USA Uncommon Earth (USAR -7.07%) has large ambitions — and people ambitions aren’t low cost. The rare-earth miner — or would-be miner, since it isn’t mining but — burned roughly $56.7 million in second-quarter working money, up from about $19 million within the first quarter. That brings its 2026 money burn to about $75 million, already greater than 4 occasions the roughly $18 million it burned in all of 2025.

That is loads of money, however USAR, happily, is not scrounging for free change. It ended June with about $1.5 billion in money and equivalents. If we have been to divide that by its newest quarterly money burn of $56.7 million, that may give USAR a money runway of about 27 quarters, or practically seven years.

That is not extremely correct, although. For one, it does not consider capital expenditures (capex), which have already totaled about $108 million by way of the primary six months of 2026. USAR can also be constructing a large-scale rare-earth mine and two magnet factories, and probably buying Serra Verde for $300 million in money. The following few years are going to be expensive, and its money pile will possible dwindle a lot sooner than seven years will cross.

Picture supply: Getty Pictures.

As an example, for the sake of argument, that USAR finally ends up buying Serra Verde for $300 million. That leaves it with about $1.2 billion. Let’s additionally annualize its first-half capex ($108 million) to about $217 million yearly. Mixed, then, USAR would spend about $444 million yearly. At that tempo, USAR has about three years of capital readily available.

Fortunately for USAR, it does have financing choices. It has entry to $277 million in federal funding and as much as $1.3 billion in secured capability. After including that to its present funds, USAR might theoretically have entry to greater than $3 billion in capital, a substantial quantity of respiratory room for a mining firm.