USA Rare Earth Inc (USAR) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the USA Rare Earth second-quarter 2025 earnings conference call. (Operator Instructions) Please also note today’s event is being recorded.

大家好，歡迎參加美國稀土公司2025年第二季財報電話會議。（操作說明）也請注意，今天的活動正在錄製中。

At this time, I’d like to turn the floor over to Lionel McBee, the Vice President of Investor Relations. Sir, please go ahead.

此時，我想把發言權交給投資人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 second-quarter earnings conference call. I’m joined today with our Chief Executive Officer, Joshua Ballard and our Chief Financial Officer, Rob Steele. Earlier this afternoon, we issued our second quarter fiscal 2025 results. Our results, earnings release and slide presentation can be found on the Investor Relations portion of our website at usare.com.

謝謝接線生。大家好，歡迎參加美國稀土公司2025年第二季財報電話會議。今天，我與執行長 Joshua Ballard 和財務長 Rob Steele 一起出席了會議。今天下午早些時候，我們發布了 2025 財年第二季業績報告。我們的業績報告、收益發布和幻燈片簡報可在我們網站 usare.com 的投資者關係部分找到。

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.

在今天的電話會議上，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，對公司的未來事件或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。

Forward-looking statements are based on information currently available to us and on management’s beliefs, assumptions, estimates or projections. Forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors. We refer you to the documents the company files from time to time with the SEC, specifically the company’s Form 10-K and Form 10-Qs.

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。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。

These documents identify important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. All statements made during this call are made only as of today, August 11, 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.

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 8 月 11 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。

So with that, I’ll turn the call over to Josh.

那麼，接下來我將把電話交給喬許。

Thank you, Lionel. It’s been another exciting quarter in the rare earth mineral and magnet industries. And before providing perspective on the broader sector developments, I want to emphasize our vision for USA Rare Earth. We are focused on building a highly profitable and fully integrated supply chain from mining, concentrating and separating rare earths to making metals and metal alloys, to forming and finishing rare earth magnets and finally to end of life recycling. We are on a mission to serve a broad array of customers who use, rely on and innovate with metals and magnets across diverse industries and all their varying complexities.

謝謝你，萊昂內爾。稀土礦物和磁鐵產業又迎來了一個令人興奮的季度。在對更廣泛的行業發展趨勢進行展望之前，我想強調我們對美國稀土的願景。我們致力於建構一條高利潤、完全一體化的供應鏈，從稀土的開採、濃縮和分離，到金屬和金屬合金的製造，再到稀土磁體的成型和精加工，直到最終的報廢回收。我們的使命是服務眾多客戶，他們在各個行業及其各種複雜程度的應用中使用、依賴和創新金屬和磁鐵。

We are accelerating development across each of our existing assets while also actively exploring how we will fill in and strengthen any gaps in that mind the magnet strategy while remaining focused on creating shareholder value. Our magnet production facility in Stillwater, Oklahoma is making rapid and tangible progress and remains on target with our commissioning goals. Both our magnet facility in Oklahoma and our research and development facility outside of Denver continue to attract the brightest mines. And our highly strategic heavy rare earth round top deposit in Texas remains uniquely positioned for its incredible concentration of heavy rare earths and gallium.

我們正在加快現有各項資產的開發，同時積極探索如何填補和加強「磁石策略」中的任何不足，並繼續專注於創造股東價值。我們在俄克拉荷馬州斯蒂爾沃特的磁鐵生產設施正在取得快速而顯著的進展，並繼續按計劃實現我們的調試目標。我們在俄克拉荷馬州的磁鐵工廠和丹佛郊外的研發中心都持續吸引最優秀的人才。我們在德州的戰略性重稀土圓頂礦床因其驚人的重稀土和鎵濃度而擁有獨特的地理位置。

Taking a step back, the Chinese government continues to restrict the export of rare earth metals and magnets by their domestic producers, and this is having a profound impact on the multitude of industries that rely on these materials. The cost of rare earth oxides and metals outside of China have increased dramatically, especially for the difficult to obtain heavy rare earths tightening supply.

從另一個角度來看，中國政府繼續限制國內生產商出口稀土金屬和磁鐵，這對依賴這些材料的眾多產業產生了深遠的影響。中國以外地區的稀土氧化物和金屬的價格大幅上漲，尤其是難以取得的重稀土，供應日益緊張。

We are hearing directly from many of the companies affected by China’s restriction on the export of rare earth elements in neo magnets and are working as quickly as we can to address their growing needs. Companies are reaching out to us directly to gain access to domestically sourced magnets for the long term, and they have been clear that they require a non-China source of supply.

