USA Rare Earth Inc (USAR) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to USA Rare Earth's 2025 third quarter earnings conference call. (Operator Instructions) 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.

下午好，歡迎參加美國稀土公司2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給投資者關係副總裁萊昂內爾·麥克比先生。請繼續。

Thank you, operator. Hello, everyone, and welcome to USA Rare Earth's 2025 third quarter earnings conference call. I'm joined today with our Chief Executive Officer, Barbara Humpton; and our Chief Financial Officer, Rob Steele.

謝謝接線生。大家好，歡迎參加美國稀土公司2025年第三季財報電話會議。今天與我一同出席的有我們的執行長芭芭拉·漢普頓和財務長羅伯·史蒂爾。

Earlier this afternoon, we issued our third quarter fiscal 2025 results. Our 10-Q, 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.

今天下午早些時候，我們發布了 2025 財年第三季業績報告。我們的10-Q報告、收益發布和幻燈片簡報可在我們網站usare.com的投資者關係版塊找到。在Barbara和Rob討論完我們的季度業績和業務最新進展後，我們將開放問答環節。

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.

在今天的電話會議中，我們可能會根據 1995 年《私人證券訴訟改革法案》中的安全港條款，對未來事件或公司的未來財務表現做出預測和其他前瞻性陳述。這些聲明可能會討論我們的業務、經濟和市場前景、成長預期、新產品及其性能、成本結構和業務策略。前瞻性陳述是基於我們目前所掌握的資訊以及管理階層的信念、假設、估計或預測。前瞻性陳述並非對未來績效的保證，並且受到某些風險、不確定性和其他因素的影響。

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 6, 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.

我們建議您參閱本公司不時向美國證券交易委員會提交的文件，特別是本公司的 10-K 表格和 10-Q 表格。這些文件列出了可能導致實際結果與我們的預測或前瞻性聲明中包含的結果有重大差異的重要因素。本次電話會議中所做的所有聲明僅代表截至 2025 年 11 月 6 日的觀點，除非法律另有規定，否則本公司明確聲明不承擔任何更新本次電話會議中作出的任何前瞻性聲明以反映後續事件或情況的意圖或義務。

And with that, I will turn the call over to Barbara. Barbara?

接下來，我將把電話交給芭芭拉。芭芭拉？

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 awaken 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.

謝謝你，萊昂內爾。這是我擔任美國稀土公司執行長的第一次財報電話會議，我感到非常榮幸能夠在這樣一個關鍵時刻領導這家公司。我們的工作旨在解決我認為我們這個時代最根本的商業挑戰。我認為這項工作至關重要。西方世界已經意識到，在過去的 30 年裡，我們的稀土供應鏈變得多麼脆弱，這些材料對我們經濟的各個部門變得多麼重要，以及我們對中國供應這些關鍵需求的依賴程度有多高。

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 US 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.

美國稀土公司正積極努力消除這一單一故障點，實現供應鏈多元化，並最終消除地緣政治影響力，以造福美國及其盟友。我們資金雄厚，沒有債務，正努力引領產業向前發展。我們的目標是成為整個價值鏈上的首選合作夥伴：透過投資、合作和整合，重建定義未來的專有技術。

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.

我擔任執行長一職剛超過一個月。在此期間，我有機會走訪了我們在美國各地的辦公地點，與英國 LCM 團隊會面，並聽取了許多客戶和利害關係人的意見。您已經聽我們介紹了我們的礦山到磁體的策略。但今天，讓我帶你從磁鐵到礦井，分享我的觀察結果。

First, magnets. At our magnet manufacturing plant in Stillwater, I met David Bushi 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.

首先是磁鐵。在斯蒂爾沃特的磁鐵製造廠，我見到了大衛布希和他的工程師團隊，他們正在組裝 1a 號生產線並準備調試。大衛的計畫非常嚴謹，團隊執行得很好。從生產車間到大門，整個工廠都在重新煥發生機。

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.

磁鐵銷售管道暢通。雖然你們中的許多人對我們正在接觸的客戶感到好奇，但我知道你們也會理解我們需要保持低調。我們所從事的工作高度敏感，既涉及國家安全，也涉及商業利益。稍後，羅布會提供更多見解。但現在，我要進入下一個環節，那就是金屬。

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 gained more than 30 years of unparalleled expertise in metal and alloy production, securing the feedstock for our Stillwater facility and adding a critical link, connecting our domestic mining operations to our downstream magnet production.

收購 LCM（Less Common Metals）將創造獨特的競爭優勢，並增強我們的創收能力。這項交易具有變革意義，將顯著加快我們的策略步伐，並建立一個完全一體化的稀土供應鏈。憑藉 LCM 成熟的營運經驗，我們在金屬和合金生產方面獲得了 30 多年的無與倫比的專業知識，確保了我們在斯蒂爾沃特工廠的原料供應，並增加了一個關鍵環節，將我們的國內採礦業務與下游磁鐵生產連接起來。

LCM will continue to meet demand for metals, alloys and strip cast from other customers. One of their most crucial offerings is samarium, recently identified by the US Geological Survey as the number one critical mineral at highest risk of having supply chain vulnerabilities. LCM's ability to produce samarium and samarium cobalt are vital to sectors, including defense and medicine.

