{ "projectionVersion": "smpt-investigation-1", "projectId": "prj-us-usar-metal-project-2", "corpus": { "revision": "2026-11-03", "legalStatusCutoff": "2026-11-03", "view": "current_corpus_revision", "notice": "Curated corpus revision, not source freshness or historical known-as-of coverage. Financial histories retain their own status dates." }, "project": { "id": "prj-us-usar-metal-project-2", "name": "Metal Project 2", "sponsorOrgIds": [ "org-usa-rare-earth" ], "locations": [], "stages": [ "refining" ], "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "name", "sponsors" ], "evidence": "explicit", "locator": "Item 1.01, Direct Funding Agreement (e)", "note": "\"the construction of a new strip casting and metal making facility\"" }, { "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": "The filing does not name the site." }, "organizations": [ { "id": "org-us-commerce", "name": "U.S. Department of Commerce", "nameOriginal": null, "aliases": [ "Department of Commerce" ], "kind": "government", "roles": [ { "role": "provider", "recordId": "fin-us-chips-usar-2026-metal-project-2-direct-funding" }, { "role": "provider", "recordId": "fin-us-chips-usar-2026-metal-project-2-loan-guarantee" } ], "evidence": [ { "sourceId": "src-osc-vulcan-reelement-2025", "supports": [ "name", "kind", "country", "actor" ], "evidence": "explicit", "locator": "Fourth paragraph", "note": "\"the Department of Commerce's Creating Helpful Incentives to Produce Semiconductors (CHIPS) Program Office\"" } ] }, { "id": "org-usa-rare-earth", "name": "USA Rare Earth, Inc.", "nameOriginal": null, "aliases": [ "USAR" ], "kind": "company", "roles": [ { "role": "registered_sponsor", "recordId": "prj-us-usar-metal-project-2" }, { "role": "recipient", "recordId": "fin-us-chips-usar-2026-metal-project-2-direct-funding" }, { "role": "recipient", "recordId": "fin-us-chips-usar-2026-metal-project-2-loan-guarantee" } ], "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "name", "kind", "country" ], "evidence": "explicit", "locator": "Cover page", "note": "State of incorporation: Delaware; principal executive offices in Stillwater, Oklahoma." } ] } ], "financialInstruments": [ { "id": "fin-us-chips-usar-2026-metal-project-2-direct-funding", "eventId": "evt-us-chips-usar-2026", "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "projectRelationship": "directly_attributable", "projectId": "prj-us-usar-metal-project-2", "associatedProjectIds": [], "amount": { "value": "15000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "(e) $15.0 million for the construction of a new strip casting and metal making facility", "currencyBasis": "stated", "basisNote": null, "basisLabel": null }, "amountBasis": "current_recorded_terms_not_historical_totals", "provider": "U.S. Department of Commerce (CHIPS Program Office)", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-commerce" ], "recipient": "USA Rare Earth, Inc.", "recipientOrgIds": [ "org-usa-rare-earth" ], "programmeId": "prg-us-chips-incentives", "legalAuthority": null, "facility": null, "locations": [], "materialIds": [ "rare-earth-elements" ], "stages": [ "refining" ], "currentFinancialStatus": "contracted", "financialStatusHistory": [ { "status": "contracted", "date": "2026-06-03", "sourceId": "src-usar-8k-2026-06-03", "note": "Direct Funding Agreement entered into on 3 June 2026. Signing obligates no funds: under Exhibit 10.1 Section 2.1(b) the Department obligates funds only when it delivers a Funding Obligation, and disbursements follow project milestones, subject to conditions precedent." } ], "legacyPhysicalObservations": [], "terms": [], "statedOutcomes": [], "relationships": [ { "commitmentId": "fin-us-chips-usar-2026-direct-funding", "relationship": "part_of", "sourceId": "src-usar-8k-2026-06-03", "locator": "Item 1.01, Direct Funding (e)", "note": null } ], "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "value_role", "capital_source", "amount", "relationships", "provider", "programme", "recipient", "project", "status" ], "evidence": "explicit", "locator": "Item 1.01, Direct Funding (e)", "note": null }, { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "Item 1.01, Direct Funding (e)", "note": "The filing calls them \"direct funding awards\" that reimburse eligible costs on