我們直接聽取了許多受中國限制釹磁鐵稀土元素出口影響的公司的意見，並正在盡最大努力盡快滿足他們日益增長的需求。有些公司直接聯絡我們，希望長期獲得國內採購的磁鐵，他們明確表示需要中國以外的供應來源。

Importantly, the US Government has demonstrated its intention to play a key role in supporting the development of the supply chain that we are seeking to develop. The US Government investment in MP Materials is an important first step to de risking the sector and has shined a much-needed spotlight on the importance of rare earths and rare earth magnets to American industry, technologies and national security.

重要的是，美國政府已經表明了其在支持我們正在尋求發展的供應鏈建設中發揮關鍵作用的意願。美國政府對 MP Materials 的投資是降低該產業風險的重要第一步，也讓人們更加關注稀土和稀土磁體對美國工業、技術和國家安全的重要性。

By announcing a price support mechanism to purchase the critical light rare earth mineral oxide NdPr at $110 per kilogram, which they recently publicly stated that they plan to replicate, the Trump administration has established an essential tool that will enable us to compete effectively with Chinese producers.

川普政府宣布了一項價格支持機制，以每公斤 110 美元的價格購買關鍵的輕稀土氧化物釹镨（NdPr），他們最近公開表示計劃複製這一機制。此舉建立了一項重要的工具，使我們能夠有效地與中國生產商競爭。

At USA Rare Earth, we have a special mix of assets and capabilities that we are leveraging with great effect as we accelerate our own activities in this exciting new world. We have raised the capital we need to begin investing aggressively. We are looking now at ways to advance our plans as quickly as possible, which I believe is our greatest path to value creation for this company, our shareholders and customers.

美國稀土公司擁有獨特的資產和能力組合，我們正在有效地利用這些資產和能力，加速我們在令人興奮的新世界中的業務發展。我們已經籌集了所需的資金，可以開始積極投資了。我們現在正在尋找盡快推進我們計劃的方法，我相信這是我們為公司、股東和客戶創造價值的最大途徑。

Before I dive into the operational details, let’s turn the call over to Rob for a review of our financials.

在我深入探討營運細節之前，讓我們先把電話交給羅布，讓他來回顧一下我們的財務狀況。

Thanks, Josh. Let me begin with our cash position, which stands at $128.1 million as of August 7, 2025. We are one of the best capitalized companies in the sector and have ample cash to support the initial capital expenditures of our first 600 metric ton phase of magnet production. This includes inflows of $22 million from warrant exercises and $17.5 million from the completion of our forward purchase agreements reflecting the strength and liquidity of our equity. Since our last call, we’ve continued executing on our strategic plan, advancing our facility build outs and expanding our team across key functions.

謝謝你，喬希。首先，讓我介紹一下我們的現金狀況，截至 2025 年 8 月 7 日，我們的現金餘額為 1.281 億美元。我們是業內資本最雄厚的公司之一，擁有充足的現金來支持我們首期600公噸磁鐵生產階段的初始資本支出。這包括因認股權證行使而流入的 2,200 萬美元和因完成遠期購買協議而流入的 1,750 萬美元，反映了我們股權的實力和流動性。自上次通話以來，我們一直在繼續執行我們的策略計劃，推進設施建設，並在關鍵職能部門擴大團隊規模。

In the first half of the year, we deployed $6.3 million in capital expenditures and grew to approximately 50 full time employees. Looking ahead, the remainder of 2025 marks a critical inflection point. We anticipate spending at least $60 million in CapEx to support Phase 1 and plan to double our workforce to around 100 employees.

今年上半年，我們投入了 630 萬美元的資本支出，全職員工人數成長到約 50 人。展望未來，2025 年剩餘時間將是關鍵的轉捩點。我們預計將投入至少 6,000 萬美元的資本支出以支持第一階段，並計劃將員工人數翻一番，達到約 100 名員工。

Most new hires will be based at our Stillwater, Oklahoma facility focused on operations and highly specialized engineering alongside strategic additions in sales, marketing and corporate functions. We’re also enhancing our core infrastructure including systems and cyber security to ensure operational readiness by early next year.

大多數新員工將駐紮在我們位於俄克拉荷馬州斯蒂爾沃特的工廠，該工廠專注於營運和高度專業化的工程，同時在銷售、行銷和公司職能方面也會有策略性人員加入。我們也正在加強包括系統和網路安全在內的核心基礎設施，以確保在明年初做好營運準備。

As our commercial pipeline expands, we are aligning capital deployment with customer demand, prioritizing capabilities and technologies that position us for long term success. Our recent MOUs with Moog and ePropelled underscore our intent to expand into high growth sectors like data centers and drones, which are expected to double or triple in size over the next decade.

