—key to future scalability and operational flexibility.

Why Round Top Matters: Anchoring a U.S.-Based, Non-China Supply Chain

The Round Top project is central to USAR’s vision of building a completely Western, non-China-dependent mine-to-magnet value chain. The deposit’s unique mineralogy includes a high concentration of heavy rare earths—key components for advanced defense systems, robotics, semiconductors, and electric vehicle technologies. As the only fully integrated rare earth supply chain in North America, USAR’s strategic move aims to ease U.S. reliance on foreign-sourced critical minerals, especially as geopolitical tensions continue to shape supply dynamics.

Operational Milestones: Accelerated Mining Plan Sets Ambitious 2030 Targets

USAR’s Accelerated Mining Plan (AMP) is on pace for commercial production at Round Top by 2028, with a target to extract roughly 40,000 metric tons per day of rare earth and critical mineral feedstock by 2030. Engineering, procurement, and construction efforts are reinforced by partnerships with Fluor Corp. and WSP Global Inc., emphasizing infrastructure buildout and environmental safeguards. This full-spectrum control is designed to ensure rapid, cohesive execution and the ability to meet growing demand from Western industry.

Implications: Economic, Strategic, and Supply Chain Impacts

Unifying control at Round Top carries significant implications:

• Supply Chain Security: Establishes the foundation for a reliable U.S.-anchored rare earth and magnet industry, reducing exposure to global supply shocks.
• Technology Platform: USAR can leverage vertical integration from mining to magnet manufacturing, including alloy production via its European and U.K. subsidiaries.
• Texas Economy: Lease proceeds will directly support the Texas Permanent School Fund, while local jobs and economic development follow.
• TMRC Shareholder Advantages: TMRC investors transition from minority participation in a single project to broader exposure across USAR’s three business segments and enhanced liquidity.

What Comes Next: Approvals and Execution Risks Remain

The deal is approved by both USAR and TMRC boards and is expected to close by the third quarter of 2026, pending TMRC shareholder approval and regulatory clearances. All TMRC directors and executive officers have agreed to support the transaction. Forward-looking statements indicate potential headwinds—from regulatory hurdles and integration risk to execution on ambitious mining and manufacturing plans. Market participants may wish to closely track regulatory filings, production updates, and strategic announcements in the months ahead.

Key Takeaway: A Defining Move for U.S. Critical Minerals Leadership

By consolidating Round Top, USAR positions itself as a critical enabler for Western supply chains in rare earth metals—an industry pivotal for modern technology and national defense. The unification removes uncertainty around project governance and lays the groundwork for speedier development and greater market impact. For investors, supply chain strategists, and policy watchers alike, the successful execution of USAR’s plan could signal a new era for American-made critical minerals and the industries that depend on them.

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