Rare Element Resources Ltd. Q3 2024 10-Q Filing
Ticker: REEMF · Form: 10-Q · Filed: Nov 6, 2024 · CIK: 1419806
Sentiment: neutral
Topics: 10-Q, financials, resources
TL;DR
**Rare Element Resources Ltd. Q3 2024 10-Q filed. Equity details and project updates available.**
AI Summary
Rare Element Resources Ltd. filed its 10-Q for the period ending September 30, 2024. The filing details financial information for the third quarter and the first nine months of the year, including changes in equity accounts like Additional Paid-In Capital and Common Stock. The company is involved in projects such as Sundance Gold Project and Bear Lodge REE Project.
Why It Matters
This filing provides investors with an update on Rare Element Resources Ltd.'s financial health and operational progress for the third quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — As a resource exploration company, Rare Element Resources Ltd. faces inherent risks related to project development, commodity prices, and regulatory approvals.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Financial reporting period)
- 2024-01-01 — Quarter Start Date (Financial reporting period)
- 2023-12-31 — Previous Year End Date (Comparative financial data)
Key Players & Entities
- Rare Element Resources Ltd. (company) — Filer
- September 30, 2024 (date) — Reporting Period End Date
- Sundance Gold Project (project) — Company Project
- Bear Lodge REE Project (project) — Company Project
FAQ
What were the significant changes in Rare Element Resources Ltd.'s equity accounts during the third quarter of 2024?
The filing indicates changes in 'Additional Paid In Capital' and 'Common Stock' for the periods ending September 30, 2024, and other comparative dates.
What is the primary business of Rare Element Resources Ltd. as indicated by its SIC code?
The Standard Industrial Classification (SIC) code for Rare Element Resources Ltd. is 1040, which corresponds to Gold & Silver Ores.
What are the key projects mentioned in the filing for Rare Element Resources Ltd.?
The filing references the 'SundanceGoldProjectMember' and 'BearLodgeReeProjectMember', indicating involvement in these projects.
When was the 10-Q filing submitted to the SEC?
The filing was submitted on November 6, 2024.
What is the fiscal year end for Rare Element Resources Ltd.?
The fiscal year end for Rare Element Resources Ltd. is December 31.
Filing Stats: 4,505 words · 18 min read · ~15 pages · Grade level 18.1 · Accepted 2024-11-06 16:17:32
Filing Documents
- reemf-20240930x10q.htm (10-Q) — 858KB
- reemf-20240930xex10d1.htm (EX-10.1) — 18KB
- reemf-20240930xex31d1.htm (EX-31.1) — 18KB
- reemf-20240930xex31d2.htm (EX-31.2) — 16KB
- reemf-20240930xex32d1.htm (EX-32.1) — 9KB
- reemf-20240930xex32d2.htm (EX-32.2) — 9KB
- reemf-20240930x10q001.jpg (GRAPHIC) — 10KB
- reemf-20240930xex10d1001.jpg (GRAPHIC) — 10KB
- reemf-20240930xex10d1002.jpg (GRAPHIC) — 1KB
- 0001419806-24-000026.txt ( ) — 4064KB
- reemf-20240930.xsd (EX-101.SCH) — 36KB
- reemf-20240930_cal.xml (EX-101.CAL) — 35KB
- reemf-20240930_def.xml (EX-101.DEF) — 125KB
- reemf-20240930_lab.xml (EX-101.LAB) — 299KB
- reemf-20240930_pre.xml (EX-101.PRE) — 222KB
- reemf-20240930x10q_htm.xml (XML) — 495KB
– 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 21 ITEM 1.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 21 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) September 30, 2024 December 31, 2023 (unaudited) (audited) ASSETS: CURRENT ASSETS Cash and cash equivalents $ 29,683 $ 3,633 Grant receivable (Note 5) 2,000 2,000 Due from related party (Note 4) 135 179 Prepaid to related party (Note 4) — 3,435 Prepaid expenses and other 327 503 Total Current Assets 32,145 9,750 Equipment, net 84 29 Restricted cash 193 186 Right of use asset (Note 6) 264 179 Investment in land (Note 8) 600 600 Total Assets $ 33,286 $ 10,744 LIABILITIES: CURRENT LIABILITIES Accounts payable and accrued liabilities $ 1,575 $ 291 Due to related party (Note 4) 248 — Repurchase option (Note 8) 1,751 1,539 Lease liability, current (Note 6) 169 111 Total Current Liabilities 3,743 1,941 Reclamation obligation 182 182 Lease liability, long-term (Note 6) 127 92 Other long-term liabilities 92 92 Total Liabilities 4,144 2,307 Commitments and Contingencies (Note 8) SHAREHOLDERS' EQUITY: Common shares, no par value – unlimited shares authorized; shares outstanding at September 30, 2024 and December 31, 2023 of 511,111,557 and 212,968,451 , respectively 172,223 136,937 Additional paid in capital 29,098 29,140 Accumulated deficit ( 172,179 ) ( 157,640 ) Total Shareholders' Equity 29,142 8,437 Total Liabilities and Shareholders' Equity $ 33,286 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 20