隨著我們的商業管道不斷擴大，我們正在調整資本部署以適應客戶需求，優先發展能夠使我們長期成功的能力和技術。我們最近與 Moog 和 ePropelled 簽署的諒解備忘錄凸顯了我們進軍資料中心和無人機等高成長領域的意圖，預計這些領域的規模將在未來十年內翻倍或兩番。

These industries drive digital and physical AI as well as next generation defense systems and require massive quantities of precision engineered micro magnets with advanced surfacing. Capabilities we are actively developing as we look to the industry’s future needs. We’re also preparing to secure the metal inventory needed to support projected growth in 2026 and beyond.

這些產業推動了數位和實體人工智慧以及下一代國防系統的發展，需要大量具有先進表面處理的精密工程微型磁鐵。著眼於產業未來的需求，我們正在積極發展以下能力。我們也在準備確保金屬庫存充足，以支持 2026 年及以後的預期成長。

While we’re not yet providing formal revenue guidance, we are planning to produce 200 to 500 metric tons of neo magnets next year with the flexibility to scale further if needed. Our sourcing strategy incorporates both mined and recycled non-China based feedstock and we’re laying the groundwork for sustained supply into 2027.

雖然我們尚未提供正式的收入預期，但我們計劃明年生產 200 至 500 公噸釹磁鐵，並可根據需要靈活擴大生產規模。我們的採購策略包括開採和回收的非中國原料，我們正在為 2027 年的持續供應奠定基礎。

In Q4, we’ll begin testing our magnet manufacturing line in Stillwater, a key milestone that will allow us to validate our supply chain, train our workforce and qualify raw materials on a commercial scale equipment. These efforts paved the way for commissioning in Q1 2026. On expenses, we continue to expect ongoing operating costs to average $8 million to $9 million per quarter through year end with a heavier spend anticipated in Q4 as we ramp.

第四季度，我們將開始在斯蒂爾沃特測試我們的磁鐵生產線，這是一個重要的里程碑，這將使我們能夠驗證我們的供應鏈，培訓我們的員工，並在商業規模的設備上對原材料進行認證。這些努力為 2026 年第一季投入使用鋪平了道路。在支出方面，我們預計到年底，持續營運成本平均每季為 800 萬至 900 萬美元，隨著業務拓展，預計第四季支出將更大。

For the 2025, we reported an operating loss of $8.8 million which includes $1.8 million in accruals related to the Kleiner litigation and overhang we resolved immediately following quarter end. This compares to a $3 million operating loss in Q2 2024 primarily driven by increased SG&A associated with our merger and early team expansion.

2025 年，我們報告營運虧損 880 萬美元，其中包括與 Kleiner 訴訟相關的 180 萬美元應計費用，以及我們在季度末後立即解決的未決事項。相較之下，2024 年第二季營運虧損 300 萬美元，主要原因是合併和早期團隊擴張導致銷售、一般及行政費用增加。

R&D expenses rose year-over-year reflecting our continued commitment to advancing the Round Top joint venture flow sheet and building differentiated capabilities for future phases. We reported a net loss attributable to common stockholders of $142.5 million or $1.54 per share. This includes a non-cash fair value adjustment of $134.7 million related to financial instruments.

研發費用年增，反映出我們持續致力於推動 Round Top 合資企業流程並為未來階段建立差異化能力。我們報告稱，歸屬於普通股股東的淨虧損為 1.425 億美元，即每股虧損 1.54 美元。其中包括與金融工具相關的 1.347 億美元的非現金公允價值調整。

Excluding this, our net loss was $7.8 million or $0.08 per share, 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. We ended the quarter with $121.8 million of cash and no significant debt, positioning us well to execute on our near-term milestones.

剔除此因素後，我們的淨虧損為 780 萬美元，即每股虧損 0.08 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。本季末，我們擁有 1.218 億美元的現金，並且沒有重大債務，這使我們能夠很好地完成近期目標。

In summary, we remain financially strong and are deploying capital with discipline to support scalable long-term growth. We continue to evaluate funding options for future phases, and we expect our cost of capital to improve as we execute, potentially including non-dilutive government funding opportunities.

總之，我們財務狀況依然穩健，並有條不紊地運用資本，以支持可擴展的長期成長。我們將繼續評估未來階段的融資方案，並預計隨著專案的推進，我們的資本成本將會降低，其中可能包括非稀釋性政府融資機會。

I’ll now turn it back over to Josh for our operational update.

現在我將把麥克風交還給喬希，讓他為大家帶來最新的營運報告。

Thanks Rob. Let’s start with an update on our centered neo magnet business in Oklahoma where we are making tremendous progress towards producing and shipping our first magnets in early 2026. Our infrastructure work is ahead of schedule and fully on track to be completed before the end of the year. We’ve begun to commission our equipment in Stillwater, and this work will accelerate in the third and early fourth quarters. Our current target is to achieve the critical milestone of producing magnet blocks from our centering furnace before year end.

