USA Rare Earth, Inc.

Good day, everyone, and welcome to the USA Rare Earth Second Quarter 2025 Earnings Conference Call. All participants will be in a listen-only mode. If you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one using a touch-tone telephone. To withdraw your questions, you may press star and two. Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Lionel McPhee, Vice President of Investor Relations. Sir, please go ahead.

Thank you, Operator. Hello, everyone, and welcome to USA Rare Earths 2025 Second Quarter Earnings Conference Call. I'm joined today with our Chief Executive Officer, Joshua Ballard, and our Chief Financial Officer, Rob Steele. Earlier this afternoon, we issued our second quarter fiscal 2025 results. Our results, earning release, and slide presentation can be found on the investor relations portion of our website at usare.com. Today's call, we may make projections and other forward-looking statements under the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995 regarding future events or the future financial performance of the company. These statements may discuss our business, economic and market outlook, growth expectations, new products and their performance, cost structure and business strategy. Forward-looking statements are based on information currently available to us and on management's beliefs, assumptions, estimates or projections. Forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors. We refer you to the documents the company files from time to time with the SEC, specifically the company's Form 10-K and Form 10-Qs. These documents identify important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. All statements made during this call are made only as of today, August 11th, 2025, and the company expressly disclaims any intent or obligation to update any forward-looking statements made during this call to reflect subsequent events or circumstances, unless otherwise required by law. So with that, I'll turn the call over to Josh.

Thank you, Lionel. It's been another exciting quarter in the rare earth mineral and magnet industries. And before providing perspective on the broader sector developments, I want to emphasize our vision for USA Rare Earth. We are focused on building a highly profitable and fully integrated supply chain from mining, concentrating and separating rare earths, to making metals and metal alloys, to forming and finishing rare earth magnets, and finally to end of life recycling. We are on a mission to serve a broad array of customers who use, rely on, and innovate with metals and magnets across diverse industries and all their varying complexities. We are accelerating development across each of our existing assets while also actively exploring how we will fill in and strengthen any gaps in that mine-to-magnet strategy while remaining focused on creating shareholder value. Our magnet production facility in Stillwater, Oklahoma, is making rapid and tangible progress and remains on target with our commissioning goals. Both our magnet facility in Oklahoma and our research and development facility outside of Denver continue to attract the brightest minds. And our highly strategic heavy rare earth round top deposit in Texas remains uniquely positioned for its incredible concentration of heavy rare earths and gallium. Taking a step back, the Chinese government continues to restrict the export of rare earth metals and magnets by their domestic producers. and this is having a profound impact on the multitude of industries that rely on these materials. The cost of rare earth oxides and metals outside of China have increased dramatically, especially for the difficult-to-obtain heavy rare earths tightening supply. We are hearing directly from many of the companies affected by China's restriction on the export of rare earth elements and neomagnets and are working as quickly as we can to address their growing needs. Companies are reaching out to us directly to gain access to domestically sourced magnets for the long term, and they have been clear that they require a non-China source of supply. Importantly, the U.S. government has demonstrated its intention to play a key role in supporting the development of the supply chain that we are seeking to develop. The U.S. government investment in MP materials is an important first step to de-risking the sector and has shined a much-needed spotlight on the importance of rare earths and rare earth magnets to American industry technologies and national security. By announcing a price support mechanism to purchase the critical light rare earth mineral oxide NDPR at $110 per kilogram, which they recently publicly stated that they plan to replicate, the Trump administration has established an essential tool that will enable us to compete effectively with Chinese producers. At USA Rare Earth, we have a special mix of assets and capabilities that we are leveraging with great effect as we accelerate our own activities in this exciting new world. We have raised the capital we need to begin investing aggressively. We are looking now at ways to advance our plans as quickly as possible, which I believe is our greatest path to value creation for this company, our shareholders, and customers. Before I dive into the operational details, let's turn the call over to Rob for review of our financials.