USA Rare Earth, Inc. (USAR) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to the USA Rare Earth second-quarter 2026 conference call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 USA Rare Earth 2026 年第二季財報電話會議。（接線員指示）請注意，本活動將被錄音。

I would now like to turn the conference over to J.B. Lowe, Vice President and Head of Investor Relations. Please go ahead.

現在我想把會議交給投資人關係副總裁兼主管 J.B. Lowe。請開始。

Thank you, Gary. Good afternoon, and welcome to USA Rare Earth's 2026 second-quarter earnings conference call. With me today are Barbara Humpton, Chief Executive Officer; and Rob Steele, Chief Financial Officer. Following Barbara and Rob's updates across our business and quarterly results, we will open the lines for Q&A.

謝謝你，Gary。下午好，歡迎參加 USA Rare Earth 2026 年第二季財報電話會議。今天與我一同出席的有執行長 Barbara Humpton，以及財務長 Rob Steele。在 Barbara 與 Rob 就我們的業務進展與本季業績更新之後，我們將開放問答。

I would like to remind participants that today's discussion may contain forward-looking statements. Please refer to the press release and our SEC filings for a discussion of risk factors. Listeners who do not have a copy of the press release or associated presentation may access these documents by visiting the Investor Relations section of the company's website.

提醒各位與會者，今天的討論可能包含前瞻性陳述。請參閱新聞稿與我們向 SEC 提交的文件，以了解風險因素的討論。未持有新聞稿或相關簡報的聽眾，可至公司網站的投資人關係專區取得這些文件。

With that, I'll turn the call over to Barbara.

那麼，我把電話交給 Barbara。

Thank you, J.B. Let me start with the progress we made this quarter as a company and the vision we have going forward. USA Rare Earth is building the global leader in rare earths. Every link from the rock in the ground to the finished magnet and beyond across three continents. These materials sit inside the motors, servos, semiconductors, aircraft, robotics, medical devices and defense systems, a modern economy runs on.

謝謝你，J.B. 我先從本季公司取得的進展，以及我們對未來的願景談起。USA Rare Earth 正在打造全球稀土領導者——從地下礦石到成品磁鐵，並延伸至後端應用，橫跨三大洲的每一個環節。這些材料存在於馬達、伺服系統、半導體、飛機、機器人、醫療設備與國防系統之中；現代經濟的運轉仰賴它們。

For a generation, the capability to produce them has been consolidated almost entirely into one country. We're putting it back into allied hands, and we're doing it now. This ranks among the most vital industrial projects underway today, and I want to be clear about our ambition. We intend to lead it. For decades, price governed this industry because availability was assumed, availability or lack thereof is what governs the rare earth industry now.

過去一個世代，生產這些材料的能力幾乎完全集中在單一國家。我們正把它重新交回盟友手中，而且就是現在。這是當今最關鍵的工業專案之一，我想清楚說明我們的企圖：我們打算成為領導者。數十年來，這個產業由價格主導，因為供應被視為理所當然；但如今，主導稀土產業的是供應的可得性——或不可得性。

Once the company understands what an interruption will do to its production line, its commitments and its business model, availability drives every decision that follows. The consequence of being wrong is existential. The Chinese government's recent export restrictions on Western companies, including USA Rare Earth crystallized that risk. For us, they reinforce why this company exists.

一旦企業理解供應中斷將如何影響其產線、承諾與商業模式，可得性就會驅動其後的每一項決策。判斷錯誤的代價是生存層級的。中國政府近期對西方企業（包括 USA Rare Earth）實施的出口限制，使這項風險更加具體。對我們而言，這也再次強化了這家公司存在的理由。

For the rest of the industry, they are a wake-up call. More and more companies have now concluded that single-source dependency on a strategic competitor, one that has become a geostrategic adversary is a risk they can no longer tolerate. That conclusion is driving companies to rebuild their supply chains around long-term, reliable and trustworthy sources.

對產業其他公司而言，這是一記警鐘。越來越多企業已經得出結論：對單一來源、且是戰略競爭對手（如今已成為地緣戰略對手）的依賴，是他們再也無法容忍的風險。這個結論正推動企業以長期、可靠且值得信賴的來源為核心，重建其供應鏈。

And a two-tier market is emerging, a China tier and a new non-China tier. The two price differently, contract differently and behave differently. We're building USA Rare Earth to anchor the non-China tier and to be its partner of choice. Outside of China, heavy rare earths used in magnets are scarcer today than at any point in recent memory, and pricing reflects this reality.

同時，一個雙層市場正在形成：中國層級與新的非中國層級。兩者在定價、合約模式與市場行為上都不同。我們打造 USA Rare Earth 的目標，是成為非中國層級的支柱，並成為其首選合作夥伴。在中國以外，用於磁鐵的重稀土如今比近年任何時候都更稀缺，價格也反映了這個現實。

Western prices for dysprosium oxide, for example, are up over 90% in 2026 alone as measured by Benchmark Minerals intelligence, reaching nearly $2,000 per kilogram in August, over 9x the price of the product in China. This same tightness runs across other rare earths and critical minerals, such as lutetium, gallium, Gadolinium, hafnium and zirconium and Yttrium. Western prices for Yttrium oxide which has only started to be tracked within the last year since, it essentially does not exist outside in the West, has risen or 60% since March and is over 200x the price in China.

以氧化鏑為例，根據 Benchmark Minerals Intelligence 的衡量，西方價格僅在 2026 年就上漲超過 90%，8 月已接近每公斤 2,000 美元，超過中國同類產品價格的 9 倍。這種供應吃緊同樣出現在其他稀土與關鍵礦物上，例如鑥、鎵、釓、鉿、鋯以及釔。西方的氧化釔價格——由於其在西方幾乎不存在，直到過去一年才開始被追蹤——自 3 月以來已上漲 60%，且價格已超過中國的 200 倍。

Scarcity is the defining condition of this industry today. Availability is the lens I would ask you to apply to our strategy, which is to supply these scarce materials responsibly at scale. Scaling requires capabilities that are themselves significant barriers to entry as very few companies outside of China can do this work because it's largely a lost art in the West. That is what makes the integrated value chain we are building so valuable.