LCM將繼續滿足其他客戶對金屬、合金和帶材鑄件的需求。他們最重要的產品之一是釤，美國地質調查局最近將其認定為供應鏈脆弱性風險最高的頭號關鍵礦物。LCM生產釤和釤鈷的能力對國防和醫療等產業至關重要。

With the help of Grant Smith and his team of experts, we're also addressing the shortage of skilled talent in metal making by launching an apprenticeship program that will train US metal makers, 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.

在格蘭特史密斯及其專家團隊的幫助下，我們還透過啟動學徒計畫來解決金屬製造領域熟練人才短缺的問題，該計畫將培訓美國金屬製造工人，並將關鍵專業知識轉移給美國，以重建美國的稀土供應鏈。簡而言之，此次交易結合了國內資源、先進技術和世界一流人才。我們仍按計劃在年底前完成交易，迫不及待地歡迎優秀的 LCM 團隊加入我們的組織。

Let's move on to processing. Now Grant Smith is keenly focused on the upstream sources that will provide the oxides needed to produce metals and alloys. And that's why I was thrilled to meet the processing team at USA Rare Earth.

接下來我們進入處理環節。現在，格蘭特史密斯正密切關注上游資源，這些資源將提供生產金屬和合金所需的氧化物。所以我很高興能見到美國稀土公司的加工團隊。

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.

本·克朗霍爾姆負責管理位於科羅拉多州惠特里奇的中游研發實驗室，我們在那裡不斷推進我們專有的稀土提取和純化技術。這種跨職能整合使我們在行業中脫穎而出，並使我們能夠為利害關係人創造價值。

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 Ramaco. We're assembling a team with strong technical skills, operational experience and a shared dedication to building a resilient US-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.

這就引出了採礦業，以及北美最大的重稀土和其他重要礦物礦藏——圓頂山礦藏。我們最近宣布任命 Alex Moyes 為新的礦業副總裁，他之前在 Ramaco 公司任職。我們正在組建一支擁有強大技術能力、營運經驗，並共同致力於建立一個具有韌性的美國稀土供應鏈的團隊。他們的努力正在將這個願景變成現實。正是在這種將願景變為現實的背景下，我們很高興地宣布，我們在加工和採礦計劃方面取得了幾個重要的里程碑。

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.

第一件事與回收有關。我們位於惠特里奇的實驗室已經完成了切屑回收流程圖的桌上型規模測試，並且取得了令人鼓舞的結果。這將使我們能夠在 2026 年第一季開始推進回收流程圖的試點規模測試。我們能夠回收自己的切屑，也就是將加工磁鐵產生的廢料重新利用，這對於建立循環供應鏈和提高營運成本效率至關重要。

Second, based on our successful leaching and SX piloting, we are now thrilled to begin the pre-feasibility study phase of Round Top development project. This is particularly exciting as we are moving to the PFS stage with our most challenging SX circuits derisked at pilot scale. We're targeting completion of our PFS around the third quarter of 2026.

其次，基於我們成功的浸出和SX試點，我們現在非常高興地開始Round Top開發專案的預可行性研究階段。尤其令人興奮的是，我們正在進入 PFS 階段，我們最具挑戰性的 SX 電路已在試點規模上降低了風險。我們的目標是在 2026 年第三季左右完成 PFS。

Lastly, while piloting these SX methods, we found that in addition to our heavy rare earth separations, we've also extracted and isolated hafnium. Hafnium is used in multiple strategic industries, including advanced semiconductors, nuclear reactors and aerospace materials, further broadening the breadth of our offering.

最後，在試行這些 SX 方法的過程中，我們發現，除了分離重稀土之外，我們還提取並分離出了鉿。鉿被應用於多個策略性產業，包括先進半導體、核反應器和航空航天材料，進一步拓寬了我們的產品範圍。

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.

正如你所看到的，這第一個月非常忙碌，而我目前所看到的也激勵我繼續前進。人才是最重要的。在我的入職過程中，沒有人比我的財務夥伴、美國稀土公司財務長羅伯‧史蒂爾（Rob Steele）更有幫助。他擁有我們在這個變革的巨大時刻所需的背景。

Let me hand the baton to Rob, who will take you through more details about the business.

讓我把接力棒交給羅布，他將帶您了解更多關於這項業務的細節。

Thank you, Barbara. I know I speak for the entire leadership team when I say we're inspired by your vision and the momentum you've already created. It's an exciting time to be part of this mission.

謝謝你，芭芭拉。我知道我代表整個領導團隊說，我們都被您的遠見卓識和您已經創造的勢頭所鼓舞。現在正是參與這項任務的激動人心的時刻。

Let me start with our cash position, which remains strong at over $400 million as of November 3, 2025. Including the exercise of the remaining investor warrants pursuant to our notice of redemption issued last week, we will obtain an additional $123 million of cash. Our strong cash position allows us the flexibility and liquidity to execute and accelerate our magnet-to-mine strategy as we secure, reshore and grow.