謝謝羅伯。讓我們先來了解一下我們在俄克拉荷馬州的中心釹磁鐵業務的最新進展，我們正朝著在 2026 年初生產和交付第一批磁鐵的目標取得巨大進展。我們的基礎建設工作進度超前，完全按照計畫進行，將在年底前全部完成。我們已開始在斯蒂爾沃特調試設備，這項工作將在第三季和第四季初加快進行。我們目前的目標是在年底前實現利用定心爐生產磁塊這一關鍵里程碑。

Our finishing equipment is still set to arrive on schedule in the first quarter. We are also making significant progress on the operational and quality systems we will need as we move to production. We’ve also exceeded our own expectations with hiring as we ramp up our team in anticipation of production early next year across key manufacturing, highly specialized engineering, sales and back-office staff.

我們的後加工設備仍將按計劃於第一季到貨。隨著我們逐步過渡到生產階段，我們在營運和品質系統方面也取得了重大進展。隨著我們為明年初的生產做好準備，在關鍵製造、高度專業化的工程、銷售和後台人員方面，我們的招募工作也超出了預期，我們正在擴充團隊。

Our effort to bring a rare earth mine-to-magnet value chain back to America has resonated deeply with our potential candidates. Importantly, we are finding success in hiring key magnet expertise for our innovations lab, which is critical as we work through the qualification processes of our key customers and then translate that work in the lab to full scale production.

我們努力將稀土礦到磁鐵的價值鏈帶回美國，這項舉措引起了潛在候選人的強烈共鳴。重要的是，我們在為創新實驗室招募關鍵的磁性材料專家方面取得了成功，這對於我們完成主要客戶的資格認證流程，並將實驗室的工作成果轉化為全面生產至關重要。

On the customer side, we are currently engaged with over 70 companies across a variety of industries such as aviation, defense, energy, industrial equipment, car manufacturing, automotive supply, shipbuilding, robotics, mobile phone companies among others. While we have publicly announced four agreements across the consumer defense and automotive industries to date, I’m excited to disclose that we have now signed a dozen MOUs and joint development agreements.

在客戶方面，我們目前與航空、國防、能源、工業設備、汽車製造、汽車供應、造船、機器人、行動電話公司等多個行業的 70 多家公司合作。雖然我們迄今為止已公開宣布了四項涵蓋消費者保護和汽車行業的協議，但我很高興地宣布，我們現在已經簽署了十二份諒解備忘錄和聯合開發協議。

These agreements alone imply nearly 300 tons of annual shipments and include industries such as oil and gas, automotive supply and other industrial uses. Our high confidence commercial pipeline exceeds 2,000 tons of annual production, highlighting robust market demand that could fully book our first line before it’s even at full capacity. Overall, we’ve identified roughly 5,000 to 7,000 tons of potential demand, which does not yet include all the volume at each of these customers with demand coming from both The United States as well as Europe.

光是這些協議就意味著每年近 300 噸的出貨量，涵蓋石油和天然氣、汽車供應和其他工業用途等行業。我們高度有信心的商業管道年產量超過 2000 噸，這凸顯了強勁的市場需求，即使我們的第一條生產線尚未滿負荷運轉，也可能被完全預訂。總體而言，我們已經確定了大約 5,000 至 7,000 噸的潛在需求，但這還不包括每個客戶的全部需求量，這些需求來自美國和歐洲。

The majority of this demand is made up of small to medium sized customers, which we estimate could make up more than 70% of the market. Similar to the announcement from MP, we are talking to potential defense customers every day. And of course, we continue to talk to large EV manufacturers as we plan out our future lines. We are just beginning to tap into what we believe is a once in a generation reshoring opportunity. As we put further pieces of our business in place, you will see us accelerate our sales process which we will update you on in future calls.

這部分需求主要來自中小型客戶，我們估計中小型客戶可能佔市場佔有率的 70% 以上。與MP的聲明類似，我們每天都在與潛在的國防客戶進行洽談。當然，在規劃未來產品線時，我們也會繼續與大型電動車製造商進行洽談。我們才剛開始把握我們認為百年一遇的生產回流機會。隨著我們業務的進一步推進，您將會看到我們加快銷售流程，我們將在以後的電話中向您報告最新進展。

To summarize, we continue to make tangible progress and remain on track with our magnet business. We’re excited by the overwhelming response we are seeing from customers across the country and in Europe to what we are building. We’re also pleased that customers understand the unique value proposition we provide compared to our peers in the market, namely our focus on customer diversity and high value product complexity across their magnet specs. As we move to the critical phase of our plant build, our sales team is focused on signing contracts and filling out our backlog for 2026, truly exciting times in our magnet business.

