STILLWATER, Okla., May 27, 2025 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (USAR or the Company), which is building out America's first fully domestic rare earth element magnet production supply chain that includes the mining and processing of heavy rare earths and other critical minerals, today announced it has signed a memorandum of understanding (MOU) with Shoreview, MN-based PolarStar Magnetics (PolarStar). PolarStar manufactures programmable magnets. PolarStar offers a range of products designed for superior magnetic attachment on thin ferrous surfaces and is a Tier 2 supplier for projects in the aerospace sector that require Defense Federal Acquisition Regulation Supplement, or DFARS-compliant magnets.
The MOU reflects USAR's mission to establish and secure a domestic rare earth magnet supply chain for both critical U.S. industries and everyday consumer products. Following the March 31 commissioning of its Innovations Lab in Stillwater, Oklahoma, this partnership is another important milestone in the Company's journey to bring the rare earth magnet industry back to the United States.
"We are on a quest to bring high-powered magnet production back the to the U.S. and are pleased to partner with such an innovative company involved in high-growth and high-value magnetic applications," said Joshua Ballard, CEO of USA Rare Earth. "We look forward to working with PolarStar to develop a true partnership in providing Made-in-USA designated and DFARS-compliant high-powered magnets to the defense industry, among others."
Using the available capacities of USAR's facilities, PolarStar will be included in early-round testing of U.S. made magnets, providing the manufacturer an avenue to accelerate prototype magnet capabilities. Discussions will now progress toward a detailed multi-year supply agreement.
"We are thrilled to be included in the early-round testing and supply of U.S.-made magnets at USA Rare Earth's Innovations Lab," said Ryan Harris, General Manager for PolarStar. "This strategic partnership will allow us and our customers to comply with the new and upcoming DoD requirements."
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About USA Rare Earth
USA Rare Earth is building a vertically integrated, domestic rare earth magnet production supply chain. USAR is currently constructing a 310k square foot rare earth sintered neo magnet manufacturing facility in Stillwater, Oklahoma. USAR also controls mining rights to the Round Top Mountain rare earth and critical minerals deposit in West Texas, which holds significant deposits of heavy rare earths, such as dysprosium and terbium, as well as gallium, beryllium, lithium and other critical tech minerals. USAR's permanent neo magnets and rare earth minerals are required for a wide variety of products used in the defense, automotive, aviation, industrial, medical, and consumer electronics industries.
Forward-Looking Statements
Certain statements made in this press release are "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may generally be identified by the use of words such as "estimate," "projects," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "would," "should," "future," "propose," "potential," "target," "goal," "objective," "outlook" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.
These forward-looking statements include, but are not limited to, statements regarding the financial position, business strategy, and the plans and objectives of management for future operations. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of USA Rare Earth's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. The Company undertakes no obligation to update these statements for revisions or changes after the date of this presentation, except as required by law.
Investor Relations Contact:
Lionel McBee
VP, Investor Relations
IR@usare.com
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Cricket PR
Brian Hyland
(201) 410-4563
USARE@cricketpr.com