首先，讓我介紹一下我們的現金狀況，截至 2025 年 11 月 3 日，我們的現金儲備依然強勁，超過 4 億美元。加上根據我們上週發布的贖回通知行使剩餘投資者認股權證，我們將獲得額外的 1.23 億美元現金。我們雄厚的現金實力使我們能夠靈活運用流動性，執行並加速我們的磁石到礦山戰略，從而保障、轉移和發展礦產資源。

For magnets, we continue to see thousands of tons of growing demand for 2026 and in particular, 2027 and beyond, across a wide range of industries, including agriculture, industrial, defense and medical as well as high-growth sectors like drones and data centers, sectors which are projected to double and triple in size over the next decade and require massive quantities of precision-engineered micromagnets with advanced surfacing.

對於磁鐵而言，我們持續看到 2026 年，特別是 2027 年及以後，各行各業對磁鐵的需求將持續增長，達到數千噸，這些行業包括農業、工業、國防和醫療，以及無人機和數據中心等高增長行業，預計這些行業在未來十年規模將翻一番甚至兩番，需要大量具有先進表面處理的精密工程微型磁鐵。

The question we consistently receive from our customers is how quickly can you produce, which speaks to the appetite for magnets made in the United States. Given our strong cash position, breadth of customer demand and growing pipeline into and beyond 2026, we are accelerating our plans for growth in our manufacturing capabilities and with our personnel. These plans include enhancing our magnet finishing capabilities to meet customer specifications across multiple industries, accelerating our investment in Line 1b to ramp Line 1 to 1,200 metric tons and making additional customer-facing improvements to our Stillwater magnet plant. Altogether, we should be able to complete this additional work for approximately $100 million.

我們的客戶經常問我們生產速度有多快，這顯示市場對美國製造的磁鐵有強烈的需求。鑑於我們強勁的現金狀況、廣泛的客戶需求以及到 2026 年及以後不斷增長的業務儲備，我們正在加快擴大製造能力和人員規模的計劃。這些計劃包括增強我們的磁鐵精加工能力，以滿足多個行業的客戶規格；加快對 1b 號生產線的投資，使 1 號生產線的產量達到 1200 公噸；以及對我們的斯蒂爾沃特磁鐵工廠進行更多面向客戶的改進。總計而言，我們應該能夠以大約 1 億美元完成這項額外工作。

In addition, we will be investing in human capital and hiring in preparation for our Q1 commissioning and enhancing our core infrastructure, including systems and cybersecurity to ensure operational readiness.

此外，我們將投資人力資本並進行招聘，為第一季的調試工作做好準備，並加強我們的核心基礎設施，包括系統和網路安全，以確保營運準備就緒。

In September, we announced the acquisition of LCM, which creates value across our entire supply chain. LCM significantly accelerates our strategy and delivers unique ex-China metal making capabilities for the US, our allies and importantly, becomes our supply of strip cast for our Stillwater manufacturing facility. Their current capacity includes 1,500 metric tons of NdFeB strip cast and is expected to expand to 2,000 metric tons going into 2026.

9 月份，我們宣布收購 LCM，這將為我們的整個供應鏈創造價值。LCM 大大加快了我們的戰略步伐，並為美國、我們的盟友提供了獨特的中國金屬製造能力，更重要的是，它成為了我們斯蒂爾沃特製造工廠的帶材鑄件供應商。他們目前的產能包括1500公噸釹鐵硼帶材鑄件，預計2026年將擴大到2000公噸。

We will invest in and expand LCM's capabilities, and we will further benefit from an experience curve effect as we grow with LCM. We are planning on expanding LCM's capabilities in the US, UK, and Europe to support the broader ex-China industry, including for a wide range of defense and industrial applications. These plans include establishing a strategic light and heavy rare earth metal and alloy manufacturing facility in France, building upon LCM's strong relationships with governments and supply chain customers. We look forward to sharing more as these plans crystallize over the next several quarters.

我們將投資並擴展 LCM 的能力，隨著我們與 LCM 共同成長，我們將進一步受益於經驗曲線效應。我們計劃擴大 LCM 在美國、英國和歐洲的能力，以支持更廣泛的中國以外地區的產業，包括廣泛的國防和工業應用。這些計劃包括在法國建立一個戰略性的輕重稀土金屬和合金製造廠，以鞏固 LCM 與政府和供應鏈客戶的牢固關係。我們期待在接下來的幾個季度裡，隨著這些計劃的逐步完善，與大家分享更多資訊。

As Barbara mentioned, the acquisition of LCM is expected to close by the end of the calendar year, subject to customary closing conditions, including regulatory approval in the United Kingdom.

正如芭芭拉所提到的，對 LCM 的收購預計將在年底前完成，但需滿足慣例成交條件，包括獲得英國監管部門的批准。

Regarding formal guidance for 2026, we look forward to sharing that with you during our fourth quarter results in early 2026. In the meantime, we are intensely focused on ramping our magnet production capacity and ensuring we have the flexibility to scale with customer demand.

