Strategic Materials
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USUnited States

Stillwater Metal Project

Stillwater, Oklahoma

prj-us-usar-stillwater-metal

Download investigation JSONSources & citationsCorpus revised 3 Nov 2026

What does the record establish?

This registered undertaking is linked below to its financial instruments, policy context and available industrial evidence.

Financial standing

2 directly linked instruments. Recorded financial states: Contracted. A commitment, a payment and a project cost remain separate.

Inspect instruments and terms

Legal and policy context

1 parent policy records; 0 project designations. Designation confers standing, not finance. Material and stage overlaps with controls do not establish a restriction on this project.

Read the policy records

Industrial evidence

No source-reviewed project milestone is published in this corpus. Financing records may still contain attributed activity reports; this gap does not establish inactivity.

See evidence gaps

Financial evidence and chronology

Each instrument keeps its own financial history. These dates describe financial states, not construction or production. Amounts are the current recorded terms, not historical amounts at every date below.

Instrument not specified · U.S. Department of Commerce (CHIPS Program Office)(c) $20.0 million for the expansion and modernization of the existing strip casting and metal making facility located in Stillwater, Oklahoma · Contracted · Commitment
Provider organizations
U.S. Department of Commerce
Recipient
USA Rare Earth, Inc.USA Rare Earth, Inc.
Legal authority as stated
Not stated in this financial record

  1. · Contracted

    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.

    USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR)

No additional structured terms are recorded. See the full instrument for its evidence and qualifications.

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.

Full financial instrument, conditions and field-level evidence
Loan guarantee · U.S. Department of Commerce (CHIPS Program Office)(c) $100.0 million for the Stillwater Metal Project · Contracted · Commitment
Provider organizations
U.S. Department of Commerce
Recipient
USA Rare Earth, Inc.USA Rare Earth, Inc.
Legal authority as stated
Not stated in this financial record

  1. · Contracted

    Loan Guarantee Agreement entered into on 3 June 2026; each Federal Financing Bank advance is subject to conditions precedent.

    USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR)

No additional structured terms are recorded. See the full instrument for its evidence and qualifications.

Full financial instrument, conditions and field-level evidence

Capital stack

One layer per value role. Only committed public money, and joint-vehicle money apart from it, is summed, per currency; everything else is listed. There is no total across layers.

Public commitments

2 rows · summed per currency

Committed to a recipient by a government or public enterprise, at the status each row states. A contracted, partially disbursed or disbursed row is binding because an agreement is executed; payment is tracked separately by status. A contracted row need not mean funds are obligated or paid, and a partially disbursed row is not fully paid. Summed per currency and per instrument, never across either; a part is never added to its package.

USD

Loan guarantee1 row

Binding

Up to
100 million

Instrument not specified1 row

Listed, not summed: the sources name no instrument the tracker's vocabulary covers.

2 counted

US3 Jun 2026

USA Rare Earth, Inc.

up toUSD20 million

Stillwater Metal Project

CommitmentInstrument not specifiedPublicContractedRefiningambiguity noted
US3 Jun 2026

USA Rare Earth, Inc.

up toUSD100 million

Stillwater Metal Project

CommitmentLoan guaranteePublicContractedRefiningambiguity noted

Source-reviewed industrial observations

No source-reviewed project milestone is published for this undertaking. Any financing-row activity reports below remain attributed observations, not independently reviewed project milestones. Missing evidence does not establish inactivity.

Control clauses on the same materials and stages

Clauses whose covered items share a material and a supply-chain stage with this project, with their legal status on 3 Nov 2026. An overlap of items, not a finding that the project is affected.

CNExport licensing · Item 1 (2B902)MOFCOM & GACC Announcement [2025] No. 56RefiningSuspendedCNExport licensing · Items 1–5 (1C909–1C913)MOFCOM & GACC Announcement [2025] No. 57RefiningSuspendedCNExport licensing · Item 1(2) (1E902.b)MOFCOM Announcement No. 62 (2025)RefiningSuspendedCNExport licensing · Item 1(1) (1E902.a)MOFCOM Announcement No. 62 (2025)RefiningSuspendedCNExport licensing · Items 1–7MOFCOM & GACC Announcement [2025] No. 18RefiningIn forceCNExtraterritorial licensing · Item 1(2)MOFCOM Announcement No. 61 (2025)RefiningSuspended

Record

Sponsors
USA Rare Earth, Inc.Company
Location
Stillwater, OklahomaUS
Stages
Refining
Materials
Rare earth elements (grouped)Tracked materials only
Programmes
CHIPS Incentives Program
Latest financing-row activity report
No physical status recorded

What remains unknown

Gaps describe the available SMPT record. They do not establish that an activity did not occur.

  • 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.

Evidence

Every project fact names the source that states it.

  1. USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of Commerce

    USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR)

    Fields supported
    Name · Sponsors · Location
    Evidence level
    Explicit
    Location in document
    Item 1.01, Direct Funding Agreement (c)
    Qualification
    "the expansion and modernization of the existing strip casting and metal making facility located in Stillwater, Oklahoma"
    View source dossier →

  2. 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

    National Institute of Standards and Technology (U.S. Department of Commerce, CHIPS Program Office)

    Fields supported
    Supply-chain stages · Materials
    Evidence level
    Ambiguous
    Location in document
    Third and fourth paragraphs
    Qualification
    Strip casting and metal making for rare earth metals and alloys (Commerce release), read as the refining stage.
    View source dossier →

For citations, open a parent policy record for BibTeX, RIS and CSL formats. Cite original documents for claims about government action.

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