Synchron group now controls 71.4% of Rare Element Resources (REEMF) stock

Rhea-AI Filing Summary

Rare Element Resources Ltd. received an updated Schedule 13D/A from Synchron and related entities showing a highly concentrated ownership position. Synchron now beneficially owns 460,889,576 common shares, or about 71.4% of the company’s common stock, giving it effective control over shareholder votes and strategic decisions.

This stake was built through a 2017 investment agreement and option, followed by large participations in rights offerings in 2021, 2024 and 2026. The most recent 2026 rights offering added 100,149,060 shares for cash of $24,035,774.40, further reinforcing Synchron’s controlling position in REEMF.

Insights

Equity ownership and governance analyst

Filing confirms Synchron’s 71.4% controlling stake in Rare Element Resources.

The amendment shows Synchron and its parent entities now beneficially own 460,889,576 Rare Element Resources common shares, representing about 71.4% of the class. This level of ownership effectively gives Synchron control over key corporate matters requiring shareholder approval.

The filing details how this position was accumulated: an initial 2017 investment and option, plus major participations in rights offerings in 2021, 2024 and 2026. The latest 2026 rights offering added 100,149,060 shares for cash of $24,035,774.40, following a 2024 subscription of 244,383,591 shares for $29,326,030.

From a governance perspective, concentrated control can streamline decision-making but limits influence for minority shareholders, who now hold less than 30% collectively. Future company disclosures may clarify how Synchron intends to use this control in areas such as board composition, financing choices and strategic projects.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

Rare Element Resources Ltd.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

Rhys Williams
Synchron, 3550 General Atomics Court
San Diego, CA, 92121-1122
(858) 455-2640

Donald G. Kilpatrick, Esq.
Pillsbury Winthrop Shaw Pittman LLP, 31 West 52nd Street
New York, NY, 10019
(212) 858-1235

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/10/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Synchron

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 460,889,576.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 460,889,576.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

460,889,576.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

71.4 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

General Atomic Technologies Corporation

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

WYOMING

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 460,889,576.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 460,889,576.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

460,889,576.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

71.4 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Tenaya Corporation

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 460,889,576.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 460,889,576.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

460,889,576.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

71.4 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

James N. Blue

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 460,889,576.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 460,889,576.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

