USA Rare Earth Inc (USAR) 2025 Q1 法說會逐字稿

Good day, and welcome to the USA Rare Earth first-quarter 2025 earnings call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加美國稀土公司2025年第一季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Lionel McBee, Vice President of Investor Relations. Please go ahead.

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。

Good afternoon, everyone, and welcome to USA Rare Earth's 2025 first-quarter earnings conference call. My name is Lionel McBee, and I am the Vice President of Investor Relations. I'm here today with our Chief Executive Officer, Joshua Ballard; and our Chief Financial Officer, Rob Steele.

各位下午好，歡迎參加美國稀土公司2025年第一季財報電話會議。我叫萊昂內爾‧麥克比，我是投資人關係副總裁。今天我與執行長 Joshua Ballard 和財務長 Rob Steele 一起出席了活動。

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, and projections.

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可獲得的資訊以及管理階層的信念、假設、估計和預測。

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 and forward-looking statements.

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。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和前瞻性聲明中包含的結果有重大差異的重要因素。

All statements made during this call are made only as of today, May 14, 2025, and the company expressly disclaims any intent or obligation to obtain forward-looking statements made during this call to reflect subsequent events or circumstances, unless otherwise required by law.

本次電話會議中所做的所有陳述僅代表截至 2025 年 5 月 14 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意圖或義務使本次電話會議中作出的前瞻性陳述反映後續事件或情況。

With that, at this point, I will turn the call over to Josh.

那麼，現在我將把電話交給喬許。

Thank you, Lionel. I want to thank all of you for joining our very first earnings call since we merged with Inflection Point and started trading on March 14. It's been an exciting past couple of months, and much has happened at the company as well as in the world and in our industry, culminating in our $75 million equity raise just two weeks ago. We are in a firm financial position and moving swiftly to scale. It's an exciting time at USA Rare Earth, full of a lot of hard work but incredibly rewarding work.

謝謝你，萊昂內爾。我要感謝各位參加我們自 3 月 14 日與 Inflection Point 合併並開始交易以來的首次財報電話會議。過去的幾個月令人興奮，公司、世界和我們所在的行業都發生了很多事情，最終在兩週前完成了 7500 萬美元的股權融資。我們財務狀況穩健，正迅速擴大規模。對於美國稀土公司來說，這是一個令人興奮的時期，充滿了艱苦的工作，但同時也帶來了巨大的回報。

In this first call, I want to lay out our long-term vision and strategy for the large number of investors who have not had the opportunity to hear it. We will discuss our current status, as well as the short-term milestones that will serve as key markers as we seek to methodically create value for our shareholders each year while we build a growing and cash-flow-generating business. We understand that we must build trust with the wider investment community to ensure that value is created while this long-term story is being built. To do that, you must see the future and believe that we can achieve it.

在本次電話會議中，我想向眾多尚未有機會了解我們長期願景和策略的投資者闡述我們的願景和策略。我們將討論我們目前的狀況，以及短期里程碑，這些里程碑將作為關鍵標誌，因為我們將努力每年為股東創造價值，同時建立一個不斷成長且能產生現金流的業務。我們明白，我們必須與更廣泛的投資界建立信任，以確保在建立這個長期願景的過程中創造價值。要做到這一點，你必須看到未來，並相信我們能夠實現它。

Let's start with painting the big picture of that future. Global geopolitical tensions have caused this quiet industry to rise to the top of conversation for weeks. Even my 86-year-old mother now understands how critical rare earths are to our day-to-day lives. She knows that incredibly powerful and compact rare earth permanent magnets underpin much of our modern technology, quietly translating electricity into motion in profound and unexpected ways.

讓我們先來描繪一下未來的宏偉藍圖。全球地緣政治緊張局勢導致這個原本平靜的產業連續數週成為人們熱烈討論的話題。就連我86歲的母親現在也明白了稀土元素對我們的日常生活有多重要。她知道，極其強大且結構緊湊的稀土永磁體支撐著我們許多現代技術，它們以深刻而意想不到的方式悄悄地將電能轉化為動能。

The export ban from China of certain heavy rare earths and these permanent neo magnets are not only a political statement, as it hammers critical American sectors such as defense, automotive, aerospace, and robotics, but a personal one as well. Gadolinium is used as a contrasting agent in millions of MRI scans every year. Yttrium is used in radiation therapy for certain cancers. Permanent neo magnets are in the computers you are working on, your mobile phones, the cars we drive, the airplanes we fly in, and the list goes on.

中國禁止出口某些重稀土和永久磁鐵，這不僅是一種政治表態，因為它打擊了美國國防、汽車、航空航太和機器人等關鍵產業，也是一種個人表態。每年數百萬次的核磁共振掃描中都會使用钆作為顯影劑。釔用於某些癌症的放射治療。你正在使用的電腦、你的手機、我們駕駛的汽車、我們搭乘的飛機等等，都使用了永久磁鐵。

America gave up its ability to not only mine and process these minerals, but to make the metals and critically important magnets as well. It's a Manhattan Project moment for America to invest and rebuild this lost art that makes up a combined approximately $40 billion-plus industry. And of course, you can look at USA Rare Earth as a microcosm of this entire industry, which we are at the forefront of.

美國不僅放棄了開採和加工這些礦物的能力，還放棄了製造這些金屬和至關重要的磁鐵的能力。對美國來說，這是一個堪比「曼哈頓計畫」的時刻，需要投資並重建這門失落的藝術，它構成了一個價值超過 400 億美元的產業。當然，您可以將美國稀土公司視為整個行業的縮影，而我們正處於這個行業的前沿。

We are actively building the largest fully domestic neo magnet manufacturing facility in the United States. To support this facility, we're developing our own rare earth mineral processing technology to unlock our heavy rare earth deposit in West Texas. We'll also look to rebuild rare earth metal making, either on our own or together with partners, to return this capability home to America.

我們正在積極建造美國最大的完全自主研發的釹磁鐵製造工廠。為了支持該設施的建設，我們正在開發我們自己的稀土礦物加工技術，以開採我們在西德克薩斯州的重稀土礦藏。我們還將尋求重建稀土金屬製造能力，無論是依靠自身力量還是與合作夥伴共同努力，將這項能力帶回美國。

I often get the question as to why it is so important for us to look at building each stage of the rare earth magnet supply chain. After all, it's no small task. My answer is that we must build a business that can compete for decades to come, not just for the next couple of years.

我經常被問到，為什麼對我們來說，關注稀土磁鐵供應鏈的每個環節的建造如此重要。畢竟，這可不是一件小事。我的答案是，我們必須打造一個能夠在未來幾十年內保持競爭力的企業，而不僅僅是未來幾年。

All this noise in the market today is temporary. Tariffs will come and go, and memories are short. To compete globally, we must control costs at every stage of the supply chain. We will do this either by building on our own or partnering closely with others in the industry to achieve the same.