總而言之，我們的磁鐵業務持續取得切實進展，並保持在正軌上。我們對來自全國各地乃至歐洲的客戶對我們所開發的產品的熱烈反響感到非常興奮。我們也欣慰地看到，客戶了解我們與市場上的同行相比所提供的獨特價值主張，即我們專注於客戶的多樣性以及他們在磁鐵規格方面的高價值產品複雜性。隨著我們進入工廠建設的關鍵階段，我們的銷售團隊正專注於簽訂合約並完成 2026 年的訂單積壓，這對我們的磁鐵業務來說真是令人興奮的時刻。

Now let’s now turn to our Round Top deposit and the processing engineering work underway with our team outside of Denver, Colorado, which is key to our long-term strategy. As I mentioned in my introductory remarks, we’ve been investing in the processing capabilities now for nearly five years. This is a critical capability that is not isolated to our work with Round Top Mountain, but could be leveraged in other areas of our supply chain as we look to secure oxides for the future scaling of our business. We are committed to building out a reliable and cost-effective supply of oxides for our future growth.

現在讓我們來看看我們在科羅拉多州丹佛市郊外的 Round Top 礦床以及我們團隊正在進行的加工工程工作，這對於我們的長期策略至關重要。正如我在開場白中提到的，我們已經對處理能力進行了近五年的投資。這項關鍵能力不僅限於我們與 Round Top Mountain 的合作，而且當我們尋求為未來業務規模化提供氧化物時，還可以在我們供應鏈的其他領域加以利用。我們致力於為未來的發展建立可靠且經濟高效的氧化物供應系統。

Our strategy and approach could include working with concentrates from other deposits in addition to Round Top as well as recycling or working hand in hand with other processors. With regards to our own development, I’m pleased to report that we have made great progress this past quarter in separating out our bulk gallium as well as heavy and light rare earths into separate concentrate streams.

我們的策略和方法可能包括使用 Round Top 礦藏以外的其他礦藏的濃縮物，以及回收或與其他加工商攜手合作。就我們自身的發展而言，我很高興地報告，在過去的一個季度裡，我們在將散裝鎵以及重稀土和輕稀土分離成單獨的濃縮流方面取得了巨大進展。

While we are still fine tuning these processes, we are now also turning to the work of extracting the individual minerals from solution, the separation stage as well as on the recycling of the acids and reagents we need to run a clean operation while reducing costs.

雖然我們仍在不斷改進這些工藝，但我們現在也開始著手從溶液中提取各種礦物質，進行分離，以及回收利用我們運行清潔操作所需的酸和試劑，同時降低成本。

Our team remains confident in our engineering approach and in the technical viability of our work separating these critical heavy rare earths and other tech metals. We have added critical members to our team with immense experience in rare earth extraction. In addition, we commend the Trump administration’s bold price support actions, which underscore the national urgency around rare earth dependence, a mandate that Round Top Mountain is uniquely positioned to deliver on. I look forward to updating you more on our work in Denver moving forward.

我們的團隊對我們的工程方法以及分離這些關鍵重稀土和其他技術金屬的技術可行性充滿信心。我們為團隊增添了在稀土開採方面擁有豐富經驗的關鍵成員。此外，我們讚揚川普政府大膽的價格支持措施，這凸顯了國家在稀土依賴問題上的迫切性，而圓頂山礦業公司擁有獨特的優勢來履行這一使命。我期待著接下來向您報告我們在丹佛的工作進展。

In closing, goal is to be the leader in the ex China rare earth supply chain. We are taking a bold and broad-based approach to this layered and complex market to provide the greatest value to our customers and shareholders. The US will face a major deficit of rare earth metals and magnets in the coming years without multiple solutions to the set of problems we face.

最後，我們的目標是成為中國以外稀土供應鏈的領導者。我們正採取大膽而廣泛的方法來應對這個層次分明、錯綜複雜的市場，以期為我們的客戶和股東創造最大價值。如果不採取多種措施來解決我們面臨的一系列問題，美國未來幾年將面臨稀土金屬和磁鐵的嚴重短缺。

We are uniquely positioned to be a cornerstone of these solutions. Due to our significant deposit of heavy rare earth and gallium in Texas, which is unique in The United States, our ability to scale quickly to 5,000 tons capacity in our existing Magna facility starting with the commissioning at scale of our first line beginning in early 2026, only a few short months away.

我們擁有得天獨厚的優勢，可以成為這些解決方案的基石。由於我們在德州擁有美國獨一無二的大量重稀土和鎵礦藏，我們有能力迅速將現有麥格納工廠的產能擴大到 5,000 噸，從 2026 年初開始大規模調試我們的第一條生產線，距離現在只有短短幾個月的時間了。

Our strong balance sheet with no debt and nearly $130 million of cash positioning us to be a consolidator in the industry. We see several attractive areas for high return to growth both organically and via acquisition. And finally, our focus on investing where necessary across the supply chain to ensure that we have the feedstock that we need.

