USA Rare Earth (USAR) Stock: The $1.6B Federal Bet That Could Be a Millionaire Maker

 

# USA Rare Earth (USAR) Stock: The $1.6B Federal Bet That Could Be a Millionaire Maker

## The Day America Decided to Break China's Stranglehold

On January 26, 2026, a historic announcement sent shockwaves through the critical minerals industry and Wall Street alike. The U.S. Department of Commerce, through its CHIPS Program Office, signed a non-binding Letter of Intent with **USA Rare Earth, Inc. (Nasdaq: USAR)** for access to **$1.6 billion in federal funding** .

This wasn't just another government grant. It was a declaration of economic war.

The funding package includes **$277 million in proposed federal funding** and a **$1.3 billion senior secured loan** under the CHIPS and Science Act . In exchange, the U.S. government will receive **16.1 million shares of common stock** and approximately **17.6 million warrants**, taking a roughly **10% equity stake** in the company .

Simultaneously, USAR announced it had raised an additional **$1.5 billion in a private investment in public equity (PIPE) transaction**, anchored by Inflection Point with participation from major mutual fund complexes . Total new capital: **$3.1 billion**.

The market's response was immediate and dramatic. USAR stock, which had debuted on Nasdaq in March 2025 at $10.00 per share, rocketed from the $13 range to a peak of **$43.98** . By late January, it was trading at $26.72, up 28% on the news . As of March 3, 2026, the stock sits at **$19.42**, with a market capitalization of **$4.23 billion** .

For American investors, this is more than a stock story. It's a front-row seat to the most ambitious industrial policy initiative since the Manhattan Project. USAR is now the designated vehicle for breaking China's 90%+ dominance over the global rare earth supply chain . The question is: can they execute?

This 5,000-word guide is your comprehensive playbook for understanding USA Rare Earth, the $1.6 billion federal bet, and whether this stock could truly be a millionaire-maker for patient American investors.

---

## Part 1: The Strategic Imperative—Why Rare Earths Matter

 The 17 Elements That Run the Modern World

Before we dive into USAR's story, you must understand what's at stake. Rare earth elements aren't actually "rare" in geological terms—they're just rarely found in economically viable concentrations. But the 17 elements on the periodic table's bottom row are absolutely critical to modern technology.

 The Heavy vs. Light Distinction

Not all rare earths are created equal. The industry divides them into two categories:

| **Category** | **Elements** | **Primary Uses** | **Global Supply** |

| :--- | :--- | :--- | :--- |

| **Light Rare Earths** | Neodymium, Praseodymium, Lanthanum, Cerium | EV motors, wind turbines, batteries | China dominates (~90%) |

| **Heavy Rare Earths** | Dysprosium, Terbium, Yttrium, Gadolinium, Holmium, Erbium, Thulium, Ytterbium, Lutetium | Semiconductors, F-35 fighter jets, missile guidance, nuclear submarines, AI hardware | **Almost exclusively China** |

USAR's Round Top deposit in Texas is uniquely rich in **heavy rare earth elements (HREEs)**—the ones that keep defense contractors and semiconductor executives awake at night .

#### H3: The 12 Critical Minerals in USAR's Portfolio

The U.S. Geological Survey maintains a list of minerals critical to national security. USAR's Round Top deposit contains **12 of the top 30** :

- Dysprosium (Dy)

- Terbium (Tb)

- Yttrium (Y)

- Gadolinium (Gd)

- Hafnium (Hf)

- Erbium (Er)

- Thulium (Tm)

- Lutetium (Lu)

- Ytterbium (Yb)

- Holmium (Ho)

- Gallium (Ga)

- Zirconium (Zr)

Gallium, for example, is essential for semiconductor manufacturing. Hafnium is critical for nuclear reactors and aerospace. Dysprosium and terbium are required for high-performance permanent magnets that maintain their strength at high temperatures—think F-35 fighter jets and EV motors .

 China's 90% Stranglehold

The numbers are stark. China controls approximately **90% of global rare earth processing capacity** and an even larger share of permanent magnet production .

| **Supply Chain Stage** | **China's Global Share** |

| :--- | :--- |

| Rare Earth Mining | ~60% |

| Rare Earth Processing | **~90%** |

| Permanent Magnet Manufacturing | **~90%+** |

| Heavy Rare Earth Separation | **~100%** |

This concentration creates an unacceptable vulnerability. As former U.S. Defense Department officials have warned, a disruption in rare earth supplies could ground the F-35 fleet, halt production of precision-guided munitions, and cripple America's semiconductor industry within months.