如今市場上的所有喧囂都是暫時的。關稅政策來來去去，人們的記憶也很短暫。為了在全球範圍內保持競爭力，我們必須控制供應鏈每個環節的成本。我們將透過自主研發或與業內其他公司緊密合作來實現這一目標。

We have a unique opportunity today to grow USA Rare Earth into the premier rare earth mineral and magnet company in the United States. We saw an incredible opportunity before the election last year, and recent events have only made this opportunity even more real and more urgent. We believe that we are witnessing a permanent change to how America and likely the world views China's tight hold to these important resources. What you will see is that our intent is to build a great business with a methodical and focused approach without hype to take advantage of this significant dislocation in this market.

如今，我們擁有一個獨特的機會，可以將美國稀土公司發展成為美國首屈一指的稀土礦物和磁鐵公司。去年大選前，我們看到了一個絕佳的機會，而最近發生的事件只會讓這個機會變得更加真實、更加緊迫。我們認為，我們正在見證美國乃至全世界對中國牢牢掌控這些重要資源的看法永久改變。您將會看到，我們的目標是透過有條不紊、目標明確的方式，不靠炒作，打造一家偉大的企業，從而利用當前市場的重大變故。

Let's get into it, and I will start with our strategy and an update on our magnet business. Our near-term value creation event is the commissioning of our 310,000-square-foot NdFeB or neo magnet facility in Stillwater, Oklahoma. I believe we have put an aggressive but achievable plan in place to commission this plant by early next year and couldn't be more pleased with our progress to date. Ultimately, this facility will produce nearly 5,000 metric tons of neo magnets, hundreds of millions of magnets, with revenues of roughly $700 million to $800 million annually at full capacity.

讓我們進入正題，我將首先介紹我們的策略以及磁鐵業務的最新進展。我們近期創造價值的事件是位於俄克拉荷馬州斯蒂爾沃特的佔地 310,000 平方英尺的釹鐵硼（釹磁鐵）工廠的投產。我相信我們已經制定了一個積極但可行的計劃，爭取在明年初投入使用這座工廠，我對迄今為止的進展感到非常滿意。最終，該工廠將生產近 5,000 公噸釹磁鐵，數億個磁鐵，滿載運轉時，年收入約為 7 億至 8 億美元。

Let's put the size of this facility into the perspective of the broader neo magnet market. By 2026, the overall neo magnet market is estimated to be at roughly 250,000 metric tons per year, per Adamas Intelligence, and is on track to double to 500,000 metric tons over the next decade. The United States is estimated to be about 20% of this market, or nearly 50,000 metric tons per year, which is also expected to approximately double over the same period. Currently, the US imports nearly all of its neo magnets from China. Therefore, even if our facility was at full capacity today, we would be only 10% of the overall US market, which is looking to at least double in the coming decade.

讓我們從更廣泛的釹磁鐵市場的角度來看待這個設施的規模。根據 Adamas Intelligence 估計，到 2026 年，釹磁鐵市場總量將達到每年約 25 萬噸，並預計在未來十年內翻一番，達到 50 萬噸。據估計，美國約佔該市場的 20%，即每年近 5 萬公噸，預計在同一時期內也將翻倍。目前，美國幾乎所有的釹磁鐵都從中國進口。因此，即使我們今天的工廠滿載運轉，我們也只能占美國整體市場的 10%，而美國整體市場在未來十年至少會翻倍。

Our strategy is one of execution. We have a large market hungry for domestic supply, which is non-existent. We are bringing known manufacturing technologies back to the US to sell into that hungry market. There's no smoke and mirrors here, no fantastical assumptions about a market that may or may not exist, no unfounded belief in a product that hasn't yet been proven. We are simply building a plant with known technologies to make great-quality products for a market asking for domestic supply.

我們的戰略是執行戰略。我們擁有一個對國內供應需求龐大的市場，但國內供應​​卻不存在。我們將成熟的製造技術帶回美國，以供應那個充滿需求的市場。這裡沒有故弄玄虛，沒有對可能存在也可能不存在的市場做出不切實際的假設，也沒有對尚未驗證的產品抱持毫無根據的信念。我們只是利用成熟技術建造一座工廠，為市場提供高品質的產品，以滿足國內供應的需求。

The only real question to ask ourselves is how fast can we build and scale it. We are actively working to build and commission our first production line, which will be 25% of our capacity, or 1,200 metric tons per year, which should translate into roughly $150 million to $200 million in revenue. Our target is to commission this line in the first half of 2026 and then scale up to 1,200 metric tons by the end of next year.

我們唯一真正需要問自己的問題是，我們能以多快的速度建造和擴展它。我們正在積極努力建造和調試我們的第一條生產線，這將占我們產能的 25%，即每年 1200 公噸，這將帶來約 1.5 億至 2 億美元的收入。我們的目標是在 2026 年上半年投產這條生產線，然後在明年年底前將產能擴大到 1,200 公噸。

There are three stages to achieve this. The first two stages will happen concurrently. First, we are building out and enhancing the infrastructure of our facility to optimize the plant floor for commercial neo magnet production. Second, we must commission the existing equipment that we have on site. This equipment, which we purchased used a few years ago, is what I call the backbone of our first line. This backbone takes the metal we purchase, that turns that metal into a powder, presses that powder into large blocks, cuts those large blocks into pieces close to size, and then sinters or cooks those pieces into hardened magnets in our furnaces.

要實現這一目標需要三個階段。前兩個階段將同時發生。首先，我們正在建造和改進工廠的基礎設施，以優化車間佈局，用於商業化釹磁鐵的生產。其次，我們必須調試現場現有的設備。這套設備是我們幾年前購買的二手設備，我稱之為我們第一條生產線的骨幹。這條生產線將我們購買的金屬加工成粉末，將粉末壓製成大塊，再將這些大塊切割成尺寸相近的小塊，最後在我們的熔爐中將這些小塊燒結或燒製成硬化的磁鐵。

This process will be essentially the same for all customers. We are already shaking out and commissioning this equipment, which we will finish this year. The final stage will be to commission the finishing equipment, which is on order from vendors in the US, South Korea, and Japan. This finishing equipment includes capabilities such as grinding, polishing, coating, and grain boundary diffusion. To be clear, this is a very aggressive schedule, although an achievable one. However, we should not be blind to the inherent risks associated with it.

所有客戶的流程基本上相同。我們已經在進行設備的調試和調試工作，將於今年完成。最後階段將是對精加工設備進行調試，這些設備已向美國、韓國和日本的供應商訂購。此精加工設備具備研磨、拋光、塗層和晶界擴散等功能。需要說明的是，這是一個非常激進的計劃，雖然是可以實現的。但是，我們不應忽視與之相關的固有風險。

Outside of typical potential construction delays, there are two key risks to be aware of, which we will address and update you on throughout the year as we make progress. First, while our existing equipment was only used for a brief period of time and has been well taken care of, it has not been run for a number of years. To avoid any delays in shipping product next year, we are testing this equipment thoroughly with the original vendors throughout this year.

