Revenue: As of FY2026 Q1, the actual value is USD 0.

EPS: As of FY2026 Q1, the actual value is USD 0.

EBIT: As of FY2026 Q1, the actual value is USD -2.547 M.

Rare Element Resources Ltd. operates in a single reportable segment: minerals exploration and development, which currently generates no revenue and is not in commercial operation.

Operational Metrics

• The consolidated net loss for the three months ended March 31, 2026, was - $2,133, compared to - $2,395 for the three months ended March 31, 2025.
• Exploration and Evaluation Costs totaled - $1,719 for the three months ended March 31, 2026, a decrease of - $158 from - $1,877 for the same period in 2025, largely due to a shift from final construction and testing activities to plant rework and operations start-up activities for the Demonstration Plant.
• Corporate Administration Costs decreased by - $170 year-over-year, from - $750 for the three months ended March 31, 2025, to - $580 for the three months ended March 31, 2026, primarily due to additional costs incurred for a Form S-3 registration statement filing in Q1 2025.
• Interest income was $213 for the three months ended March 31, 2026, a decrease of - $71 from $284 for the same period in 2025, primarily due to lower interest rates on invested cash balances.

Cash Flow

• Net cash used in operating activities increased by - $456, totaling - $2,725 for the three months ended March 31, 2026, compared to - $2,269 for the same period in 2025.
• There was no cash used in investing activities for the three months ended March 31, 2026, compared to - $59 for the same period in 2025, which was for equipment purchase.
• Net cash provided by financing activities was $30,553 for the three months ended March 31, 2026, stemming from $30,478 in net proceeds from the 2026 Rights Offering and $75 from stock option exercises, with no similar transactions in the comparative 2025 period.

Unique Metrics and Financial Position

• As of March 31, 2026, cash and cash equivalents were $47,141.
• Working capital increased by $28,436 to $48,102 as of March 31, 2026, from $19,666 as of December 31, 2025, largely due to the net proceeds from the 2026 Rights Offering.
• The estimated total cost of the Demonstration Plant from inception, including operating costs through the operations phase, is approximately $77,500.
• Through March 31, 2026, the DoE had paid approximately $20,500 towards its $24,200 commitment, leaving a balance of approximately $3,700 to be collected.
• As of March 31, 2026, Rare Element Resources Ltd. had received $4,000 of a $4,400 grant from the Wyoming Energy Authority (WEA), with the remaining $400 expected to be invoiced in mid-2026.
• The 2026 Rights Offering generated $30,478 in net proceeds, issuing 129,033,678 common shares.

Outlook and Strategy

Rare Element Resources Ltd.’s primary focus is on the operation of the Demonstration Plant, which commenced in March 2026 and aims to produce up to 10 tons of NdPr oxide over up to 12 months, and the resumption of licensing and permitting activities for its Bear Lodge REE Project, expected to continue into early 2028. The net proceeds from the 2026 Rights Offering, combined with existing funds and expected receipts, will support continued Demonstration Plant operations, advancement of projects beyond current NdPr separation objectives, and completion of federal and state permitting for the Bear Lodge REE Project. The company will still require substantial additional funding for a commercial mine and plant for the Bear Lodge REE Project, with a DoE financial assistance agreement novation expected in 2026, while the Sundance Gold Project remains on hold.