關於 2026 年的正式業績指引，我們期待在 2026 年初公佈第四季度業績時與您分享。同時，我們正全力以赴提高磁鐵的生產能力，並確保我們能夠靈活地根據客戶需求擴大規模。

We are also in the process of securing the metal inventory needed to support projected growth in 2026 and beyond. And our feedstock sourcing strategy incorporates both mined and recycled non-China-based feedstock via our LCM acquisition, enabling us to lay the groundwork for sustained supply into 2027.

我們目前也正在努力確保金屬庫存充足，以支持 2026 年及以後的預期成長。我們的原料採購策略包括透過收購 LCM 獲得開採和回收的非中國原料，為 2027 年的持續供應奠定基礎。

Operationally at Stillwater, we will begin running metal to test our first manufacturing line in the next few weeks. This will be a key milestone that will allow us to validate our supply chain and qualify the raw materials on commercial scale equipment and paves the way for commissioning in Q1 2026, which remains on track.

在斯蒂爾沃特工廠，我們將在未來幾週內開始生產金屬，以測試我們的第一條生產線。這將是一個重要的里程碑，使我們能夠驗證我們的供應鏈，並在商業規模的設備上對原材料進行認證，並為 2026 年第一季的調試鋪平道路，目前一切進展順利。

As for Round Top and Wheat Ridge, given our success with our bench and pilot testing, we will begin investing in our PFS in Q4 2025 and investing in our pilot for swarf recycling in Q1 2026. And as we are accelerating our investment in our capabilities for Line 1 and Round Top, we now anticipate adjusted ongoing operating expenses in Q4 2025 to be $13 million to $15 million.

至於 Round Top 和 Wheat Ridge，鑑於我們在實驗室和試點測試中取得的成功，我們將於 2025 年第四季開始投資我們的 PFS，並於 2026 年第一季開始投資我們的切屑回收試點計畫。隨著我們加快對 1 號線和 Round Top 工廠能力的投資，我們現在預計 2025 年第四季的調整後持續營運費用將為 1,300 萬美元至 1,500 萬美元。

For the third quarter of 2025, we reported operating expenses of $15.9 million. Our ongoing adjusted operating expenses for the quarter were $8.9 million, adjusted for M&A-related expenses, stock-based compensation and severance costs.

2025 年第三季度，我們的營運支出為 1,590 萬美元。本季持續經營費用經調整後為 890 萬美元，調整了與併購相關的費用、股票選擇權費用和遣散費。

We reported a net loss attributable to common stockholders of $156.7 million or a loss per share of $1.64. This includes a noncash fair value adjustment of $142.4 million related to our warrant and earn-out liabilities. Excluding this, our adjusted net loss was $14.3 million or an adjusted net loss per share of $0.25, which we believe is a more accurate reflection of our core operating performance. Going forward, we will provide this adjustment to facilitate your analysis of our results.

我們公佈歸屬於普通股股東的淨虧損為 1.567 億美元，即每股虧損 1.64 美元。其中包括與我們的認股權證和或有收益負債相關的 1.424 億美元的非現金公允價值調整。剔除此項因素後，我們調整後的淨虧損為 1,430 萬美元，即調整後的每股淨虧損 0.25 美元，我們認為這更能準確反映我們的核心經營績效。今後，我們將提供此項目調整，以方便您分析我們的結果。

We ended the quarter with $257.7 million in cash and no significant debt, positioning us well to execute on our near-term milestones, the LCM acquisition and accelerate our manufacturing capabilities.

本季末，我們擁有 2.577 億美元的現金，並且沒有重大債務，這使我們能夠很好地執行近期里程碑、收購 LCM 並加速我們的製造能力。

In summary, we remain financially strong and are deploying capital with focus and discipline to support scalable long-term growth at attractive returns while meeting the needs of our growing customer base. We now have the financial flexibility to consider lower cost funding options for future phases, and we expect our cost of capital to improve as we continue to execute.

總而言之，我們財務狀況依然穩健，並正有條不紊地運用資本，以支持可觀的長期增長並獲得可觀的回報，同時滿足我們不斷增長的客戶群的需求。我們現在擁有了財務靈活性，可以考慮未來階段成本更低的融資方案，我們預計隨著專案的持續推進，我們的資本成本將會降低。

Now I will turn it back over to Barbara for closing comments.

現在我將把發言權交還給芭芭拉，請她做總結發言。

Thank you, Rob. So here's what you can expect from us. While the industry is in the middle of the geopolitical spotlight, we are focused on controlling what we can to capitalize on the market opportunity. We're advancing each of our key initiatives with precision. Our job is disciplined execution of our plan.

謝謝你，羅布。以下是您可以期待我們提供的服務。雖然該行業正處於地緣政治的聚光燈下，但我們專注於掌控我們能夠掌控的因素，以抓​​住市場機會。我們正在精準地推進每項關鍵舉措。我們的工作就是嚴格執行計劃。

We appreciate your outreach. Since we announced our acquisition of LCM, we've heard from many of you. You recognize the unique opportunity we have to transform the supply chain as well as the approach we're taking: open, collaborative and trustworthy. We aspire to be the partner of choice in this sector.