除了常見的潛在施工延誤之外，還有兩個主要風險需要注意，我們將在全年施工過程中逐步解決並向您報告進度。首先，雖然我們現有的設備只使用了很短的時間，而且保養得很好，但它已經好幾年沒有運作了。為避免明年產品出貨出現任何延誤，我們今年將與原供應商一起對該設備進行全面測試。

Second, while we have built a strong foundational team of great engineers who are very versant in magnets and production, we must continue to bring in specialized talent to accelerate our scale-up and to ensure we build high-quality magnets for our customers. We are tackling this challenge in three ways. One, we are seeking individuals with high-volume manufacturing experience who come from related areas such as ceramics. Two, we will build a robust quality management system to identify and fix errors as early in the process as possible. And three, we will leverage magnet expertise inside and outside of the company to train and enhance our team.

其次，雖然我們已經建立了一支由精通磁鐵和生產技術的優秀工程師組成的強大基礎團隊，但我們必須繼續引進專業人才，以加快規模化生產，並確保為客戶製造高品質的磁鐵。我們正從三個方面來應對這項挑戰。第一，我們正在尋找具有大量生產經驗，且來自陶瓷等相關領域的人才。第二，我們將建立健全的品質管理體系，以便在流程早期發現並修正錯誤。第三，我們將利用公司內外的磁鐵專業知識來培訓和提升我們的團​​隊。

Despite some of these challenges, we are confident in our ability to get high-quality labor in Oklahoma. For example, Stillwater is the home of Oklahoma State University, and there are scores of technical schools within 100 miles of our plant that can provide low-cost, high-value labor as we scale.

儘管面臨一些挑戰，但我們有信心在俄克拉荷馬州獲得高品質的勞動力。例如，斯蒂爾沃特是俄克拉荷馬州立大學所在地，而且在我們工廠方圓 100 英里內還有數十所技術學校，隨著我們規模的擴大，這些學校可以提供低成本、高價值的勞動力。

In addition to building our plant, we are also building a pipeline of customers to fill it in 2026. Our singular goal this year is to secure commitments for product deliveries in 2026. To do so, we are talking to a diverse array of customers from EV manufacturing, auto supply, industrial applications, robotics, medical supply companies, defense, consumer products, among others. We will also be hiring to augment and grow our sales team.

除了建造工廠外，我們還在建立客戶管道，以便在 2026 年填滿工廠。我們今年的唯一目標是確保 2026 年的產品交付承諾。為此，我們正在與來自電動車製造、汽車供應、工業應用、機器人、醫療用品公司、國防、消費品等產業的眾多客戶進行洽談。我們也將招募人員來擴充和壯大我們的銷售團隊。

I should be clear that while we have been building relationships with customers for the past couple of years, we started our sales process in earnest with the commissioning of our Innovations Lab this past March. We are now prototyping magnets which allow our customers to physically test and qualify our product. This, along with the significant and positive change in our financial position, has changed the tenor of discussions. Many customers are excited to potentially partner with us to bring their supply back home to America.

需要說明的是，雖然過去幾年我們一直在與客戶建立關係，但我們真正開始銷售流程是從今年三月創新實驗室的啟用開始的。我們目前正在製作磁鐵原型，以便我們的客戶能夠對我們的產品進行實際測試和驗證。這一點，再加上我們財務狀況的顯著改善和積極變化，改變了討論的基調。許多客戶都對與我們合作，將他們的供應鏈帶回美國感到興奮。

Unlike most of our peers in this market, we are building this plant for a wider and more diverse set of customers and industries. Our first line will be focused on small- to medium-sized customers anywhere from 20 tons per year up to a few hundred tons per year. Focusing on a diverse and manageable set of customers will allow us to start with simpler products at somewhat lower volumes, better margins, and to build up the volume in a thoughtful manner and with great partners.

與市場上的大多數同行不同，我們建造這座工廠是為了服務更廣泛、更多樣化的客戶和產業。我們的第一條生產線將專注於年產量從 20 噸到幾百噸不等的中小型客戶。專注於多元化且易於管理的客戶群，可以讓我們從產量稍低、利潤更高的簡單產品入手，然後透過深思熟慮的方式，與優秀的合作夥伴一起逐步擴大產量。

Of course, we will also seek to build a mix of larger customers and we are actively in discussions with several large auto and industrial manufacturers today. This qualification process will take some time, and we do not expect revenues from this type of high-volume customer next year. In the meantime, we will build a great business with our partners in the small- to medium-sized customer base.

當然，我們也會努力爭取更多大型客戶，目前我們正在積極與幾家大型汽車和工業製造商進行洽談。這項資格認證流程需要一些時間，我們預計明年不會從這類大批量客戶那裡獲得收入。同時，我們將與中小企業客戶群中的合作夥伴共同打造卓越的業務。

As our pipeline solidifies in the coming quarters, we will be able to talk more definitively about our revenue and profit expectations for next year. Our goal is to fill the capacity of our first line by the end of 2026 or early 2027. We believe we are well placed with feedstock for the plant for the next few years to support that growth.

隨著未來幾季專案儲備的逐步穩定，我們將能夠更明確地談論明年的收入和利潤預期。我們的目標是在 2026 年底或 2027 年初之前填滿第一條生產線的產能。我們相信，未來幾年工廠所需的原料供應充足，足以支持其發展。

However, despite our big goals, we are also manufacturers. We understand that we have to walk before we run. We will start slowly in the first half of the year as we commission equipment, shake out our plant, and build and test our processes to ensure we are making high-quality magnets following commissioning. Once we are comfortable we can scale and maintain quality, we will begin to add more significant volumes. This will allow us to build a strong foundation from which we can scale much swifter in 2027.

然而，儘管我們目標遠大，但我們同時也是製造商。我們明白，必須先學會走路，才能學會跑步。今年上半年我們將穩步推進，調試設備，完善工廠，並建立和測試我們的工藝流程，以確保調試完成後能夠生產出高品質的磁鐵。一旦我們有能力擴大規模並保持質量，我們將開始大幅增加產量。這將使我們能夠建立一個強大的基礎，從而在 2027 年更快地擴大規模。

We are also looking at how we can scale faster to meet this moment in history. We believe we can scale to the full 5,000 tons over the next couple of years under the right conditions. The critical gaining factor for us to execute on a more accelerated plan is financing. Capital is the fuel that will run this machine, and I think we have proven that we can raise money when we need it. Rob will talk more about this in a moment.