 The "Mine-to-Magnet" Gap

The U.S. is not entirely without rare earth mining. MP Materials operates the Mountain Pass mine in California, which produces light rare earth concentrates. But here's the problem: those concentrates are currently shipped to **China for processing** .

The U.S. has no domestic capacity for:

- Heavy rare earth separation

- Rare earth metal-making

- Alloy production

- Strip-casting

- High-performance permanent magnet manufacturing

USAR's mission is to fill every single one of these gaps .

---

 The Company—USA Rare Earth's Vertical Empire

: From SPAC to Strategic Asset

USA Rare Earth's journey to Nasdaq was unconventional but effective. The company went public on **March 14, 2025**, through a merger with Inflection Point Acquisition Corp. II, a special purpose acquisition company (SPAC) . The deal valued the combined entity at approximately **$870 million**.

#### H3: The Leadership Team

In October 2025, USAR made a pivotal hire: **Barbara Humpton** as CEO . Humpton, formerly CEO of Siemens USA, brought exactly what a pre-revenue strategic asset needs: deep experience navigating complex global supply chains and high-level government relationships.

Her appointment signaled a transformation from a mining project into a world-class industrial manufacturer. Within three months, she had secured the largest government investment in critical minerals history .

Supporting Humpton is a board that includes **General Paul J. Kern**, whose background in Army Materiel Command underscores USAR's strategic importance to the Department of Defense .

The "Mine-to-Magnet" Business Model

USAR's competitive advantage lies in its **vertical integration**. Unlike traditional miners that sell raw concentrates to overseas processors, USAR is building an end-to-end domestic loop that captures value at every stage .

#### H3: Upstream—The Round Top Deposit

The Round Top project in Sierra Blanca, Texas, is the foundation of USAR's empire. Originally explored as a beryllium and uranium prospect in the 1980s, the deposit is now recognized as the **United States' richest known deposit of heavy rare earth elements** .

| **Round Top Metrics** | **Target** |

| :--- | :--- |

| Feedstock Extraction | 40,000 metric tons per day  |

| Commercial Production Start | Late 2028  |

| Processing Capacity | 8,000 tpa of HREEs and critical minerals  |

| Key Products | Dysprosium, Terbium, Yttrium, Gallium, Hafnium, 7 others |

The timeline acceleration is noteworthy. In December 2025, USAR announced it was moving commercial production up by **two years** to late 2028, thanks to promising results from its Hydromet demonstration facility in Colorado .

 Midstream—Separation and Processing

This is where most Western rare earth projects fail. Separating individual rare earth elements from each other is chemically challenging—they're nearly identical in properties. China's decades-long dominance is built on mastering this separation at industrial scale.

USAR is betting on **Continuous Ion Exchange (CIX) and Continuous Ion Chromatography (CIC)** technology . These processes are more modular and scalable than traditional solvent extraction, with a significantly lower environmental footprint.

The company's Wheat Ridge, Colorado laboratory is where the magic happens. In collaboration with the Department of Energy's National Energy Technology Laboratory, USAR is developing **digital twin technology** to optimize separation processes .

 Downstream—The Stillwater Magnet Facility

The **"crown jewel"** of USAR's empire is the 310,000 square foot magnet manufacturing facility in Stillwater, Oklahoma .

| **Stillwater Metrics** | **Target** |

| :--- | :--- |

| NdFeB Magnet Capacity | 10,000 tpa (more than double original plan)  |

| Heavy REE Metal/Alloy Capacity | 10,000 tpa  |

| Swarf Processing | 2,000 tpa  |

| Commissioning Timeline | Q1 2026  |

The facility is expected to be the **largest metal-and-alloy-making and strip-casting capability outside of China** . It will produce neodymium-iron-boron (NdFeB) permanent magnets—the high-performance components essential for EV motors, wind turbines, drones, fighter jets, and AI hardware.

Importantly, the Stillwater facility isn't starting from scratch. USAR acquired the equipment and intellectual property of a former Hitachi Metals magnet plant in 2020, relocating it to Oklahoma . This wasn't a greenfield startup—it was a strategic transplantation of proven technology.

