USA Rare Earth, Inc.

Good afternoon and welcome to USA Rare Earths 2025 Third Quarter Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Lionel McBee, Vice President of Investor Relations. Please go ahead.

Thank you, Operator. Hello, everyone, and welcome to USA Rare Earths 2025 Third Quarter Earnings Conference Call. I'm joined today with our Chief Executive Officer, Barbara Humpton, and our Chief Financial Officer, Rob Steele. Earlier this afternoon, we issued our third quarter fiscal 2025 results. Our 10Q earnings release and slide presentation can be found on the investor relations section of our website at usare.com. Following Barbara and Rob's discussion of our quarterly results and updates on the business, we will open the lines for Q&A. During 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-Q. 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, November 6th, 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. And with that, I will turn the call over to Barbara. Barbara?

Thank you, Lionel. This is my first earnings call as the CEO of USA Rare Earth, and I feel privileged to lead this company at such a pivotal moment. Our work addresses what I believe is the defining business challenge of our era. I see this endeavor as mission critical. The Western world has awakened to the stark reality of how dangerously fragile our rare earth supply chain has become over the last 30 years, how critical these materials have become to every sector of our economies, and just how dependent we've become on China to supply these critical needs. At USA Rare Earth, we are aggressively working to eliminate that single point of failure, diversify the supply chain, and ultimately remove the geopolitical leverage for the benefit of the U.S. and our allies. We are well capitalized, debt-free, and working to lead our industry forward. Our goal is to become the partner of choice across the value chain, investing, collaborating, and consolidating to rebuild the proprietary technologies that will define the future. I have served just over one month as CEO And during that time, I've had the chance to visit our sites across the United States, meet the team at LCM in the UK, and hear from numerous customers and stakeholders. You've heard us present our mine-to-magnet strategy, but today, let me take you from magnet to mine and share my observations. First, magnets. At our magnet manufacturing plant in Stillwater, I met David Bouchai and his team of engineers who are assembling line 1A and preparing for commissioning. David's plan is rigorous, and the team is executing well. The entire facility from the manufacturing floor to the front door is being brought back to life. The magnet sales pipeline is strong, and while many of you are curious about the customers we are engaging, I know you will also understand our need to be discreet. The work we're doing is highly sensitive, both for national security and commercial reasons. In a moment, Rob will give you additional insights, but for now, I'll move to the next link in the chain, and that's metals. The acquisition of LCM, less common metals, creates a unique competitive advantage and enhances our revenue generating ability. The transaction is a transformational one that significantly accelerates our strategy and establishes a fully integrated rare earth supply chain. With LCM's proven operations, we gain more than 30 years of unparalleled expertise in metal and alloy production, securing the feedstock for our still water facility and adding a critical link connecting our domestic mining operations to our downstream magnet production. LCM will continue to meet demand for metals, alloys, and strip casts from other customers. One of their most crucial offerings is samarium, recently identified by the U.S. Geological Survey as the number one critical mineral at highest risk of having supply chain vulnerabilities. LCM's ability to produce samarium and samarian cobalt are vital to sectors including defense and medicines. With the help of Grant Smith and his team of experts, we're also addressing the shortage of skilled talent in metalmaking by launching an apprenticeship program that will train U.S. metalmakers, transferring critical expertise to rebuild America's rare earth supply chain. In short, this transaction combines domestic resources, advanced technology, and world-class talent. We remain on track for closing before year end, and can't wait to welcome the impressive LCM team to our organization. Let's move on to processing. Now, Grant Smith is keenly focused on the upstream sources that will provide the oxides needed to produce metal and alloys. And that's why I was thrilled to meet the processing team at USA Rare Earth. Ben Kronholm manages the midstream research and development lab in Wheat Ridge, Colorado. where we continue to progress our proprietary rare earth extraction and purification technologies. This integration across functions differentiates us in the industry and enables us to deliver value to our stakeholders. And that brings us to mining. And at Round Top Mountain, North America's largest deposit of heavy rare earth and other critical minerals. We recently announced Alex Moyes, our new VP of Mining, who joins us from Ramico. We're assembling a team with strong technical skills, operational experience, and a shared dedication to building a resilient U.S.-based rare earth supply chain. Their efforts are turning this vision into reality. And it is within this context, vision to reality, that we have several important milestones that we are pleased to announce. regarding our processing and mining initiatives. The first is related to recycling. Our Wheat Ridge Lab has now progressed our SWARF recycling flow sheet through bench scale testing with promising results. This allows us to begin progressing with pilot scale testing of our recycling flow sheet in the first quarter of 2026. The ability to recycle our own swarf, which is reusing our scrap material from finishing magnets, is an important capability to creating a circular supply chain and making our operating costs more efficient. Second, based on our successful leaching and SX piloting, we are now thrilled to begin the pre-feasibility study phase of Round Top development projects. This is particularly exciting as we are moving to the PFS stage with our most challenging SX circuits de-risk at pilot scale. We're targeting completion of our PFS around the third quarter of 2026. Lastly, while piloting these SX methods, we found that in addition to our heavy rare earth separations, we've also extracted and isolated hafniums. Hafnium is used in multiple strategic industries, including advanced semiconductors, nuclear reactors, and aerospace materials, further broadening the breadth of our offering. As you can tell, this first month has been busy, and I'm motivated by what I've seen so far. And it's the people who matter. And no one has been more helpful to my onboarding than my partner in finance, Rob Steele, CFO of USA Rare Earth. He has exactly the background we need at this phenomenal moment of transformation. Let me hand the baton to Rob, who will take you through more details about the business.