我們也在研究如何更快地擴大規模，以適應這一歷史時刻。我們相信，在合適的條件下，未來幾年內我們可以將產量擴大到5,000噸。我們加快推進計劃的關鍵因素是資金。資金是驅動這台機器運轉的燃料，我認為我們已經證明，我們可以在需要的時候籌集到資金。羅布稍後會詳細談談這個問題。

Let's now turn to our Round Top deposit, where we continue work to unlock the long-term value that can be created from our unique heavy rare earth deposit in West Texas. Ultimately, our goal is to produce both the feedstock for our magnet facility, as well as to sell excess minerals to the market.

現在讓我們來看看我們的 Round Top 礦床，我們將繼續努力，釋放我們在西德克薩斯州獨特的重稀土礦床所能創造的長期價值。最終，我們的目標是既生產磁鐵工廠所需的原料，又將多餘的礦物出售到市場上。

We view our Round Top asset as a national asset, one that is unique among its peers here in the United States. Round Top Mountain has been extensively researched starting in the 1980s with over 45,000 feet of boreholes drilled that show a consistent deposit rich in heavy rare earths and other tech metals. Most known deposits in the US, including the one operating rare earth mine in California, are rich in the light rare earth lanthanum and cerium, the most abundant and low value of all rare earths, as well as some neodymium and praseodymium, the two minerals critical for centered neo magnet manufacturing.

我們認為我們的 Round Top 資產是一項國家級資產，在美國同類資產中獨一無二。自 1980 年代以來，圓頂山已進行了廣泛的研究，鑽探了超過 45,000 英尺的鑽孔，結果顯示該山蘊藏著豐富的重稀土和其他技術金屬礦藏。美國已知的大多數礦藏，包括加州正在運作的稀土礦，都富含輕稀土鑭和鈰（稀土元素中最豐富、價值最低的元素），以及一些釹和镨（這兩種礦物對於製造中心釹磁鐵至關重要）。

Our deposit is unique in that it is rich in the heavy rare earths that were recently put on the export control list by China. We have all the heavy rare earths in Round Top with significant amounts of high-value minerals, such as dysprosium, terbium, lutetium, among others, in addition to the key magnet minerals neodymium and praseodymium. Round Top also has one of the largest known deposits of gallium, which was banned by China in 2024 and is critical to the semiconductor and defense industries.

我們的礦藏獨一無二，因為它富含中國最近列入出口管制清單的重稀土元素。Round Top 蘊藏著各種重稀土元素，以及大量的高價值礦物，如鏑、铽、镥等，此外還有重要的磁性礦物釹和镨。Round Top 還擁有已知最大的鎵礦藏之一，鎵於 2024 年被中國禁止開採，而鎵對半導體和國防工業至關重要。

I often get questions from people who have been following our progress as to why it is taking us so long to develop Round Top. Let's talk about the challenges in our deposit, but also why we are feeling more confident today. Rare earth minerals are rare because they are dispersed throughout the rock in very low concentrations. At Round Top, many minerals are found in hundreds of parts per million or less. Therefore, you have to process a lot of rock, and even once you have extracted these minerals in bulk from the rock, it is still challenging to separate them into individual oxides.

常常有人問我，為什麼我們開發圓頂山專案需要這麼長時間。這些人一直關注著我們的進展。讓我們來談談我們在存款方面面臨的挑戰，以及我們今天為何更有信心。稀土礦物之所以稀少，是因為它們在岩石中以極低的濃度分散存在。在圓頂山，許多礦物的含量都低於百萬分之幾百。因此，你必須處理大量的岩石，即使你已經從岩石中大量提取出這些礦物，將它們分離成單個氧化物仍然是一個挑戰。

Each deposit has its own unique challenges and impurities, and so approaches to processing the ore differ from one deposit to the next. Our ore at Round Top Mountain, for example, is high in calcium, iron, and aluminum, which creates difficulties as we seek to remove those impurities to extract the valuable rare earths and tech metals that will make this deposit a financial success. We are also seeking to separate out and sell a wide range of minerals, adding further complexity.

每個礦床都有其獨特的挑戰和雜質，因此，不同礦床的礦石處理方法也各不相同。例如，我們在圓頂山的礦石中鈣、鐵和鋁的含量很高，這給我們在去除這些雜質以提取有價值的稀土和科技金屬時帶來了困難，而這些稀土和科技金屬將使礦床獲得經濟上的成功。我們也試圖將各種礦物分離出來出售，這進一步增加了複雜性。

Our great team in Colorado has been working diligently on the process engineering for Round Top for over three years, and despite challenges, we are finding success. We have now established many of the processes that we will use at the mine. We have also separated many of the rare earths from Round Top ore into individual oxides that exceed 99% purity using our proprietary ion exchange technology.

我們在科羅拉多州的優秀團隊已經為 Round Top 的工藝工程辛勤工作了三年多，儘管面臨挑戰，但我們取得了成功。我們現在已經確定了礦山將要使用的許多流程。我們也利用我們專有的離子交換技術，將 Round Top 礦石中的許多稀土元素分離成純度超過 99% 的單一氧化物。

Based on these successes, we have been ramping up our work in Colorado this year. We have four main areas of focus today. One, we are scaling up our production of leach solution to move from batch to continuous testing at our facility in Colorado. We have significantly increased the amount of rock being processed to create enough bulk solution to run continuously through our processes. Two, with increased bulk solution, we can now establish processes to extract those minerals present in lower quantities in the rock, but that are important to Round Top's values, such as gallium and uranium.

基於這些成功經驗，我們今年加大了在科羅拉多州的工作力道。我們今天主要關註四個方面。第一，我們正在擴大科羅拉多州工廠的浸出液生產規模，以從批量測試轉向連續測試。我們大幅增加了岩石的處理量，以產生足夠的散裝溶液，從而能夠持續地在我們的生產過程中運行。第二，隨著溶液體積的增加，我們現在可以建立工藝來提取岩石中含量較低但對圓頂山價值很重要的礦物，例如鎵和鈾。

Three, once we have successfully established our processes for these remaining minerals, we can focus on specific areas of the flow sheet to reduce future capital and operating expenses to support a higher ROI. Four, finally, we are seeking to establish a method for recycling and reusing the acids and reagents used in processing. This will allow us to minimize spend, as well as to be responsible stewards of the land.

第三，一旦我們成功建立了剩餘礦物的加工工藝，我們就可以專注於流程圖中的特定領域，以減少未來的資本和營運支出，從而獲得更高的投資報酬率。第四，最後，我們正在尋求建立一種方法來回收和再利用加工過程中使用的酸和試劑。這將使我們能夠最大限度地減少開支，同時也能成為土地的負責任的管理者。

Let's also discuss the broad framework from which we will develop Round Top in the coming years, which I prefer to break out into five stages. The first two stages consist of first the flow sheet, which sets the methods by which you will mine the rock and process the minerals, and second, the pre-feasibility study, which independently establishes the value of the deposit and thereby projected ROI of the project. We are at these early stages today in our development of Round Top, and these activities reflect relatively low levels of spending. I view these investments as a low-cost option that may unlock incredible value for the company in the coming years.