milestones and never calls them grants; recorded as instrument not specified." }, { "sourceId": "src-usar-direct-funding-agreement-2026-06-03", "supports": [ "instrument" ], "evidence": "ambiguous", "locator": "Article 1, definitions of “Direct Funding” and “CHIPS Incentives”; Section 2.1(a)(v)", "note": "The executed agreement defines \"Direct Funding\" as \"direct funding under the NOFO in the form of an other transaction\" and lists grants, cooperative agreements and other transactions as separate forms of CHIPS Incentives. It never calls the awards grants. The vocabulary has no instrument for an other transaction, so the instrument is recorded as not specified, not as grant." }, { "sourceId": "src-usar-direct-funding-agreement-2026-06-03", "supports": [ "status" ], "evidence": "explicit", "locator": "Section 2.1(b)", "note": "Contracted means the agreement is executed: no obligation of funds for this project's award occurs on execution, only when the Department delivers a Funding Obligation, up to the project's scheduled cumulative disbursement amount and subject to its progress." }, { "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": "Instrument not specified, as on the package: the 8-K calls this a \"direct funding award\" and the executed agreement defines Direct Funding as \"in the form of an other transaction\", never a grant." }, { "id": "fin-us-chips-usar-2026-metal-project-2-loan-guarantee", "eventId": "evt-us-chips-usar-2026", "instrument": "loan_guarantee", "valueRole": "commitment", "capitalSource": "public", "projectRelationship": "directly_attributable", "projectId": "prj-us-usar-metal-project-2", "associatedProjectIds": [], "amount": { "value": "75000000", "currency": "USD", "qualifier": "up_to", "amountAsStated": "(e) $75.0 million for the Metal Project 2", "currencyBasis": "stated", "basisNote": null, "basisLabel": null }, "amountBasis": "current_recorded_terms_not_historical_totals", "provider": "U.S. Department of Commerce (CHIPS Program Office)", "providerJurisdiction": "us", "providerOrgIds": [ "org-us-commerce" ], "recipient": "USA Rare Earth, Inc.", "recipientOrgIds": [ "org-usa-rare-earth" ], "programmeId": "prg-us-chips-incentives", "legalAuthority": null, "facility": null, "locations": [], "materialIds": [ "rare-earth-elements" ], "stages": [ "refining" ], "currentFinancialStatus": "contracted", "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." } ], "legacyPhysicalObservations": [], "terms": [], "statedOutcomes": [], "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 } ], "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 } ], "nonallocativeAssociations": [], "designations": [], "nativeMilestones": [], "policyContexts": [ { "id": "evt-us-chips-usar-2026", "relationship": "finance_or_designation_parent", "jurisdiction": "us", "issuingBody": "U.S. Department of Commerce (CHIPS Program Office)", "titleEn": "Commerce's CHIPS Program letter of intent with USA Rare Earth, and the funding and loan guarantee agreements that followed", "titleOriginal": "The Department of Commerce’s CHIPS Program Announces a Letter of Intent with USA Rare Earth to Accelerate Its Domestic and Vertically Integrated \"Mine-to-Magnet\" Strategy", "documentNumber": null, "date": "2026-01-26", "policyStatus": "active", "sourceIds": [ "src-nist-chips-usar-2026", "src-usar-8k-2026-06-03", "src-usar-direct-funding-agreement-2026-06-03" ] } ], "coannouncedControls": [ { "id": "ctl-us-chips-usar-2026-covenants", "eventId": "evt-us-chips-usar-2026", "relationship": "announcement_sibling_not_project_impact", "clause": "Funding Agreements, covenants (iv) and (xi)", "measureType": "contractual_ownership_covenant", "legalBasisAsStated": "Direct Funding Agreement and Loan Guarantee Agreement under the CHIPS Act of 2022", "productScopeAsStated": "restrictions on joint research and transactions with foreign countries and entities of concern; ... restrictions on mergers, dispositions, and change of control transactions without consent of the DOC", "statusHistory": [ { "status": "in_force", "date": "2026-06-03", "sourceId": "src-usar-8k-2026-06-03", "note": "Covenants of the Funding Agreements entered into on 3 June 2026; the filing does not state their duration.", "until": null } ], "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "supports": [ "measure_type", "direction", "clause", "targets", "materials", "product_scope", "legal_basis", "status" ], "evidence": "explicit", "locator": "Item 1.01, Representations, Warranties and Covenants", "note": null } ] } ], "financePackageReferences": [ { "childFinanceId": "fin-us-chips-usar-2026-metal-project-2-direct-funding", "parentFinanceId": "fin-us-chips-usar-2026-direct-funding", "relation": "part_of", "projectMoneyAllocation": "not_asserted", "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "locator": "Item 1.01, Direct Funding (e)" } ] }, { "childFinanceId": "fin-us-chips-usar-2026-metal-project-2-loan-guarantee", "parentFinanceId": "fin-us-chips-usar-2026-loan-guarantee", "relation": "part_of", "projectMoneyAllocation": "not_asserted", "evidence": [ { "sourceId": "src-usar-8k-2026-06-03", "locator": "Item 1.01, FFB Advances (e)" } ] } ], "unknowns": [ "No project-native source-reviewed industrial milestone is published. Attributed activity in financing histories remains a separate evidence class; no exact milestone date or facility-wide conclusion is inferred.", "Historical amount review is incomplete. Current amounts cannot be read as a time series of earlier commitments.", "Structural links and shared materials do not demonstrate that a government measure caused an industrial outcome." ], "sources": [ { "id": "src-nist-chips-usar-2026", "title": "The Department of Commerce’s CHIPS Program Announces a Letter of Intent with USA Rare Earth to Accelerate Its Domestic and Vertically Integrated \"Mine-to-Magnet\" Strategy", "publisher": "National Institute of Standards and Technology (U.S. Department of Commerce, CHIPS Program Office)", "url": "https://www.nist.gov/news-events/news/2026/01/department-commerces-chips-program-announces-letter-intent-usa-rare-earth", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2026-01-26", "accessedOn": "2026-09-23" }, { "id": "src-osc-vulcan-reelement-2025", "title": "Office of Strategic Capital Agrees to Joint $700M Conditional Loan Commitment with Vulcan Elements and ReElement Technologies", "publisher": "U.S. Department of War (Office of Strategic Capital)", "url": "https://www.war.gov/News/Releases/Release/Article/4339788/office-of-strategic-capital-agrees-to-joint-700m-conditional-loan-commitment-wi/", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2025-11-21", "accessedOn": "2026-09-23" }, { "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", "sourceType": "official", "confidence": "primary", "publishedOn": "2026-06-03", "accessedOn": "2026-09-23" }, { "id": "src-usar-direct-funding-agreement-2026-06-03", "title": "Direct Funding Agreement, dated June 3, 2026, by and among USA Rare Earth, Inc., the subsidiary guarantors party thereto and the United States Department of Commerce (Exhibit 10.1 to Form 8-K)", "publisher": "USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR)", "url": "https://www.sec.gov/Archives/edgar/data/1970622/000121390026064453/ea029340201ex10-1.htm", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2026-06-03", "accessedOn": "2026-09-24" } ], "limitations": [ "Policy contexts here parent existing finance or designation records; a shared material or date never creates a causal edge.", "Coannounced controls are announcement siblings only, not project-specific restrictions or effects.", "Direct project attribution and nonallocative association are different. No individual monetary allocation, financial sum or payment conclusion is authorized.", "Financing statuses describe the current corpus revision. Legacy implementation observations require scoped review and are not project-native milestones.", "A milestone's event/target date, publication/access horizon and reviewer date are separate. A planned target is not automatically occurred.", "An absent reviewed milestone means no approved entry in SMPT, not that the facility is inactive or failed.", "Amounts retain current source-stated terms, original currency and exact decimal strings. This packet computes no historical financial totals or project-wide monetary allocation.", "Published source review does not establish independent on-site verification. Source, financial-status, occurrence, target and review dates remain distinct." ] }