USA Rare Earth, Inc. (USAR) Presents at J.P. Morgan Natural Resources Conference 2026 Transcript

William Peterson
JPMorgan Chase & Co, Research Division

Okay. Welcome back to the first day of our Natural Resource Conference. My name is Bill Peterson, U.S. metals and mining analyst. And we’re really pleased to have USA Rare Earth come back. They actually joined the conference last year, but a lot has changed since that time frame. And Rob Steele, the CFO, who’s going to walk us through a couple of slides here. I want to keep it interactive. I’ve definitely got a lot of questions, and there’s so much going on in the space. So I have no doubt we’ll use all 30 minutes wisely. So Rob, maybe over to you to introduce the company and where the company fits in the rare earth and magnet value chain.

William Steele
Chief Financial Officer

Great. Thanks a lot, Bill. Great to be here today. USA Rare Earth’s mission is to secure, reshore and grow the rare earth industry for the United States and our allies. We started really on our current journey about 14 months ago when we destacked and raised our initial slug of capital. And over the last 15 months, we’ve raised approximately $2 billion of equity capital and made 5 strategic transactions along the way. Our most recent transaction is the acquisition of Serra Verde, which we expect to close sometime this summer for $2.8 billion.

Our goal is to lead at every step of the value chain. And that would be if you look at upstream, that’s mining and processing and separation; midstream, that’s metal making and strip casting; and downstream, that’s magnet