William Blair initiated research coverage of USA Rare Earth, Inc. (USAR $28.54), United States Antimony Corporation (UAMY $12.56), American Resources Corporation (AREC $4.25), NioCorp Developments Ltd. (NB $8.30), and Royalty Management Holding Corporation (RMCO $2.96).
Analyst Neal Dingmann published an industry report titled, Rare Earth Minerals: Potential for Critical Mineral Sovereign Fund and Other Backing, which, along with the five initiation reports, extends William Blair’s research coverage into the rare earth industry.
“As global demand for rare earth elements rises, U.S. companies have started the process of reducing reliance on China by rapidly expanding domestic production, processing, and recycling,” Dingmann said. “For national and economic security, the U.S. government has stepped in, strategically funding rare earth supply chain projects. These investments, along with significant backing from financial institutions, are expected to drive a surge in U.S. mine-to-magnet capacity.”
Dingmann continued, “The five companies we have initiated coverage on are uniquely positioned to benefit from the surge in interest and investments in domestic rare earth production. USA Rare Earth is a U.S. supplier of rare earth magnets and heavy rare earth elements, and is one of the few fully integrated rare earth companies. It features a research facility developing proprietary rare earth extraction and purification technology, a magnet manufacturing facility, and majority ownership of the Round Top mine in Texas. Its magnet facility will soon begin production, supported by its acquisition of Less Common Metals (LCM), providing metal-making and strip-casting operations.”
“United States Antimony provides a mineral that is critical to national security, as demonstrated by the recent U.S. Defense Logistics Agency contract. Timing is ideal, as antimony prices have quadrupled over the past year and US Antimony possesses a contact mill capable of processing tons of ore, as well as other high-value assets.”
“American Resources’ subsidiary ReElement has a unique process to separate and refine rare earth elements that achieves near 100% purity, as we have seen firsthand, and the government has taken notice. ReElement has already announced $150 million Export-Import Bank of the United States potential financing, a $2 million DoD grant, and potentially $160 million National Science Foundation funding.”
“NioCorp recently received funding of up to $10 million from the U.S. Department of Defense for a project that would result in it producing designated critical minerals and, potentially, magnetic rare earth oxides, several of which are currently not produced in the U.S. This project is unique because of its ore body, which features multiple potential products, and NioCorp can target whichever product is in shortest supply or gets the highest price.”
“Royalty Management is structured as a royalty company and is focused on investing in or purchasing high-value assets in the areas of resources (including rare earth mines), technology/IP development, and cryptocurrency/AI data centers. With these investments, it aims to create sustainable shareholder value and economic growth in communities, while having minimal continuous operating expenses.”
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William Blair or an affiliate is a market maker in the securities of American Resources Corporation, NioCorp Developments Ltd., Royalty Management Holding Corporation, United States Antimony Corporation, and USA Rare Earth, Inc.
William Blair or an affiliate expects to receive or intends to seek compensation for investment banking services from American Resources Corporation, NioCorp Developments Ltd., Royalty Management Holding Corporation, United States Antimony Corporation, and USA Rare Earth, Inc. or an affiliate within the next three months.
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