August 18, 2019
USA Rare Earth, LLC is pleased to announce that the Navajo Transitional Energy Company (“NTEC”), a company formed under the laws of the Navajo Nation, has concluded a strategic transaction whereby NTEC has made an investment in USA Rare Earth, LLC.
USA Rare Earth is developing the Round Top rare earth project together with Texas Mineral Resources Corp. (TMRC: OTCQB). Under its agreement with TMRC, USA Rare Earth has an option to acquire up to an 80% interest of the Round Top project in Hudspeth County, Texas. The Round Top project contains heavy rare earths and a variety of other high-value technical metals and industrial minerals.
This investment follows NTEC’s recent transaction into the common equity of Texas Mineral Resources Corp. announced on August 6, 2019.
“We are extremely pleased that NTEC has chosen to invest directly into USA Rare Earth in addition to its recent investment into Texas Mineral Resources,” said Pini Althaus, Chief Executive Officer of USA Rare Earth. “NTEC and USA Rare Earth believe the completion of the Round Top project in Texas can represent a transformative event in the development of a critical materials supply chain in the United States. Rare Earths are essential for the U.S.’s ability to build and sustain the advanced manufacturing capacities needed for economic and manufacturing competitiveness and military strength”.
Clark Moseley, NTEC’s CEO, commented on how this investment aligns with one of NTEC’s central business objectives. “NTEC is excited to participate in the development of the Round Top concession of rare earth minerals. NTEC as a company is charged with identifying and investing in transitional energy related opportunities. We consider the mineral deposits being developed by USA Rare Earth and TMRC to be vital to future battery and other green energy related technologies.”