Texas Rare Earth Resources

What Texas Rare Earth Resources does

Texas Mineral Resources Corp. (OTCQB: TMRC), formerly Texas Rare Earth Resources and originally Standard Silver Corporation, is a pre-revenue mining exploration and development company incorporated in Nevada in 2010 and headquartered in Sierra Blanca, Texas. Its primary asset is the Round Top project in Hudspeth County, Texas — an NI 43-101 compliant measured, indicated, and inferred resource of 905,899,000 metric tonnes of mineralized rhyolite with unusually high heavy rare earth content (~72% of total REEs), supporting a projected ~124-year mine life at 20,000 tonnes per day while mining only 18% of the drilled resource. The 2013 Preliminary Economic Assessment estimates $292.7M capital cost, $1.47B pre-tax NPV at a 10% discount rate, a 69% IRR, and a 1.5-year payback.

The extraction pathway combines ambient-temperature heap leaching with dilute sulfuric acid (eliminating grinding/beneficiation) with Continuous Ion Exchange (CIX) and Continuous Ion Chromatography (CIC) processing technology developed through a 49.9%/50.1% joint venture with K-Technologies, Inc., backed by 26 U.S. and foreign patents. Planned products include separated high-purity (99.99%) heavy rare earth oxides (notably dysprosium and yttrium), uranium concentrates (U308, under a binding five-year offtake with AREVA subsidiary UG USA Inc. for up to 300,000 lbs/year), and byproducts including scandium oxide, lithium carbonate, beryllium, and industrial minerals (aluminum sulfate, ferrous sulfate, magnesium sulfate, potassium sulfate).

Business model and go-to-market are pre-production: TMRC operates primarily through direct offtake negotiations, strategic partnerships (K-Technologies JV; USA Rare Earth as 80.4% operating manager of Round Top Mountain Development, LLC), government research contracts (U.S. DLA Strategic Materials Division BAA), and capital raises via rights offerings and private placements. TMRC currently owns only ~19.6% of Round Top due to dilution from non-contribution to cash calls, and on March 5, 2026 USA Rare Earth announced plans to acquire TMRC outright. Revenue, headcount (approximately 9 employees), and pricing scale are consistent with a development-stage mineral asset, not an operating mining business.

Name

Texas Rare Earth Resources

Legal name

Texas Mineral Resources Corp.

Website

https://trer.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

1–10 employees

Short description

Texas Mineral Resources Corp. (TMRC) is a pre-revenue mining developer of the Round Top heavy rare earth project in West Texas, planning to produce separated REOs plus uranium, scandium, lithium, and industrial mineral byproducts using CIX/CIC processing technology licensed from K-Technologies.

Ownership category

akta.pro rank

Product category

Rare Earth Minerals Mining

NAICS

Mining, Quarrying, and Oil and Gas Extraction (21)

SIC

Miscellaneous Metal Ores (1090), Metal Mining (1000)

akta.pro primary industry

Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG)

akta.pro secondary industries

Rare Earths Separation & Refining (Oxides/Metals) (IMAKAFAH), Uranium Exploration & Resource Development (EUAKACAA)

Keywords

• Rare earth elements
• Heavy rare earths
• Mining exploration services
• Mineral processing technology
• Critical minerals supply

Headquarters

HQ city

Sierra Blanca

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Technology or R&D, Infrastructure, Personnel, Supply Chain, Marketing or Sales