我們擁有強勁的資產負債表，沒有債務，現金近 1.3 億美元，這使我們能夠成為產業整合者。我們看到幾個具有高成長潛力的領域，無論是透過內生成長還是透過收購，都能帶來高回報的成長。最後，我們將重點放在供應鏈的各個環節進行必要的投資，以確保我們擁有所需的原料。

Recent geopolitical news and government support for the domestic industry as well as feedback from customers and suppliers globally has only reaffirmed this strategy. We believe we are well on our way to achieving our mission of becoming a strategic and valuable national asset. I look forward to keeping you updated on our progress in the coming months.

近期的地緣政治新聞、政府對國內產業的支持以及來自全球客戶和供應商的回饋，都進一步印證了這個策略。我們相信，我們正朝著成為國家戰略重要資產的目標穩步前進。我期待在接下來的幾個月向您報告我們的進展。

Let’s move to Q&A.

讓我們進入問答環節。

(Operator Instructions)

（操作說明）

Derek Soderberg, Cantor Fitzgerald.

德里克·索德伯格，康托·菲茨杰拉德。

Hi, this is Drew Nordquist calling for Derek Soderberg. Thank you, guys, for taking the questions. I do have a few questions, but my first question is regarding the supply chain. I know you guys said that you should have enough supply to last about until 2027. I was wondering if that roughly equates to supplying that first 1,200 ton production line.

您好，我是 Drew Nordquist，請問 Derek Soderberg 在哪裡？謝謝各位回答問題。我確實有一些問題，但我的第一個問題是關於供應鏈的。我知道你們說過你們的庫存應該要夠用到2027年左右。我想知道這是否大致相當於為第一條 1200 噸生產線供貨。

That’s right. Yeah, that’s exactly right.

沒錯。是的，完全正確。

It is? Okay. And then more focused on the mining operations. You guys did a preliminary economic analysis around the Round Mine. Everything looks good there. I’m just wondering if there’s an updated timeline on when the feasibility study could be expected to be done?

這是？好的。然後更專注於採礦作業。你們對圓礦進行了初步的經濟分析。那裡一切看起來都不錯。我想知道可行性研究是否有最新的時間表？

No updated timeline today. What we did talk about last quarter was that we’re targeting to build a pilot plant over the next couple of years. In order to build that pilot plant, kind of it’s contingent on us getting to our flow sheet and pre-feasibility study within that timeframe. So that’s what we’re targeting. The work we’re doing now is what’s going to define whether or not we keep to that target or not. So that's something we'll keep you guys updated on in the coming months.

今天沒有更新時間表。我們在上個季度討論過，我們的目標是在未來幾年內建造一座試點工廠。為了建造那個試驗工廠，某種程度上取決於我們能否在規定的時間內完成製程流程圖和預可行性研究。這就是我們的目標。我們現在所做的工作將決定我們能否實現這個目標。所以，在接下來的幾個月裡，我們會持續向大家報告最新進展。

Alright. Sounds good. My next question is to your MP Materials secured a floor price in their DoD deal for mega production. I was wondering if that sort of directly or indirectly benefits you guys at all?

好吧。聽起來不錯。我的下一個問題是，MP Materials公司是否在與國防部的大規模生產合約中獲得了最低價格保障。我想知道這樣做是否對你們有直接或間接的好處？

Well, MP has quite a bit of NdPr. Our strengths are heavy rare earths, so it doesn’t necessarily help us directly at this time, but where I believe it sends a strong signal and what we take is a great positive from the Trump administration is that they’re willing to do price support. So I would expect them to expand that as they look at the broader industry. I think they know they haven’t solved heavy rare earths yet. MP does not have a strong heavy rare earth deposit.

嗯，MP含有相當多的NdPr。我們的優勢在於重稀土，所以目前這不一定對我們直接有幫助，但我認為這發出了一個強烈的信號，我們從川普政府那裡得到的積極訊息是，他們願意提供價格支持。因此，我預計他們在審視整個行業時會擴大這一範圍。我認為他們也知道，他們還沒有解決重稀土元素的合成問題。MP地區沒有儲量豐富的重稀土礦藏。

So I believe that they’re going to be looking at expanding that and my expectation that we would see similar things not only rare earths but also in other minerals probably as well.

所以我相信他們會考慮擴大這方面的規模，我預期我們不僅會在稀土領域看到類似的情況，而且可能也會在其他礦物領域看到類似的情況。

Okay. And my final question is just regarding cash burn. Do you guys think your current cash level can sustain you up to full 4,800-ton reduction or just sort of for that first 1,200 production line before you need any additional funding?

