Rare Element Resources Ltd. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Rare Element Resources Ltd. has submitted its Q1 2024 10-Q filing detailing financial positions and operational segments.</b>

AI Summary

RARE ELEMENT RESOURCES LTD (REEMF) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Rare Element Resources Ltd. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial data points such as common stock, retained earnings, and additional paid-in capital are detailed for various periods. The company's business address is P.O. Box 271049, Littleton, CO 80127. The SIC code for the company is GOLD & SILVER ORES [1040].

Why It Matters

For investors and stakeholders tracking RARE ELEMENT RESOURCES LTD, this filing contains several important signals. This filing provides investors with the latest financial performance and position of Rare Element Resources Ltd. for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's financial health, operational progress, and potential risks moving forward.

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 inherently subject to commodity price volatility, regulatory changes, and operational risks, as indicated by the SIC code and the nature of a 10-Q filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to understand the company's current financial standing and future prospects.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-08 — Filing Date (Filed as of date)
• 0001419806-24-000010 — Accession Number (Unique identifier for the filing)
• 001-34852 — SEC File Number (SEC file number for the company)

Key Players & Entities

• RARE ELEMENT RESOURCES LTD (company) — Filer name
• Littleton, CO (location) — Business and mailing address city and state
• GOLD & SILVER ORES [1040] (industry) — Standard Industrial Classification
• General Atomics (company) — Mentioned in relation to subsequent events and past dates
• Wyoming Energy Authority (company) — Mentioned in relation to a specific date

FAQ

Industry Context

Rare Element Resources Ltd. operates within the mining industry, specifically focusing on gold and silver ores as indicated by its SIC code.

Regulatory Implications

The company is subject to SEC regulations for public companies, requiring regular filings like the 10-Q to disclose financial and operational information.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for the quarter ended March 31, 2024.
2. Analyze any disclosed risk factors that could impact the company's future performance.
3. Compare the current filing's data with previous filings to identify trends and changes.

Key Dates

• 2024-03-31: End of Reporting Period — Covers the financial and operational status as of this date.
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the quarterly update for the period ending March 31, 2024, providing the latest financial and operational information since the previous reporting period.

Filing Documents

• reemf-20240331x10q.htm (10-Q) — 710KB
• reemf-20240331xex10d3.htm (EX-10.3) — 47KB
• reemf-20240331xex31d1.htm (EX-31.1) — 18KB
• reemf-20240331xex31d2.htm (EX-31.2) — 16KB
• reemf-20240331xex32d1.htm (EX-32.1) — 9KB
• reemf-20240331xex32d2.htm (EX-32.2) — 9KB
• reemf-20240331x10q001.jpg (GRAPHIC) — 10KB
• 0001419806-24-000010.txt (&nbsp;) — 3697KB
• reemf-20240331.xsd (EX-101.SCH) — 33KB
• reemf-20240331_cal.xml (EX-101.CAL) — 33KB
• reemf-20240331_def.xml (EX-101.DEF) — 106KB
• reemf-20240331_lab.xml (EX-101.LAB) — 267KB
• reemf-20240331_pre.xml (EX-101.PRE) — 202KB
• reemf-20240331x10q_htm.xml (XML) — 455KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 4 ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 4 ITEM 2.

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

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 16 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 19 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 19

– OTHER INFORMATION

PART II – OTHER INFORMATION 19 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 19 ITEM 1A.

RISK FACTORS

RISK FACTORS 19 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 19 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 20 ITEM 4. MINE SAFETY DISCLOSURES 20 ITEM 5. OTHER INFORMATION 20 ITEM 6. EXHIBITS 20

SIGNATURES

SIGNATURES 21 ii Table of Contents Reporting Currency, Financial and Other Information All amounts in this report are expressed in thousands of United States ("U.S.") dollars, unless otherwise indicated. Financial information is presented in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). References to "Rare Element," the "Company," "we," "our," and "us" mean Rare Element Resources Ltd., our predecessors, and consolidated subsidiaries, or any one or more of them, as the context requires. Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q (this "Quarterly Report"), including "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item 2 of Part I of this report , contains "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act") and 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 variations) such as, but not limited to, "expects," "anticipates," "plans," "estimates," "intends," "forecasts," "likely," "projects," "believes," "seeks," or stating that certain actions, events or results "may," "could," "would," "should," "might" or "will" be taken, occur or be achieved, are not statements of historical fact and may be forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in these forward-looking statements are reasonable, we cannot be certain that these plans, intentions, and expectatio

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS RARE ELEMENT RESOURCES LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (Expressed in thousands of U.S. dollars, except shares outstanding) March 31, 2024 December 31, 2023 (unaudited) (audited) ASSETS: CURRENT ASSETS Cash and cash equivalents $ 38,133 $ 3,633 Grant receivable (Note 5) — 2,000 Due from related party (Note 4) 628 179 Prepaid to related party (Note 4) 2,629 3,435 Prepaid expenses and other 224 503 Total Current Assets 41,614 9,750 Equipment, net 28 29 Restricted cash 188 186 Right of use asset (Note 6) 255 179 Investment in land (Note 8) 600 600 Total Assets $ 42,685 $ 10,744 LIABILITIES: CURRENT LIABILITIES Accounts payable and accrued liabilities $ 409 $ 291 Repurchase option (Note 8) 1,610 1,539 Lease liability, current (Note 6) 101 111 Total Current Liabilities 2,120 1,941 Reclamation obligation 182 182 Lease liability, long-term (Note 6) 176 92 Other long-term liabilities 92 92 Total Liabilities 2,570 2,307 Commitments and Contingencies (Note 8) SHAREHOLDERS' EQUITY: Common shares, no par value – unlimited shares authorized; shares outstanding at March 31, 2024 and December 31, 2023 of 511,111,557 and 212,968,451 , respectively 172,223 136,937 Additional paid in capital 29,158 29,140 Accumulated deficit ( 161,266 ) ( 157,640 ) Total Shareholders' Equity 40,115 8,437 Total Liabilities and Shareholders' Equity $ 42,685 $ 10,744 The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements. 4 Table of Contents RARE ELEMENT RESOURCES LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in thousands of U.S. dollars, except share and per share amounts) (unaudited) Three Months Ended March 31, 2024 2023 Operating expenses: Exploration and evaluation (See Note 4 for related party costs) $ ( 2,903

View Full Filing

View this 10-Q filing on SEC EDGAR