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(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

(Exact Name of Registrant as Specified in its Charter)

(Address of Principal Executive Offices and Zip Code)

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☑  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☑  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ☐               Accelerated filer  ☐               Non-accelerated filer   ☑

Smaller reporting company  ☑                Emerging growth company  ☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).   Yes ☐  No ☑

As of October 31, 2025, there were 132,638,561 shares of the registrant’s Common Stock outstanding, $0.0001 par value and 1,602,257 shares of 12% Series A Cumulative Convertible Preferred Stock, $0.0001 par value, .

This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy, plans and objectives of management for future operations, and the benefits and timing of the rollout of our magnet production facility and timing of expected milestones, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

•development of our magnet production facility, the timing of expected production milestones and associated costs;

•the expected timing and likelihood of completing the proposed acquisition (the “LCM Acquisition”) of Indian Ocean Rare Metals Pte Ltd (“IORM”) and its operating subsidiary, Less Common Metals Ltd. (“LCM”);

•the ability to realize the benefits expected from the LCM Acquisition;

•proceeds that will be received as a result of the exercise of outstanding warrants to purchase common stock;

•demand for magnets from our production facility once it is operational;

•access to and ability to process raw materials for magnet production, including through swarf processing and development of the Round Top project;

•development of the Round Top project, including timing of key milestone and associated costs;

•the ability to raise financing in the future and to comply with restrictive covenants related to long-term indebtedness;

•the future financial performance of USA Rare Earth, Inc. (“USAR”);

•the ability to retain or recruit key personnel;

•USAR’s ability to comply with laws and regulations applicable to its business; and

•expansion plans and opportunities.

These forward-looking statements are based on information available as of the date of this Quarterly Report and USAR’s management team’s current expectations, forecasts and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside the control of USAR and its directors, officers and affiliates. Accordingly, forward-looking statements should not be relied upon as representing USAR’s management team’s views as of any subsequent date. USAR does not undertake any obligation to update, add or to otherwise correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required under applicable securities laws.

You should not place undue reliance on these forward-looking statements. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of our assumptions prove incorrect, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to:

•the fact that USAR has no history in commercial operations which limits the accuracy of any forward-looking forecasts, prospects or business outlook or plans;

•that USAR has generated negative operating cash flows and may experience negative cash flow from operations in the future and that USAR may not be able to generate positive cash flows from its expected future business operations, and USAR’s unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 have been prepared on a going concern basis;

•risks related to the development of our magnet production facility and the timing of expected production milestones and the timing and amount of future production, including any time delays, unforeseen expenses, increased capital costs, negative tariff implications, and other complications;

•uncertainty in any mineral estimates, uncertainty in any geological, metallurgical, and geotechnical studies and opinions;

•timing of future cash flows provided by operating activities, if any;

•the magnet production business is subject to the availability of rare earth element (“REE”) oxide and metal feedstock;

•the supply and demand for rare earth minerals, including fluctuations in demand for, and prices of, REE sintered Neodymium Iron Boron (“NdFeB” or “neo”) magnets, magnet materials, and necessary feedstock;

•inability to convert current commercial discussions and/or memorandums of understanding with customers into definitive contracts;

•the growth of existing and emerging uses for neo magnets; changes in the global supply of neo magnets due to tariffs, trade restrictions, or otherwise;

•competition in the magnet manufacturing industry;

•changes in China’s or the United States’ political environment and policies;

•reductions in the Company’s stock price which may, among other things, reduce the number of warrants that are exercised prior to their redemption;

•inability to obtain sufficient capital or other resources necessary to provide for such production;

•any failure by management to manage growth properly which could negatively impact our business;

•power or other utility disruption or shortage and limited access to raw materials;

•costs of production, capital expenditures, requirements for additional capital, and increasing costs, including rising electricity and other utility costs and cost increases due to tariffs;

•fluctuations in transportation costs or disruptions in transportation services or damage or loss during transport;

•our ability to build or maintain relationships with customers and suppliers, including any inability to meet individual customer specifications;

•diminished access to water;

•work stoppages or similar difficulties, breakdown in labor relations, or a shortage of skilled technicians and engineers;

•failure to retain key personnel or attract additional qualified personnel;

•failure to comply with certain agreements with government entities that have provided us with certain incentives and favorable financing;

•inability to access debt or equity capital when necessary or advisable;

•impacts of force majeure events;

•failure to develop and maintain relationships with local communities and stakeholders;

•extensive and costly environmental requirements;

•the need to obtain and sustain governmental permits and approvals;

•failure to comply with applicable anti-corruption, anti-bribery, anti-money laundering and similar laws and regulations;

•costs of compliance with environmental, health and safety regulations;

•the impacts of climate change;

•possible litigation risks, including permit disputes (including in respect of access and/or validity of tenure), environmental claims, occupational health and safety claims, employee claims and claims related to the LCM Acquisition;

•any infringement of the intellectual property rights of third parties;

•failure to adequately protect intellectual property rights;

•issues with information technology systems, including cyber threats, disruption, damage and failure;

•use of resources and management attention related to the requirements of being a public company in the United States;

•inability to obtain regulatory approvals required for the LCM Acquisition (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the LCM Acquisition);

•an event, change or other circumstance could give rise to the termination of the LCM Acquisition, including the inability to satisfy any of the closing conditions under the definitive agreement governing the LCM Acquisition;

•delays in the completion of the LCM Acquisition;

•failure to integrate LCM successfully, costs or difficulties associated with that integration, or failure to realize the expected benefits of the LCM Acquisition when anticipated or at all;

•diversion of management time from ongoing business operations and opportunities as a result of the LCM Acquisition;

•adverse reactions or changes to business or employee relationships from the announcement or completion of the LCM Acquisition; and

•LCM’s ability to retain its customers and suppliers and the combined company’s ability to build or maintain relationships with customers and suppliers.

(1)Beginning balance amounts are recast as of January 1, 2025. The shares of the Company’s preferred stock prior to the Merger have been retrospectively recast to reflect the change in the capital structure as a result of the Merger.

(1)Beginning balance amounts are recast as of January 1, 2025. The shares of the Company’s common stock prior to the Merger have been retrospectively recast to reflect the change in the capital structure as a result of the Merger.