好的。我的最後一個問題是關於現金消耗的。你們覺得目前的現金流足以支撐你們完成 4800 噸的減產，還是只能勉強支撐前 1200 噸的生產線，之後就需要額外的資金？

Yeah. So what we’ve said previously is that the full four lines from a CapEx standpoint is at least $250 million and an additional $50 million to $100 million working capital. And our current cash balance right now is north of $130 million actually. So clearly, we will need to raise more capital. But having said that, we have about $280 million-plus in unexercised warrants already on our balance sheet. And as you’ve seen, our capital position has grown over the last three months here since we executed the pipe and that’s mainly because of the exercise of our warrants. So we feel like we’re in a good position.

是的。所以我們之前說過，從資本支出角度來看，這四條生產線至少需要 2.5 億美元，還需要 5,000 萬至 1 億美元的營運資金。而我們目前的現金餘額實際上超過1.3億美元。顯然，我們需要籌集更多資金。但即便如此，我們的資產負債表上已經有超過 2.8 億美元的未行使認股權證。正如你所看到的，自從我們完成管道交易以來，過去三個月我們的資本狀況有所增長，這主要是因為我們行使了認股權證。所以我們覺得自己處境不錯。

All right, thank you guys.

好的，謝謝大家。

Suji Desilva, ROTH Capital.

Suji Desilva，ROTH Capital。

Hi, Joshua, Rob, Lionel, congrats on the progress here. I’m trying to understand on the equipment, I think I heard you say you’re putting some of the equipment in 1Q 2026. I guess some of that will come in even as the line starts to produce. I’m just curious on the timeframe there. And the CapEx, $60 million you said will that -- the bulk of that occur in calendar 2025 or is that spread over the next two years?

嗨，Joshua、Rob、Lionel，祝賀你們的進展。我正在努力了解這些設備，我想我聽到您說您將在 2026 年第一季安裝一些設備。我想即使生產線開始投產，其中一部分也會到位。我只是好奇那裡的時間安排。您提到的 6,000 萬美元資本支出，大部分會在 2025 年發生，還是會分攤到未來兩年內？

Yeah, I’ll take the first half and Rob can take the second. So right now what we’re commissioning is what I’d call the backbone. It’s everything from where we get a strip cast metal to pieces of metal all the way through the centering furnace where we would have magnet blocks come out of the centering furnace ready for finishing coating and so forth. That is what we’re commissioning actively now and what we’re focused on getting commissioned by the end of the year.

好的，我負責前半場，羅布負責後半場。所以，我們現在正在調試的，我稱之為骨幹網路。它涵蓋了從我們獲得帶狀鑄造金屬到金屬塊，再到定心爐的所有環節，從定心爐中取出磁塊，準備進行最後的塗層處理等等。這就是我們目前正在積極委託的項目，也是我們今年底前要重點完成的項目。

The finishing and equipment and coating equipment is what arrives next year and allows us to finish out the line. So much of that is arriving in throughout the first quarter and then we’ll be commissioning throughout the first quarter to get into our finishing phase. Rob, do you want to take the second half?

明年我們將收到精加工設備和塗裝設備，屆時我們將完成生產線的建造。很多東西將在第一季陸續到貨，然後我們將在第一季進行調試，進入收尾階段。羅布，你想接下半場嗎？

Yeah, sure. In terms of the CapEx, as we said, we expect another $60 million-plus this year. That is the bulk of the first phase of Line 1.

當然可以。就資本支出而言，正如我們所說，我們預計今年還將增加 6,000 萬美元以上的支出。這就是1號線第一階段的大部分內容。

Okay, great. And then I think Joshua referred to inorganic elements of your strategy. Can you just talk about what that some of that may entail strategically? Is it tack on increasing sort of demand geographic perhaps in terms of sourcing or technical capabilities? Any color there would be helpful.

好的，太好了。然後，我認為約書亞指的是你策略中的非有機因素。您能否談談這在戰略上可能意味著什麼？這是指從採購或技術能力來看，隨著地域需求的成長而增加的額外需求嗎？任何顏色都會有所幫助。

Yeah, sure, (inaudible) I mean, I think when you look across the supply chain from mine deposit to processing to metal making strip casting all the way to magnet, what we’re looking at is how we can fill in and strengthen any gaps we have. And as we look forward, how we can make sure that we’re covering our own scaling as we grow.

是的，當然，（聽不清楚）我的意思是，我認為當你縱觀整個供應鏈，從礦藏到加工，再到金屬製造、帶材鑄造，直至磁鐵，我們所看到的是如何填補和加強我們存在的任何差距。展望未來，我們如何確保在發展過程中能夠應對自身的規模擴張問題？

So I really look at it in three pieces. One is first is we need to build scale, right? And we need secondly, need that certainty of supply as we scale. And third is we want to control where we can be portions of supply chain just from a profitability perspective, so we can avoid having profit on top of profit on top of profit.

