$REEMF
RARE ELEMENT RESOURCES LTD

2024 Q1 Form 10-K Financial Statement

#000141980624000003 Filed on March 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $699.0K $827.0K $2.828M
YoY Change -5.8% -27.01% -45.67%
% of Gross Profit
Research & Development $2.903M $2.059M $8.242M
YoY Change 92.25% 9.06% 98.36%
% of Gross Profit
Depreciation & Amortization $28.00K $1.000K $2.000K
YoY Change 12.0% 100.0%
% of Gross Profit
Operating Expenses $3.630M $2.912M $11.17M
YoY Change 59.42% -1.19% 19.35%
Operating Profit
YoY Change
Interest Expense $6.000K $79.00K $29.00K
YoY Change -25.0% -33.61% -25.64%
% of Operating Profit
Other Income/Expense, Net $4.000K $1.929M $2.176M
YoY Change -92.73% -2816.9% -3447.69%
Pretax Income -$3.626M -$904.0K -$8.487M
YoY Change 63.19% -68.82% -5.06%
Income Tax
% Of Pretax Income
Net Earnings -$3.626M -$904.0K -$8.996M
YoY Change 63.19% -68.82% -4.56%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 -$0.04
Diluted Earnings Per Share -$0.01 $0.00 -$0.04
COMMON SHARES
Basic Shares Outstanding 511.1M 212.9M 212.7M
Diluted Shares Outstanding 320.0M 212.7M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.13M $3.633M $3.633M
YoY Change 172.53% -76.6% -76.6%
Cash & Equivalents $38.13M $3.633M $3.633M
Short-Term Investments
Other Short-Term Assets $2.853M $3.938M $3.938M
YoY Change 40.82% 72.57% 72.57%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $41.61M $9.750M $9.750M
YoY Change 158.41% -45.77% -45.77%
LONG-TERM ASSETS
Property, Plant & Equipment $28.00K $29.00K $808.0K
YoY Change 86.67% 93.33% -9.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $188.0K $186.0K $186.0K
YoY Change
Total Long-Term Assets $1.071M $994.0K $994.0K
YoY Change 24.1% 11.94% 11.94%
TOTAL ASSETS
Total Short-Term Assets $41.61M $9.750M $9.750M
Total Long-Term Assets $1.071M $994.0K $994.0K
Total Assets $42.69M $10.74M $10.74M
YoY Change 151.58% -43.05% -43.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $409.0K $291.0K $291.0K
YoY Change 24.32% 28.19% 28.19%
Accrued Expenses $101.0K $111.0K $111.0K
YoY Change -18.55% -10.48% -10.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.120M $1.941M $1.941M
YoY Change 367.99% 452.99% 452.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $450.0K $366.0K $366.0K
YoY Change -72.38% -76.85% -76.85%
Total Long-Term Liabilities $450.0K $366.0K $366.0K
YoY Change -72.38% -76.85% -76.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.120M $1.941M $1.941M
Total Long-Term Liabilities $450.0K $366.0K $366.0K
Total Liabilities $2.570M $2.307M $2.307M
YoY Change 23.44% 19.41% 19.41%
SHAREHOLDERS EQUITY
Retained Earnings -$161.3M -$157.6M
YoY Change 6.89% 6.05%
Common Stock $172.2M $136.9M
YoY Change 25.8% 0.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.12M $8.437M $8.437M
YoY Change
Total Liabilities & Shareholders Equity $42.69M $10.74M $10.74M
YoY Change 151.58% -43.05% -43.05%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$3.626M -$904.0K -$8.996M
YoY Change 63.19% -68.82% -4.56%
Depreciation, Depletion And Amortization $28.00K $1.000K $2.000K
YoY Change 12.0% 100.0%
Cash From Operating Activities -$784.0K -$2.940M -$11.71M
YoY Change -49.19% -10.42% 24.21%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $16.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $12.00K
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 -$4.000K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 35.29M -17.00K 6.000K
YoY Change
NET CHANGE
Cash From Operating Activities -784.0K -2.940M -11.71M
Cash From Investing Activities 0.000 0.000 -4.000K
Cash From Financing Activities 35.29M -17.00K 6.000K
Net Change In Cash 34.50M -2.957M -11.70M
YoY Change -2353.56% -9.9% 24.19%
FREE CASH FLOW
Cash From Operating Activities -$784.0K -$2.940M -$11.71M
Capital Expenditures $0.00 $16.00K
Free Cash Flow -$2.940M -$11.72M
YoY Change 24.38%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. NATURE OF OPERATIONS</p><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 (“NdPr”), 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_bwpZ5By82kOzOJ85W032bQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one</span></span>-half of the originally 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, in 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 for the permitting, licensing, engineering, and planned 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 was expected to fund approximately <span style="-sec-ix-hidden:Hidden_e9BHfwYgUU6QpjOSgYYAyQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one</span></span>-half of the originally expected total cost of the Demonstration Plant project, with the balance of the required funding being provided by the Company utilizing the proceeds from the rights offering, the $4,400 grant from the Wyoming Energy Authority (the “WEA”) as discussed more fully in Note 5, and other funding sources, as necessary. Due to inflationary pressures, the initial Demonstration Plant project cost estimate of $43,800 has increased and as a result on December 5, 2023, the Company announced its intention to launch a rights offering to raise approximately $36,000 in gross proceeds. In March 2024, the Company completed the rights offering for gross proceeds of approximately $35,800 in which each holder of the Company’s common shares as of the record date of December 15, 2023 was eligible to participate. The Company plans to use the net proceeds from the rights offering to progress the Company’s business strategy to support commercialization and fund activities to support the advancement of the Bear Lodge REE Project, which includes funding the operation of the Demonstration Plant for a period of time that is expected to be sufficient to provide the information to support a commercialization decision, acquiring real property, updating the mineral resource model and technical reports, and advancing permitting, environmental support, and basic engineering, as well as for other general corporate purposes. Ultimately, in the event the Company cannot secure additional financial resources, or complete a strategic transaction in the longer term, the Company may need to curtail or suspend its operational plans regarding the Demonstration Plant or other initiatives, or potentially liquidate its business interests, and investors may lose all or part of their investment.</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 2023, the Company continued its work on the Demonstration Plant project. This work is expected to continue through the Demonstration Plant’s expected completion date in 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. A second go/no-go gating milestone was achieved in December 2023 with the issuance by the DoE of a Project Continuation Notice, allowing for the construction of the Demonstration Plant. The completion of these milestones were each gating events for the DoE’s continued funding as provided for in the 2021 award grant. With the completion of this second gating event, the Demonstration Plant’s construction is now underway and is expected to be completed in mid-2024. Operations to process and separate the REE from the sample materials are expected to follow the completion of the Demonstration Plant’s construction for an additional 12-to-15-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 0pt 12pt 0pt;">The Company has incurred losses since its inception, and further losses are anticipated in the development of its business. As of December 31, 2023, the Company had cash and cash equivalents of $3,633. During the year ended December 31, 2023, we consumed cash of $11,706, of which approximately $9,000 was used for the payment of costs associated with the Demonstration Plant project, with the remainder having been used for the payment of the Company’s general and administrative expenses and other ongoing costs of sustaining its properties and mining claims.</p>
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