Rare Element Resources is a pre-revenue mining development company focused on rare earth elements (REEs). The company's core asset is the Bear Lodge REE Project, a large, 100%-owned REE deposit in northeast Wyoming that the company describes as one of the highest-grade REE deposits in North America. Bear Lodge was placed on care-and-maintenance in 2016 and permitting efforts restarted in 2024. The company is also operating a REE separation and processing demonstration plant in Upton, Wyoming, co-funded with the U.S. Department of Energy and the Wyoming Energy Authority, which began operations in late 2024 to validate the company's proprietary hydrometallurgical separation technology at scale. If Bear Lodge reaches commercial production, the business model would be to mine REE ore, process it into separated rare earth oxides, and sell those oxides to industrial customers — with neodymium and praseodymium oxide being the highest-value products due to their use in permanent magnets for EV motors and wind turbines. The path to production remains long: the company must complete the demonstration plant, conduct a feasibility study, secure permits and financing, and obtain board approval. Rare Element Resources funds itself through equity raises and government grants, and holds patents on its REE processing technology, licensed exclusively to its majority shareholder, Synchron, and its affiliates.