我們也可以討論未來幾年我們將以此為基礎發展 Round Top 的整體框架，我更傾向於將其分為五個階段。前兩個階段包括：首先是流程圖，它規定了開採岩石和加工礦物的方法；其次是預可行性研究，它獨立地確定了礦床的價值，從而確定了專案的預期投資回報率。目前，我們正處於 Round Top 開發專案的早期階段，這些活動反映出支出水準相對較低。我認為這些投資是一種低成本的選擇，可能會在未來幾年為公司釋放巨大的價值。

With success, we will move into the third stage, which is the development and construction of a pilot plant. Here, we would invest tens of millions of dollars. However, this would only happen after we had established and communicated the value of the future mine. Following the pilot plant, large investments would begin in the fourth and fifth stages when we publish a definitive feasibility study, and then finally, we would proceed to the engineering and construction of the mine itself.

如果成功，我們將進入第三階段，即中試工廠的開發與建設。在這裡，我們將投資數千萬美元。但是，這只有在我們確定並傳達了未來礦山的價值之後才會發生。在試點工廠建成後，我們將在第四和第五階段發布最終可行性研究報告，屆時將開始大規模投資，最後，我們將著手進行礦場本身的工程設計和建造。

Today, we are targeting to establish the flow sheet, finish our pre-feasibility study, and build a pilot plant over the next couple of years. If successful, this will generate considerable value to USA Rare Earth long before we begin the larger investments in the mine itself.

今天，我們的目標是在未來幾年內完成製程流程圖的製定、可行性預研究和中試工廠的建造。如果成功，這將為美國稀土公司創造可觀的價值，遠早於我們對礦場本身進行更大規模的投資。

The work that happens this year is the critical milestone to taking this important step and will define whether we hold to that timeline. We will continue to keep you updated throughout each quarter on our progress. Our next milestone is to generate enough product of each of the individual monetizable minerals to allow us to finalize our flow sheet, which we'll update you on in August.

今年開展的工作是邁出這一重要一步的關鍵里程碑，並將決定我們能否按時完成這項時間表。我們將持續向您報告每季的進度。我們的下一個里程碑是生產足夠數量的每種可獲利礦物的產品，以便我們最終確定製程流程圖，我們將在 8 月向您報告最新進展。

Both our magnet facility and our development work at Round Top are big projects. However, the world and geopolitics have turned in our favor. Despite the uncertainty in the market, we believe that, on balance, this uncertainty is good for USA Rare Earth.

我們的磁鐵生產設施和朗德托普的開發工作都是大型專案。然而，世界和地緣政治情勢已經對我們有利。儘管市場存在不確定性，但我們認為，整體而言，這種不確定性對美國稀土有利。

In addition to the operational approach I've described today, we have also launched a significant outreach program to the federal government in the past few months. I've spoken to many people in both the executive office, as well as many of the agencies, and will continue to do so. There's clearly an incredible urgency throughout the federal government today seeking solutions to help stand up this supply chain in America. I look forward to seeing what the administration will do in the coming months.

除了我今天介紹的運作方式之外，在過去的幾個月裡，我們還啟動了一項重要的聯邦政府宣傳計畫。我已經與行政辦公室的許多人以及許多機構的人員進行了交談，並將繼續這樣做。如今，美國聯邦政府顯然迫切希望找到解決方案，幫助重建美國的供應鏈。我期待看到政府在未來幾個月會採取哪些行動。

With that, I will hand it over to Rob to walk through our financial position and how the year will unfold.

接下來，我將把發言權交給羅布，讓他來介紹我們的財務狀況以及今年的發展計畫。

Thank you, Josh, and thank you, everyone, for joining us today. We are bringing the rare earth mineral supply chain back to the US, and I'm excited to share our financial plans and our first-quarter financial update.

謝謝喬希，也謝謝各位今天能來參加我們的節目。我們將把稀土礦物供應鏈帶回美國，我很高興與大家分享我們的財務計劃和第一季財務更新。

Our merger with Inflection Point in mid-March gave us the access to the capital markets that we needed, and we have already raised $90 million in proceeds from our PIPE and from our SPAC-related forward purchase agreements. We now have over $100 million on our balance sheet and are well positioned to execute on the initial phase of our strategic plan.

3月中旬，我們與Inflection Point的合併使我們獲得了所需的資本市場准入，我們已經透過PIPE和SPAC相關的遠期購買協議籌集了9000萬美元的資金。我們現在的資產負債表上有超過 1 億美元的資金，完全有能力執行我們策略計畫的第一階段。

As Josh described earlier, our plan is to ultimately grow our rare earth magnet production to 5,000 metric tons per year and further advance our Round Top Mountain project once we have achieved a successful flow sheet. In Stillwater, we are not only investing in the physical build of our plant, but also in our teams, operational infrastructure, and systems to ensure we can achieve our key goals and produce a quality and consistent product for our customers.

正如 Josh 之前所描述的那樣，我們的計劃是最終將稀土磁鐵的年產量提高到 5000 公噸，並在我們獲得成功的流程圖後進一步推進我們的圓頂山項目。在史蒂爾沃特，我們不僅在工廠的實體建設上進行投資，還在我們的團隊、營運基礎設施和系統上進行投資，以確保我們能夠實現關鍵目標，並為我們的客戶生產高品質、穩定的產品。

To support this build and prepare for future growth, we are adding team members in key roles ahead of our revenue ramp, which will largely affect our SG&A expense. As of March 31, 2025, we had nearly 40 full-time employees and expect to more than double our headcount by year-end. The majority of our hires will be at our Stillwater facility, but will also include key executives as well as sales and support staff. Therefore, you should generally expect our SG&A to grow in a manner consistent with our planned growth in headcount and our investments in infrastructure and systems.

為了支持這項發展並為未來的成長做好準備，我們將在收入成長之前增加關鍵職位的團隊成員，這將極大地影響我們的銷售、一般及行政費用。截至 2025 年 3 月 31 日，我們擁有近 40 名全職員工，預計到年底員工人數將增加一倍以上。我們的大部分新員工將在我們的斯蒂爾沃特工廠工作，但也包括一些重要的管理人員以及銷售和支援人員。因此，一般來說，您應該預期我們的銷售、一般及行政費用將按照我們計劃的人員增長以及對基礎設施和系統的投資的增長方式進行增長。

For 2025, we expect our per-quarter operating expenses to fall between $8 million and $9 million. In order to commission our Stillwater magnet facility, we expect to invest approximately $60 million to $65 million of capital in the plant build this year. This number could change as we progress the engineering and proceed to quoting some of the larger aspects of the project. We should also note that we are uncertain today of how tariffs could affect this number, especially as it relates to the steel purchases and the finishing equipment we will be receiving from overseas. However, worst case, we believe the effect will remain in the single-digit millions, if in fact unavoidable.