稀缺性是當今這個產業的決定性特徵。我希望各位以「可得性」作為理解我們策略的視角：以負責任的方式、在規模化條件下供應這些稀缺材料。擴產需要的能力本身就是重要的進入門檻，因為在中國以外，能做這些工作的公司屈指可數——在西方，這在很大程度上已成為失傳的技藝。這正是我們正在打造的一體化價值鏈如此珍貴的原因。

A mine without processing is a stranded asset. Processing without metal and alloy making capability is a science project. A magnet manufacturing facility without a secure heavy rare earth feedstock in zombie and tolling any of these steps through an adversary is a bottleneck. That is why we have to link this chain together and why we moved so urgently to build capability at each link.

只有礦、沒有加工能力，資產就會被擱淺；只有加工、沒有金屬與合金製造能力，就只是科學專案；而沒有穩定重稀土原料來源的磁鐵製造設施，則形同「殭屍」產能；此外，若把任何一步透過對手進行代工（tolling），都會形成瓶頸。因此，我們必須把這條鏈串起來，也因此我們才會如此急迫地在每一個環節建立能力。

This quarter is when that architecture snapped together. In the second-quarter, we announced three significant events. First, our intent to acquire Serra Verde, which will give the only scaled operating source of both light and heavy magnetic rare earths outside Asia. Second, we announced our investment in Carester bringing world-class heavy rare earth processing capability and intellectual property into the platform.

本季，這個架構終於完整拼接到位。在第二季，我們宣布了三項重大事件。第一，我們有意收購 Serra Verde，這將帶來亞洲以外唯一具規模、且同時供應輕稀土與重稀土（用於磁材）的在營運來源。第二，我們宣布投資 Carester，把世界級的重稀土加工能力與智慧財產納入平台。

And third, we selected Blacksburg, South Carolina, for our second US magnet and metals facility, where we've already broken ground and ordered long lead time equipment. Underpinning all of this was our signing definitive documentation with the Department of Commerce, following an exceptionally rigorous due diligence process that included site visits, multiple RFPs and coordination across numerous agencies.

第三，我們選定南卡羅來納州 Blacksburg 作為我們在美國的第二座磁鐵與金屬設施基地；我們已經動工，並訂購了交期較長的關鍵設備。支撐上述一切的是：在經歷極其嚴格的盡職調查流程（包含實地訪查、多輪 RFP，以及跨多個機構的協調）後，我們與商務部簽署了具約束力的最終文件。

Beyond the capital already appropriated to reimburse us for our expenses, we view these agreements as a validation of our asset base, our business model and our growth plans, and they significantly derisk our path to full scale production. Even as we assemble these pieces, we advanced our capabilities at each link in our platform.

除了已核撥、用以補償我們支出的資金之外，我們也將這些協議視為對我們資產基礎、商業模式與成長計畫的肯定，並大幅降低我們邁向全面量產的風險。即便在整合這些拼圖的同時，我們也在平台的每一個環節持續推進能力建置。

At Serra Verde, the optimization and growth project, which aims to increase efficiency and production capacity is in the process of recommissioning. The project is developing as expected toward the restart of commercial production and ramp-up at the mine and processing operation on time and within budget. In April, we announced our first commercial production of Yttrium metal at LCM, one of very few producers outside China of a metal essential to high-temperature aerospace applications and high-performance semiconductors.

在 Serra Verde，以提升效率與產能為目標的優化與成長專案正處於重新投運（recommissioning）過程中。該專案如預期推進，朝向礦山與加工營運的商業化生產重啟與爬坡，並可望按期且在預算內完成。4 月，我們宣布在 LCM 完成首次釔金屬的商業化生產；釔金屬對高溫航太應用與高效能半導體至關重要，而 LCM 是中國以外少數能生產該金屬的廠商之一。

In May, we announced grants from the Texas Semiconductor Innovation Fund and the US Department of Energy to advance our platform, providing further external validation that our platform is essential national infrastructure. In June, we commissioned our hydrometallurgical facility in Wheat Ridge, Colorado and just last month in July, we produced our first commercial grade dysprosium and NdPr oxide samples from our own recycled magnet manufacturing swarf, one of the few western producers able to execute this technically demanding process outside Asia.

5 月，我們宣布獲得德州半導體創新基金與美國能源部的補助，以推進我們的平台，進一步獲得外部驗證：我們的平台屬於關鍵的國家級基礎設施。6 月，我們在科羅拉多州 Wheat Ridge 的濕法冶金設施完成投產；而就在上個月 7 月，我們利用自有回收的磁鐵製造研磨屑（swarf），製得首批商業等級的氧化鏑與 NdPr（釹鐠）氧化物樣品；在亞洲以外，能執行這項技術門檻極高流程的西方生產者屈指可數。

Lastly, just last week, we closed on the acquisition of TMRC which consolidates our ownership interest in Round Top and allows for streamlined operations, governance and decision-making. The new paradigm is evident in the commercial pool we are seeing. An underappreciated feature of this market is that only half of rare earths demand comes from permanent magnets. The other half is demand for the elements themselves, in catalysts, phosphorus, polishing compounds, et cetera.