我們感謝您的聯繫。自從我們宣布收購 LCM 以來，我們收到了許多人的來信。您認識到我們擁有改變供應鏈的獨特機遇，以及我們正在採取的方法：開放、協作和值得信賴。我們立志成為該領域首選的合作夥伴。

The increased focus on critical rare earth only reinforces what we are building, a fully integrated US-based rare earth material and magnet platform that supports national priorities, delivers supply chain stability and creates long-term value for our shareholders. We're working at the intersection of global necessity and technological innovation at a level not seen in decades. The simple truth is that industries worldwide cannot meet their ambitious goals without a stable supply of rare earth materials, and USA Rare Earth is helping to make that happen.

對關鍵稀土的日益重視只會鞏固我們正在建構的體系，即一個完全一體化的美國稀土材料和磁鐵平台，該平台支持國家優先事項，提供供應鏈穩定性，並為我們的股東創造長期價值。我們正處於全球需求與科技創新交會點，其程度之高，幾十年來前所未見。事實很簡單：如果沒有穩定的稀土材料供應，世界各地的各行各業都無法實現其雄心勃勃的目標，而美國稀土公司正在幫助實現這一目標。

But this isn't something we can do alone. As I've said publicly, networks beat hierarchies. We're collaborating across industries and governments to create an ecosystem that guarantees a reliable, sustainable supply for America and our allies. We are proud to be part of this mission and energized by the scale of what lies ahead.

但這並非我們單憑一己之力就能完成的事。正如我公開說過的那樣，網路勝過層級結構。我們正在與各行各業和政府合作，創建一個生態系統，以確保為美國及其盟友提供可靠、可持續的供應。我們很榮幸能參與這項使命，並對未來挑戰的規模感到振奮。

Operator, let's open the line for Q&A.

接線員，我們開始問答環節。

(Operator Instructions) Neal Dingmann, William Blair.

（操作說明）尼爾·丁曼，威廉·布萊爾。

My first question is just on the magnet facility. Specifically, you all mentioned in the prepared remarks about being on track for the commissioning of the commercial scale production in first quarter of next year. Just wondering, could you discuss, Barbara or for you Rob, what steps still are left to achieve this? And what will be needed beyond that to bring the entire Line 1 online?

我的第一個問題是關於磁鐵設施的。具體來說，你們都在事先準備好的發言稿中提到，公司正按計畫推進，爭取在明年第一季啟動商業規模的生產。我想問一下，芭芭拉或是羅布，為了實現這個目標，還需要哪些步驟？除此之外，還需要什麼才能讓1號線全部投入營運？

Sure. It's Rob. I'll take this.

當然。是羅布。我要這個。

Go ahead, Rob.

請繼續，羅布。

So in terms of the line itself, it really comes down to execution at this point. And the two big elements of execution are making sure that we have the equipment installed and up and running, which is going to be completed in Q1 as part of our commissioning.

所以就這條線路本身而言，現在真的要看執行情況了。執行過程中的兩個主要要素是確保設備安裝完畢並投入運行，這將在第一季作為調試工作的一部分完成。

And the second piece is human capital and making sure we have the trained engineers and manufacturing personnel to be able to operate the line. So those are the two big pieces that we're focusing on at this point in time. And we are on track, as we said, to complete -- to essentially complete installing what we need for premanufacturing by the beginning of -- end of Q1, beginning of Q2.

第二點是人力資本，要確保我們有訓練有素的工程師和製造人員來操作生產線。所以，目前我們主要關注的就是這兩方面。正如我們所說，我們正按計劃推進，基本完成預生產所需的安裝工作，預計在第一季末或第二季初完成。

Sounds great. And then my second question, just on LCM. While I know the deal hasn't closed yet, just be able to discuss what gives you all the confidence that going forward that LCM will be able to timely source its needed oxides?

聽起來不錯。我的第二個問題是關於最小公倍數的。雖然我知道交易尚未完成，但能否討論一下是什麼讓你們確信 LCM 今後能夠及時獲得所需的氧化物？

Yes, sure. So as part of our diligence process, what was really important to us is exactly that, that they had the ability to source the range of rare earth oxides and other critical minerals that we need to support not only our efforts, but the needs of their customers as well. And so if you look at what they're going to be doing and have been doing, they are going to be supplying us and they're going to be supplying third-party magnet manufacturers and also supplying samarium and samarium cobalt to the US government as well. And all of those sources are coming from Europe currently, and we expect that to be sufficient to meet our demand certainly over the next year to 18 months.

當然可以。因此，作為我們盡職調查過程的一部分，對我們來說真正重要的是，他們有能力採購我們需要的各種稀土氧化物和其他關鍵礦物，這不僅是為了支持我們的工作，也是為了滿足他們客戶的需求。因此，如果你看看他們正在做什麼和將要做什麼，他們不僅會向我們供應產品，還會向第三方磁鐵製造商供應產品，並且還會向美國政府供應釤和釤鈷。目前所有這些原料都來自歐洲，我們預計在未來一年到一年半的時間裡，這些原料足以滿足我們的需求。

George Gianarikas, Canaccord.

