USA Rare Earth Selects Fluor and WSP as EPCM Partners to Advance Round Top Commercialization

Rhea-AI Summary

USA Rare Earth (Nasdaq: USAR) selected Fluor and WSP as EPCM partners to advance the Definitive Feasibility Study (DFS) for the Round Top rare earth project in Sierra Blanca, Texas. The company is following an Accelerated Mine Plan, using solvent extraction pilot results for a first-phase DFS and a planned 2,000-hour demonstration run in Wheat Ridge, Colorado expected to finish in October 2026. Confirmatory and geotechnical drilling plus a heap leach optimization study are planned for H1 2026. The company targets commercial production of heavy rare earth oxides in late 2028.

Positive

• EPCM partners selected: Fluor and WSP bring global mining and engineering experience
• Accelerated Mine Plan to shorten DFS timeline using existing SX pilot results
• Demonstration plant scheduled for ≥2,000 continuous hours, supporting scale-up (complete Oct 2026)
• Commercial production target set for late 2028

Negative

• Delivery timeline depends on successful 2,000-hour demo run and DFS results
• Key engineering and drilling activities concentrated in H1–H2 2026 to meet 2028 target

Key Figures

Demonstration run duration: 2,000 hours Demo run end: October 2026 Drilling window: First half of 2026 +1 more

4 metrics

Demonstration run duration 2,000 hours Planned continuous operation of Wheat Ridge demonstration plant

Demo run end October 2026 Expected conclusion of 2,000-hour demonstration plant operations

Drilling window First half of 2026 Planned confirmatory and geotechnical drilling at Round Top

Targeted production start Late 2028 Target for commercial production of heavy rare earth oxides

Market Reality Check

Price: $1.10 Vol: Volume 23842577 is 2.08x ...

high vol

$1.10 Last Close

Volume Volume 23842577 is 2.08x the 20-day average, indicating elevated pre-news interest. high

Technical Price 19.33 is trading above the 200-day MA at 14.98, showing an established uptrend ahead of this news.

Peers on Argus

USAR’s modest gain of 0.68% came with mixed peer moves: IPX +4.92%, ALM +4.64%, ...

1 Up

USAR’s modest gain of 0.68% came with mixed peer moves: IPX +4.92%, ALM +4.64%, CMP +1.65% versus VZLA -8.18% and GSM -1.86%, suggesting stock-specific drivers rather than a uniform sector rotation.

Historical Context

5 past events · Latest: Jan 20 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 20	Government support	Positive	+8.5%	French-backed LCM Europe plant to strengthen EU rare earth platform.
Dec 10	Timeline update	Positive	-4.4%	Accelerated Round Top production timeline and DFS schedule details.
Dec 04	Supply partnership	Positive	+24.9%	LCM supply deal to secure ex-China rare earth materials for magnets.
Nov 26	Index inclusion	Positive	+2.7%	Preliminary inclusion in the Russell 2000 and related indexes.
Nov 20	Supply agreement	Positive	-14.7%	LCM–Solvay deal to supply Samarium materials for Permag magnets.

Pattern Detected

Positive strategic and partnership news has usually led to gains but with notable selloffs on some announcements, indicating uneven follow-through on good news.

Recent Company History

Over the last few months, USA Rare Earth has reported multiple strategic milestones, including French government-supported expansion of its LCM Europe plant, accelerated Round Top production now targeted for late 2028, and supply-chain partnerships to support its Stillwater magnet facility commissioning in Q1 2026. Index inclusion prospects in the Russell 2000® also featured. Price reactions to these generally positive updates have been mixed, with three gains and two notable pullbacks, framing today’s EPCM and DFS progress as a continuation of the build-out story.

Market Pulse Summary

This announcement details the selection of experienced EPCM partners and an Accelerated Mine Plan to...

Analysis

This announcement details the selection of experienced EPCM partners and an Accelerated Mine Plan to advance the Round Top DFS, with key milestones including a 2,000-hour demonstration run through October 2026 and targeted commercial production in late 2028. Recent news flow has focused on strengthening the broader rare earth value chain via partnerships and geographic diversification. Investors evaluating this update may watch for execution against the DFS phases, drilling and heap leach optimization results, and how future filings address capital needs and project economics.