最後，就在上週，我們完成對 TMRC 的收購交割，整合了我們在 Round Top 的持股，並使營運、治理與決策得以更精簡順暢。新的市場典範已在我們看到的商業需求池中顯現。這個市場一個常被低估的特點是：稀土需求只有一半來自永磁體；另一半則是對元素本身的需求，用於催化劑、磷化物、拋光材料等。

Nowhere is this more evident than in the work we are advancing at Round Top. We've already engaged over 30 potential customers, many of the large multinationals on offtake for the nonmagnetic oxides and other products Round Top will produce. We're working closely with several of them on MOUs, joint development agreements and other avenues of innovation.

在我們於 Round Top 推進的工作中，這點最為明顯。我們已接觸超過 30 家潛在客戶，其中許多是大型跨國企業，針對 Round Top 未來將生產的非磁性氧化物與其他產品洽談承購（offtake）。我們正與其中數家密切合作，推進 MOU、共同開發協議，以及其他創新途徑。

This deep engagement extends to our midstream and downstream businesses. More and more customers are no longer asking whether they need a non-China supply but are now asking how quickly we can deliver one. Many are sourcing outside China for the first time in decades, if not ever, and are still learning where these capabilities exist. So we engineer alongside them.

這種深度投入也延伸到我們的中游與下游業務。越來越多客戶不再問他們是否需要一個非中國的供應來源，而是改問我們能多快交付。許多客戶數十年來（甚至從未）第一次在中國以外採購，仍在學習這些能力存在於何處。因此，我們與他們並肩進行工程設計。

In some cases, we've been working with customer engineering teams for 6 months or more on specifications, tolerances and qualification protocols. We see this customer intimacy as a competitive differentiator. These are often multi-decade decisions for our clients, designing our material into platforms that will exist for years, and the length of our sales cycle respects the commitment this represents.

在某些情況下，我們已與客戶的工程團隊就規格、允差與認證（qualification）流程合作長達 6 個月或更久。我們將這種與客戶的緊密合作視為競爭差異化因素。對客戶而言，這些往往是跨越數十年的決策，因為他們把我們的材料設計進將存在多年的平台中；而我們的銷售週期長度也反映並尊重這份承諾。

So let me close with where we're going. On August 28, there will be a shareholder vote to approve the acquisition of Serra Verde. Upon closing, we'll have mining, processing, metal and alloy making and magnet manufacturing spanning three continents. Our work from here is to move material through every link at scale to convert qualification into contracts and to become the supplier of the West builds around. My proudest accomplishment is that we've built a company that attracts the most capable people in our industry.

最後我想以我們的前進方向作結。8 月 28 日將舉行股東投票，以批准收購 Serra Verde。交易完成後，我們將在三大洲擁有涵蓋採礦、加工、金屬與合金製造以及磁材製造的能力。接下來我們的工作，是以規模化方式讓材料穿越每一個環節，把認證轉化為合約，並成為西方所圍繞建立的供應商。我最自豪的成就，是我們打造了一家能吸引本產業最有能力人才的公司。

Over the past year, world-class experts have chosen to join us. Entire organizations chose to join us, too. The teams at LCM, Carester and Serra Verde each had a choice about their future and each chose this platform. In an industry where capabilities outside China are limited, this may be our most durable advantage. It is also why I have such confidence in this next chapter.

過去一年，世界級專家選擇加入我們；整個組織也選擇加入我們。LCM、Carester 與 Serra Verde 的團隊都可以選擇自己的未來，而他們都選擇了這個平台。在一個中國以外能力有限的產業中，這可能是我們最持久的優勢。這也是我對下一篇章充滿信心的原因。

This is the last quarterly call I will host as CEO as Thras Moraitis takes over on October 1. The Board of Directors has had a bold vision for this company, and I'm proud to have been part of it. Thras shares this vision for scaling and expanding our platform. I could not be more confident handing him the baton, and I intend to run part straight through the handoff.

這將是我以 CEO 身分主持的最後一次季度電話會議，因為 Thras Moraitis 將於 10 月 1 日接任。董事會對這家公司一直抱持大膽願景，我很榮幸能參與其中。Thras 也認同這個擴大規模並拓展平台的願景。我非常有信心把接力棒交給他，也打算在交接期間全速前進、不中斷。

There's a great deal to accomplish between now and October 1. It's been a privilege to help build and lead this company. I'm proud of what the team has accomplished, and I'm even more excited about what it will accomplish next.

從現在到 10 月 1 日之間，還有很多要完成。能協助打造並領導這家公司是一種榮幸。我為團隊的成果感到自豪，也更期待團隊接下來將完成的成就。

With that, let me hand it to Rob.

接下來，我把時間交給 Rob。

Thank you, Barbara. Before I begin, I'd like to say on behalf of the more than 325 employees of USA Rare Earth. Thank you for your vision, your leadership and your belief in what we could accomplish together. Since you joined us last October, that conviction has helped transform our ambition into reality. As you described, we are helping to define a new industry paradigm, building an integrated rare earth platform outside of China takes capital, technical debt, government relationships and the ability to execute multiple complex work streams at once.

謝謝你，Barbara。在我開始之前，我想代表 USA Rare Earth 超過 325 位員工說：感謝你的願景、你的領導力，以及你對我們能共同完成之事的信念。自你去年 10 月加入以來，這份信念幫助我們把雄心轉化為現實。正如你所描述的，我們正在協助定義一個新的產業典範：在中國以外建立一個整合式稀土平台，需要資本、技術負債、政府關係，以及同時執行多條複雜工作流的能力。

What matters is relentless commitment character and operational excellence. The steps Barbara described are evidence of all three. We said what we would do, and then we went out and did it and more. This past year also demonstrated that our team can get things done at extraordinary speed, which is essential given the critical nature of our mission.

