Texas Mineral Resources Corp (OTCQB: TMRC) is a mineral exploration company that holds a participation interest in the Round Top Project, a rare earth element deposit in Texas. The company generates no revenue from mining operations. It holds a certificate of interest in mineral leases owned by Round Top Mountain Development (RTMD), a joint venture entity, following a May 2021 farm-down of its original 100% interest. As of August 31, 2025, TMRC carries an accumulated deficit of approximately $45.1 million, reflecting years of exploration-stage spending with no commercial production. The company's minimum guaranteed membership interest in RTMD is 3%, with dilution risk tied to its ability to fund cash calls. The Round Top Project remains in pre-feasibility stages, subject to permitting, environmental review, and feasibility study completion before any commercial mining could begin.

Revenue model

TMRC has no commercial revenue. The company is exploration-stage, funding operations through equity issuances, stock-based compensation, and debt conversion. It holds a participation interest in RTMD and would receive distributions of available cash pro rata to its membership interest if and when commercial production occurs.

Products and services

Participation interest in the Round Top Project mineral leases, targeting rare earth elements (REE). The project is in pre-production exploration and development stage as of the fiscal year ended August 31, 2025.

Customers and end markets

No customers as of the fiscal year ended August 31, 2025. Target end markets would be rare earth element consumers, though no offtake agreements or commercial sales are referenced in the filing.

Value-chain role

Exploration-stage mineral rights holder. TMRC holds a certificate of interest in RTMD's mineral leases and participates in development funding decisions. It sits at the upstream exploration stage of the rare earth element supply chain, prior to feasibility, permitting, construction, or production.

Geographic exposure

Single-project exposure in Texas. The Round Top Project mineral lease is issued by the State of Texas.

Source: SEC 10-K, filed 2025-11-28

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