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Rare Element Resources Ltd. (REEMF-2.79%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on advancing the Bear Lodge rare earth elements project, including the construction and operation of a demonstration-scale processing and separation plant.
The company reported a net loss of $18,451,000 for the year, compared to a net loss of $8,996,000 for the previous year. The increase in net loss is attributed to higher exploration and evaluation costs related to the Bear Lodge project.
Rare Element Resources Ltd. raised approximately $35,800,000 through a rights offering completed in March 2024 to fund the demonstration plant and other corporate purposes.
The company has not declared any mineral reserves and continues to focus on demonstrating the feasibility of its proprietary processing technology.
The Bear Lodge REE Project is located in northeastern Wyoming and includes several large, disseminated rare earth element deposits.
The company's cash and cash equivalents as of December 31, 2024, were $26,732,000, up from $3,633,000 at the end of the previous year, primarily due to the rights offering.
Rare Element Resources Ltd. has entered into a cost share agreement with General Atomics to fund the demonstration plant, with the Department of Energy providing partial funding.
The company acknowledges its dependence on securing additional financial resources to progress its long-term plans, including the development of the Bear Lodge REE Project.
The filing also discusses various risks, including reliance on key personnel, regulatory compliance, and market conditions affecting rare earth prices and demand.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Rare Element Resources Ltd. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.