真正重要的是不懈的承諾、品格與營運卓越。Barbara 所描述的步驟就是這三者的證明。我們說到做到，然後不僅做到了，還做得更多。過去一年也證明，我們的團隊能以非凡速度把事情完成；鑑於我們使命的關鍵性，這一點至關重要。

We will continue to move at pace, and we will not sacrifice our values to do it. Turning to our Q2 results. Revenues for the quarter, which represents sales to third parties were approximately $6 million derived from our metal and alloy making business at LCM. Gross margins were impacted by higher raw material input costs, which are associated with the supply challenges that the entire industry is facing.

我們將持續保持速度前進，也不會為了速度而犧牲我們的價值觀。接著談我們第二季（Q2）業績。本季營收（代表對第三方的銷售）約為 600 萬美元，主要來自 LCM 的金屬與合金製造業務。毛利率受到較高原材料投入成本的影響，而這與整個產業正面臨的供應挑戰有關。

This issue is most acute in heavy rare earths, and we are actively engaging with alternative supply sources ahead of our anticipated access to feedstock from Serra Verde and Carester. As a result, our position in the supply-constrained market conditions provides the opportunity to establish appropriate non-China pricing. And because of what we've been building here at USA Rare Earth, we have considerable market insight.

這個問題在重稀土（heavy rare earths）上最為嚴重；在我們預期可取得 Serra Verde 與 Carester 供料之前，我們正積極接洽替代供應來源。因此，在供應受限的市場環境下，我們的市場地位提供了建立適當「非中國」定價的機會。而且，基於我們在 USA Rare Earth 所打造的一切，我們對市場有相當深入的洞察。

Therefore, we believe there is an opportunity for positive momentum in pricing to develop going forward. Operating expenses in the quarter were approximately $45 million, including higher M&A legal and consulting costs related to our highly strategic global transactions. This was partially offset by lower R&D costs compared to the first-quarter as our magnet business moved into production in the second-quarter and associated costs are now reflected in inventory rather than R&D.

因此，我們認為未來定價有機會形成正向動能。本季營業費用約為 4,500 萬美元，其中包含與我們高度策略性的全球交易相關、較高的併購（M&A）法律與顧問費用。相較第一季，研發費用下降，部分抵銷了上述增加；因為我們的磁材業務在第二季進入生產階段，相關成本現在反映在存貨中，而非研發費用。

We reported a net loss attributable to common stockholders of $10.3 million or $0.05 per share. This includes a noncash fair value adjustment of approximately $22.4 million related to our warrant and earn-out liabilities. Excluding this, our adjusted net loss was $33.5 million or $0.15 per share. Turning to the balance sheet. We ended the quarter with approximately $1.5 billion in cash and cash equivalents.

我們報告歸屬於普通股股東的淨損為 1,030 萬美元，或每股 0.05 美元。其中包含約 2,240 萬美元的非現金公允價值調整，與我們的認股權證（warrant）及或有對價（earn-out）負債相關。排除該項後，我們的調整後淨損為 3,350 萬美元，或每股 0.15 美元。接著看資產負債表：本季末我們持有約 15 億美元的現金及約當現金。

This position gives us the flexibility in the near term to execute and accelerate our mine to magnet strategy as we pursue both organic and inorganic growth. Capital expenditures for the quarter were $66 million. During the quarter, we signed definitive agreements with the Department of Commerce, one of the 2026 targets we laid out in our Q1 earnings release.

這個部位讓我們在短期內具備彈性，可在追求有機與無機成長的同時，執行並加速我們「從礦到磁材」（mine to magnet）的策略。本季資本支出為 6,600 萬美元。本季期間，我們與商務部簽署了具約束力的最終協議，這是我們在第一季財報新聞稿中提出的 2026 年目標之一。

This financing is a milestone-based CapEx reimbursement program meaning we are reimbursed only after we achieve specific milestones. In our view, this protects the US taxpayer and aligns private capital with government investment. We expect to apply for our first reimbursement distribution in the coming months. At the same time, we continue to build out our platform in line with the long-term schedule we laid out in January to all stakeholders, with Round Top targeting commercial operations in late 2028 and 10,000 tons of both metal and alloy and magnet manufacturing capacity in the United States by 2029.

這項融資是一個以里程碑為基礎的資本支出（CapEx）補償計畫，意即只有在我們達成特定里程碑後才會獲得補償。我們認為，這能保護美國納稅人，並使民間資本與政府投資方向一致。我們預期在未來幾個月申請第一筆補償款。同時，我們也持續依照 1 月向所有利害關係人所提出的長期時程建置平台：Round Top 目標於 2028 年底進入商業營運，並於 2029 年在美國達成金屬與合金以及磁材製造產能各 10,000 噸。

Now to operations. This quarter at Round Top, we began the resource upgrade drilling program, drilling over 10,000 feet of additional core across the 3-rig campaign. Early assay results are in line with our expectations for resource grade and confirm heavy rare distribution above 70%. The definitive feasibility study remains on track for year-end completion and publication of the S-K 1300 in early 2027.

接著談營運。本季在 Round Top，我們啟動資源升級鑽探計畫，在三台鑽機的作業中額外鑽取超過 10,000 英尺的岩心。初步化驗（assay）結果符合我們對資源品位的預期，並確認重稀土分布占比高於 70%。最終可行性研究（definitive feasibility study）仍按計畫於年底完成，並於 2027 年初發布 S-K 1300。

At our Wheat Ridge R&D headquarters, the hydrometallurgical facility is now offering all three demonstration circuits, the Round Top flow sheet, third-party MREC separation, and magnet swarf recycling. Data from these circuits will feed both our definitive feasibility study for Round Top and the design and engineering of our consolidated separation plan.

