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Site Preparation for Round Top Demonstration Plant in Progress

Successful Separation of Round Top and Third-Party Materials

第二阶段扩大的关键矿物加工设施已于8月投入使用

Sierra Blanca, TX – August 2, 2021 – USA Rare Earth LLC, the operator and owner of 80% of the Round Top (“Round Top”) Heavy Rare Earth, Lithium and Critical Minerals Project in Hudspeth County, Texas, 与合资伙伴德州矿产资源公司(OTCQB: TMRC), is pleased to announce significant progress at Round Top and its Rare Earth & Critical Minerals Processing Facility in Wheat Ridge, Colorado.   

“We are excited by the progress at Round Top and at our processing facility,” said Pini Althaus, CEO of USA Rare Earth. “The team has achieved important milestones as we build a resilient, long-term critical minerals supply chain that is totally independent of China.”

Mr. Althaus added, “电动汽车行业面临着巨大的挑战，需要确保有弹性的供应链，以实现电动化目标.  We have positioned USA Rare Earth to be an important part of the solution, combining downstream processing capabilities, including permanent magnet manufacturing, with a rich endowment of heavy rare earths at Round Top, 包括用于高温应用的烧结永久稀土磁体(如大型磁体)所必需的镝和铽, higher performance electric motors. In addition to the processing of materials from Round Top, we have also focused our efforts on processing third-party materials, 因为美国的供应链需要来自澳大利亚和加拿大等国的材料.”

Round Top Mountain

Round Top Mountain, located in Hudspeth County, Texas, is a large, polymetallic deposit comprising heavy rare earths, lithium, 以及其他对绿色技术革命和其他先进技术至关重要的重要矿物.  项目设计包括露天矿山、破碎、常规堆浸.  浸出液将采用膜浓缩/除杂和连续离子交换/色谱萃取相结合的方法进行处理, separation, and purification of rare earths and other critical minerals.

美国稀土公司最近获得了额外的地面土地，用于建设一个示范设施，该设施将为最终设计和监管审查提供支持, and process representative material for evaluation by prospective customers.

Following receipt of its Construction Storm Water permit, 美国稀土公司已经完成了其雨水管理计划的第一阶段，并启动了散装样品铺设区的现场准备工作，该样品将通过示范设施进行处理.

In addition, 美国稀土公司的环境团队已经完成了重要的环境基线研究, including:

• 受威胁和濒危物种报告-显示没有受威胁和濒危物种的存在或栖息地可能支持受威胁和濒危物种
• 管辖权水道报告-显示不存在管辖权水道.
• 文化资源审查——初步调查证实项目范围内没有文化资源.  USA Rare Earth is conducting a more detailed survey this summer.
• 第一期环境地盘评估-没有发现任何证据显示工程地盘过去或现在受到污染或有危险的溢漏，建议不再作进一步研究.

Round Top Leach Testing

Continuing leach testing of surface samples and drill chips is confirming rare earth recovery of 85%-plus; an improvement on the assumptions in the 2019 Preliminary Economic Analysis (PEA). These results are extremely encouraging. 一个扩展的浸出程序已经被授予一个商业实验室，以评估优化浸出过程的额外机会, including a focus on lithium.

Downstream Processing

USA Rare Earth’s Critical Minerals Processing Facility in Wheat Ridge, Colorado has successfully completed its Phase I program, 在Round Top分离各种副产品和副产品，并从Round Top和第三方稀土原料中分离单个稀土元素, which is a significant milestone not only for the Company, 也为寻求中国替代加工解决方案的项目业主提供了帮助.

第一相为单通离子交换色谱柱，稀土(TRE)总纯度(含钇)大于99%，目标稀土含量大于99.5% of TRE, which is consistent with commercial standards.

Phase II, scheduled to commence by early August, 会涉及更多来自Round Top和第三方供应商的原料.  初步目标是析出高纯度分离稀土氧化物. To facilitate both the larger volumes of feedstock and third-party materials, the company has expanded the facility in Wheat Ridge.

Future Milestones

主要重点是完成初步可行性研究(PFS)，美国稀土公司打算根据美国证券交易委员会新的SK-1300报告指南进行总结.  During preparation of the SK-1300 report, 技术工作将顺利进行至最终可行性研究和前端工程及设计.

该公司将继续与其顾问寻求额外的融资, Goldman Sachs and Bank of Montreal.

About USA Rare Earth, LLC

USA Rare Earth, 有限责任公司拥有位于Hudspeth县的Round Top重稀土和关键矿物项目80%的经营合资权益, West Texas. Round Top hosts a wide range of critical heavy rare earth elements, high-tech metals, including lithium, gallium, zirconium, hafnium and beryllium. The Preliminary Economic Assessment (PEA, dated August 16, 2019) projects a pre-tax net present value using a 10% discount rate of $1.560亿美元，基于一个20年的矿山计划，这只占已确定的测量值的13%, indicated and inferred resources. 根据PEA的估算，该公司的内部回报率为70%，平均年净收入为3.95亿美元，其中每年向德克萨斯州支付的平均版税为2600万美元. Based on the cost estimates set forth in the PEA, Round Top would be one of the lowest-cost rare earth producers, and one of the lowest cost lithium producers in the world. 

The Round Top Deposit hosts 16 of the 17 rare earth elements, plus other high-value tech minerals (including lithium), 其中包括内政部认定的35种“关键”矿物中的13种，它们含有美国要求的关键元素, both for national defense and industry. Round Top is well located to serve the US internal demand. Round Top超过60%的材料预计将直接用于绿色或可再生能源技术. 2020年，美国稀土公司在小麦岭开设了一家稀土和关键矿物加工设施, 在2020年4月，美国稀土公司收购了钕铁硼(NdFeB)永磁体制造系统，该系统原由日立金属美国公司在北卡罗来纳州拥有和运营, Ltd.

For more information about USA Rare Earth, visit www.usare.com

Company Contact:

USA Rare Earth LLC
Pini Althaus, Chief Executive Officer
Email: pini@usare.com
Twitter: @USARareEarth