{
  "commitment": {
    "id": "fin-us-chips-usar-2026-metal-project-2-loan-guarantee",
    "eventId": "evt-us-chips-usar-2026",
    "relationships": [
      {
        "commitmentId": "fin-us-chips-usar-2026-loan-guarantee",
        "relationship": "part_of",
        "sourceId": "src-usar-8k-2026-06-03",
        "locator": "Item 1.01, FFB Advances (e)",
        "note": null
      }
    ],
    "instrument": "loan_guarantee",
    "valueRole": "commitment",
    "capitalSource": "public",
    "amount": {
      "value": "75000000",
      "currency": "USD",
      "qualifier": "up_to",
      "amountAsStated": "(e) $75.0 million for the Metal Project 2",
      "currencyBasis": "stated"
    },
    "provider": "U.S. Department of Commerce (CHIPS Program Office)",
    "providerJurisdiction": "us",
    "providerOrgIds": [
      "org-us-commerce"
    ],
    "legalAuthority": null,
    "programmeId": "prg-us-chips-incentives",
    "recipient": "USA Rare Earth, Inc.",
    "recipientOrgIds": [
      "org-usa-rare-earth"
    ],
    "project": "Metal Project 2",
    "projectId": "prj-us-usar-metal-project-2",
    "facility": null,
    "locations": [],
    "stages": [
      "refining"
    ],
    "stageAllocation": "single_stage",
    "materialIds": [
      "rare-earth-elements"
    ],
    "materialAttribution": "tracked_only",
    "untrackedMaterialsAsStated": [],
    "financialStatusHistory": [
      {
        "status": "contracted",
        "date": "2026-06-03",
        "sourceId": "src-usar-8k-2026-06-03",
        "note": "Loan Guarantee Agreement entered into on 3 June 2026; each Federal Financing Bank advance is subject to conditions precedent."
      }
    ],
    "implementationStatusHistory": [],
    "terms": [],
    "outcomes": [],
    "evidence": [
      {
        "sourceId": "src-usar-8k-2026-06-03",
        "supports": [
          "instrument",
          "value_role",
          "capital_source",
          "amount",
          "relationships",
          "provider",
          "programme",
          "recipient",
          "project",
          "status"
        ],
        "evidence": "explicit",
        "locator": "Item 1.01, FFB Advances (e)",
        "note": null
      },
      {
        "sourceId": "src-usar-8k-2026-06-03",
        "supports": [
          "stages",
          "materials"
        ],
        "evidence": "ambiguous",
        "locator": "Item 1.01 (e)",
        "note": "A new strip casting and metal making facility; the filing does not name the site. Read as the refining stage."
      }
    ],
    "notes": null
  },
  "event": {
    "id": "evt-us-chips-usar-2026",
    "date": "2026-01-26",
    "jurisdiction": "us",
    "titleEn": "Commerce's CHIPS Program letter of intent with USA Rare Earth, and the funding and loan guarantee agreements that followed"
  },
  "parents": [
    {
      "commitmentId": "fin-us-chips-usar-2026-loan-guarantee",
      "relationship": "part_of",
      "sourceId": "src-usar-8k-2026-06-03",
      "locator": "Item 1.01, FFB Advances (e)",
      "note": null,
      "commitment": {
        "id": "fin-us-chips-usar-2026-loan-guarantee",
        "eventId": "evt-us-chips-usar-2026",
        "relationships": [],
        "instrument": "loan_guarantee",
        "valueRole": "commitment",
        "capitalSource": "public",
        "amount": {
          "value": "1300000000",
          "currency": "USD",
          "qualifier": "up_to",
          "amountAsStated": "to guarantee the repayment by USAR and its affiliates of advances in an aggregate principal amount of $1.3 billion (“FFB Advances” and, together with the Direct Funding, the “Awards”) made by the Federal Financing Bank",
          "currencyBasis": "stated"
        },
        "provider": "U.S. Department of Commerce (CHIPS Program Office), guaranteeing Federal Financing Bank advances",
        "providerJurisdiction": "us",
        "providerOrgIds": [
          "org-us-commerce"
        ],
        "legalAuthority": "CHIPS Act of 2022",
        "programmeId": "prg-us-chips-incentives",
        "recipient": "USA Rare Earth, Inc.",
        "recipientOrgIds": [
          "org-usa-rare-earth"
        ],
        "project": null,
        "projectId": null,
        "facility": null,
        "locations": [],
        "stages": [
          "mining",
          "processing",
          "refining",
          "component_manufacturing"
        ],
        "stageAllocation": "multi_stage_unallocated",
        "materialIds": [
          "rare-earth-elements",
          "gallium",
          "dysprosium",
          "terbium",
          "ndfeb-magnets"
        ],
        "materialAttribution": "includes_untracked",
        "untrackedMaterialsAsStated": [
          "hafnium",
          "zirconium"
        ],
        "financialStatusHistory": [
          {
            "status": "announced",
            "date": "2026-01-26",
            "sourceId": "src-nist-chips-usar-2026",
            "note": "\"up to $1.3 billion in a senior secured loan\" under a non-binding letter of intent."
