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    Drew Nordquist

    Research Analyst at Cantor Fitzgerald

    Drew Nordquist is an Equity Research Associate at Cantor Fitzgerald, specializing in coverage of the metals and mining sector with a particular focus on rare earth companies such as USA Rare Earth. He is responsible for in-depth financial and operational analysis, and regularly participates in earnings calls and company updates, providing research insights for institutional clients. Nordquist began his research career at Cantor Fitzgerald and has developed expertise in evaluating mining project feasibility and sector-related deal impacts, although specific performance metrics or official rankings are not publicly available. His professional credentials and securities licensing information are not listed in public sources.

    Drew Nordquist's questions to USA Rare Earth (USAR) leadership

    Drew Nordquist's questions to USA Rare Earth (USAR) leadership • Q2 2025

    Question

    Drew Nordquist of Cantor Fitzgerald inquired about the production capacity of the first magnet line, the timeline for the Round Top mine's feasibility study, the potential benefits from the MP Materials DoD price support deal, and whether the current cash position is sufficient to fund the full 4,800-ton production expansion.

    Answer

    CEO Joshua Ballard confirmed the first production line's capacity is 1,200 tons and stated there is no updated timeline for the Round Top feasibility study, though a pilot plant is targeted within two years. He noted that while the MP Materials deal doesn't directly benefit USA Rare Earth's heavy rare earth focus, it signals positive government willingness for price support. CFO Rob Steele clarified that while the current cash balance of over $130 million is insufficient for the full four-line expansion, the company has over $280 million in unexercised warrants, placing it in a strong funding position.

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