 The Less Common Metals Acquisition

In late 2025, USAR acquired **Less Common Metals Ltd. (LCM)**, a U.K.-based manufacturer of specialized rare earth metals and both cast and strip-cast alloys .

This acquisition was critical because:

- LCM brings **decades of metallurgical expertise** that would take years to build internally

- It establishes a European foothold (LCM Europe in Lacq, France, announced post-acquisition) 

- It provides immediate relationships with customers like **Solvay** and **Arnold Magnetic Technologies** 

### H2: The Lithium Bonus

Here's what most investors miss: Round Top contains significant **lithium mineralization** . By extracting lithium as a byproduct of rare earth mining, USAR's cost of production for both materials is expected to be among the lowest in the world.

With lithium demand exploding for EV batteries and energy storage, this byproduct revenue could eventually rival the rare earth business itself.

---

## Part 3: The $1.6 Billion Federal Bet—Breaking Down the Deal

### H2: The CHIPS Act Structure

The January 2026 funding announcement was unprecedented in scale and structure. Let's break down exactly what happened.

#### H3: The Two-Part Government Package

| **Component** | **Amount** | **Terms** |

| :--- | :--- | :--- |

| Federal Funding | $277 million | Direct investment, non-dilutive to existing shareholders |

| Senior Secured Loan | $1.3 billion | CHIPS Act loan, market-rate interest |

| Equity to Government | 16.1M shares + 17.6M warrants | ~10% stake at $17.17/share  |

The government's entry price of **$17.17 per share** represented a significant premium to where USAR traded before the deal leaked, but well below the post-announcement peak .

#### H3: The PIPE Transaction

Simultaneously, USAR raised **$1.5 billion** from private investors through a PIPE transaction :

| **PIPE Metric** | **Value** |

| :--- | :--- |

| Total Raised | $1.5 billion |

| Shares Issued | 69.8 million |

| Price Per Share | $21.50  |

| Lead Investor | Inflection Point |

| Participants | Major mutual fund complexes |

The PIPE priced at a premium to the government's entry, signaling strong private sector conviction.

#### H3: Total Capital: $3.1 Billion

Combined, USAR now commands **$3.1 billion in fresh capital** . For context, that's more than the entire market capitalization of many mid-tier miners. For a pre-revenue company, it's an almost unheard-of war chest.

 What the Government Gets

The structure is notably **not** a bailout or a subsidy in the traditional sense. The government isn't providing price supports or offtake agreements . Instead:

- **Equity stake:** The U.S. government becomes a shareholder, aligning its interests with private investors

- **Milestone-based funding:** Disbursements tied to achieving development targets 

- **Loan repayment:** The $1.3 billion loan must be repaid with interest

- **No ongoing obligations:** Once the deal closes, USAR operates independently

This is **venture capital, not welfare**. The government is acting as a strategic investor, taking calculated risk in exchange for potential upside.

 The Political Context

The deal didn't happen in a vacuum. It's part of a broader pattern of direct government investment in critical minerals.

Since early 2025, the Trump administration has invested in at least **six mining companies** :

| **Company** | **Investment** | **Stake** |

| :--- | :--- | :--- |

| MP Materials | $400 million | 15% |

| Vulcan Elements | $670 million | Unknown |

| Trilogy Metals | $35.6 million | 10% |

| USA Rare Earth | $1.6 billion | ~10% |

The administration also announced **Project Vault** in February 2026, a $12 billion stockpile program for critical minerals . USAR is positioned as a primary beneficiary.

---

## Part 4: The Financial Reality—Pre-Revenue, Pre-Profit, Precedented Support

 The Numbers That Matter

Let's be brutally honest: USAR is not a company for the faint of heart. Its financials, as of late 2025, show exactly what you'd expect from a development-stage industrial venture.

 Q3 2025 Financial Snapshot

| **Metric** | **Value** | **Context** |

| :--- | :--- | :--- |

| Revenue | **$0** | Pre-commercial status  |

| Net Loss | **$156.7 million** | Widened from $1.87M in Q3 2024  |

| Operating Cash Flow | **-$2.85 million** | Cash burn continues  |

| Free Cash Flow | **-$9.95 million** | Heavy investment phase  |

| Cash & Equivalents | $258 million (Q3) / >$350M (FYE est.) | Post-funding, much higher  |

| Shareholder Equity | **-$58.6 million** | Negative equity reflects losses  |

| Return on Equity (TTM) | **-3647%** | Reflects heavy losses, negative equity  |

| Market Cap | $4.23 billion | As of March 3, 2026  |

These numbers are not for the faint of heart. A -3647% return on equity is the kind of statistic that sends conservative investors running for the hills.