Key Terms

engineering, procurement and construction management (epcm), definitive feasibility study (dfs), pre-feasibility study, solvent extraction (sx), +4 more

8 terms

engineering, procurement and construction management (epcm) technical

"announced the selection of Fluor Corp., along with WSP Global Inc., as its Engineering, Procurement and Construction Management (EPCM) partners"

Engineering, procurement and construction management (EPCM) is a project delivery approach where an owner hires a single firm to design the project, buy major equipment and materials, and oversee multiple contractors during construction. It acts like a professional project manager for a large build, coordinating specialists rather than performing all hands-on work. Investors care because an EPCM structure affects how construction risks, costs and schedules are allocated and monitored, which influences capital spending predictability and potential delays or cost overruns.

definitive feasibility study (dfs) technical

"as its Engineering, Procurement and Construction Management (EPCM) partners to advance the Definitive Feasibility Study (DFS) for the Round Top Rare Earth Project"

A definitive feasibility study (DFS) is a detailed, near-final engineering and financial assessment that tests whether a proposed mining, construction, or resource project can be built and run profitably. It acts like a full blueprint and budget for the project, estimating costs, production levels, timelines, and risks so investors can judge likely returns and funding needs. Because it replaces rough guesses with firm numbers, a DFS strongly influences investment, financing and valuation decisions.

pre-feasibility study technical

"This first phase will cover the same scope typically addressed in a Pre-Feasibility Study."

A pre-feasibility study is an initial assessment that evaluates whether a proposed project or investment idea is worth exploring further. It involves examining basic factors like costs, potential benefits, and possible challenges, similar to conducting a preliminary check before deciding to invest more time and resources. This helps investors determine if pursuing the project further is practical and likely to be successful.

solvent extraction (sx) technical

"using results from its solvent extraction (SX) pilot work, which is already underway"

Solvent extraction (SX) is a chemical separation method that uses a liquid solvent to pull a desired metal or compound out of a mixture, like using oil to draw grease from water. Investors care because SX determines how much product a mine or chemical plant can recover, how quickly it operates, and what it costs and how cleanly it runs; better extraction often means higher revenue, lower operating expenses, and smaller environmental risks.

heap leach technical

"along with a heap leach optimization study, to support mine design and engineering."

Heap leach is a mining method where crushed ore is piled into a heap and a liquid is dripped or sprayed over it to dissolve valuable metals, which are then collected from the runoff. Investors care because it is a lower-cost, scalable way to produce metals like gold or copper, but it also affects project timelines, recovery rates, capital needs and environmental or regulatory risk — like choosing a cheap, slow way to extract juice from a fruit versus pressing it quickly.

geotechnical drilling technical

"plans to carry out confirmatory and geotechnical drilling at Round Top in the first half of 2026"

Geotechnical drilling is the process of boring into the ground to collect soil, rock and groundwater samples and measure underground conditions, much like taking core slices to see what’s inside a cake. Investors care because the results reveal whether a site is stable, buildable and what extra costs or delays—such as deeper foundations, remediation or added safety measures—might be needed, affecting project budgets, timelines and risk.

rare earth oxides technical

"support progress toward commercial production of heavy rare earth oxides, currently targeted for late 2028."

Rare earth oxides are compounds formed when rare earth elements combine with oxygen, creating powders or solids used as the raw ingredients for critical components like strong magnets, catalysts, display phosphors and some battery materials. They matter to investors because these materials are essential to many high‑growth industries and their supply is often concentrated and hard to scale, so shortages, production changes or cost swings can quickly affect manufacturers’ profits and stock values.

value chain technical

"This is another step toward strengthening the U.S. rare earth value chain at a time when reliability"

A value chain is the sequence of activities a company performs to create and deliver a product or service, from sourcing materials and manufacturing to distribution, sales and after‑sales support. For investors it reveals where costs, bottlenecks and competitive advantages live—think of it like a relay race where each handoff affects speed, quality and profit potential, so small improvements or disruptions can change a company’s returns.

AI-generated analysis. Not financial advice.

STILLWATER, Okla., Jan. 22, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (USAR or the Company) today announced the selection of Fluor Corp., along with WSP Global Inc., as its Engineering, Procurement and Construction Management (EPCM) partners to advance the Definitive Feasibility Study (DFS) for the Round Top Rare Earth Project in Sierra Blanca, Texas.

Fluor and WSP are globally recognized leaders in mining, processing, and large-scale infrastructure delivery, with experience executing complex, multi-year projects totaling tens of billions of dollars across North America and internationally. Their selection, following a thorough evaluation of bids from multiple vendors, brings substantial technical, engineering, and execution capabilities to Round Top, supporting an accelerated and disciplined path toward commercial production.

To move the Round Top project forward more quickly while maintaining required technical standards, USAR is following an Accelerated Mine Plan. As part of this plan, the Company intends to complete the first phase of its Definitive Feasibility Study (DFS) using results from its solvent extraction (SX) pilot work, which is already underway at the company’s facility in Wheat Ridge, Colorado. This first phase will cover the same scope typically addressed in a Pre-Feasibility Study.

At the same time, the Company plans to operate its demonstration plant in Wheat Ridge, Colorado for at least 2,000 continuous hours, with operations currently expected to conclude in October 2026. Data generated during this run will be used to complete the second phase of the DFS.

In parallel, USA Rare Earth plans to carry out confirmatory and geotechnical drilling at Round Top in the first half of 2026, along with a heap leach optimization study, to support mine design and engineering. Together, these efforts are intended to support progress toward commercial production of heavy rare earth oxides, currently targeted for late 2028.

