Journal · 2026-08-21 · USAR
USAR’s Serra Verde vote is August 28. The magnet plant is already running. The mine is the argument.
Stillwater printed first sintered metal. Round Top is permitted. The $2.8B Brazilian ionic-clay asset is the vote that rewrites the story — or the dilution that doesn’t.
USA Rare Earth is no longer a single-asset Texas junior. Stillwater commissioned a commercial sintered NdFeB line in March. Less Common Metals in the UK is paying the bills. Round Top is fully permitted on private land. The TMRC merger that closed this month folds the deposit into one book.
The live question is Serra Verde. A $2.8B cash-and-stock bid for a producing ionic-clay mine in Goiás is a different company. The shareholder meeting is 28 August. A yes gives USAR an operating HREE feed while Round Top is still a 2028 mine plan. A no leaves a magnet company with a demonstration hydromet and a very large Texas resource.
Commerce Department language of “up to $1.6B” is a headline, not a funded commitment. Treat it as a signal, not a term sheet. The vote is the tape.