Rare Element Resources Ltd. Files 2023 Annual Report on Form 10-K

Ticker: REEMF · Form: 10-K · Filed: Mar 20, 2024 · CIK: 1419806

Sentiment: neutral

Topics: 10-K, Rare Element Resources, Mining, Financial Report, SEC Filing

TL;DR

<b>Rare Element Resources Ltd. has filed its 2023 10-K, detailing financial performance and project information.</b>

AI Summary

RARE ELEMENT RESOURCES LTD (REEMF) filed a Annual Report (10-K) with the SEC on March 20, 2024. Rare Element Resources Ltd. filed its 10-K report for the fiscal year ending December 31, 2023. The company is involved in the gold and silver ores industry (SIC 1040). Key projects mentioned include Sundance Gold Project and Bear Lodge Ree Project. The filing details financial data related to common stock, retained earnings, and additional paid-in capital for 2021, 2022, and 2023. Information on equity incentive plans and stock option plans is also included.

Why It Matters

For investors and stakeholders tracking RARE ELEMENT RESOURCES LTD, this filing contains several important signals. This 10-K provides a comprehensive overview of the company's financial health and operational status for the past fiscal year, crucial for investors assessing its current standing. The inclusion of specific project details and financial instrument data allows stakeholders to evaluate the company's progress and future potential in the rare earth elements market.

Risk Assessment

Risk Level: medium — RARE ELEMENT RESOURCES LTD shows moderate risk based on this filing. The company operates in the mining sector, which is subject to significant regulatory, environmental, and market risks, as indicated by the filing's focus on various project details and financial instruments.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's financial position and operational challenges.

Key Numbers

Key Players & Entities

FAQ

When did RARE ELEMENT RESOURCES LTD file this 10-K?

RARE ELEMENT RESOURCES LTD filed this Annual Report (10-K) with the SEC on March 20, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by RARE ELEMENT RESOURCES LTD (REEMF).

Where can I read the original 10-K filing from RARE ELEMENT RESOURCES LTD?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by RARE ELEMENT RESOURCES LTD.

What are the key takeaways from RARE ELEMENT RESOURCES LTD's 10-K?

RARE ELEMENT RESOURCES LTD filed this 10-K on March 20, 2024. Key takeaways: Rare Element Resources Ltd. filed its 10-K report for the fiscal year ending December 31, 2023.. The company is involved in the gold and silver ores industry (SIC 1040).. Key projects mentioned include Sundance Gold Project and Bear Lodge Ree Project..

Is RARE ELEMENT RESOURCES LTD a risky investment based on this filing?

Based on this 10-K, RARE ELEMENT RESOURCES LTD presents a moderate-risk profile. The company operates in the mining sector, which is subject to significant regulatory, environmental, and market risks, as indicated by the filing's focus on various project details and financial instruments.

What should investors do after reading RARE ELEMENT RESOURCES LTD's 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's financial position and operational challenges. The overall sentiment from this filing is neutral.

Key Dates

Glossary

10-K
An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by Rare Element Resources Ltd. to report its annual financial results and business operations.)
SIC
Standard Industrial Classification code used to classify industries. (Indicates Rare Element Resources Ltd. operates in the Gold & Silver Ores sector.)

Filing Stats: 4,485 words · 18 min read · ~15 pages · Grade level 14.6 · Accepted 2024-03-19 18:00:06

Filing Documents

BUSINESS

BUSINESS 7 ITEM 1A.

RISK FACTORS

RISK FACTORS 14 ITEM 1B. UNRESOLVED STAFF COMMENTS 29 ITEM 1C. CYBERSECURITY 29 ITEM 2.

PROPERTIES

PROPERTIES 30 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 40 ITEM 4. MINE SAFETY DISCLOSURES 40 PART II 40 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 40 ITEM 6. [ RESERVED] 46 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 46 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 51 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 51 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 68 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 68 ITEM 9B. OTHER INFORMATION 69 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 69 PART III 69 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 69 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 76 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 80 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS; AND DIRECTOR INDEPENDENCE 82 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 84 PART IV 85 ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 85 ITEM 16. FORM 10-K SUMMARY 85

SIGNATURES

SIGNATURES 88 Table of Contents PRELIMINARY NOTES As used in this Annual Report on Form 10-K ("Annual Report"), references to "Rare Element," the "Company," "we," "our," or "us" mean Rare Element Resources Ltd., our predecessors, and consolidated subsidiaries, or any one or more of them, as the context requires. Rare Element is focused on advancing our Bear Lodge rare earth elements project (the "Bear Lodge REE Project") including demonstrating the technical and economic feasibility of our proprietary rare earth elements processing and separation technology through the construction and operation of a demonstration-scale processing and separation plant ("Demonstration Plant"), while postponing further exploration of its Sundance gold project (the "Sundance Gold Project", together with the Bear Lodge REE Project the "Projects"). Both Projects are located primarily on the Bear Lodge property, near the town of Sundance in the state of Wyoming (the "Bear Lodge Property"). See "Part I, Item 1. Business." Financial information in this Annual Report is presented in accordance with generally accepted accounting principles ("GAAP") in the United States ("U.S.") and, unless otherwise specified, all dollar amounts are expressed in thousands of U.S. dollars ("$" or "US$"). CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report contains "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and "forward-looking information" within the meaning of Canadian securities laws (collectively, "forward-looking statements"). Any statements that express or involve discussions with respect to business prospects, predictions, expectations, beliefs, plans, intentions, projections, objectives, strategies, assumptions, future events, performance or exploration and development efforts using words or phrases (including negative and grammatical

BUSINESS

ITEM 1. BUSINESS Rare Element was incorporated under the laws of the Province of British Columbia, Canada on June 3, 1999 as Spartacus Capital Inc. We are currently governed under the Business Corporations Act (British Columbia) (the "BCBCA"). Our executive office address is P.O. Box 271049, Littleton, Colorado 80127. The telephone number for our executive office is (720) 278-2460. We maintain a corporate website at www.rareelementresources.com . Originally organized as a "capital pool" company whose activities were focused on the identification and completion of a qualifying transaction as required by the rules of the TSX Venture Exchange ("TSX-V"), we transitioned to a "venture company" on July 25, 2003, coincident with (1) the completion of a reverse takeover acquisition of Rare Element Holdings Ltd. (the qualifying transaction), (2) a name change of "Spartacus Capital Inc." to "Rare Element Resources Ltd.", and (3) the completion of a private placement. The Company's main assets include its proprietary rare earth processing and/or beneficiation and separation technology and its 100% interest in a group of unpatented mining claims and repurchase rights to adjacent private property, together known as the Bear Lodge Property, owned through a wholly owned subsidiary, Rare Element Resources, Inc., a Wyoming corporation. 7 Table of Contents SUBSIDIARIES We have one direct wholly owned subsidiary, Rare Element Resources, Inc., incorporated in 1997 in the state of Wyoming, USA, formerly known as Paso Rico (USA), Inc. ("Paso Rico"). Rare Element Holdings Ltd., formerly a direct wholly owned subsidiary of ours, was dissolved on August 16, 2023. DESCRIPTION OF BUSINESS We are focused on demonstrating the technical and economic feasibility of our proprietary processing and separation technology through the permitting and licensing, construction, and operation of a planned Demonstration Plant and advancing the Bear Lodge REE Project located near the town of Sundanc

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