Texas Mineral Resources Corp. SEC 10-Q Report

Texas Mineral Resources Corp., a company focused on the exploration and development of rare-earth elements, has released its Form 10-Q report for the third quarter of fiscal year 2025. The report provides a detailed overview of the company's financial performance and operational activities, highlighting significant challenges and future outlooks.

Financial Highlights

• Revenue: $0 million. The company had no operating revenues during the nine months ended May 31, 2025, and May 31, 2024.
• Net Income: -$1.275 million. The company reported net losses for the nine months ended May 31, 2025, compared to a net loss of $0.617 million for the same period in 2024.
• Net Income: -$0.804 million. The company reported net losses for the three months ended May 31, 2025, compared to a net loss of $0.254 million for the same period in 2024.
• Operating Expenses: $0.943 million. Losses from operations for the nine months ended May 31, 2025, increased compared to $0.732 million for the same period in 2024.
• Operating Expenses: $0.506 million. Losses from operations for the three months ended May 31, 2025, increased compared to $0.263 million for the same period in 2024.

Business Highlights

• Rare Earth Exploration: The company is focused on the exploration and development of the Round Top Project in Hudspeth County, Texas, which involves rare-earth elements. The project is in the exploration stage and has not yet established any probable or proven mineral reserves.
• Round Top Project Development: The strategy for the Round Top Project includes developing a metallurgical process to extract metals, conducting engineering and design work, and completing a bankable feasibility study. The project is managed by Round Top Mountain Development, LLC (RTMD), in which the company holds a 19.323% membership interest.
• Joint Venture with Santa Fe Gold Corporation: The company has an option agreement with Santa Fe Gold Corporation to explore and potentially develop silver properties in the Black Hawk Mining District, New Mexico. The company would be the project operator with an initial 50.5% ownership if a joint venture is formed.
• Potential Mining Venture with Steeple Rock: The company is exploring a potential mining venture with Steeple Rock Holding Company, LLC, involving several mines in New Mexico and a flotation mill in Arizona. The company may acquire a 50.1% interest by contributing the Carlisle mine and raising initial capital.
• Operational Challenges: The company faces several operational risks, including the need for additional financing, potential dilution of its interest in RTMD, and uncertainties in obtaining necessary permits and achieving commercial success.
• Future Outlook: The company anticipates further exploration and development activities at the Round Top Project and potential joint ventures. However, it acknowledges substantial doubt about its ability to continue as a going concern without securing additional financing.

SEC Filing: Texas Mineral Resources Corp. [ TMRC ] - 10-Q - Jul. 15, 2025