Texas Mineral Resources Joint Venture Partner Secures First Domestic Rare Earth Metal and Magnet Manufacturing Facility

Rhea-AI Summary

Texas Mineral Resources Corp. (TMRC) has announced that its joint venture partner, USA Rare Earth Inc., is developing the first fully integrated U.S.-based rare earth metal and sintered neo-magnet manufacturing facility in Stillwater, Oklahoma. This project, with an investment exceeding $100 million, aims to convert rare earth oxides into various specialty products, supporting sectors such as electric vehicles and military equipment. Initial production is slated to start in 2023, potentially creating over 100 jobs with more than $6.6 million in wages once fully operational.

Positive

• Joint venture with USA Rare Earth Inc. enhances TMRC's market position.
• Investment of over $100 million in manufacturing facility indicates strong growth potential.
• Creation of more than 100 jobs with significant wage generation ($6.6 million) boosts local economy.

Negative

• None.

SIERRA BLANCA, TX, June 09, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Texas Mineral Resources Corp. (OTCQB: TMRC) an exploration company currently targeting the heavy rare earths, technology metals and a variety of industrial minerals primarily through its 20% ownership interest in the Round Top Mountain project in Texas, is pleased to report that its joint venture partner USA Rare Earth Inc.  today announced its procurement and development of the first fully integrated U.S.-based rare earth metal and sintered neo-magnet manufacturing facility, located in Stillwater, Oklahoma.

USA Rare Earth plans to invest more than $100 million in developing the manufacturing facility and will utilize its owned facilities and technology to convert rare earth oxides into metals, magnets and other specialty materials. These products have numerous applications, including electric vehicles, wind turbines, mobile electronic devices and military hardware. Initial production at the facility in Stillwater is expected to commence in 2023, with the project aiming to create more than 100 new jobs and generate over $6.6 million in wages once fully operational.

In 2020, USA Rare Earth acquired the only sintered neo-magnet manufacturing equipment in the western hemisphere. The company plans to have the necessary operating permits for all metal, flake, and magnet operations in 2022 with initial production to commence in 2023.

About Texas Mineral Resources Corp.

Texas Mineral Resources Corp.'s primary focus is to develop and commercialize, along with its joint venture operating partner USA Rare Earth LLC, the Round Top heavy-rare earth, technology metals, and industrial minerals project located in Hudspeth County, Texas, 85 miles southeast of El Paso, in which TMRC owns a 20% interest and USA Rare Earth owns an 80% interest. Additionally, the Company plans on developing other domestic mining projects in more traditional metals.  The Company’s common stock trades on the OTCQB U.S. tier under the symbol “TMRC.”

Company Contact:
Texas Mineral Resources Corp.
Anthony Marchese, Chairman
E-mail: amarchese@tmrcorp.com
Twitter: @TexasMineralRes

FAQ

What is the significance of USA Rare Earth developing a manufacturing facility?

The facility will support the domestic production of rare earth metals and magnets, crucial for technology and renewable energy applications.

When is the expected production start date for the new facility in Stillwater?

Initial production is expected to commence in 2023.

How much is USA Rare Earth investing in the manufacturing facility?

USA Rare Earth plans to invest more than $100 million in developing the facility.

How will the new facility impact job creation?

The project is expected to create over 100 jobs and generate more than $6.6 million in wages.

What percentage of the Round Top Mountain project does TMRC own?

Texas Mineral Resources Corp. owns a 20% interest in the Round Top Mountain project.