“Fluor and WSP are key partners with the experience and expertise required to move Round Top toward commercial delivery,” said Alex Moyes, PhD, Vice President of Mining & Processing at USA Rare Earth. “Their teams know how to deliver complex mining and processing projects, and that matters as we work to bring a secure, domestic supply of heavy rare earth elements, inclusive of yttrium, into production, along with critical technology metals such as hafnium, zirconium, and gallium. This is another step toward strengthening the U.S. rare earth value chain at a time when reliability and resilience are increasingly important.”

About USA Rare Earth
USA Rare Earth, Inc. (Nasdaq: USAR) is creating a fully integrated ex-China rare earth and permanent magnet value chain. Through its ownership of Less Common Metals (LCM), one of the world's leading producers of rare earth metals and alloys, and its development of magnet manufacturing capacity in Stillwater, Oklahoma, USAR operates across the entire value chain from heavy rare earth processing to metal-making, alloy production, and neodymium magnet manufacturing. By combining domestic feedstock from the Round Top deposit with advanced processing technologies, recycling capabilities, and a growing European industrial footprint, USAR is establishing a secure, sustainable, Western-aligned supply of materials essential to defense, electrification, robotics, renewable energy, and advanced manufacturing industries.

Forward-looking Statements
Certain matters discussed in this press release are or contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These statements, which involve risks and uncertainties include statements relating to the development of the Round Top deposit, including without limitation expectations for future development, operations, business strategies, financial performance, and sales and customers. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as "anticipate", "believe", "can", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "might", "plan", "possible", "potential", "predict", "project", "seek", "should", "strive", "target", "will", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. These risks and uncertainties include, but are not limited to: (1) the risk that the development of the Round Top deposit will be more costly or difficult than expected; (2) the risk that the expected production from the Round Top may not be fully realized or may take longer to realize than expected; (3) the risk that the significant long-term and inherently risky investments that USAR and LCM are making in mining and manufacturing facilities may not realize a favorable return; (4) the risk of litigation related to the development of the Round Top deposit; (5) USAR's ability to generate customers for the Round Top deposit’s production and source suppliers for various engineering and equipment needs; (6) USAR's ability to successfully develop its metal making and magnet production facility and the timing of expected production milestones which will utilize feedstock from the Round Top deposit; (7) competition in the rare earth mining and processing industry; (8) the ability to grow and manage growth profitably; (9) the ability to attract and retain management and key employees; (10) the overall supply and demand for rare earth minerals; (11) the timing and amount of future production; (12) the costs of production, capital expenditures and requirements for additional capital, including the need to raise additional capital to implement USAR's strategic plan; (13) substantial doubt regarding the Company's ability to continue as a going concern for the twelve months following the issuance of its third quarter 2025 Condensed Consolidated Financial Statements; (14) the timing of future cash flow provided by operating activities, if any; (15) the risk that the Round Top deposit might not be able to be commercially mined and the Company's ongoing exploration programs may not result in the development of profitable commercial mining operations; (16) the uncertainty in any mineral estimates, uncertainty in any geological, metallurgical, and geotechnical studies and opinions; (17) fluctuations in transportation costs or disruptions in transportation services or damage or loss during transport; and (18) other risks and uncertainties described under the heading "Risk Factors" in USAR's periodic filings with the SEC, including the Company's Form 10-K that the Company filed with the SEC on March 31, 2025 and the Company's latest Quarterly Reports on Form 10-Q filed with the SEC. Detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company's periodic filings with the SEC, including the Company's Form 10-K that the Company filed with the SEC on March 31, 2025 and the Company's latest Quarterly Reports on Form 10-Q filed with the SEC. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements speak only as of their date, and USAR undertakes no obligation to update any forward-looking statements to reflect events or circumstances occurring after their date or to reflect the occurrence of unanticipated events.

Investor Relations Contact
Lionel McBee
VP, Investor Relations
IR@usare.com

Media Relations Contacts
Teneo
USARareEarth@teneo.com

FAQ

What did USA Rare Earth announce about partners for Round Top (USAR) on January 22, 2026?

USA Rare Earth selected Fluor and WSP as EPCM partners to advance the Round Top DFS.

When is the 2,000-hour demonstration run at Wheat Ridge expected to finish for USAR?

Operations are currently expected to conclude in October 2026.

What is USA Rare Earth's target date for commercial production at Round Top (USAR)?

The company is targeting commercial production of heavy rare earth oxides in late 2028.

What technical work will support the Round Top DFS for USAR in 2026?

USAR plans confirmatory and geotechnical drilling in H1 2026 plus a heap leach optimization study to support mine design.

How will the Accelerated Mine Plan affect the DFS timeline for USAR?

The plan uses solvent extraction pilot results for a first-phase DFS (pre-feasibility scope) to accelerate progress toward the full DFS.