The Round Top Rare Earth Project is a heavy rare earth and critical minerals mining development at Sierra Blanca in Hudspeth County, Texas, being advanced by USA Rare Earth, Inc. under an Accelerated Mining Plan targeting commercial production in 2028. In March 2026, USAR announced a definitive agreement to acquire Texas Mineral Resources Corp. (TMRC) for approximately 3,823,328 shares of USAR common stock, in a transaction valued at roughly US$73 million. The deal establishes USAR as the sole operator and 100% economic beneficiary of Round Top, consolidating governance and securing long-term leasehold rights over approximately 950 acres at the site alongside prospecting rights on an additional 9,345 acres. Moelis and Company served as financial advisor and White and Case LLP as legal advisor to USAR on the transaction, which is expected to close by Q3 2026 subject to TMRC stockholder approval.
Texas Grant, Global Mine Acquisition and a Tightened Feasibility Timeline
With full site control secured, USAR has moved rapidly on both upstream supply and project financing. In May 2026, the State of Texas awarded USAR a US$14.2 million grant from the Texas Semiconductor Innovation Fund to accelerate development at Round Top Mountain, a project the state projects will create around 260 jobs and drive over US$1.4 billion in capital investment. Fluor and WSP, already engaged as EPCM partners, have taken on an expanded authorship role: the Preliminary Feasibility Study is now targeted for publication by end of Q3 2026, with the Definitive Feasibility Study to follow in Q1 2027. USAR also commissioned its hydrometallurgical demonstration facility in Wheat Ridge, Colorado in Q2 2026, generating the processing data that will underpin both studies. In April 2026, the company announced a roughly US$2.8 billion definitive agreement to acquire Serra Verde Group, owner of the Pela Ema rare earth mine in Goiás, Brazil — currently the only large-scale producer of all four magnetic rare earths outside Asia. Serra Verde’s operational expertise is expected to directly accelerate Round Top’s mine development. USAR’s build-out now extends from Texas and Brazil to a planned metal and alloy plant in Lacq, France, and the newly announced US$1.2 billion magnet manufacturing facility in Cherokee County, South Carolina, underscoring the ambition of a fully integrated non-China mine to magnet platform.
Project Overview
- Project Name: Round Top Heavy Rare Earth and Critical Minerals Project
- Location: Sierra Blanca, Hudspeth County, Texas, USA (Texas state land, operated under lease with the Texas General Land Office)
- Developer/Owner: USA Rare Earth, Inc. (NASDAQ: USAR); 100% ownership pending TMRC acquisition close (Q3 2026)
- Total Cost/Value: Not disclosed for mine construction; US$14.2 million Texas Semiconductor Innovation Fund grant awarded; part of USAR’s broader capital base of approximately US$1.75 billion as of Q1 2026
- Scale/Capacity: Targeting approximately 40,000 metric tons per day of rare earth and critical mineral feedstock extraction by 2030; products include heavy rare earth oxides, yttrium, hafnium, zirconium, gallium, beryllium and lithium
- Construction Start: Confirmatory and geotechnical drilling underway H1 2026; mining infrastructure construction to follow Definitive Feasibility Study completion
- Expected Completion: Commercial production targeted late 2028
- Funding/Financing: US$14.2 million Texas Semiconductor Innovation Fund grant (May 2026); potential access to US$1.6 billion in CHIPS Program funding; US$1.5 billion PIPE financing closed January 2026
- Current Status: Definitive Feasibility Study in progress; PFS targeted Q3 2026; DFS targeted Q1 2027; hydrometallurgical demo facility commissioned Q2 2026 in Wheat Ridge, Colorado
- Key Milestone: TMRC acquisition (March 2026) establishing USAR as 100% operator; Texas Semiconductor Innovation Fund grant awarded May 2026; Serra Verde acquisition (April 2026) to supply upstream feedstock expertise
Project Team
- USA Rare Earth, Inc. (NASDAQ: USAR) — Developer and Owner
- Barbara Humpton — Chief Executive Officer, USA Rare Earth
- Fluor Corporation — Lead EPCM Partner; PFS and DFS co-author
- WSP Global Inc. — EPCM Partner; PFS and DFS co-author
- Alex Moyes — Vice President, Mining and Processing, USA Rare Earth
- Texas Mineral Resources Corp. (TMRC) — Former joint venture partner; acquisition pending (Q3 2026 close)
- Anthony Marchese — Chairman, TMRC
- Texas General Land Office (Commissioner Dr. Dawn Buckingham) — Landowner and Leaseholder
- State of Texas (Governor’s Office) — Grant Authority (Texas Semiconductor Innovation Fund)
- Moelis and Company — Financial Advisor to USAR on TMRC acquisition
- White and Case LLP — Legal Advisor to USAR on TMRC acquisition
- Serra Verde Group (Goiás, Brazil) — Acquisition target (April 2026); upstream rare earth production and processing expertise
- U.S. Department of Commerce CHIPS Program Office — Potential financing body (up to US$1.6 billion, subject to milestones)
- U.S. Department of Defense — Strategic end-user and government partner
Reported 22 January 2026: USA Rare Earth, Inc. has selected Fluor Corp. and WSP Global Inc. as its engineering, procurement and construction management (EPCM) partners to advance the Definitive Feasibility Study for its Round Top rare earths project in Sierra Blanca, Texas, the company said.