在我們位於 Wheat Ridge 的研發總部，濕法冶金設施目前已提供三條示範迴路：Round Top 流程（flow sheet）、第三方 MREC 分離，以及磁材切屑（swarf）回收。這些迴路的數據將同時用於 Round Top 的最終可行性研究，以及我們整合分離廠（consolidated separation plant）的設計與工程。

Wheat Ridge is also where we plan to do forward-looking materials work using quantum computing, AI and digital twins to help develop new processing capabilities. We are doing this in partnership with the Colorado School of Mines, the Department of Energy as well as to enhance our own proprietary capabilities. In metal and alloy making, third-party demand for LCM specialized capabilities remain strong from both magnet manufacturers and specialty alloy customers.

Wheat Ridge 也是我們計畫運用量子運算、AI 與數位孿生（digital twins）進行前瞻材料工作的地方，以協助開發新的加工能力。我們正與科羅拉多礦業學院（Colorado School of Mines）及能源部合作，同時也用以強化我們自有的專有能力。在金屬與合金製造方面，來自磁材製造商與特殊合金客戶對 LCM 專業能力的第三方需求仍然強勁。

However, as I mentioned, raw material shortages have impacted the entire industry, including LCM. Our supply chain team is working to secure feedstock ahead of our access to both Carester and Serra Verde In magnets, our Stillwater team now stands at 140 people, and we are targeting 200 by year-end, a measure of how quickly this facility is scaling. Commercially, the pipeline continues to build.

然而，如我所提到的，原材料短缺已影響整個產業，包括 LCM。我們的供應鏈團隊正努力在我們取得 Carester 與 Serra Verde 供料之前，先行確保原料來源。在磁材方面，我們 Stillwater 團隊目前已達 140 人，目標在年底前達到 200 人，這反映該設施擴張速度之快。在商務面，案源管線持續累積。

We are an active commercial dialogue with over 100 potential customers with many in negotiation and more than 20 already in qualification discussions. To date, we have secured MOUs and LOIs covering 2,500 metric tons with large multinationals across the aerospace and defense, industrial automation, industrial motors and automotive sectors.

我們正與超過 100 家潛在客戶進行積極的商務對話，其中許多正在談判中，且已有超過 20 家進入資格認證（qualification）討論。迄今為止，我們已與航太與國防、工業自動化、工業馬達及汽車等領域的大型跨國企業，簽署涵蓋 2,500 公噸的 MOU 與 LOI。

We have also received production purchase orders from customers in the industrial motion control sector and the aerospace and defense sector. We have received additional prototype purchase orders for finished parts from customers across aerospace and defense, industrial automation, and industrial motor sectors and have received semifinished block purchase orders from accounts across these same industries.

我們也已收到來自工業運動控制領域以及航太與國防領域客戶的量產採購訂單（production purchase orders）。此外，我們亦收到來自航太與國防、工業自動化與工業馬達等領域客戶針對成品零件的額外原型採購訂單，並收到來自上述相同產業客戶的半成品塊材採購訂單。

With production purchase orders already in hand, we expect these efforts to translate into our first magnet sales by the end of the year. On the technology side, our R&D team is developing new grades and formulations driven directly by customer requirements, including grain boundary diffusion or GBD and heavy rare earth free formulations can be suitable for a portion of the magnet market.

在已取得量產採購訂單的情況下，我們預期這些努力將在年底前轉化為我們的首批磁材銷售。在技術方面，我們的研發團隊正直接依據客戶需求開發新牌號與配方，包括晶界擴散（grain boundary diffusion，GBD）以及不含重稀土（heavy rare earth free）的配方，這些可適用於磁材市場的部分需求。

These R&D efforts can help lower our cost base. In addition, developing new products within the customer specification puts our engineers alongside theirs, which shortens qualification and positions us to be the designer of choice. That is what turns the purchase order into a multiyear relationship, and it is the most durable form of customer intimacy that we can build.

這些研發工作可協助降低我們的成本基礎。此外，在客戶規格內開發新產品，能讓我們的工程師與客戶工程師並肩合作，縮短資格認證流程，並使我們成為客戶優先選擇的設計方。這正是將採購訂單轉化為多年合作關係的關鍵，也是我們能建立的最持久的客戶緊密度（customer intimacy）形式。

On quality, Stillwater is ISO 9001 supplied today, and we are working toward the more demanding AS9100, the quality management standard for Aviation Space and Defense Industries in 2027. Finally, on integration, a great deal of work this quarter went into integrating systems, controls, reporting, supply chain and commercial coordination across LCM and our US operations and preparing for Serra Verde. We have no time to waste and are focused on building this platform to reliably deliver to our customers and to our nation partners.

在品質方面，Stillwater 目前已符合 ISO 9001 供應要求，我們正朝向更嚴格的 AS9100（航空、太空與國防產業的品質管理標準）邁進，目標於 2027 年達成。最後，在整合方面，本季大量工作投入於整合 LCM 與我們美國營運之間的系統、控制、報告、供應鏈與商務協調，並為 Serra Verde 做準備。我們沒有時間可以浪費，正專注於打造此平台，以可靠地交付給客戶以及我們的國家合作夥伴。

With that, operator, we are now ready to open the lines for Q&A.

接下來，接線員，我們已準備好開放電話線進行問答。

(Operator Instructions) Neal Dingmann, William Blair.

（接線員指示）Neal Dingmann，William Blair。

Barbara, congratulations and Thras as well. Barbara has done a great job. Rob, maybe my first question is something you just said on the PPOs. I think did you say run 2,500 metric tons already. And if so, is the plan to continue to even build upon that? And I'd love to hear, are these long-term arrangements, like what type of orders are we talking in years perhaps?

Barbara，恭喜你，Thras 也是。Barbara 做得非常出色。Rob，我第一個問題可能是你剛剛提到的量產採購訂單（PPOs）。我想你是說目前已經有 2,500 公噸的規模？如果是的話，計畫是否會持續在此基礎上再擴大？另外也想了解，這些是否屬於長期安排？例如我們談的是幾年的訂單？

Yes. I mean that is 2,500 tons of annual demand. And we are looking at expanding that currently well beyond that. So the additional customers that we talked about, the more than 100 that are in the pipeline and the other 20 that we talked about that are near-term qualification are going to build that demand further. And our supply agreements are going to range from single purchase orders to annual agreements.

