Texas Mineral Resources Corp (OTCQB: TMRC) was the junior partner and minority stakeholder in the Round Top Mountain heavy rare earth project in Hudspeth County, Texas — one of the most strategically significant critical mineral deposits in North America. In March 2026, USA Rare Earth, Inc. (Nasdaq: USAR) announced a definitive agreement to acquire all outstanding TMRC shares in an all-stock transaction valued at approximately $73 million, consolidating 100% economic ownership of Round Top under a single operator.
TMRC was incorporated in Texas and traded on the OTCQB Venture Market. Its primary asset was an 18.6% minority interest in the Round Top project, which it co-developed with USA Rare Earth over more than a decade. The acquisition, targeted to close by Q3 2026 subject to TMRC shareholder approval and SEC registration clearance, converts TMRC into a wholly owned subsidiary of USAR.
Texas Mineral Resources and the Round Top Project
The Round Top deposit, located 85 miles southeast of El Paso near Sierra Blanca, Texas, sits on land managed by the Texas General Land Office. The rhyolite-hosted deposit contains 15 of the 17 rare earth elements, with a pronounced concentration of heavy rare earth elements (HREEs) including dysprosium and terbium — the two highest-value magnet metals and among the most supply-constrained materials in global markets.
Beyond rare earths, Round Top hosts co-product streams of gallium, hafnium, zirconium, beryllium, and lithium, with the lithium component targeting approximately 9,800 tonnes of lithium carbonate equivalent annually. USAR’s Accelerated Mining Plan (AMP) targets commercial production commencing in 2028, scaling to 40,000 metric tons of feedstock per day by 2030. A Definitive Feasibility Study is expected by early 2027, with Fluor Corp. and WSP Global Inc. appointed as EPCM partners in January 2026.
Early Preliminary Economic Assessments indicated that processing 14% of the existing mineral estimate supports an initial 20-year mine life, with the full resource representing a potential operational horizon measured in decades.
Texas Mineral Resources: Role in the Acquisition
TMRC’s 18.6% stake in Round Top had long been the subject of capital planning complexity. The all-stock merger, structured as a two-step transaction issuing 3,823,328 USAR shares, eliminates that governance split. Anthony Marchese, then-Chairman of TMRC, noted the deal avoided the dilution risk of large cash calls while delivering meaningful value to TMRC stockholders through exposure to USAR’s broader mine-to-magnet platform.
Texas General Land Office Commissioner Dawn Buckingham described Round Top as “one of the most strategically important mineral deposits in the United States,” citing royalty revenue flowing to the state’s Permanent School Fund and projected job creation in West Texas. The Texas Semiconductor Innovation Fund awarded a $14.2 million grant to accelerate Round Top development in May 2026, with the project expected to support more than $1.4 billion in capital investment in the region.
Texas Mineral Resources in the US Heavy REE Supply Chain
TMRC’s significance was always derivative of Round Top’s resource endowment rather than standalone operational capacity. The company held no separate processing or refining infrastructure — its value was the land tenure and joint development rights that positioned Round Top within the emerging US non-China HREE supply chain.
That supply chain context has sharpened considerably. USAR secured a letter of intent with the US Department of Commerce in January 2026 for up to $1.6 billion in funding under the CHIPS Program — structured as $277 million in proposed federal funding and a $1.3 billion senior secured loan — with definitive agreements anticipated May 2026. A $1.5 billion private placement closed in January 2026, bringing USAR’s cash position to approximately $1.75 billion at the end of Q1 2026. Dysprosium oxide produced from Round Top ore, verified at 99.1% purity by a third-party ISO 17025 certified laboratory, has already been demonstrated at USAR’s Wheat Ridge, Colorado research facility.
For investors and analysts tracking the HREE supply chain, Texas Mineral Resources effectively becomes part of the USAR entity upon deal close. The Round Top deposit — and TMRC’s historical role in securing it — sits at the centre of the most capitalised domestic rare earth development programme in the United States.
Company Snapshot
| Detail | Data |
|---|---|
| Full name | Texas Mineral Resources Corp. |
| Ticker (historic) | OTCQB: TMRC |
| Headquarters | Texas, USA |
| Primary asset | 18.6% interest in Round Top Mountain, Hudspeth County, Texas |
| Key elements | Dysprosium, terbium, holmium (HREE focus); gallium, lithium (co-products) |
| Acquisition | USA Rare Earth, Inc. (Nasdaq: USAR) — all-stock deal, ~$73M implied value, announced March 2026 |
| Deal status (May 2026) | Pending TMRC shareholder approval and SEC clearance; targeted close Q3 2026 |
| Round Top production target | Commercial production 2028; 40,000 t/day feedstock by 2030 |
This article is for informational purposes only and does not constitute investment advice. Corporate status is subject to change pending deal close. Prices and timelines are subject to revision.
What is Texas Mineral Resources Corp?
Texas Mineral Resources Corp (OTCQB: TMRC) is a Texas-based exploration and development company whose primary asset was an 18.6% minority interest in the Round Top Mountain heavy rare earth and critical minerals project in Hudspeth County, Texas. In March 2026 it entered a definitive merger agreement with USA Rare Earth, Inc.
What happened to Texas Mineral Resources in 2026?
In March 2026, USA Rare Earth, Inc. (Nasdaq: USAR) announced a definitive agreement to acquire all outstanding TMRC shares in an all-stock deal valued at approximately $73 million. The transaction, pending shareholder and regulatory approvals, is targeted to close by Q3 2026 and would give USAR 100% economic ownership of the Round Top project.
What is the Round Top project and why does it matter?
Round Top Mountain is a rhyolite-hosted deposit in West Texas containing 15 of the 17 rare earth elements, with heavy rare earths dysprosium and terbium as its most valuable products. Located 85 miles southeast of El Paso on Texas state land, it is widely cited as the largest known heavy rare earth deposit in North America.
Who owns the Round Top project after the TMRC acquisition?
USA Rare Earth, Inc. (Nasdaq: USAR) will hold 100% economic interest in Round Top upon deal close. USAR previously held an 81.4% stake; the TMRC acquisition rolls up the remaining 18.6% minority interest.
When will Round Top begin producing rare earths?
Under USAR’s Accelerated Mining Plan, commercial production at Round Top is targeted to begin in 2028, scaling to 40,000 metric tons of feedstock per day by 2030. A Definitive Feasibility Study is expected by early 2027.
