Texas Mineral Resources - TMRC stock
About the Company[edit]
Texas Mineral Resources Corp. (OTC: TMRC) is a mining company engaged in exploring, acquiring, and developing mineral properties in the USA. The company was founded in 1970 as Texas Rare Earth Resources Corp. and later changed its name to Texas Mineral Resources Corp. in March 2016. It is headquartered in Sierra Blanca, Texas.[1] Texas Mineral primarily holds two mineral property leases. The Texas General Land Office (GLO) explores and develops an approximately 950-acre rare earth project in Hudspeth County, Texas, known as the Round Top Project. It also partners with USA Rare Earth LLC, a funding and development firm. The firm is super focused on developing a metallurgical process to extract the metals from the Round Top Project's rhyolite. Texas Mineral holds prospecting permits covering approximately 9,345 acres adjacent to the Round Top Project. The Round Top Project lies within Texas' Trans-Pecos Trend.[2]
With the DPA Title III designation of strategic materials for batteries, USA Rare Earth is developing the only domestic mining project containing DPA-designated materials lithium and rare earth elements at a single deposit.[3]
Texas Mineral Resources Corp., along with USA Rare Earth LLC, announced the addition of Kevin Francis to its Board of Directors. The company indicated that Mr. Francis brings more than 32 years of experience in the mining industry, having served in executive and advisory roles in several companies. He holds both an M.S. degree and a B.A. in geology from Colorado.[4]
Texas Mineral Resources Corp.'s competitors include Rare Element Resources LTD, Northern Minerals and Exploration, U.S. RARE EARTHS, INC, Revett Minerals Inc., Inception Mining Inc., and High Desert Holding Inc.[5]
Business Plans and Accomplishments[edit]
The unique geology of Round Top Mountain was first discovered by the Texas Bureau of Economic Geology roughly 25 years ago. Demand for the rare elements sprung up in the 21st century from hybrid and electric cars, wind power generators, and the military, electronic, and optics (laser) technology industries. Texas Mineral Resources Corp. engineered a 20-year mining approach and planned to develop or import skilled labor to achieve its objectives. The company focuses on mining, commercializing, and becoming the nation's heavy rare earth elements supplier.[6]
On April 22, 2021, the company announced that the Department of Energy's (DOE) National Energy Technical Laboratory ("NETL") had selected a Texas Mineral Resources-led consortium to continue a contract targeting the production of rare piles of earth from Pennsylvania coal waste. The consortium objective was to ultimately install a self-contained, modular, and portable pilot plant at a Jeddo Coal Pennsylvania site, capable of producing 1-3 metric tons of rare earth oxides derived from coal waste material from Pennsylvania anthracite coal.[7]
On May 20, last year, USA Rare Earth LLC and Texas Mineral Resources Corp. announced that the former executed its option to acquire 80% of the Round Top Heavy Rare Earth, Lithium, and Critical Minerals Project in Hudspeth County, Texas. The deal was sealed under the 2019 Amended and Restated Option Agreement terms as amended and approved by TMRC shareholders.[8]
On August 2, 2021, USA Rare Earth LLC reported significant progress at the Round Top Mountain project stating that the team had achieved a significant milestone.[9]
On November 9, last year, the firm announced the execution of a definitive agreement to enter into a joint venture agreement with Santa Fe Gold Corp. (OTCQB: SFEG). They agreed to jointly explore and develop a target silver property within the Black Hawk Mining District in Grant County, New Mexico.[10]
On December 10, 2021, the company issued a press release noting that the Round Top Project is expected to produce nearly half of the new U.S. government critical minerals list. It also indicated that prices for critical minerals had doubled from 2019, implying increased profitability.[11]
- ↑ Yahoo Finance
- ↑ CNBC
- ↑ Texas Mineral Resources Press Release
- ↑ Texas Mineral Resources Corp. Website
- ↑ Zoom Information
- ↑ Texas Mineral Resources Corp. Website
- ↑ Texas Mineral Resource Corp Press Release
- ↑ Yahoo Finance
- ↑ Texas Mineral Resources Corp. Press Releases
- ↑ GlobalNewsWire
- ↑ Texas Mineral Resources Press Release
OTC Symbol: TMRC | OTC Tier: OTCQB
