Rare Element Resources secures funding for Bear Lodge Project

Rare Element Resources Ltd. (RER) has received a non-binding Letter of Interest from the Export-Import Bank of the United States (EXIM). This letter suggests EXIM may provide up to $553 million to help develop the Bear Lodge Project in Wyoming. The funds will be used for permitting, engineering design, and construction. This announcement comes shortly after a presidential executive order aimed at boosting American production of critical minerals, including rare earths. President Donald Trump issued this order on March 20, 2025. It instructs federal agencies to speed up permits and funding for projects related to critical minerals. Ken Mushinski, RER’s CEO, expressed gratitude for EXIM's interest, viewing it as validation of the company’s work on the Bear Lodge Project. He highlighted the importance of the rare earth demonstration plant in Upton, Wyoming, which plays a key role in advancing the project. The plant is currently undergoing factory acceptance testing and will begin operations in mid-2025. The Bear Lodge Project is significant for the U.S. as it aims to supply rare earth elements essential for various technologies, including electric vehicles, renewable energy solutions, and defense systems. These rare earths are rare but very valuable, mainly used in electronics and high-strength magnets. EXIM supports U.S. jobs by facilitating exports of American goods. The bank's financing options include working capital and export credit insurance, making it easier for U.S. companies to compete globally, especially against countries like China.