But context matters. USAR is in the **investment phase** of a capital-intensive industry. Building mines, processing facilities, and magnet plants costs billions before the first dollar of revenue is earned. The $3.1 billion funding package is designed to bridge exactly this gap.

#### H3: Stock Performance Since Debut

| **Period** | **Price Range** | **Context** |

| :--- | :--- | :--- |

| IPO (March 2025) | $10.00 | SPAC merger price  |

| 2025 Trading | $5.56–$13.00 | Pre-funding volatility  |

| January 2026 Surge | $13.00 → **$43.98** | Post-announcement peak  |

| Current (March 3, 2026) | $19.42 | -55% from peak, +94% from IPO  |

| 52-Week Range | $5.56 – $43.98 | Massive volatility  |

| Analyst Price Target | $34.33 | 76.8% upside  |

The stock has given back more than half its January gains, reflecting both broader market volatility (the KOSPI's 12% crash on energy fears didn't help) and the reality that this is a long-term story, not a quick flip.

### H2: The Valuation Debate

At $19.42 and a $4.23 billion market cap, USAR trades at a significant premium to its book value . Analysts justify this with the **"national security premium"** —the idea that the U.S. government's implied backstop justifies a higher multiple .

Four analysts currently rate USAR a **"Strong Buy"** with a $34.33 price target . That's 76.8% upside from current levels.

---

## Part 5: The Execution Roadmap—Milestones to Watch

 2026 Catalysts

The next 12 months will determine whether USAR can deliver on its promises.

#### H3: Q1 2026—Stillwater Commissioning

The Stillwater magnet facility is scheduled to complete commissioning in **Q1 2026** . This will be the first proof of concept for the "mine-to-magnet" strategy. Even if initial production is small-scale, successful startup will demonstrate that USAR can actually make magnets.

#### H3: Early 2026—Hydromet Facility Operations

The Hydromet demonstration facility in Colorado will begin operating five solvent-extraction circuits continuously for 2,000 to 4,000 hours . This will generate the operational data needed for commercial plant design at Round Top.

#### H3: 2026—Definitive Feasibility Study (DFS)

USAR expects to complete its Round Top DFS by **early 2027**, accelerated from previous timelines . The DFS will provide the detailed engineering, cost estimates, and economic analysis that institutional investors require.

#### H3: 2026—Potential Defense Contracts

Rumors persist of a long-term, multi-billion dollar supply agreement with the Department of Defense . Any such announcement would be a massive catalyst.

 2027-2028 Milestones

| **Milestone** | **Timeline** | **Significance** |

| :--- | :--- | :--- |

| Round Top DFS Complete | Early 2027 | De-risks mining project |

| Round Top Construction Start | 2027-2028 | Multi-year build-out |

| Round Top Commercial Production | Late 2028 | First revenue from mining  |

| Stillwater Full Capacity | 2028-2030 | Ramp-up to 10,000 tpa |

---

## Part 6: The Competitive Landscape—Who Else Is Playing?

 MP Materials (NYSE: MP)

MP Materials operates the Mountain Pass mine in California, the only active rare earth mine in the U.S. . The company is also moving downstream, building separation and magnet manufacturing capabilities.

| **Comparison** | **MP Materials** | **USA Rare Earth** |

| :--- | :--- | :--- |

| Primary Focus | Light rare earths | **Heavy rare earths** |

| Mine Status | Operating | Development (2028) |

| Magnet Facility | Development | Commissioning Q1 2026 |

| Government Investment | $400M (15% stake) | **$1.6B (~10% stake)** |

| Heavy REE Capacity | Limited | **Extensive** |

The two companies are more complementary than competitive. MP focuses on the light rare earths needed for EV motors; USAR focuses on the heavy rare earths needed for defense and semiconductors.

 Lynas Rare Earths (ASX: LYC)

Lynas is the only significant non-Chinese rare earth producer, operating mines in Australia and a separation plant in Malaysia . The company is building a separation facility in Texas, but lacks the fully integrated "mine-to-magnet" domestic footprint that USAR is developing.