是的。我的意思是，那是每年 2,500 公噸的年度需求。我們目前正尋求將其擴大到遠高於此的水準。因此，我們提到的其他客戶——管線中超過 100 家，以及我們提到的另外 20 家近期將進入資格認證的客戶——都會進一步推升需求。而我們的供應協議將涵蓋從單筆採購訂單到年度協議等不同形式。

And then over time, as we've talked about, we will enter into selectively into offtake agreements based upon the economics of the transactions.

然後隨著時間推進，如同我們先前所談，我們將基於交易經濟性，有選擇地簽訂承購（offtake）協議。

Great. And then just a follow-up. I couldn't help but notice, you mentioned about the positive momentum in pricing. Could you just talk, again, what you mean exactly, maybe color on that, how quickly that will be seen sort of running through the system?

很好。接著追問一下。我注意到你提到價格方面的正向動能。你能否再談談你具體指的是什麼？也請補充一些背景，這會多快在系統中反映出來？

Yes. So we've already gone out with higher prices on our products, and we expect that, that will be seen in the upcoming quarters.

是的。我們已經對產品提出更高的報價，我們預期這將在接下來幾個季度反映出來。

George Gianarikas, Canaccord Genuity.

George Gianarikas，Canaccord Genuity。

Barbara I just want to say it's been a pleasure working with you. Maybe to focus on Serra Verde, an acquisition expected to close pretty soon. Can you just sort of outline for us the remaining regulatory approvals or closing conditions that are out there, particularly in Brazil? And maybe a second part to that, Serra Verde is expected to deliver about $600 million in annualized EBITDA by the end of '27.

Barbara，我只想說與你合作一直很愉快。或許聚焦在 Serra Verde，這項收購預計很快完成。你能否為我們概述一下尚待完成的監管核准或交割條件，特別是在巴西方面？另外第二部分，Serra Verde 預期在 2027 年底前可貢獻約 6 億美元的年化 EBITDA。

What are the key operational bottlenecks as you understand them before you've closed it that maybe present risk or opportunity by the end of the year?

在你們完成交割之前，就你目前的理解，哪些關鍵營運瓶頸可能在年底前帶來風險或機會？

Yes, sure. So the Serra Verde transaction is in the process of being closed, the shareholder vote, which is the last remaining hurdle is on August 28, and we'll be closing the transaction shortly after that, there are no more regulatory hurdles with regard to that transaction. In terms of where Serra Verde is headed, what we've talked about is the business scaling to 6,400 metric tons of Trio by the end capacity, that's run rate capacity by the end of 2027. And as we close the transaction at the end of the month, we'll be providing more insights on the business going forward.

好的，當然。Serra Verde 交易正處於交割流程中，股東投票是最後一道關卡，將於 8 月 28 日進行；之後我們將在不久後完成交割。就該交易而言，已無其他監管障礙。至於 Serra Verde 的發展方向，我們談到的是該業務將擴產至年化 6,400 公噸的 Trio 產能，也就是到 2027 年底的運轉率（run rate）產能。當我們在本月底完成交割時，將提供更多關於未來業務的洞見。

And just as a follow-up question. I just want to hit a little bit on what you talked about, Rob, in terms of the heavy supply bottlenecks. What are you seeing exactly? When does that start to come to fruition? Any additional color would be very helpful.

再追問一題。我想再多問一點你提到的內容，Rob，關於重稀土供應瓶頸。你們具體看到了什麼情況？這何時會開始落地成形？若能提供更多細節會很有幫助。

Yes. I mean, I think taking a step back, the raw material shortages I think, highlight and legitimize the whole reason why we're creating this global supply chain outside of China. As you know, Serra Verde is a heavy -- it does have light but it's a heavy rare earth mine and will be the largest heavy rare earth mine in production outside of China.

是的。我想先退一步看，原料短缺其實凸顯並正當化了我們為何要在中國以外建立全球供應鏈的整體理由。如你所知，Serra Verde 是一座重稀土礦——它也有輕稀土，但以重稀土為主——並將成為中國以外投產中最大的重稀土礦。

Similarly, Round Top is focused on only heavy rare earths and won't have light rare earths. So I think the key point there is that we are solving this problem. In the short run, as we've seen, pricing has increased and product is more scarce in the non-China market. But as we said, we are making plans with additional suppliers to be able to access the product in the near term.

同樣地，Round Top 專注於僅生產重稀土，不會有輕稀土。因此關鍵點在於：我們正在解決這個問題。短期來看，如我們所見，非中國市場的價格已上升，產品也更為稀缺。但如同我們所說，我們正與更多供應商制定計畫，以便在近期取得產品供應。

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，Northland Capital Markets。

I was curious on the hydromet facility that you guys are ramping up here. You've had a couple of positive updates lately on those early efforts. But just wondering how we should expect kind of communication of various milestones on those different flow sheets over the coming months and quarters?

我想了解你們正在爬坡的濕法冶金（hydromet）設施。你們最近對早期進展發布了幾項正面更新。但我想知道，未來幾個月與幾個季度，對於不同流程（flow sheets）的各項里程碑，你們預計會如何對外溝通？

Yes. Look, we're going to be coming out with relevant milestone updates as we progress throughout the year, and there'll be several more along the way that will be relevant. We still are on track to complete our DFS by year-end and publish our S-K 1300 going into early next year. So we feel very, very good about what we are. But as we've done in the past, we will be announcing milestones as we hit them.