The two firms will support completion of the study under an accelerated mine development plan aimed at moving the project toward commercial production. The work follows a competitive evaluation of multiple bids, according to the company.
USA Rare Earth plans to complete the feasibility study in two phases. The first phase, covering the scope typically addressed in a pre-feasibility study, will rely on results from solvent extraction pilot testing currently underway at the company’s demonstration facility in Wheat Ridge, Colorado.
Phase 2
The second phase of the study will incorporate data from extended operations at the Wheat Ridge demonstration plant, which is expected to run for at least 2,000 continuous hours, with operations currently scheduled to conclude in October 2026.
In parallel with the feasibility work, the company plans to conduct confirmatory and geotechnical drilling at the Round Top site during the first half of 2026, along with a heap leach optimization study to support mine design and engineering.
Together, the studies and field work are intended to support a final investment decision and progress toward commercial production of heavy rare earth oxides. USA Rare Earth is currently targeting late 2028 for the start of commercial production.
Round Top is being developed as a domestic source of heavy rare earth elements, including yttrium, as well as other technology metals such as hafnium, zirconium and gallium.
Fluor and WSP have experience delivering large-scale mining, processing and infrastructure projects in North America and internationally, the company said.
Alex Moyes, vice president of mining and processing at USA Rare Earth, said the partners’ experience would support the company’s efforts to advance the project toward commercial delivery.
The Round Top project is part of a broader push to expand domestic rare earth and magnet manufacturing capacity. The feasibility work comes as a new rare-earth magnet plant has recently been completed in South Carolina, adding downstream processing capacity and strengthening the U.S. rare earth supply chain.
Round Top Rare Earth Project Factsheet
Project Overview
Project Name: Round Top Rare Earth Project
Location: Sierra Blanca, Texas, USA
Owner: USA Rare Earth, Inc.
Current Phase: Definitive Feasibility Study (DFS)
Target Commercial Production: Late 2028
EPCM Partners
Fluor Corporation – Lead EPCM Partner
WSP Global Inc. – EPCM Partner
Selected through competitive bid evaluation
Global leaders in mining, processing, and large-scale infrastructure
Experience: Tens of billions of dollars in complex, multi-year projects across North America and internationally
Products
Heavy Rare Earth Oxides (HREOs)
Yttrium
Hafnium
Zirconium
Gallium
Development Strategy: Accelerated Mine Plan
DFS Phase 1:
Utilizing solvent extraction (SX) pilot work results
Conducted at Wheat Ridge, Colorado facility
Scope equivalent to Pre-Feasibility Study
Currently in progress
DFS Phase 2:
Based on demonstration plant data
Minimum 2,000 continuous operating hours
Expected completion: October 2026
Location: Wheat Ridge, Colorado
Parallel Activities (H1 2026):
Confirmatory drilling at Round Top site
Geotechnical drilling program
Heap leach optimization study
Mine design and engineering support
Key Facilities
Wheat Ridge, Colorado:
Solvent extraction pilot plant (operational)
Demonstration plant (2025-2026)
Round Top Site, Sierra Blanca, Texas:
Drilling programs (2026)
Future mine operations
Project Timeline
2025: Solvent extraction pilot work ongoing
H1 2026: Site drilling programs and heap leach study
October 2026: Demonstration plant operations complete
2026-2027: DFS completion
Late 2028: Commercial production start
Strategic Importance
Establishes domestic U.S. supply of heavy rare earth elements
Reduces dependency on foreign sources
Strengthens U.S. rare earth value chain
Supports national security and defense applications
Enables clean energy and advanced technology manufacturing
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