460,889,576.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

71.4 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: Rare Element Resources Ltd.
(c)	Address of Issuer's Principal Executive Offices: P.O. Box 80, Firestone, COLORADO , 80520.
Item 1 Comment: This Amendment No. 5 (as defined below) amends and restates the Schedule 13D filed on October 2, 2017, as amended by the Schedule 13D/A previously filed on October 14, 2019, as further amended by the Schedule 13D/A filed on December 23, 2021, as further amended by the Schedule 13 D/A on March 19, 2024 and as further amended by the Schedule 13D/A filed on June 28, 2024 (the "Existing Schedule 13D"). The Existing Schedule 13D and this Amendment No. 5 are collectively referred to herein as the "Schedule 13D". Capitalized terms used but not defined in this Amendment No. 5 shall have the meanings given to them in the Existing Schedule 13D. The Existing Schedule 13D remains in full force and effect, except as specifically amended by this Amendment No. 5. The class of equity securities to which this amendment to Schedule 13D (this "Amendment No. 5") relates is the Common Shares, no par value, of Rare Element Resources Ltd., a British Columbia corporation (the "Issuer"). The Issuer's principal executive offices are P.O. Box 80, Firestone, Colorado 80520.
Item 2.	Identity and Background
(a)	(a)-(c) The persons filing this Schedule 13D are Synchron, a California corporation ("Synchron"), General Atomic Technologies Corporation, a Wyoming corporation and parent company of Synchron ("GATC"), Tenaya Corporation, a Delaware corporation and parent company of GATC ("Tenaya"), and James N. Blue, an individual residing in California (together with Synchron, GATC, and Tenaya, the "Reporting Persons"). Synchron is a privately-owned company for diversified businesses in technology and other industries and its principal office and business is located at 3550 General Atomics Court, San Diego, California 92121-1122. GATC is a privately-owned holding company for diversified businesses in technology and other industries and its principal office and business is located at 3550 General Atomics Court, San Diego, California 92121-1122. Tenaya is a privately-owned holding company for diversified businesses in technology and other industries and its principal office and business is located at P.O. Box 910304, San Diego, California, 92191-0304. Mr. Blue has a principal business address of 3550 General Atomics Court, San Diego, California 92121-1122 and is the Chairman, President and Chief Executive Officer of GATC.
(d)	(d)-(e) During the last five years, none of the Reporting Persons has been (A) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (B) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	James N. Blue is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	On October 2, 2017, the Issuer and Synchron executed an investment agreement (the "Investment Agreement") providing for the purchase of Common Shares of the Issuer. Pursuant to the Investment Agreement, Synchron acquired (x) the right to designate two directors to fill vacancies on the Board of Directors of the Issuer and (y) 26,650,000 Common Shares of the Issuer (the "Acquired Shares"), which constituted approximately 33.5% of the fully-diluted Common Shares issued and outstanding as of the date of the transaction, for $4,752,000 in cash, including a $500,000 preliminary payment made on August 18, 2017 pursuant to a term sheet executed between the Issuer and an affiliate of Synchron (the "Purchase Price"). The Issuer and Synchron also executed an intellectual property rights agreement, pursuant to which the Issuer has granted Synchron certain rights to the Issuer's intellectual property relating to rare earth processing and separation. The Issuer also granted Synchron an option (the "Option") to purchase Common Shares of the Issuer that constitute 15.496667690889% of the fully diluted Common Shares of the Issuer immediately after the exercise of the Option (the "Option Shares") at a total exercise price of $5,040,000 in cash (the "Option Exercise Price"). On October 14, 2019, Synchron exercised the Option in full by delivering an exercise notice to the Issuer pursuant to the Investment Agreement and therefore acquired 24,175,000 Common Shares from the Issuer for the Option Exercise Price (such transaction, the "2019 Option Exercise"). On November 12, 2021, the Issuer commenced a rights offering for its Common Shares (the "2021 Rights Offering"), which expired on December 8, 2021. Synchron was advised that the Common Shares issued pursuant to the 2021 Rights Offering were distributed on December 16, 2021 to shareholders that had exercised their subscription rights, it being confirmed that Synchron had purchased 65,531,925 Common Shares of the Issuer for a total price of $15,727,662 in cash (such transaction, the "2021 Subscription"). On February 16, 2024, the Issuer commenced another rights offering for its Common Shares (the "2024 Rights Offering"), which expired on March 11, 2024. Synchron was advised that the Common Shares issued pursuant to the 2024 Rights Offering were distributed on March 15, 2024 to shareholders that exercised their subscription rights, it being confirmed that Synchron purchased 244,383,591 Common Shares of the Issuer for a total price of $29,326,030 in cash (such transaction, the "2024 Subscription"). On January 6, 2026, the Issuer commenced another rights offering for its Common Shares (the "2026 Rights Offering"), which expired on January 30, 2026. Synchron was advised that the Common Shares issued pursuant to the 2026 Rights Offering were distributed on March 4, 2026 to shareholders that exercised their subscription rights, it being confirmed on March 10, 2026 that Synchron purchased 100,149,060 Common Shares of the Issuer for a total price of $24,035,774.40 in cash (such transaction, the "2026 Subscription"). The Common Shares acquired in the 2026 Subscription, together with the Common Shares acquired in the 2024 Subscription, the Common Shares acquired in the 2021 Subscription, the Option Shares and the Acquired Shares, constitute approximately 71.4% of the fully diluted Common Shares assuming (i) 516,134,712 Common Shares of the Issuer issued and outstanding as of January 30, 2026 (as disclosed in the Issuer's prospectus supplement filed with the SEC in connection with the 2026 Rights Offering on February 6, 2026 (the "Prospectus Supplement")) and (ii) 129,033,678 Common Shares of the Issuer were issued in connection with the 2026 Rights Offering (as contemplated by the Prospectus Supplement). The source of the Purchase Price and the Option Exercise Price was available cash and cash equivalents of Synchron.
Item 4.	Purpose of Transaction
	See Item 3 above.
Item 5.	Interest in Securities of the Issuer
(a)	(a)-(b) Synchron is the beneficial owner of 460,889,576 Common Shares of the Issuer, including 26,650,000 Acquired Shares (which were issued in connection with the Investment Agreement transaction described in the Existing Schedule 13D), 24,175,000 Option Shares (which were issued in connection with the 2019 Option Exercise), 65,531,925 Common Shares acquired in the 2021 Rights Offering, 244,383,591 Common Shares acquired in the 2024 Rights Offering and 100,149,060 Common Shares acquired in the 2026 Rights Offering, constituting, in the aggregate, approximately 71.4% of the Common Shares of the Issuer assuming (i) 516,134,712 Common Shares of the Issuer issued and outstanding as of January 30, 2026 (as disclosed in the Prospectus Supplement) and (ii) 129,033,678 Common Shares of the Issuer were issued in connection with the 2026 Rights Offering (as contemplated by the Prospectus Supplement). Synchron has the sole voting and dispositive power over the Acquired Shares, the Option Shares, the Common Shares acquired in the 2021 Rights Offering, the Common Shares acquired in the 2024 Rights Offering and the Common Shares acquired in the 2026 Rights Offering. Because each of General Atomic Technologies Corporation, Tenaya and Mr. Blue may be deemed to control Synchron, each of General Atomic Technologies Corporation, Tenaya and Mr. Blue may be deemed to beneficially own, and to have the power to vote or direct the vote, or dispose or direct the disposition of, all of the Common Shares beneficially owned by Synchron. The filing of this Schedule 13D should not be construed as an admission that any Reporting Person is the beneficial owner of any of the shares of Common Shares that such Reporting Person may be deemed to beneficially own.
(c)	Other than the transactions described Item 3 above, the Reporting Persons have not been involved in any transactions involving the securities of the Issuer in the last 60 days.
(d)	Except as otherwise indicated above, no other persons are known that have the right to receive or the power to direct the receipt of dividends from, or the proceeds of sale of, such securities.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of Amendment No. 4 is hereby incorporated by reference in its entirety.
Item 7.	Material to be Filed as Exhibits.
	Item 7 of Amendment No. 4 is hereby incorporated by reference in its entirety.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Synchron

