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- **Strategic Acquisition**: LCM acquisition accelerates U.S. metal production, with 2,000 metric tons of NdFeB strip cast by 2026.
- **Operational Milestones**: Round Top PFS begins in Q4 2025; swarf recycling pilot starts Q1 2026.
- **Financial Strength**: $400+ million cash, $14.3M adjusted net loss, supporting $100M magnet plant expansion.
- **Demand Surge**: 2026 magnet capacity booked; 2027+ backlog across defense, aerospace, and industrial sectors.
- **Supply Chain Resilience**: Ex-China oxide sourcing via LCM and recycling; hafnium recovery adds new revenue streams.


**【CEO Summary Section】**
- Launched 'magnet-to-mine' strategy to rebuild U.S. rare earth supply chain, emphasizing national security and diversification from China.
- Acquired LCM (Less Common Metals) to accelerate metal production capabilities, with 1,500 metric tons of NdFeB strip cast capacity expanding to 2,000 metric tons in 2026.
- Progressed Round Top project with successful pilot testing of rare earth extraction and hafnium recovery, initiating pre-feasibility study (PFS) in Q4 2025.
- Wheat Ridge lab achieved bench-scale success in swarf recycling, advancing to pilot testing in Q1 2026.
- Met with defense, aerospace, and automotive customers, prioritizing national security and high-growth sectors.

**【CFO Financial Commentary】**
- Strong cash position of $400+ million, with $123 million from warrant exercises, supporting $100 million investment in Stillwater magnet plant expansion.
- Adjusted Q3 2025 net loss of $14.3 million ($0.25 per share), excluding non-cash warrant adjustments.
- Projected 2026 magnet production capacity of 1,200 metric tons, with plans for 2,400 metric tons in 2027.
- Secured ex-China metal sourcing through LCM and recycled feedstock, reducing supply chain risk.

**【Q&A Highlights】**
- Stillwater commissioning on track for Q1 2026, with equipment installation and workforce training complete.
- LCM's European oxide sourcing network provides 18+ months of supply security for heavies (e.g., samarium).
- Customer demand exceeds capacity across defense, aerospace, and industrial markets, with 2027+ backlog visibility.
- PFS for Round Top focused on heavy rare earths, with differentiated flow sheet from prior studies.
- Exploring customer co-investment in line expansion, but prioritizing internal capital for diversified magnet production.


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