Texas Mineral Resources Corp (TMRC)

[aore]

While the Company has been focused on all the progress mentioned heretofore, the public market options
for USA Rare Earth remain strong. Much has been reported lately, good and bad, about the SPAC market.
From our perspective, it is all good news. Over 200 SPACs have been raised in 2021, which means they will
all want to find a target company within the next 24 months rather than returning money to investors. And
in this frothy market, the SEC has begun to change the rules regarding SPAC sponsors’ economics to better
align the sponsor, target company, and retail investors. USARE continues to be an incredibly attractive
target from both an industry sector and geopolitical perspective. With so much money looking for deals,
and sponsor economics under scrutiny, target companies like ours stand to benefit through less dilutive
deal terms.
With many value accretive milestones on the near-term horizon (PFS completion, potential commercial
offtake agreement, magnet plant recommissioning), and the need for SPACs to approve deals, our
investment bankers believe there is upside to delaying the SPAC negotiations until after our PFS is complete.
While we wait, the Company is driving towards the key performance indicators and institutional
governance structure that will support a successful public debut