預計到 2025 年，我們每季的營運費用將降至 800 萬美元至 900 萬美元之間。為了投產我們的斯蒂爾沃特磁鐵工廠，我們預計今年將投資約 6,000 萬至 6,500 萬美元用於工廠建設。隨著工程的推進以及對專案一些較大部分的報價，這個數字可能會改變。我們也應該注意到，目前我們尚不確定關稅會對這個數字產生怎樣的影響，特別是與我們將從海外採購的鋼鐵和精加工設備有關。然而，在最壞的情況下，我們認為即使不可避免，影響也將保持在數百萬美元的個位數。

Now to our financial results. For our first quarter of 2025, we generated an operating loss of $8.7 million, versus an operating loss of $4.7 million year on year, mainly driven by increases in SG&A expenses related to our merger. Approximately $3.7 million of this increase in SG&A was related to merger-related expenses.

現在來看我們的財務表現。2025 年第一季度，我們錄得營業虧損 870 萬美元，而上年同期營業虧損為 470 萬美元，主要原因是與合併相關的銷售、一般及行政費用增加。此次銷售、一般及行政費用增加中，約有 370 萬美元與合併相關費用有關。

Our R&D expense decreased year over year due to efforts to minimize spend until our merger was completed.

由於我們努力在合併完成前最大限度地減少支出，我們的研發費用逐年下降。

Net income attributable to common was $51.8 million, or $0.58 per fully diluted share, driven by a $60.3 million non-cash gain from marking to market our warrant and earnout liabilities. Excluding this gain, we would have reported an adjusted net loss of $8.5 million, or an adjusted net loss per share of $0.19, which is more indicative of our current operating performance.

歸屬於普通股股東的淨利潤為 5,180 萬美元，即每股完全稀釋收益 0.58 美元，主要得益於認股權證和或有負債按市值計價產生的 6,030 萬美元非現金收益。如果排除這筆收益，我們將報告調整後的淨虧損為 850 萬美元，或調整後的每股淨虧損為 0.19 美元，這更能反映我們目前的經營業績。

In terms of liquidity, we finished the quarter with $23.4 million of cash on our balance sheet, with no significant debt, and subsequently raised a $75 million PIPE. This, combined with a receipt of approximately $15 million from investors' exercise of our forward purchase agreements, net of operating expenses and capital spending, affords us a cash position, as of May 9, 2025, of over $100 million.

就流動性而言，本季末我們的資產負債表上有 2,340 萬美元現金，沒有重大債務，隨後透過私募股權融資籌集了 7,500 萬美元。加上投資者行使遠期購買協議所得的約 1,500 萬美元（扣除營運費用和資本支出後），截至 2025 年 5 月 9 日，我們的現金部位超過 1 億美元。

In short, we're in a good place today and we will be investing significantly in our growth. We have ample potential options to fund future phases of our plan, and we would expect our cost of capital to improve as we make progress, including from non-dilutive governmental sources. And frankly, as Josh mentioned, if we are able to obtain the capital we need to accelerate our strategy, we will certainly seek to do so.

簡而言之，我們目前處境良好，我們將大力投資於自身發展。我們有許多潛在的資金來源來支持我們計劃的後續階段，我們預計隨著計劃的推進，我們的資金成本將會降低，包括來自非稀釋性政府資金的資金。坦白說，正如喬希所提到的那樣，如果我們能夠獲得加速實施我們策略所需的資金，我們一定會努力這樣做。

Now, let's go to Q&A.

現在，我們進入問答環節。

(Operator Instructions) Suji Desilva, Roth Capital.

（操作說明）Suji Desilva，Roth Capital。

Hi, Josh. Hi, Rob. Congrats on the successful transaction and the first earnings report here. I look forward to many more. So maybe you can talk about this customer MoU that you already have in place. Can you talk about how you got that done, given that the Innovations Lab just got commissioned? I thought that would be a key part of the process. And then, more specifically going forward with the pipeline, as you try to bring additional customers on, what's the lead time from engaging a customer to being in a position to potentially ramp production magnets for them?

嗨，喬希。嗨，羅布。恭喜交易成功，並祝賀我們發布首份獲利報告。我期待未來能有更多這樣的機會。所以或許你可以談談你們已經簽署的這份客戶諒解備忘錄。鑑於創新實驗室剛成立，您能否談談您是如何完成這項工作的？我認為那將是整個過程中的關鍵部分。然後，更具體地說，在推進產品線的過程中，當您嘗試吸引更多客戶時，從與客戶接洽到有可能為他們增加磁鐵產量，需要多長時間？

Yeah. Thanks, Suji. Good to talk to you.

是的。謝謝你，蘇吉。很高興和你聊天。

We have been talking to these customers for the last year or so. So the conversations have been ongoing. Once the lab was commissioned last month, they were already ready to go. So they were excited to get started, and we've gotten started. So we're working through the qualification process with them now, meaning we're working out the grade to give them prototypes that they can test within their products so that it's all tested out before we get to production next year.

過去一年左右，我們一直在與這些客戶溝通。所以相關討論一直在進行中。實驗室上個月投入使用後，他們就已經做好了一切準備。所以他們很興奮地開始了，我們也已經開始了。所以我們現在正在和他們一起進行資格認證流程，這意味著我們正在確定等級，以便為他們提供原型，讓他們可以在自己的產品中進行測試，這樣在明年投入生產之前，所有測試都已完成。

And I would add, we've had one announcement, but we're working with other customers, everything from a multibillion-dollar industrial aerospace manufacturer to automotive supply. So speakers, there's all sorts of customers that we're talking to. And we believe we'll have more announcements soon as the year progresses.

我還要補充一點，我們已經發布了一項公告，但我們正在與其他客戶合作，客戶涵蓋了從數十億美元的工業航空航太製造商到汽車零件供應商等各個領域。所以，各位演講者，我們正在與各種各樣的客戶進行交流。我們相信，隨著時間的推移，很快就會有更多消息公佈。

And what was the second side of your question, Suji?

蘇吉，你問題的第二部分是什麼？

No, I just asked what the lead time would be from engaging a customer to being in a position to provide production for them.

不，我只是問從與客戶接洽到能夠為他們提供產品，需要多長時間。

Yeah. And I think, well, obviously, we can't provide production until we commission early next year. But generally, the qualification process with these small- to medium-sized customers, we think, will be roughly around a three- to six-month time period, which shorter than it would be for an auto manufacturer, for example, which could be a year or two, but relatively quick.