George Gianarikas，Canaccord。

Welcome, Barbara. Maybe to start, I just -- I know you need to use discretion with regard to the customer conversations that you're having, but can you maybe give a little form and shape as to what end markets they may be involved in and how broad in scope some of those conversations are?

歡迎你，芭芭拉。首先，我知道您在與客戶交談時需要謹慎行事，但您能否稍微概括一下他們可能涉及的終端市場以及這些談話的範圍有多廣？

Yes. Let me jump in on this. Rob, sorry, let me just jump in on this quickly with some information about those customer segments. The -- probably the primary thing for us to be thinking about right now is that we prioritize the defense sector. And so conversations with leading aerospace entities and particularly those innovative front runners who need to assure reliable supply.

是的。我也想參與討論。羅伯，不好意思，讓我先快速補充一些關於這些客戶群的資訊。我們現在最應該考慮的可能是優先發展國防領域。因此，我們與領先的航空航太企業，特別是那些需要確保可靠供應的創新領導企業進行了對話。

Now we all know that the aerospace sector is a small segment of the addressable market, but we prioritize that because of its criticality. In addition to that then, we are really pleased at the response from both automotive and then the agricultural sector. Moving forward then, some of the more interesting things are the expanding energy sector. And as you heard in Rob's remarks, the details related to semiconductors as well as data center. Rob, sorry, I jumped in on you.

我們都知道，航空航太領域只是目標市場的一小部分，但由於其重要性，我們優先考慮它。除此之外，我們對汽車產業和農業產業的正面回應感到非常滿意。接下來，一些更有趣的事情是不斷擴張的能源產業。正如你在羅布的演講中聽到的那樣，其中涉及半導體和資料中心方面的細節。羅布，對不起，我打斷你了。

No, that's great. That's perfect. And I think, George, as you look at the demand curve and overall demand, we don't have enough capacity to supply demand for 2026. And certainly, as you look at the demand curve expand in '27, in fact, our demand curve goes out to 2033. What we have to be doing is investing in capacity and capability to meet that demand for a wide range of magnet types. And so that's exactly what we're doing.

不，那太好了。那很完美。喬治，我認為，從需求曲線和整體需求來看，我們沒有足夠的產能來滿足 2026 年的需求。當然，正如你所看到的，需求曲線在 2027 年擴張，事實上，我們的需求曲線一直延伸到 2033 年。我們現在必須做的，是投資於產能和能力建設，以滿足對各種類型磁鐵的需求。所以，這正是我們正在做的。

And maybe as a follow-up to that, to the extent you're trying to build this capacity, you had mentioned previously that it's obviously a capital equipment constraint and a human capital constraint, which of the two is more tight and more difficult to procure?

或許可以作為後續問題，既然您正在努力建立這種能力，您之前也提到過，這顯然是資本設備限制和人力資本限制，那麼這兩者中哪一個更緊張、更難獲得呢？

I mean, I think they're both critical, and they're both elements that we have to work on. Now the capital equipment is a little bit easier to plan, and we do have to plan in advance for that because some of the equipment can take as long as a year to arrive. And as a consequence of that, we're already looking at Line two. So we're making plans there to potentially move forward on that to make sure we have the equipment we need to expand beyond 1,200 metric tons and into 2,400 metric tons in 2026-'27 time frame. So that's one piece, but that is somewhat predictable.

我的意思是，我認為這兩者都至關重要，也是我們必須努力改進的方面。現在，資本設備的規劃相對容易一些，而且我們確實需要提前做好規劃，因為有些設備可能需要長達一年的時間才能到貨。因此，我們已經開始關注第二條線路了。因此，我們正在製定計劃，以便推進這項工作，確保我們擁有所需的設備，在 2026-2027 年期間將產能從 1200 公噸擴展到 2400 公噸。這是其中一部分，但也在某種程度上是可以預見的。

The human capital front really is all about -- again, it's an execution story and making sure you're planning in advance to make sure you have the people you need to be sufficient to run the equipment at full scale. And we're already doing that at our facility right now and making further plans to expand well in advance of our capacity that we have coming online.

人力資本方面的關鍵在於——再說一遍，這是一個執行的故事，要確保你提前做好計劃，確保你有足夠的人員來滿載運轉設備。我們目前已經在工廠裡這樣做，並且正在製定進一步的計劃，以便在我們即將上線的產能之前進行擴建。

(Operator Instructions) Derek Soderberg, Cantor.

（操作說明）Derek Soderberg，坎托爾。

My congrats as well to Barbara. So Barbara, starting with you, you mentioned that the LCM acquisition is on track to close before year-end. But I imagine because the acquisition is pretty strategic to the UK and US militaries that there might be some added hoops to jump through.