是的。你看，我們會在全年推進過程中，隨進度發布相關的里程碑更新，途中還會有數個重要節點。我們仍按計畫在年底前完成 DFS，並在明年初發布我們的 S-K 1300。因此我們對目前進展感到非常、非常有信心。但如同過去一樣，我們會在達成里程碑時對外公告。

Got it. Okay. And for my follow-up, I know the labor pool has been kind of a point of focus for you guys given kind of the lack of Western expertise in the sector over the past years and decades, just wondering for any updates there, any tightness in any areas? Have you guys generally been able to secure the labor needed to ramp at the pace that you guys are targeting?

了解。好的。我的追問是，我知道由於過去多年甚至數十年西方在該產業的專業人才相對不足，勞動力供給一直是你們關注的重點之一。想請問這方面有沒有更新？是否有任何領域出現緊缺？你們整體而言是否能招募到所需人力，以你們目標的速度進行爬坡？

Yes. Let me jump in on this one, Jeff. I think one of the things that we have been most proud of is the depth of the talent that already exists at the Board level and executive management and on down through the company when I joined last fall, we're talking about tens of employees. Now we're talking about hundreds of employees.

是的，Jeff，讓我來回答這題。我認為我們最引以為傲的一點，是當我去年秋天加入時，公司在董事會層級與高階管理團隊，以及往下到公司各層面，既有人才的深度。當時我們談的是數十名員工；現在我們談的是數百名員工。

With the acquisition of the Serra Verde Group, truly, we have a very robust team with deep expertise. Now yes, building the expertise in metal making, magnet making, as we've discovered, what we've had to do is partner with others. And you may have seen, just last week, there was a mining roundtable at the Department of State.

隨著收購 Serra Verde 集團，確實，我們擁有一支非常強大的團隊，具備深厚的專業知識。現在沒錯，在建立金屬製造、磁鐵製造方面的專業能力上，正如我們所發現的，我們必須與其他夥伴合作。你們可能也看到，就在上週，國務院舉辦了一場礦業圓桌會議。

The President attended, so did the Executive Chairman of our Board, Mike Blitzer. And a big topic there was talent development, and we've been working with the very institutions that are engaged now with the US government, providing new programs for building talent. What we found is that folks are driven by this mission and that people have transferable skills.

總統出席了，我們董事會執行主席 Mike Blitzer 也出席了。當時一個重要議題是人才培育，而我們一直與目前正與美國政府合作的相關機構攜手，提供新的計畫來培養人才。我們發現，大家都受到這項使命的驅動，而且人們的技能是可轉移的。

Those who come from the ceramics industry in automotive, find that their capability translates really well into magnet making. Of course, all of the functional experts that we need to manage the business. They're delighted to come join a really capable team like this. So I think the future is bright. And I know that, as I say, I'm very proud that USA Rare Earth is leading the pack in attracting the best and brightest into this industry.

來自汽車陶瓷產業的人發現，他們的能力能非常好地轉化到磁鐵製造上。當然，還有我們管理業務所需的各類職能專家。他們很高興能加入像這樣一支真正有能力的團隊。所以我認為未來一片光明。而且我也知道，正如我所說，我非常自豪 USA Rare Earth 正在領先同業，吸引這個產業中最優秀、最有才華的人才。

Subash Chandra, StoneX.

Subash Chandra，StoneX。

Rob, you mentioned magnet sales for magnet sales by year end. Just curious how you might characterize your qualification period among your various customers. And is there a pace that you think is reasonable to qualify based on the kind of magnets they want and the pace at which you book revenues?

Rob，你提到年底前會有磁鐵銷售。我想請教一下，你會如何描述你們在不同客戶之間的認證（qualification）期間？另外，基於他們想要的磁鐵類型，以及你們確認營收的節奏，你認為合理的認證速度大概是怎樣？

Yes. I mean, look, we're in the process of qualification with several parties, and you see that in our prototype POs. In addition, we have production POs already in hand. Qualification period really varies depending on the customer and the application. And so -- and what the finishing requirements are for the specific magnet. So it's hard to say what the exact period is for any one industry or any one customer because they can vary within the same industry.

是的。我的意思是，你看，我們正在與幾個對象進行認證流程，你們也能從我們的原型（prototype）採購訂單（PO）中看到。此外，我們也已經拿到生產（production）採購訂單。認證期間其實會因客戶與應用而有很大差異。還有——也取決於特定磁鐵的表面處理/精加工要求。因此很難說任何一個產業或任何一個客戶的確切期間，因為即使在同一產業內也可能不同。

And they can vary even with the same customer, if they're looking at two different types of products. Having said all that, based upon where we are with qualification in our purchase orders, we do expect we'll be in sales by the end of the year.

而且即使是同一個客戶，如果他們在看兩種不同類型的產品，也可能不同。儘管如此，基於我們在採購訂單中的認證進度，我們確實預期年底前會開始銷售。

Okay. And then Serra Verde, is that -- the SPV arrangement? Is that retained upon close or do you integrate that and sort of replace SPV?

好的。那 Serra Verde，那是——SPV 的安排嗎？在交割後會保留嗎？還是你們會把它整合進來，某種程度上取代 SPV？

So the SPV is not a company that is owned by USA Rare Earth. It is a special purpose vehicle that's been stood up by the US government, in particular to the Department of War and third-party financiers to be able to execute offtake for Serra Verde going forward. So that entity is -- sits outside of USA Rare Earth and we'll continue to sit outside USA Rare Earth upon the closing of our acquisition of Serra Verde. So it's independent.

所以 SPV 並不是 USA Rare Earth 所擁有的公司。它是由美國政府設立的特殊目的載體（special purpose vehicle），特別是由戰爭部（Department of War）以及第三方融資方所設立，用以在未來為 Serra Verde 執行包銷/承購（offtake）。因此該實體——是在 USA Rare Earth 之外，並且在我們完成收購 Serra Verde 的交割後，也將繼續位於 USA Rare Earth 之外。所以它是獨立的。

Suji Desilva, ROTH Capital.

