USA Rare Earth Inc. is acquiring the remaining minority interest in the Round Top rare earth deposit in Texas for approximately $73 million via an all-stock transaction, according to sources. The Stillwater, Oklahoma-based company will purchase all outstanding shares of Texas Mineral Resources Corp. for about 3.8 million shares of USA Rare Earth common stock, making it the sole operator of the project.

The company has dubbed Round Top North America's richest known deposit of heavy rare earth minerals crucial for permanent magnets used in electric vehicles and military hardware. This full ownership is seen as critical for accelerating development timelines and achieving the company's mine-to-magnet strategy aimed at reducing reliance on Chinese supply chains.