Rare Earth Stocks: What the 10-Q Actually Says About USAR, MP, UUUU, NB, and PPTA
Five US-listed rare earth and critical minerals companies hold a combined ~$16 billion market cap. We computed cash runway, dilution velocity, and project funding gaps from their latest 10-Q XBRL data — then cross-referenced every government funding headline against what the SEC filings actually disclose. Key findings: NioCorp is 27% funded for the $1.14B Elk Creek Project with an EXIM timeline they 'cannot estimate.' Perpetua is 32% funded for a $2.2B project facing two federal lawsuits. NB shareholders have been diluted 210% from baseline. MP Materials is the only company with binding customer contracts and government price protection — but it's still burning $230M per year in free cash flow.
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