$REEMF
RARE ELEMENT RESOURCES LTD

2023 Q3 Form 10-Q Financial Statement

#000141980623000030 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $646.0K $613.0K
YoY Change -30.16% -63.45%
% of Gross Profit
Research & Development $2.508M $2.165M
YoY Change 225.71% 149.71%
% of Gross Profit
Depreciation & Amortization $25.00K $26.00K
YoY Change
% of Gross Profit
Operating Expenses $3.179M $2.804M
YoY Change 84.83% 9.19%
Operating Profit
YoY Change
Interest Expense $7.000K $8.000K
YoY Change -91.03% -61.9%
% of Operating Profit
Other Income/Expense, Net $53.00K $60.00K
YoY Change 253.33% -203.45%
Pretax Income -$3.126M -$2.744M
YoY Change 83.34% 4.49%
Income Tax
% Of Pretax Income
Net Earnings -$3.126M -$2.744M
YoY Change 83.34% 4.49%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 212.7M 212.6M
Diluted Shares Outstanding 212.8M 212.6M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.593M $11.45M
YoY Change -64.94% -45.4%
Cash & Equivalents $6.593M $11.45M
Short-Term Investments
Other Short-Term Assets $3.506M $1.774M
YoY Change 106.6% 145.71%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $10.47M $13.51M
YoY Change -49.26% -38.03%
LONG-TERM ASSETS
Property, Plant & Equipment $30.00K $31.00K
YoY Change 100.0% 106.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $183.0K
YoY Change
Total Long-Term Assets $1.018M $854.0K
YoY Change 11.5% -8.96%
TOTAL ASSETS
Total Short-Term Assets $10.47M $13.51M
Total Long-Term Assets $1.018M $854.0K
Total Assets $11.49M $14.36M
YoY Change -46.69% -36.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $221.0K $253.0K
YoY Change -52.58% -44.27%
Accrued Expenses $128.0K $124.0K
YoY Change 3.23% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $349.0K $377.0K
YoY Change -40.85% -34.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.868M $1.676M
YoY Change 19.9% 11.14%
Total Long-Term Liabilities $1.868M $1.676M
YoY Change 19.9% 11.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $349.0K $377.0K
Total Long-Term Liabilities $1.868M $1.676M
Total Liabilities $2.217M $2.053M
YoY Change 3.21% -1.58%
SHAREHOLDERS EQUITY
Retained Earnings -$156.7M -$153.6M
YoY Change 7.54% 6.64%
Common Stock $136.9M $136.9M
YoY Change 0.02% 0.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.268M $12.31M
YoY Change
Total Liabilities & Shareholders Equity $11.49M $14.36M
YoY Change -46.69% -36.83%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$3.126M -$2.744M
YoY Change 83.34% 4.49%
Depreciation, Depletion And Amortization $25.00K $26.00K
YoY Change
Cash From Operating Activities -$4.694M -$2.529M
YoY Change 116.01% 418.24%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $16.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 -$16.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.00K 7.000K
YoY Change
NET CHANGE
Cash From Operating Activities -4.694M -2.529M
Cash From Investing Activities 0.000 -16.00K
Cash From Financing Activities 16.00K 7.000K
Net Change In Cash -4.678M -2.538M
YoY Change 115.28% 420.08%
FREE CASH FLOW
Cash From Operating Activities -$4.694M -$2.529M
Capital Expenditures $0.00 $16.00K
Free Cash Flow -$4.694M -$2.545M
YoY Change