我也要祝賀芭芭拉。芭芭拉，先從你開始吧，你提到 LCM 的收購進展順利，預計在年底前完成。但我認為，由於此次收購對英國和美國軍方來說具有相當重要的戰略意義，因此可能需要克服一些額外的障礙。

To the extent you can, I'm wondering if there's a close collaboration between the US and UK governments on the acquisition? And can you provide some insight into your confidence level that the acquisition will actually close? And then I've got a follow-up.

盡可能地，我想知道美國和英國政府在這次收購中是否有密切合作？您能否透露一下您對此次收購最終完成的信心程度？然後我還有一個後續問題。

Yes. Thanks, Derek. Good question. Yes, we actually have high confidence in this. Right now, the UK government, of course, will go through a national security interest determination, right, of their own. We don't see any signals of issues there. And in fact, you can witness the close collaboration of our governments in their ongoing work, particularly in this critical minerals sector.

是的。謝謝你，德里克。問得好。是的，我們對此非常有信心。當然，現在英國政府將會自行進行國家安全利益評估。我們沒有發現任何問題跡象。事實上，您可以親眼見證我們兩國政府在持續合作中，尤其是在這一關鍵的礦產領域，進行的密切合作。

We believe that expansion in the UK is the appropriate first step as we look to really scale this capability outside of China. So the LCM has already begun. So just order ahead of demand as we are doing for the Stillwater facility in Oklahoma, they're getting ready for the increased demand on their operations. And in fact, Grant Smith has been circling the globe, working with all of his stakeholders to ensure everyone understands, in particular, the value proposition of scaling this business and enabling LCM to continue to address the needs of the full competitive field.

我們認為，在英國擴張是合適的第一步，因為我們需要真正將這種能力擴展到中國以外的地區。所以 LCM 已經開始了。所以，就像我們為俄克拉荷馬州斯蒂爾沃特工廠所做的那樣，提前下單以滿足需求，他們正在為營運中不斷增長的需求做好準備。事實上，格蘭特史密斯一直在全球各地奔走，與所有利益相關者合作，以確保每個人都理解，特別是擴大這項業務的價值主張，並使 LCM 能夠繼續滿足整個競爭領域的需求。

This is an area where LCM will have a broad set of customers that even extend beyond those to be addressed by our magnet-making capability.

在這個領域，LCM 將擁有廣泛的客戶群，甚至超越我們磁鐵製造能力所能涵蓋的範圍。

Got it. That's helpful. And then, Rob, I think in the past, correct me if I'm wrong, the plan is to sort of do sort of a cost-plus model for magnet agreements. In that scenario, would all of the plant overhead and direct labor be sort of rolled into the target gross margin you're talking about? And then...

知道了。那很有幫助。然後，羅布，我想過去（如果我沒記錯的話），計劃是採用成本加成模式來簽訂磁石協議。在這種情況下，所有工廠管理費用和直接人工成本是否都會計入您所說的目標毛利率？進而...

That's correct. That's correct.

沒錯。沒錯。

Got it. And then can you help us sort of quantify the variable and fixed costs maybe for the first 1,200 tons or the first line fully up and running or maybe it's easier to do for the full plant just as we're nearing production here? Wondering if you can help us understand some of the variable and fixed cost estimates.

知道了。那麼，您能否幫我們量化一下前 1200 噸或第一條生產線全面投產後的變動成本和固定成本？或者，在我們即將投產之際，對整個工廠進行量化可能會更容易？想請您幫忙理解一些變動成本和固定成本的估算。

Yes. Let me -- I don't have that in front of me right now. Let us follow up on that. I'd be happy to do that.

是的。讓我看看——我現在手邊沒有那個東西。讓我們跟進一下。我很樂意這樣做。

Subhasish Chandra, Benchmark Company.

Subhasish Chandra，基準公司。

The question -- so you talked about the comfort with oxides. Just curious if that extends to the heavies and sort of with the LTM relationship and your expansion, I think, of your customer base, where does the heavy investment? Where is your comfort level there?

問題是——所以你談到了氧化物的舒適性。我只是好奇這是否也適用於重量級客戶，以及隨著長期關係的建立和客戶群的擴張，重量級投資會在哪裡進行？你在那裡感到自在的程度如何？

Yes. So I mean -- so in terms of heavies and global sourcing right now, as I mentioned, I mean, we feel based on current global capacity for heavies, we feel very good that the current capacity will -- can supply us over the next year to 18 months. What is happening in parallel is there is a number of places where heavy capacity is expanding from upstream feedstock and growing. And the processing capability is being expanded in a number of places in parallel. That capacity does have to be put in place from processing heavy rare earth concentrates into oxide.

是的。所以我的意思是——就目前的重型設備和全球採購而言，正如我所提到的，我們根據目前的全球重型設備產能，感覺目前的產能可以滿足我們未來一年到一年半的需求。同時，許多地方的重型產能正從上游原料中擴張並持續成長。而且，處理能力正在多個地方並行擴展。要實現這項產能，就必須將重稀土精礦加工成氧化物。

But we feel confident based upon the number of different potential sources that are ex China that we will have the source of heavies in place to be able to supply us going forward. And it's more than a handful of projects that are going on to be able to provide those heavies. And so what you're looking at is global ex-China expansion in parallel given current capabilities and current investments that are going on.