          },
          {
            "status": "contracted",
            "date": "2026-06-03",
            "sourceId": "src-usar-8k-2026-06-03",
            "note": "Loan Guarantee Agreement entered into on 3 June 2026; each Federal Financing Bank advance is subject to conditions precedent."
          }
        ],
        "implementationStatusHistory": [],
        "terms": [
          {
            "kind": "duration",
            "value": "15",
            "qualifier": "exact",
            "currency": null,
            "unit": "years from the first advance under each note",
            "asStated": "Each FFB Advance matures fifteen (15) years after the first FFB Advance made under the applicable FFB Note.",
            "sourceId": "src-usar-8k-2026-06-03",
            "note": null
          },
          {
            "kind": "other",
            "value": "2",
            "qualifier": "exact",
            "currency": null,
            "unit": "% of the FFB commitment, one-time commitment fee",
            "asStated": "a one-time commitment fee equal to 2.0% of the FFB commitment amount",
            "sourceId": "src-usar-8k-2026-06-03",
            "note": null
          },
          {
            "kind": "other",
            "value": "2",
            "qualifier": "exact",
            "currency": null,
            "unit": "% per annum on the unutilized FFB commitment, ticking fee",
            "asStated": "a ticking fee equal to 2.0% per annum on the unutilized FFB commitment",
            "sourceId": "src-usar-8k-2026-06-03",
            "note": null
          },
          {
            "kind": "lending_rate",
            "value": null,
            "qualifier": null,
            "currency": null,
            "unit": null,
            "asStated": "senior secured debt with a 15-year term and an expected rate of Treasury + 150 bps",
            "sourceId": "src-usar-8k-2026-06-03",
            "note": "The rate expected under the letter of intent; the agreement sets rates in each FFB note."
          }
        ],
        "outcomes": [],
        "evidence": [
          {
            "sourceId": "src-nist-chips-usar-2026",
            "supports": [
              "value_role",
              "capital_source",
              "provider",
              "recipient",
              "status",
              "materials",
              "stages"
            ],
            "evidence": "explicit",
            "locator": "First to fourth paragraphs",
            "note": null
          },
          {
            "sourceId": "src-usar-8k-2026-06-03",
            "supports": [
              "instrument",
              "amount",
              "provider",
              "recipient",
              "programme",
              "legal_authority",
              "status",
              "terms"
            ],
            "evidence": "explicit",
            "locator": "Item 1.01, Loan Guarantee Agreement",
            "note": null
          }
        ],
        "notes": "The Federal Financing Bank, \"an instrumentality of the United States\", makes the advances and the DOC guarantees them; recorded once, as the DOC's guarantee, so the same $1.3 billion is not counted as both a loan and a guarantee. A guarantee is its own instrument and is never added to the direct funding. The package's five project tranches are recorded as parts of it."
      }
    }
  ],
  "children": [],
  "sources": [
    {
      "id": "src-usar-8k-2026-06-03",
      "title": "USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of Commerce",
      "publisher": "USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR)",
      "url": "https://www.sec.gov/Archives/edgar/data/1970622/000121390026064453/ea0293402-8k_usarare.htm",
      "language": "en",
      "datePublished": "2026-06-03",
      "dateAccessed": "2026-09-23",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "The recipient's binding filing, read in a browser on 2026-09-23. Item 1.01 describes the Direct Funding Agreement (up to $277.0 million in five project awards) and the Loan Guarantee Agreement (the DOC guarantees $1.3 billion of Federal Financing Bank advances in five project tranches), both entered into on 3 June 2026 under the \"CHIPS Incentives Program—Facilities for Semiconductor Materials and Manufacturing Equipment\"; milestone-based disbursement; equity-raise requirements; covenants; and the Securities Issuance Agreement (16,132,790 shares and a warrant for 17,600,584 shares at $17.17 to the DOC). Cover page: incorporated in Delaware. It supports contract and financing facts it states directly and is attributed to the company."
    }
  ]
}