Strategic Materials
Policy Tracker

Source dossier

Follow one registered original document back to the published records that cite it. Each link below is an explicit source reference, not an association inferred from a shared event, company, material or project.

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)

Primary source

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

OfficialenPublished 3 Jun 2026Accessed 24 Sep 2026

The executed agreement itself (Award ID No. AP-2026-0044, execution version), filed as Exhibit 10.1 to the 8-K in src-usar-8k-2026-06-03 and read in full in a browser on 2026-09-24. Article 1: "“Direct Funding” means direct funding under the NOFO in the form of an other transaction" and "“CHIPS Incentives” means the provision of direct funding (via grants, cooperative agreements, or other transactions), loans and loan guarantees as described in the NOFO". It never calls the awards grants. Section 2.1(a) sets five maximum award amounts (Round Top $132,000,000; Stillwater Magnet $50,000,000; Stillwater Metal $20,000,000; Magnet Project 2 $60,000,000; Metal Project 2 $15,000,000). Section 2.1(b): "No obligation of funds for the Award by the Department shall occur upon execution of this Agreement. An obligation of funds for the Award shall occur only upon delivery of a Funding Obligation." Section 4.16 makes the issuance of Equity Interests to the Department a condition precedent to the Award Date. Section 10.1.1 lists the clawback events and Section 10.2 has the recipient repay recovered disbursements within 120 days of the Department's demand. It supports contract terms it states directly and is attributed to the parties.

Open original document ↗

https://www.sec.gov/Archives/edgar/data/1970622/000121390026064453/ea029340201ex10-1.htm

7 directly citing records. This is a snapshot of the curated public corpus, not a live document monitor or proof that every sentence in the linked document supports every aspect of a record. Status and implementation observations are distinct from executed agreements, cash disbursements and verified physical milestones. Private research and pending editor reviews are excluded.

Policy events

1 distinct published record with an explicit reference to this source.

  1. Commerce's CHIPS Program letter of intent with USA Rare Earth, and the funding and loan guarantee agreements that followed

    evt-us-chips-usar-2026

    • Cited policy event

Financial instruments

6 distinct published records with an explicit reference to this source.

  1. USA Rare Earth, Inc.

    fin-us-chips-usar-2026-direct-funding

    • Field evidence: instrument
    • Field evidence: status
    • Field evidence: terms
  2. Magnet Project 2

    fin-us-chips-usar-2026-magnet-project-2-direct-funding

    • Field evidence: instrument
    • Field evidence: status
  3. Metal Project 2

    fin-us-chips-usar-2026-metal-project-2-direct-funding

    • Field evidence: instrument
    • Field evidence: status
  4. Round Top Mine Project

    fin-us-chips-usar-2026-round-top-direct-funding

    • Field evidence: instrument
    • Field evidence: status
  5. Stillwater Magnet Project

    fin-us-chips-usar-2026-stillwater-magnet-direct-funding

    • Field evidence: instrument
    • Field evidence: status
  6. Stillwater Metal Project

    fin-us-chips-usar-2026-stillwater-metal-direct-funding

    • Field evidence: instrument
    • Field evidence: status

Only direct references in published events, field evidence, source-linked status histories, quotations, legal relationships, profiles and reviewed project milestones are shown. These links do not assign causality. See the source hierarchy and verification methodology.