Revenue model

1. Rare Earth Elements (REE) Sales: TMRC plans to generate revenue from the sale of separated high-purity rare earth oxides (REOs), with primary focus on heavy rare earth elements (HREEs) including dysprosium, yttrium, terbium, and other critical REEs from the Round Top deposit. The deposit is projected to produce approximately 3,325 tonnes per year of total REOs including approximately 2,569 TPY of HREE+ Y.
2. Uranium Offtake Agreement: Binding five-year uranium offtake agreement with AREVA subsidiary (UG USA Inc.) to supply up to 300,000 pounds of natural uranium concentrates (U308) per year at pricing indexed to U308 spot prices. Commencing in 2018 or upon production at Round Top.
3. Industrial Minerals Byproducts: Revenue from sale of industrial mineral byproducts including aluminum sulfate (182,000 MT/year), ferrous sulfate (71,000 MT/year), magnesium sulfate (44,000 MT/year), and potassium sulfate (33,000 MT/year) from the leach solution.
4. Strategic Byproduct Sales: Additional high-value byproduct revenue streams including lithium carbonate (~9,000 tons/year), scandium oxide (~5,400 kg/year), and beryllium. These are recovered from the same heap leach solution as the REEs.
5. Technology Licensing: Through the joint venture with K-Technologies, TMRC holds 49.9% ownership and plans to license CIX/CIC processing technology to other rare earth production companies globally. The JV may also build and operate processing facilities for third parties.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Texas Mineral Resources Corp. (formerly Texas Rare Earth Resources) is a pre-revenue mining exploration and development company advancing its flagship Round Top project in Hudspeth County, Texas. The project targets heavy rare earth elements (approximately 72% HREE+Y of total REE content) along with byproducts including uranium, lithium, scandium, beryllium, and industrial minerals, using heap leaching with dilute sulfuric acid followed by proprietary Continuous Ion Exchange (CIX) and Continuous Ion Chromatography (CIC) processing licensed through a joint venture with K-Technologies, Inc. Planned revenue will come from offtake agreements for separated high-purity rare earth oxides and co-products once commercial production commences.

Product overview

Texas Mineral Resources (TMRC) operates as a mining exploration and development company focused on rare earth elements and technology metals. The company's primary offering is the Round Top heavy rare earth project in Texas, which utilizes proprietary CIX/CIC (Continuous Ion Exchange/Continuous Ion Chromatography) processing technology developed through a joint venture with K-Technologies. The Round Top project also produces multiple valuable byproducts including uranium (under offtake agreement with AREVA), scandium, lithium, and industrial minerals. Additionally, TMRC maintains the Macho silver project in New Mexico as a secondary exploration asset. The company does not offer a software product or platform; rather, it offers direct access to mineral resources and extraction/processing services.

Differentiator

Problem solved

Functional benefit

Products and services

• Round Top Project Flagship heavy rare earth elements (HREE) and technology metals mining project located in Hudspeth County, Texas, designed for bulk-tonnage surface mining at 20,000 tonnes per day with projected production of approximately 3,325 tonnes per year of total rare earth oxides including ~2,569 TPY of heavy rare earths and yttrium, with a projected ~124-year mine life.
• CIX/CIC Processing Technology Continuous Ion Exchange (CIX) and Continuous Ion Chromatography (CIC) separation and purification technology licensed through a joint venture with K-Technologies, Inc., covering 26 U.S. and foreign patents. Planned to be licensed to other rare earth production companies globally and used to build/operate third-party processing facilities.

