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USA Rare Earth Set to Acquire Remaining Interest in Round Top Deposit

USA Rare Earth Set to Acquire Remaining Interest in Round Top Deposit

101 finance101 finance2026/03/05 10:30
By:101 finance

USA Rare Earth Moves to Fully Acquire Texas Rare Earth Project

Rare Earth Mining Site

Photographer: Cheng Xin/Getty Images AsiaPac

USA Rare Earth Inc. is set to purchase the remaining minority stake in a Texas-based rare earth deposit through an all-stock deal estimated at approximately $73 million, according to sources familiar with the transaction.

The company, headquartered in Stillwater, Oklahoma, intends to acquire all outstanding shares of Texas Mineral Resources Corp. by issuing around 3.8 million shares of its common stock, bringing the total value of the agreement to about $73 million. This acquisition will grant USA Rare Earth complete control over the Round Top project, which the company describes as the most significant heavy rare earth mineral deposit in North America.

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Earlier this year, USA Rare Earth entered into a preliminary $1.6 billion agreement with the US Commerce Department to support the development of the project and to double the output of its magnet manufacturing facility in Oklahoma.

The company positions itself as a comprehensive "mine-to-magnet" provider, aiming to challenge China’s dominance in the permanent magnet supply chain. These magnets are essential for products such as fighter jets, wind turbines, electric vehicles, and other vital technologies.

Securing full ownership of the Round Top project is seen as a crucial step for USA Rare Earth to accelerate its plans to transform the site into a large-scale commercial mining operation, according to insiders.

In addition to government support—which includes $277 million in proposed federal incentives and a $1.3 billion senior secured loan—the company has also raised $1.5 billion in private investment to fund activities spanning mining, processing, metal production, and magnet fabrication. During a call with investors in January, Chief Financial Officer Rob Steele projected an operating loss for 2025 between $56 million and $62 million.

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