是的。而且我認為，很顯然，在我們明年年初完成調試之前，我們無法提供生產服務。但我們認為，對於這些中小規模的客戶而言，資格審查過程通常需要三到六個月的時間，這比汽車製造商的審查過程要短，汽車製造商的審查過程可能需要一到兩年，但相對來說還是快的。

Right, one year plus. And then when you do secure a win for these customers, or as you will in the future, will these be second sources for large existing programs where you'll come in? Or would you envision that more being a customized product, a new design opportunity where you're sole sourced? What's more likely the scenario?

對，一年多。然後，當你為這些客戶贏得專案時（或像你將來會做的那樣），這些專案是否會成為你參與的大型現有專案的第二來源？或者您設想將其更多地視為定制產品，一種全新的設計機會，而您將是唯一的供應商？哪種情況更有可能發生？

I think it'll be a mix of both. We're seeing -- we're talking to customers who are very interested in diversifying their current supply, which means we'd be displacing their current supplier who's likely coming from China. And then we do have a few instances where we're being brought in on new projects where we would be the sole supplier, at least the initial one coming in at any rate. So I think it'll be a mix of both, but we're definitely seeing us just potentially displacing current vendors as well.

我認為會是兩者兼具。我們發現—我們正在與一些客戶洽談，他們對實現當前供應來源多元化非常感興趣，這意味著我們將取代他們目前的供應商，而他們目前的供應商很可能來自中國。然後，我們確實遇到過一些情況，我們會參與一些新項目中，成為唯一的供應商，至少是最初的供應商。所以我認為兩者會結合起來，但我們肯定會看到我們有可能取代現有的供應商。

Okay, great. And then just lastly, I want to understand on the manufacturing side, as you qualify this equipment that you acquired a few years ago, is the equipment you already have that you're qualifying sufficient to get to the full capacity, or will you need to acquire additional equipment? If so, is that equipment available in the global marketplace? What would be the lead times there, et cetera? Thanks.

好的，太好了。最後，我想了解一下生產方面的情況，在你們對幾年前購置的設備進行認證時，你們現有的設備是否足以達到滿載生產，還是需要購置額外的設備？如果屬實，這種設備在全球市場上能買到嗎？那裡的交貨週期等等會是多久？謝謝。

Yeah. We'll need to augment that equipment a little bit to get to the 1,200 tons for the full line. That's why we're initially commissioning at 600 tons. So there'll be a couple pieces of equipment to augment what I call that backbone, which is what that existing equipment covers, everything from the strip cast metal to powderizing it to pressing it to the sintering furnace.

是的。我們需要對現有設備進行一些擴充，才能讓整條生產線達到 1,200 噸的產能。這就是為什麼我們最初試運行產能為 600 噸的原因。因此，我們將添加幾台設備來增強我所說的骨幹設備，也就是現有設備所涵蓋的範圍，從帶狀鑄造金屬到將其粉碎，再到將其壓入燒結爐。

And then on the finishing equipment as well, we'll need a little bit more. And on the finishing side, we've been purposely waiting a little bit until the pipeline firms up because that can be a little more dependent on customers. So we want to make sure we order equipment that we're going to be fully utilizing once we go live with it.

此外，後加工設備方面，我們還需要一些資金。在成品交付方面，我們特意等了一段時間，直到訂單管道穩定下來，因為這部分訂單可能更多地取決於客戶。所以我們希望確保訂購的設備在正式上線後能夠充分利用。

Okay. Appreciate the color. Thanks, Josh. Thanks, Rob.

好的。欣賞這種顏色。謝謝你，喬希。謝謝你，羅伯。

You bet.

當然。

Derek Soderberg, Cantor Fitzgerald.

德里克·索德伯格，康托·菲茨杰拉德。

Yeah. Hey, Josh and Rob. Thanks for taking the questions, and my congrats as well on the merger.

是的。嗨，喬許和羅布。感謝您回答問題，也祝賀你們合併成功。

So Josh, you sort of mentioned financing as a gating factor. Wondering if there's any potential for customer funding. Has that been part of the discussion with customers who are sort of intent on securing supply? And then I'm curious whether government incentives are going to play a role in funding your scale-up. And then I've got a follow up.

所以喬希，你剛才提到了融資是關鍵因素。想知道是否有可能獲得客戶資金支持。這是否也是與那些一心一意想要確保供貨的顧客討論的內容之一？然後，我很好奇政府激勵措施是否會在你們的規模擴張融資中發揮作用。然後我還有一個後續問題。

Okay. Yeah, on the customer side, that could very well become part of the conversation, especially with -- for two reasons. One, if it's a much larger customer, number one, but more importantly, if a customer needs more bespoke equipment. Our initial customers, I don't believe, will need more bespoke equipment. I think they're going to be good bread-and-butter customers that we can serve with the existing equipment we're building.

好的。是的，從客戶的角度來看，這很可能會成為討論的一部分，尤其是有以下兩個原因。第一，如果是規模較大的客戶，這是首要考慮因素；但更重要的是，如果客戶需要更多客製化設備。我認為，我們最初的客戶不會需要更多客製化設備。我認為他們會成為我們穩定的客戶群，我們可以用我們正在建造的現有設備為他們提供服務。

And then on the government side, absolutely. We're actively speaking with government agencies quite a bit right now. I'm headed to Washington next week again. We're going to be submitting and working on that throughout the year. So I'm hopeful that that'll work out. And we certainly believe that the government is going to be supportive this year. But we'll see what happens in the coming months.

而政府方面，絕對是這樣。我們目前正積極與政府機構進行大量溝通。我下週又要去華盛頓了。我們將全年持續提交和推進這項工作。所以我希望這件事能成功。我們當然相信政府今年會給予支持。但未來幾個月會發生什麼，我們拭目以待。

Got it. That's helpful. And then I was just wondering if you could talk about the feedstock supply during the initial ramp. How robust is the feedstock supply chain outside of China? What are the limiting factors to securing feedstock from that portion of the market? And then should you have the ability to take any from that China supply chain? Is that something you'd consider in the near term?

知道了。那很有幫助。然後，我想請您談談初期產能爬坡階段的原料供應情況。中國以外的原料供應鏈有多穩健？從該部分市場取得原料的限制因素是什麼？那麼，你是否有能力從中國供應鏈中取得任何產品？這是您近期會考慮的事情嗎？

Yeah. I think when you think about feedstock, let's break it out into two pieces. One is whether or not you need heavies or not, I guess, is the piece. If you don't need heavies and you're just using the light rare earths and your typical iron and boron, I think we're very comfortable on that feedstock as we start out for the first couple of years. We have a great relationship with our suppliers. We're looking at how else we can diversify that supply, especially at the ore level. And then of course looking at bringing the actual metal making here back to the United States, which I described in my prepared remarks.