 The Chinese Elephant

The 800-pound gorilla remains China. Any serious attempt to break China's dominance must contend with the possibility that Beijing will flood the market with cheap rare earths to drive out Western competitors .

However, China has its own constraints. Domestic demand for rare earths is soaring, and Beijing has imposed export controls on key elements like gallium and germanium. The strategic imperative to diversify supply chains is now widely accepted.

 The Supply-Demand Outlook

A March 2026 Bloomberg Intelligence report projects that global demand for key rare earth elements will climb about **7% annually through 2030**, driven by EVs, consumer electronics, and defense .

Even with massive public funding for non-Chinese miners (estimated at $10 billion in 2026 alone), **"shortages will persist"** . Non-Chinese NdPr supply is forecast to grow 41% by 2030, but much of that output is already committed.

This supply-demand imbalance creates a favorable pricing environment for new producers.

---

## Part 7: The Risks—What Could Go Wrong

: Execution Risk

USAR's entire thesis rests on successful execution of multiple complex projects simultaneously.

| **Risk** | **Description** |

| :--- | :--- |

| Stillwater Delays | Scaling from pilot to 10,000 tpa is technically challenging  |

| Round Top Permitting | Texas state-level environmental approvals not guaranteed  |

| Separation Technology | CIX/CIC must work at commercial scale |

| Cost Overruns | $3.1 billion sounds like a lot; it can disappear fast in mining |

 Dilution

The January 2026 funding package added **69.8 million shares** through the PIPE and another **16.1 million shares** to the government . Existing shareholders were diluted significantly.

At $19.42, the stock is down 55% from its post-announcement peak. Some of that decline reflects the reality that more shares are chasing the same underlying value.

 Political Risk

The government's 10% stake is a double-edged sword. While it provides strategic backing, it also exposes USAR to political headwinds.

In late February 2026, Democratic senators pressed Commerce Secretary Lutnick on **conflict of interest concerns** related to Cantor Fitzgerald's involvement in the deal . While this hasn't derailed the transaction, it signals that the deal will face continued scrutiny.

A change in administration could also shift priorities. While rare earth independence has bipartisan support, the current administration's aggressive industrial policy might not survive a transfer of power.

 Commodity Price Volatility

If China floods the market with cheap rare earths, USAR's margins could be squeezed despite federal support. The government has explicitly ruled out price supports or offtake agreements , leaving USAR exposed to market prices.

### H2: The Technology Challenge

Separating heavy rare earths is genuinely difficult. China's decades-long dominance reflects mastery of complex chemistry at industrial scale. USAR's CIX/CIC technology is promising but unproven at commercial volumes.

---

## Part 8: The Millionaire-Maker Question

### H2: The Math of Asymmetric Bets

Can USAR make you a millionaire? Let's run the numbers.

| **Investment** | **Current Price** | **Shares** | **Value at $100** | **Value at $200** |

| :--- | :--- | :--- | :--- | :--- |

| $10,000 | $19.42 | 515 | $51,500 | $103,000 |

| $25,000 | $19.42 | 1,287 | $128,700 | $257,400 |

| $50,000 | $19.42 | 2,574 | $257,400 | $514,800 |

| $100,000 | $19.42 | 5,148 | $514,800 | **$1,029,600** |

A $100,000 investment today would become a million dollars if USAR reaches **$194 per share**—a 10x from current levels. That's not impossible for a company that could be generating billions in revenue by 2030.

But it's also not guaranteed. USAR would need to execute flawlessly, capture significant market share, and avoid the pitfalls that have doomed so many mining ventures.

 The "National Security Premium"

What makes USAR different from a typical junior miner is the **government backstop**. The U.S. cannot afford to let this project fail. If USAR runs into trouble, the government has every incentive to provide additional support.

This implicit guarantee is why analysts assign a premium valuation. It's also why patient investors are willing to overlook the current financial metrics.

 The Timeline Reality

This is not a get-rich-quick story. The timeline to commercial production at Round Top is **late 2028** . Even with the Stillwater facility coming online sooner, meaningful revenue is years away.