Signature:	/s/ Kristopher S. George
Name/Title:	Kristopher S. George/Assistant Treasurer
Date:	03/12/2026

General Atomic Technologies Corporation

Signature:	/s/ Kristopher S. George
Name/Title:	Kristopher S. George/Assistant Treasurer
Date:	03/12/2026

Tenaya Corporation

Signature:	/s/ Kristopher S. George
Name/Title:	Kristopher S. George/Assistant Treasurer
Date:	03/12/2026

James N. Blue

Signature:	/s/ James N. Blue
Name/Title:	James N. Blue
Date:	03/12/2026

FAQ

How much of Rare Element Resources (REEMF) does Synchron now own?

Synchron beneficially owns 460,889,576 Rare Element Resources common shares, representing about 71.4% of the company’s common stock. This controlling stake is reported jointly by Synchron, General Atomic Technologies Corporation, Tenaya Corporation and James N. Blue in the amended Schedule 13D filing.

How did Synchron build its 71.4% stake in Rare Element Resources (REEMF)?

Synchron’s stake grew from a 2017 investment agreement and option, then major participations in rights offerings. It bought 26,650,000 initial shares, 24,175,000 option shares, and large blocks in 2021, 2024 and 2026 rights offerings, reaching 460,889,576 shares in total.

What did Synchron invest in the latest 2026 rights offering for REEMF?

In the 2026 rights offering, Synchron purchased 100,149,060 common shares of Rare Element Resources. The filing states a total cash payment of $24,035,774.40 for this subscription, further increasing Synchron’s already substantial ownership position in the company.

What is the significance of Synchron owning 71.4% of Rare Element Resources (REEMF)?

Owning about 71.4% of the common stock gives Synchron effective control over shareholder votes and corporate decisions at Rare Element Resources. Minority shareholders now collectively represent less than 30% of the equity, limiting their influence on key strategic and governance matters.

Who are the reporting persons in the Rare Element Resources (REEMF) Schedule 13D/A?

The reporting persons are Synchron, General Atomic Technologies Corporation, Tenaya Corporation and individual investor James N. Blue. The filing explains that each may be deemed to control Synchron and therefore may be deemed to beneficially own the same 460,889,576 shares.

What earlier investments did Synchron make in Rare Element Resources (REEMF)?

Synchron initially bought 26,650,000 shares in 2017 for $4,752,000 and later exercised an option in 2019 to acquire 24,175,000 shares for $5,040,000. Subsequent 2021 and 2024 rights offerings added large additional positions before the 2026 subscription.