但基於來自中國的各種潛在來源的數量，我們有信心，我們將擁有足夠的重型燃料來源，能夠滿足我們未來的供應需求。而且，為了提供這些重型設備，正在進行的項目遠不止幾個。因此，你看到的是在現有能力和現有投資的基礎上，中國以外的全球擴張是同步進行的。

Okay. Got it. And then on the PFS, so the PEA, was it last time -- a, does the sort of the PEA still apply? Does that need to be updated at all? Or should we sort of assume that as a given a constant before you launch a PFS?

好的。知道了。然後是關於 PFS，也就是 PEA，上次是什麼時候進行的——a，PEA 的那種情況現在還適用嗎？需要更新嗎？或者我們是否應該假設在啟動 PFS 之前，存在一個給定的常數？

Yes. I mean the PEA is not our PEA. That's TMRC's PEA. I think we've always looked at it as something that provides a general guideline as to what types of minerals are there. But our flow sheet is not based upon their flow sheet.

是的。我的意思是，這個PEA不是我們的PEA。那是TMRC的PEA。我認為我們一直把它看作是提供關於有哪些類型礦物的一般性指導原則的東西。但是我們的流程圖並非基於他們的流程圖。

It is a different flow sheet. And so the economics that we're looking at are different than those on the PEA. So I would say it's helpful, but doesn't really apply to our approach to driving economics from the heavies and critical minerals out of Round Top.

這是不同的流程圖。因此，我們所關注的經濟問題與 PEA 中的經濟問題有所不同。所以我覺得這很有幫助，但其實並不適用於我們從 Round Top 開採重金屬和關鍵礦產來推動經濟效益的方法。

Okay. Got it. So we should wait for your PFS for --

好的。知道了。所以我們應該等你的PFS結果。--

You bet, yes. You bet. I mean the economics that we're looking at are very good. But it is a different -- it assumes a different flow sheet and slightly different mix of rare earths and minerals, particularly ours is focused on heavies. That's really important to understand. Our flow sheet is really focused on heavies and critical metals. It is not really focused on lights.

當然，沒錯。當然。我的意思是，我們所看到的經濟狀況非常好。但這有所不同——它採用了不同的工藝流程圖和略有不同的稀土和礦物混合物，特別是我們的產品側重於重金屬。理解這一點非常重要。我們的流程圖主要關注重金屬和關鍵金屬。它其實並不專注於燈光。

Suji Desilva, ROTH Capital.

Suji Desilva，ROTH Capital。

Rob, Lionel and Barbara, best of luck in the new role. So the initial customer MOUs are hitting a phase now where you'll be getting POs, I'm wondering if the pricing is coming in as expected if the customers are comfortable with the levels you had kind of guided to earlier?

羅布、萊昂內爾和芭芭拉，祝福你們在新崗位上一切順利。所以，最初的客戶諒解備忘錄現在進入了開始收到採購訂單的階段，我想知道定價是否符合預期，客戶是否對您之前引導的價格水平感到滿意？

As expected, yes.

正如預期的那樣，是的。

Great. And then your thoughts on larger customers who might support line expansion with capital infusions of their own versus using USAR capital to grow across the diversified customers. Any updated thoughts there?

偉大的。那麼，對於可能透過自有資金注入來支持產品線擴張的大客戶，您有什麼看法？還是應該利用 USAR 的資金來拓展多元化的客戶群？有什麼新的進展嗎？

Yes. I mean we're still primarily focused on using our own capital to expand the line. I mean you raised a good question. It is a debate. But given the demand and the demand curve that we have across a wide range of customers and industries, it does support going on our own in terms of our investments near term.

是的。我的意思是，我們目前仍然主要專注於利用自有資金來擴大產品線。你提出了一個很好的問題。這是一場辯論。但考慮到我們在廣泛的客戶群和行業中擁有的需求和需求曲線，這確實支持我們在近期投資方面採取獨立自主的策略。

Now having said that, of course, we cannot rule out a large customer, many of which we are talking to coming in and taking down an entire line. But for the time being, we're going with a range of different customers across a range of different magnet types and be able to produce for them over a number of years using batch processing. So yes, that is our current focus.

當然，話雖如此，我們也不能排除大客戶（我們正在與其中許多客戶洽談）前來拆除整條生產線的可能性。但就目前而言，我們正在與各種不同的客戶合作，生產各種不同類型的磁鐵，並能夠透過大量生產的方式為他們生產數年。是的，這就是我們目前的工作重點。

This concludes our question-and-answer session. I would like to turn the conference back over to Lionel McBee for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給萊昂內爾·麥克比，請他作總結發言。

Thank you. And thank you all again for joining us this evening and for your time. Please feel free to reach out to us with any additional questions tomorrow or over the coming days. Look forward to speaking with you.

謝謝。再次感謝各位今晚蒞臨，並抽出寶貴時間。如果您明天或接下來幾天還有其他問題，請隨時與我們聯絡。期待與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。