Suji Desilva，ROTH Capital。

Apologies for any background noise, I'm at the airports. Just for the Stillwater revenue-generating capacity in '27, just can you give us a framework for how that ramp up here from '26 when you start recognizing revenue there?

如果有任何背景噪音先致歉，我在機場。關於 Stillwater 在 2027 年的創收能力，能否給我們一個框架，說明從 2026 年開始認列營收後，這裡的爬坡（ramp up）會是怎樣？

Yes. So what we said on capacity, we'll have 600 metric tons of run rate capacity at Stillwater by year-end. And then we're standing up the next 600 metric tons in Q1 of next year. So we'll have 1,200 metric tons early on in the year. We haven't really provided any more guidance with exactly how that ramps from there. But that is our near-term plans for standing up our capability and remain on track to do it.

可以。所以我們在產能方面說過，到年底 Stillwater 的運行速率（run rate）產能將達到 600 公噸。然後我們會在明年第一季再建置下一個 600 公噸。因此在明年年初我們將有 1,200 公噸。我們尚未就之後如何進一步爬坡提供更明確的指引。但這就是我們近期建置能力的計畫，而且我們仍按計畫推進。

Okay. All right. And then maybe just as a follow-up. Can you talk about how -- what the plan is for Stillwater versus Blacksburg in terms of -- would those be in sequence? Or in parallel starting point just to understand how you plan to use the two together.

好的。明白。那再追問一下。你能談談 Stillwater 相對於 Blacksburg 的規劃嗎——就——它們會是先後順序？還是平行推進？我想了解你們打算如何把兩者搭配使用。

Yes, yes. So the Stillwater facility is already standing up equipment, and that will ultimately be 3,600 metric tons of magnet making and 5,000 metric tons of metal making capacity. Blacksburg, which has just broken ground. So that facility has not been built yet will not be essentially operational until early 2028. And so the shell won't even be completed until the end of 2027.

可以，可以。所以 Stillwater 廠已經在建置設備，最終將具備 3,600 公噸的磁鐵製造產能，以及 5,000 公噸的金屬製造產能。Blacksburg 則剛剛動工。因此該設施尚未建成，基本上要到 2028 年初才會投入運作。而且廠房主體（shell）甚至要到 2027 年底才會完工。

So that will be sequenced later than Stillwater, but both facilities are expected to be their full capacity by the end of 2029 at Blacksburg, we'll have 5,000 metric tons of metal making and 6,400 metric tons of magnet making at that facility.

因此它的時程會晚於 Stillwater，但兩座設施預期都會在 2029 年底達到滿載。在 Blacksburg，我們將有 5,000 公噸的金屬製造產能，以及 6,400 公噸的磁鐵製造產能。

(Operator Instructions) Derek Soderberg, Cantor Fitzgerald.

（接線員指示）Derek Soderberg，Cantor Fitzgerald。

I wanted to start with just the MOUs and some of the demand that you guys have been talking about. I think you've said 12 MOUs. So Stillwater is progressing, it's commissioned, I was just curious if any of those MOUs have been converted to definitive binding offtake agreements or anything like that? And then I've got a follow-up.

我想先從你們一直在談的 MOU 以及一些需求開始。我想你們說有 12 份 MOU。Stillwater 正在推進，也已完成試運轉/投產（commissioned），我想請問這些 MOU 是否有任何已轉為具約束力的最終包銷/承購（offtake）協議或類似文件？然後我還有一個追問。

Yes. I mean we have converted several into production purchase orders. And so those are converting from prototype to purchase orders going forward.

有的。我的意思是，我們已將其中幾份轉換為生產採購訂單。因此這些正從原型訂單逐步轉為後續的採購訂單。

What -- any -- could you quantify any of that by chance?

那——任何——你能否量化其中一些數字？

Yes. We're not quantifying it at this point in time. But as we move forward, we'll be providing more information as the facility ramps up.

可以。我們目前不便量化。但隨著我們往前推進、設施產能爬坡，我們會提供更多資訊。

Got it. Got it. And as my follow-up, it seems like the recycling technology that you're working on in Wheat Ridge seems to be progressing. I was curious if you can maybe share what portion of the feedstock do you guys expect to come from sort of that recycling versus kind of newly mined? Any detail on that would be great.

了解，了解。那我的追問是，看起來你們在 Wheat Ridge 推進的回收技術正在進展。我想請問你們預期原料（feedstock）中有多少比例會來自這類回收，而不是新開採的？任何細節都很有幫助。

Yes. So swarf generally speaking will represent 20% to 30% of our finished magnets. So in theory, if we're producing 10,000 metric tons and all of those magnets are finished, then we might generate a couple of thousand metric tons of swarf per year. That swarf can be taken and then recycled back into essentially raw material oxides that can be turned into metal and then back into magnets. So it could end up being as much as 20% to 30% of our supply going forward.

好的。所以一般而言，切屑粉（swarf）將占我們成品磁鐵的 20% 到 30%。因此理論上，如果我們生產 10,000 公噸且這些磁鐵都是成品，那麼我們每年可能會產生數千公噸的切屑粉。這些切屑粉可以被回收，基本上再轉回原料氧化物（raw material oxides），再製成金屬，然後再回到磁鐵。因此未來它最終可能占我們供應的 20% 到 30%。

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

我們的問答環節到此結束。我想把電話會議交回給 Barbara Humpton，請她做任何結語。

Thank you so much. No closing remarks from me today. I appreciate everybody joining us and looking forward to the future.

非常感謝。我今天沒有結語。感謝大家參與，也期待未來。

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

本次電話會議已結束。感謝各位出席今天的簡報。您現在可以掛線。