Quantifiable outcome

• 69% IRR at current spot prices; breakeven at 52% reduction to current spot prices
• +7 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• University of Texas at El Paso (UTEP)minorStrategic or Co-development Partner · 14 December 2015TMRC has a research agreement with UTEP pursuant to which the company funded work on the Round Top project. Dr. Nicholas Pingitore (UTEP Professor of Geological Sciences and TMRC board member) conducted research on rare earth element distribution in Round Top rhyolite using state-of-the-art x-ray absorption spectroscopy at Stanford Synchrotron Radiation Lightsource. Results were published in the Journal of Rare Earths (January 2014) and presented at the American Geophysical Union Fall Meeting.
• U.S. Defense Logistics Agency (DLA) Strategic Materials DivisioncoreStrategic or Co-development Partner · 25 September 2015DLA awarded TRER and K-Tech a Broad Agency Announcement (BAA) research contract under the National Defense Stockpile Research program. The contract funds bench-scale research to demonstrate separation and refinement of yttrium oxide (99.999% purity), ytterbium oxide (99.99% purity), and a third undisclosed REO to 99.999% purity using CIX/CIC technology from Round Top feedstock. All work was to be completed within 90 days of contract award.
• K-Technologies, Inc. (K-Tech)coreStrategic or Co-development Partner · 17 July 2015TMRC and K-Tech formed a joint venture to develop, refine, and market K-Tech's CIX/CIC (Continuous Ion Exchange/Continuous Ion Chromatography) technology for rare earth extraction from native ores. TMRC holds 49.9% ownership; K-Tech holds 50.1%. The JV licenses technology to TRER and other REE companies, and may build/operate processing facilities. K-Tech provided an exclusive royalty-free perpetual license to the JV. The JV grants TRER a perpetual license for use in its own projects for a one-time $5M fee upon plant start-up. K-Tech principals hold 26 U.S. and foreign patents and have 80+ years of combined industry experience.
• UG USA Inc. (Subsidiary of AREVA)coreStrategic or Co-development Partner · 6 April 2015Binding five-year uranium offtake agreement with AREVA subsidiary UG USA Inc. TRER will supply up to 300,000 pounds of natural uranium concentrates (U308) per year at pricing indexed to U308 spot prices. The agreement is contingent upon development and production at Round Top, commencing in 2018 or thereafter. AREVA is the world's largest nuclear and renewables energy company headquartered in France.
• Borderplex AllianceminorGTM or Marketing Partner · 28 March 2014TMRC joined the Borderplex Alliance in March 2014, an organization focused on economic development in the El Paso-Juarez-Las Cruces border region. This partnership supports TMRC's efforts to develop the Round Top project as part of a national rare earth hub in the El Paso area.
• USA Rare Earth LLCcoreStrategic or Co-development Partner · 10 September 2013USA Rare Earth (USARE) serves as the operating manager of Round Top Mountain Development LLC. USARE holds approximately 80.4% interest in Round Top while TMRC holds approximately 19.6%. USARE is advancing Round Top toward production, conducting metallurgical work at its Wheat Ridge, Colorado facility, and is pursuing its own path to go public via SPAC (announced August 2024). USARE achieved a breakthrough in rare earth production in January 2025.
• Gustavson AssociatesminorImplementation/ SI/ Consulting Partner · 1 August 2013Gustavson Associates, a premier global consulting firm focused on all aspects of natural resource evaluation, was engaged in November 2011 to complete the Preliminary Economic Assessment (PEA) study on the Round Top project. The PEA was completed in November 2013 and established project economics including $1.47B NPV and 69% IRR.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Arafura Resources: Developer of the Nolans HREE project in Australia; an emerging HREE-focused peer at a comparable pre-construction stage, with similar customer-targeting to defense and EV magnet supply chains.
• Ucore Rare Metals: Canadian-listed REE developer pursuing the Bokan-Dotson Ridge HREE project in Alaska and a proprietary separation platform (RapidSX™) that competes conceptually with TMRC/K-Tech's CIX/CIC approach.
• Peak Resources: Australian-listed developer of the Ngualla REE project in Tanzania; an emerging HREE/LREE peer at a similar pre-construction stage targeting separated rare earth oxide offtake.

Regional players

• Denison Mines: Uranium-focused developer and operator active in the Athabasca Basin; a comparable U.S./Canada-listed uranium development peer relevant to the uranium offtake leg of the Round Top economics.

Broad incumbents

• China Northern Rare Earth Group: The world's largest REE producer and a state-owned incumbent controlling significant share of Chinese HREE output; the dominant price-setter and benchmark for any non-Chinese HREE project including Round Top.

Direct peers

• Lynas Rare Earths: Australia-based integrated REE miner and the largest non-Chinese producer of separated rare earth oxides; directly comparable as a bulk-tonnage REE developer/separator with proprietary downstream processing.
• Energy Fuels: U.S.-based uranium and critical minerals producer that has expanded into REE processing at its White Mesa mill; closely comparable as a U.S. producer combining uranium output with REE separation from a similar set of feedstocks.
• USA Rare Earth: Operating partner of the Round Top project (~80.4% interest) and the entity acquiring TMRC; running the Wheat Ridge, Colorado metallurgical facility and targeting commercial REE production from the same deposit.
• Iluka Resources: Australian mineral sands producer building a dedicated rare earth refinery (Eneabba) for separated REE oxides; directly relevant as a non-Chinese integrated REE refiner pursuing similar end-markets in magnets and clean energy.
• MP Materials: Operator of the Mountain Pass rare earth mine in California — the only scaled U.S. REE producer and the most direct analog to a U.S. HREE/LREE mining and processing project like Round Top.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/texasmineralres
• LinkedInlinkedin.com/company/texas-rare-earth-resources-corp-trer-

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Texas Rare Earth Resources