是的。我認為，當我們考慮原料時，我們可以把它分成兩部分。關鍵在於你是否需要重型武器。如果你不需要重金屬，而只是使用輕稀土元素和常見的鐵、硼，我認為在最初幾年，我們對這種原料非常有信心。我們與供應商保持良好的合作關係。我們正在研究如何使供應多樣化，尤其是在礦石層面。當然，接下來也要考慮將實際的金屬製造業務帶回美國，我在事先準備好的演講稿中已經描述過這一點。

Everybody currently is more challenged with the heavy rare earths because of the export controls that are in place, which we'll see how much they loosen here in the coming weeks. But importantly, these initial customers that we're working on and planning on rolling out early next year will not need heavy rare earths. These are all magnets, sintered neo magnets, but at the level where we don't need to add heavy rare earths or grain boundary diffusion in order to support them. So we feel pretty good as we start out where we're sitting today, and then we'll see how things shake out in the market on the heavy rare earth side as well along with everybody else.

目前，由於出口管制措施，每個人在重稀土方面都面臨更大的挑戰，我們將看看未來幾週這些管制措施會放鬆多少。但重要的是，我們正在努力爭取並計劃於明年初推出的這些首批客戶將不需要重稀土。這些都是磁鐵，燒結釹磁鐵，但它們的磁性能量已經達到無需添加重稀土元素或晶界擴散來支撐的水平。所以，就我們目前的處境而言，我們感覺還不錯，接下來我們會看看重稀土市場以及其他市場的發展。

Got it. That's helpful. And then just one final one for me. Just any additional details on that first customer MoU, what portion of your planned production might that customer offtake in terms of tons?

知道了。那很有幫助。最後，我還要再來一個。關於第一份客戶諒解備忘錄，還有其他細節嗎？例如，該客戶可能會採購你們計畫產量的多少噸？

And then curious, just taking a step back on pricing, curious if there might be a premium attached to US production, just given how scarce the sourcing is for those types of magnets and rare earths. So just wondering, just on pricing, if there's anything you can say on if there's potentially a premium attached to your pricing versus maybe the global price. Thanks.

然後，我很好奇，從定價的角度來看，考慮到這類磁鐵和稀土的來源非常稀缺，美國生產的產品是否會有溢價。所以我想問一下，關於定價，您能否透露一下，您的定價與全球定價相比，是否存在溢價？謝謝。

Yeah. We mentioned in our press release that we'd be doing up to about 20 tons per year for this customer. So I think it's a good, healthy amount. It's within the range that we're targeting for this first line. So we're actually quite happy with that. And probably not 20 tons next year because we'll be starting a bit later in the year, not on Jan 1. But typically, annually about that, and they're growing quite quickly actually as a company.

是的。我們在新聞稿中提到，我們將每年為該客戶生產約 20 噸產品。所以我認為這是一個很好、很健康的量。它在我們第一條產品線的目標範圍內。所以我們對此相當滿意。明年可能達不到 20 噸，因為我們會在今年稍後開始，而不是 1 月 1 日。但通常情況下，每年大約是這個數字，而且實際上，作為一家公司，他們的成長速度相當快。

And then on the pricing side, yeah, absolutely. I think the entire market outside of China is going to be priced at a premium higher than China. I think there's no doubt with that. What we're seeing is that our preliminary kind of budgetary pricing we're giving the customers, we obviously still have a lot to work through with tariffs and everything else throughout this year. But we're coming in well in line with what folks are seeing outside of Europe and Japan and some of the other magnet companies that exist globally outside of China.

至於價格方面，是的，絕對是如此。我認為中國以外的整個市場價格都會比中國市場高出不少。這點我認為毋庸置疑。我們看到的是，我們向客戶提供的初步預算定價，顯然，今年我們仍需在關稅和其他方面進行大量調整。但我們目前的情況與歐洲、日本以外的人們以及中國以外其他一些全球磁鐵公司的情況基本一致。

Perfect. Thanks, guys.

完美的。謝謝各位。

You bet. Thanks, Derek.

當然。謝謝你，德里克。

(Operator Instructions) Michael Matheson, Sidoti & Co.

（操作說明）邁克爾·馬瑟森，西多蒂公司

Congratulations on the achievements this quarter, you guys.

恭喜各位本季取得的成績！

Thanks, Michael.

謝謝你，麥可。

I just have a couple questions. You answered many of them already. Can you provide some detail on the arrangement with TMRC at Round Top? Is that revenue sharing? Or how exactly does that work?

我只有幾個問題。你已經回答了其中很多問題。您能否詳細介紹一下與 TMRC 在 Round Top 的合作安排？這是收益分成嗎？或者說，這究竟是如何運作的呢？

I mean, they -- we share -- I forget the exact percent, it's about 81%, 19% of the deposit together. So it would be a shared 81% and 19% of profit that would come out of that entity today.

我的意思是，他們——我們共同——我忘記了確切的百分比，大概是存款的 81% 和 19%。因此，該實體今天將實現 81% 和 19% 的利潤分成。

And just -- I'm guessing you're the 81?

還有──我猜你是81號？

Yeah, that's right. Yeah, we're -- yeah, exactly. We're the 81%. And we have -- we control the management of the deposit as well.

是的，沒錯。是的，我們是──是的，沒錯。我們是那81%。而且我們還控制存款的管理。

Thanks. Secondly, and just my last question, that was a very positive revenue forecast. Just some quick arithmetic, it seems to me that brings you pretty close to positive EBITDA. Do you feel comfortable with that? Or is that more of a '27 goal?

謝謝。其次，也是我的最後一個問題，那是一個非常樂觀的收入預測。簡單計算一下，我覺得這樣就能非常接近正的 EBITDA。你覺得這樣可以嗎？或者說，這更像是2027年的目標？

'27, yeah. So next year, we want to get to a monthly -- we want to fill out the capacity by the end of next year or early 2027. We're obviously going to start a lot lower as we start out and then we'll build up to that throughout the year. And if we're able to hit that by the end of the year or in the early 2027 on a going run rate, we believe it's possible we could hit that. But we got to get there first here over the next year or so.

27年，是的。所以明年，我們希望達到每月一次的產能——我們希望在明年年底或 2027 年初之前填滿產能。很顯然，我們一開始的起點會比較低，然後我們會在這一年中逐步提升。如果我們能夠以目前的運行速度在年底或 2027 年初達到這個目標，我們相信我們有可能實現這個目標。但我們首先得在接下來的一年左右的時間裡實現這個目標。

Great. That's very helpful. Thank you. Congratulations again.

偉大的。那很有幫助。謝謝。再次恭喜。

You bet. Thanks, Michael.

當然。謝謝你，麥可。

That 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, operator. And thank you all again for joining us today. We look forward to speaking with you again in early August for our second-quarter results call. Thanks, and have a good evening.

謝謝接線生。再次感謝各位今天蒞臨。我們期待在八月初與您再次通話，進行第二季業績電話會議。謝謝，祝您晚安。

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。