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<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">1.</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;"> NATURE OF OPERATIONS</b></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Rare Element Resources Ltd. (“we,” “us,” “Rare Element” or the “Company”) was incorporated under the laws of the Province of British Columbia, Canada, on June 3, 1999.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Rare Element holds a 100% interest in the Bear Lodge rare earth elements project (the “Bear Lodge REE Project”) located near the town of Sundance in northeast Wyoming. The Bear Lodge REE Project consists of several large, disseminated rare earth elements (“REE”) deposits that comprise one of the highest-grade REE deposits identified in North America. In addition, to neodymium-praseodymium (“Nd/Pr”), the Bear Lodge REE Project has a favorable distribution of a number of other critical rare earth elements. The Company also holds a 100% interest in the Sundance Gold Project that is adjacent to the Bear Lodge REE Project and contains a historical inferred mineral resource primarily composed of three gold targets within the area of the Bear Lodge property. Given the Company’s longstanding focus on the Bear Lodge REE Project and the current interest in REE, the advancement of the Sundance Gold Project has been on hold since 2011 and will likely remain so for the foreseeable future.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company is currently focused on the advancement of a rare earth processing and separation demonstration-scale plant (the “Demonstration Plant”) project. In January 2021, a consortium of companies, of which the Company is a part, received notice from the Department of Energy (“DoE”) that the consortium had been selected for negotiation of a potential financial award for the engineering, construction and operation of a rare earth separation and processing Demonstration Plant. The consortium of companies is led by General Atomics, an affiliate of Synchron, the Company’s majority shareholder, and includes certain of General Atomics’ affiliates, and LNV, an Ardurra Group, Inc. company, as engineering and construction subcontractor. A formal proposal was submitted by the consortium in response to a published Funding Opportunity Announcement in mid-2020 for the construction and operation of a rare earth separation and processing demonstration plant utilizing proprietary technology to produce commercial-grade products. The DoE finalized the award, and an agreement was executed by the DoE’s grants/agreement officer on September 27, 2021, with an effective date of October 1, 2021. The Company, as a subrecipient of the award, along with the other consortium members, commenced work on the planning and design of the Demonstration Plant project in November 2021, with the Company’s contractual arrangement with General Atomics finalized in December 2021. The DoE funding is in the amount of $21,900 and represents approximately <span style="-sec-ix-hidden:Hidden_HcBHUBhAk02YJCT3GZe9rQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one</span></span>-half of the total estimated costs for the Demonstration Plant. The Demonstration Plant will process already stockpiled high-grade sample materials from the Bear Lodge REE Project.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">To address the Company’s funding needs, during December 2021, the Company completed a rights offering for gross proceeds of approximately $25,400. The Company is using the net proceeds from the rights offering primarily for the permitting, licensing, engineering, construction, and operation of the Demonstration Plant near the Company’s Bear Lodge REE Project. The previously noted $21,900 financial award from the DoE is expected to fund approximately <span style="-sec-ix-hidden:Hidden_m6TpoHKrw0Sn89drtiqX-A;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one</span></span>-half of the expected total cost of the Demonstration Plant, with the balance of the required funding being provided by the Company utilizing the proceeds from the rights offering and the $4,400 grant from the Wyoming Energy Authority (the “WEA”) as discussed more fully in Note 7. To the extent that inflationary pressures would cause the Demonstration Plant’s total cost to exceed its initial estimate of $43,800, the Company and the DoE’s responsibility for funding any amounts in excess of the $43,800 would have to be further considered and determined.    </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">During 2022 and through the first half of 2023, the Company continued its work on the Demonstration Plant project. This work is expected to continue over the remainder of 2023 and through the Demonstration Plant project’s expected completion date in the early part of 2025. In December 2022, the Demonstration Plant achieved its final engineering design milestone marking the completion of the DoE’s first go/no-go decision point. The completion of this milestone was a gating event for the DoE’s continued funding of the Demonstration Plant as provided for in the 2021 award grant. Future gating milestones include the DoE National Environmental Policy Act of 1969 (NEPA) review, which is expected in the second half of 2023, and the approval to proceed with the Demonstration Plant’s construction, which is scheduled to follow shortly thereafter. Construction will commence thereafter and is expected to be complete in mid-2024. Operations to process and separate the REE from the stockpiled sample materials are expected to follow the completion of the Demonstration Plant’s construction for an additional <span style="-sec-ix-hidden:Hidden_EtFmLemGUE6Xh4l9XxvdFw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">eight</span></span>-to-ten-month period. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Even with the completion of the 2021 rights offering and expected receipt of the WEA grant monies, the Company will not have sufficient funds to progress other activities, including with respect to (i) any potential additional costs that the Company may be asked to fund on the Demonstration Plant due to inflationary cost increases, and (ii) funds for any feasibility studies, permitting, licensing, development, and construction related to the Bear Lodge REE Project. Therefore, the achievement of these other activities will be dependent upon the receipt of additional funds through financings, off-take agreements, joint ventures, strategic transactions, grants, or sales of various assets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">The Company has incurred losses since its inception, and further losses are anticipated in the development of its business. As of June 30, 2023, the Company had cash and cash equivalents of </span><span style="font-weight:normal;">$11,454</span><span style="font-weight:normal;">, and our cash used in operations during the six months ended June 30, 2023 was </span><span style="font-weight:normal;">$4,072</span><span style="font-weight:normal;">, of which approximately </span><span style="font-weight:normal;">$3,000</span><span style="font-weight:normal;"> was used for the payment of costs associated with the Demonstration Plant project, while the remainder was used for the payment of the Company’s general and administrative expenses and other ongoing costs of sustaining its properties and mining claims. </span></p>
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