Investors must be prepared for:

- Continued volatility

- Potential delays

- Additional dilution

- Years of negative earnings

---

### FREQUENTLY ASKED QUESTIONS (FAQs)

**Q1: What is USA Rare Earth (USAR)?**

A: USA Rare Earth (Nasdaq: USAR) is a vertically integrated critical minerals company developing a "mine-to-magnet" domestic supply chain for rare earth elements. It owns the Round Top heavy rare earth deposit in Texas and a magnet manufacturing facility in Stillwater, Oklahoma .

**Q2: What is the "$1.6B federal bet" referenced in the title?**

A: In January 2026, the U.S. Department of Commerce issued a Letter of Intent for $1.6 billion in CHIPS Act funding, including $277 million in direct funding and a $1.3 billion loan. In exchange, the government received an approximately 10% equity stake in USAR .

**Q3: What are "heavy rare earth elements" and why do they matter?**

A: Heavy rare earth elements include dysprosium, terbium, yttrium, and gadolinium. They're essential for semiconductors, F-35 fighter jets, missile guidance systems, nuclear submarines, and high-performance magnets. China currently controls nearly 100% of global heavy rare earth processing .

**Q4: When will USAR start generating revenue?**

A: The Stillwater magnet facility is expected to begin commissioning in Q1 2026, which could generate initial revenue from magnet sales. The Round Top mine is targeting commercial production in late 2028, two years ahead of the original schedule .

**Q5: Is USAR stock a good investment right now?**

A: Analyst consensus is "Strong Buy" with a $34.33 price target (76.8% upside). However, USAR is a pre-revenue, pre-profit company with significant execution risk. It's suitable only for investors with high risk tolerance and long time horizons .

**Q6: What are the biggest risks to USAR's success?**

A: Key risks include: 1) Execution delays at Stillwater or Round Top, 2) Permitting challenges in Texas, 3) Technology risks in rare earth separation, 4) Commodity price volatility, and 5) Additional dilution from future fundraising .

**Q7: How does USAR compare to MP Materials?**

A: MP Materials operates the Mountain Pass light rare earth mine in California. USAR focuses on heavy rare earths, which are rarer and more valuable for defense and semiconductor applications. The two companies are complementary rather than direct competitors .

**Q8: What role does the U.S. government play in USAR?**

A: The government holds an approximately 10% equity stake through its $277 million investment. It also provided a $1.3 billion CHIPS Act loan. However, there are no price supports or offtake agreements—USAR must succeed on commercial terms .

**Q9: When will USAR's Round Top mine begin production?**

A: The company has accelerated its timeline and now targets commercial production in late 2028, two years earlier than previously planned .

**Q10: What's the single biggest reason to consider investing in USAR?**

A: USAR offers rare exposure to America's critical minerals revolution with unprecedented government backing. If successful, it could become the dominant domestic supplier of heavy rare earths for defense, semiconductor, and AI hardware applications—a position with enormous long-term value.

---

## CONCLUSION: The Most Important Stock You've Never Heard Of

USA Rare Earth sits at the intersection of three of the most powerful investment themes of the decade: **national security, supply chain independence, and the AI-driven demand for critical minerals**.

The **$1.6 billion federal bet** is not charity. It's a strategic investment in the only company positioned to break China's stranglehold on heavy rare earths. The government's 10% stake aligns its interests with shareholders and provides an implicit backstop that no other junior miner can claim.

But make no mistake: this is a high-risk, high-reward speculation.

The financials are ugly: zero revenue, $156 million quarterly losses, negative equity, and a -3647% return on equity. The stock is volatile, down 55% from its January peak. The timeline to commercial production is measured in years, not months. Execution risks abound at every stage of the "mine-to-magnet" chain.

Yet for investors with patience and risk tolerance, USAR offers something rare: **ground-floor access to a federally-backed strategic monopoly**. The companies that succeed in this space won't just generate profits—they'll become pillars of American industrial policy, with all the stability and pricing power that implies.

The millionaire-maker question depends entirely on execution. If Barbara Humpton and her team deliver on their promises, USAR's current $4.2 billion market cap could look like a rounding error a decade from now. If they stumble, the government's equity stake provides a floor but not a guarantee.

For American investors watching the geopolitical chess match between the U.S. and China, USAR is not just a stock—it's a bet on American industrial resurgence. The pieces are in place. The capital is secured. The government is committed. Now it's up to execution.

The age of Chinese rare earth dominance is ending. The age of **American critical mineral independence** is about to begin.