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Texas Mineral Resources (TMRC) Stock Surges Following USA Rare Earth Acquisition

The date of: 2021-05-21
viewed: 11

source:Investors Observer

What is going on with TMRC?

Texas Mineral Resources (TMRC) stock jumped today after the company announced that USA Rare Earth had exercised its option to acquire 80% of the Round Top Heavy Rare Earth, Lithium and Critical Minerals Project in Hudspeth County, Texas from TMRC. Shares of TMRC increased 9.6% to $2.22 as of Thursday at 10:23am.

What does this mean for Texas Mineral Resources?

USA Rare Earth's acquisition of the land will give TMRC a direct injection of funds, and will allow the company to offset costs of managing the area as it will now be deferred to USA Rare Earth. For Rare Earth, the acquisition will enable the company to expedite Round Top's production and provide the necessary materials for EV’s and advanced manufacturing, including the essential materials for chipsets, semiconductors and 5G, all of which are hosted at Round Top.

“Being funded for completion of the Round Top DFS is an important milestone for USA Rare Earth, the Project and the United States,” said Pini Althaus, CEO of USA Rare Earth.  “The Demonstration Plant will inform our detailed engineering plans and provide representative product samples to support offtake agreements with customers.'

USA Rare Earth is also nearing a decision for their sintered rare earth permanent magnet plant, which they expect to be in production in the second half of 2022.

Texas Mineral Resources Corp is an exploration-stage mining company. It is primarily engaged in the business of acquisition, exploration, and development of mineral properties. The group focuses on the development of a metallurgical process to concentrate or otherwise extract the metals from the Round Top Projects. Its flagship property includes the Round Top rare earths-uranium-beryllium project covering approximately 900 acres in Hudspeth County, Texas; and prospecting permits covering 9,345 acres adjacent to the Round Top project.

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