所以我把它分成三個部分來看。首先，我們需要擴大規模，對吧？其次，隨著規模的擴大，我們需要供應的確定性。第三，我們希望從獲利的角度控制我們在供應鏈中的參與程度，這樣我們就可以避免利潤疊加利潤疊加利潤。

So what we’ll be looking at is first is how -- and then potentially recycling that can come in on the back end to provide oxide outside of everything else. So what we’ll be looking at first is how we strengthen that supply chain, which would add -- could potentially add new capabilities and it could potentially add just surety on supply.

所以我們首先要研究的是如何——然後有可能回收利用，以便在後端提供氧化物，而不僅限於其他所有東西。因此，我們首先要考慮的是如何加強供應鏈，這可能會增加新的能力，也可能只是增加供應的保障。

This could be acquisitions, this could be joint ventures, this could be investments in our partners and other ways to ensure that we’re locked and loaded for '26, ’27 and onward, because generally this industry is pretty undercapitalized outside of China. So we know we need to invest to make sure that the capital is there so that we can scale (inaudible)

這可能是收購，這可能是合資企業，這可能是對我們合作夥伴的投資，以及其他確保我們為 2026 年、2027 年及以後做好準備的方式，因為一般來說，除中國以外，這個行業的資本都相當不足。所以我們知道需要投資以確保資金充足，以實現規模化發展。（聽不清楚）

Makes sense. Last question and I’ll pass it on. In terms of the end market applications, there’s some pretty large volume technical applications emerging right now. Obviously, data center, but then beyond that drones, humanoid robots.

有道理。最後一個問題，我會把它轉交給下一位。就終端市場應用而言，目前湧現一些相當大的技術應用。顯然，資料中心是關鍵，除此之外還有無人機和人形機器人。

I’m just curious as more generally your ability to handle these customer requests for investigating customized magnets for them, how that scales to be customer specific and tackle all these? Do you have to kind of stagger these so you can meet the initial request? I’m curious whether some of these can be near term or are more longer-term opportunities?

我只是好奇，更普遍而言，你們處理客戶提出的客製化磁鐵需求的能力，是如何擴展到針對特定客戶並解決所有這些問題的？是否需要錯開這些時間才能滿足最初的要求？我很好奇其中一些是近期機會，還是更長期的機會？

Yeah. And you cited a few that we’ve announced, right, drones and other areas and it’s a wide range of sizes in particular, and we’ll be investing in the equipment we need to support them. These customers tend to congregate into general sizes and general shapes that we can hone in on. So it’s not like it’s bespoke for every customer, but some of it will get phased in. So it’s not all going to be ready when we -- what we’re commissioning in the first quarter going to the second quarter as we start commissioning ship is not necessarily going be all these capabilities.

是的。您提到了一些我們已經宣布的項目，對吧，例如無人機和其他領域，特別是各種尺寸的項目，我們將投資購買支援這些項目所需的設備。這些顧客往往聚集在我們可以重點關注的大致尺寸和大致形狀上。所以這並不是為每個客戶量身定制的，而是其中一些功能會逐步引入。所以，當我們——我們在第一季開始調試的船——進入第二季時，並非所有功能都會準備就緒。

Some of those capabilities we’ll be adding in mid-year. I think I talked last quarter about the fact that we’ll be starting out with about 600 tons capacity and then we’ll be increasing that to 1,200 tons throughout the year. So some of that will happen as we’re increasing throughout the year and then some of that could follow on even from there.

其中一些功能我們將在年中增加。我想我上個季度說過，我們最初的產能約為 600 噸，然後我們將在年內將其提高到 1200 噸。所以其中一些情況會隨著我們全年的增長而發生，然後其中一些情況甚至可能在此之後繼續發生。

But we’re certainly looking closely making sure at least from an ROI perspective that the equipment we’re adding has the volume and profitability we need to have a good ROI on what we’re investing in. But our goal is to be a broad player to a lot of these customers who right now don’t have a home.

但我們當然會仔細考察，確保至少從投資回報率的角度來看，我們新增的設備能夠達到我們所需的產量和盈利能力，從而確保我們的投資獲得良好的回報。但我們的目標是成為許多目前沒有住房的客戶群的廣泛參與者。

Okay. Very helpful. Thanks everybody.

好的。很有幫助。謝謝大家。

And ladies and gentlemen, with that, we’ll be concluding today’s question-and-answer session as well as today’s conference call. We do thank you for attending. You may now disconnect your lines.

女士們、先生們，今天的問答環節和電話會議到此結束。非常感謝您的出席。現在您可以斷開線路了。