Rare Element Resources Ltd. Files Q2 2024 10-Q
Ticker: REEMF · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 1419806
Sentiment: neutral
Topics: 10-Q, mining, financials, rare-earth-elements
TL;DR
Rare Element Resources Ltd. Q2 10-Q filed. Focus on Bear Lodge & Sundance projects. Financials updated.
AI Summary
Rare Element Resources Ltd. filed its 10-Q for the period ending June 30, 2024. The company is involved in the exploration and development of mineral properties, specifically mentioning the Bear Lodge REE Project and Sundance Gold Project. Financial details regarding additional paid-in capital and retained earnings are provided for various periods within 2023 and 2024.
Why It Matters
This filing provides investors with an update on Rare Element Resources Ltd.'s financial position and operational activities for the second quarter of 2024, crucial for understanding the company's progress in its mineral development projects.
Risk Assessment
Risk Level: medium — The company operates in the volatile mining sector, which is subject to commodity price fluctuations and regulatory changes.
Key Numbers
- 0.0050 — Stock Price (Indicates a very low stock price at the time of filing.)
Key Players & Entities
- Rare Element Resources Ltd. (company) — Filer of the 10-Q
- Bear Lodge REE Project (company) — Mineral project mentioned
- Sundance Gold Project (company) — Mineral project mentioned
- 2024-06-30 (date) — End of reporting period
- 2024-08-07 (date) — Filing date
FAQ
What were the significant financial changes in Additional Paid-In Capital during the second quarter of 2024?
The filing shows 'us-gaap:AdditionalPaidInCapitalMember' for the period 2024-04-01 to 2024-06-30, indicating changes in this equity account.
What is the status of the Bear Lodge REE Project as of June 30, 2024?
The filing references 'reemf:BearLodgeReeProjectMember' for the period 2024-01-01 to 2024-06-30, suggesting ongoing activity or reporting related to this project.
How do the retained earnings compare between the end of Q2 2024 and the end of 2023?
Retained earnings were reported as of 2024-06-30 and also as of 2023-12-31, allowing for a comparison of this key financial metric.
What is the company's primary business activity?
Rare Element Resources Ltd. is listed under the Standard Industrial Classification 'GOLD & SILVER ORES [1040]', indicating its focus on precious metal mining.
When was this 10-Q filing submitted to the SEC?
The filing has an Accession Number 0001419806-24-000015 and was filed on 2024-08-07.
Filing Stats: 4,541 words · 18 min read · ~15 pages · Grade level 17.8 · Accepted 2024-08-07 14:50:52
Filing Documents
- reemf-20240630x10q.htm (10-Q) — 829KB
- reemf-20240630xex10d1.htm (EX-10.1) — 18KB
- reemf-20240630xex31d1.htm (EX-31.1) — 18KB
- reemf-20240630xex31d2.htm (EX-31.2) — 16KB
- reemf-20240630xex32d1.htm (EX-32.1) — 9KB
- reemf-20240630xex32d2.htm (EX-32.2) — 9KB
- reemf-20240630x10q001.jpg (GRAPHIC) — 10KB
- reemf-20240630xex10d1001.jpg (GRAPHIC) — 10KB
- reemf-20240630xex10d1002.jpg (GRAPHIC) — 1KB
- 0001419806-24-000015.txt ( ) — 3809KB
- reemf-20240630.xsd (EX-101.SCH) — 33KB
- reemf-20240630_cal.xml (EX-101.CAL) — 34KB
- reemf-20240630_def.xml (EX-101.DEF) — 103KB
- reemf-20240630_lab.xml (EX-101.LAB) — 266KB
- reemf-20240630_pre.xml (EX-101.PRE) — 199KB
- reemf-20240630x10q_htm.xml (XML) — 474KB
– 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 17 ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 20 ITEM 4.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 20
– OTHER INFORMATION
PART II – OTHER INFORMATION 20 ITEM 1.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 20 ITEM 1A.
RISK FACTORS
RISK FACTORS 21 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 21 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 21 ITEM 4. MINE SAFETY DISCLOSURES 21 ITEM 5. OTHER INFORMATION 21 ITEM 6. EXHIBITS 22
SIGNATURES
SIGNATURES 23 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 subsidiary, 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 expectations
– 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) June 30, 2024 December 31, 2023 (unaudited) (audited) ASSETS: CURRENT ASSETS Cash and cash equivalents $ 30,576 $ 3,633 Grant receivable (Note 5) — 2,000 Due from related party (Note 4) 192 179 Prepaid to related party (Note 4) 4,238 3,435 Prepaid expenses and other 220 503 Total Current Assets 35,226 9,750 Equipment, net 88 29 Restricted cash 190 186 Right of use asset (Note 6) 305 179 Investment in land (Note 8) 600 600 Total Assets $ 36,409 $ 10,744 LIABILITIES: CURRENT LIABILITIES Accounts payable and accrued liabilities $ 251 $ 291 Repurchase option (Note 8) 1,681 1,539 Lease liability, current (Note 6) 164 111 Total Current Liabilities 2,096 1,941 Reclamation obligation 182 182 Lease liability, long-term (Note 6) 167 92 Other long-term liabilities 92 92 Total Liabilities 2,537 2,307 Commitments and Contingencies (Note 8) SHAREHOLDERS' EQUITY: Common shares, no par value – unlimited shares authorized; shares outstanding at June 30, 2024 and December 31, 2023 of 511,111,557 and 212,968,451 , respectively 172,223 136,937 Additional paid in capital 29,094 29,140 Accumulated deficit ( 167,445 ) ( 157,640 ) Total Shareholders' Equity 33,872 8,437 Total Liabilities and Shareholders' Equity $ 36,409 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating expenses: Exploration and evaluation (See Note