10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q3 2023

Filing Information

Form Type	10-Q
Accession Number	`0001419806-23-000036`
Period End Date	20230930
Filing Date	20231108
Fiscal Year	2023
Fiscal Period	Q3
XBRL Instance	reemf-20230930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 54 Cash Flow Statement 54 Stockholders Equity 24

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Common shares, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Common shares, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.59M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.80M	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	212.81M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.52M	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	212.52M	shares	Point-in-time
Due from related party (Note 4)	`AccountsReceivableRelatedPartiesCurrent`	$368.00K	USD	Point-in-time
Due from related party (Note 4)	`AccountsReceivableRelatedPartiesCurrent`	$174.00K	USD	Point-in-time
Prepaid to related party (Note 4)	`RelatedPartyTransactionDueFromToRelatedPartyCurrent`	$3.24M	USD	Point-in-time
Prepaid to related party (Note 4)	`RelatedPartyTransactionDueFromToRelatedPartyCurrent`	$2.14M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$263.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$140.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$10.47M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$17.98M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$30.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$15.00K	USD	Point-in-time
Restricted cash	`RestrictedCashNoncurrent`	$183.00K	USD	Point-in-time
Right of use asset (Note 5)	`OperatingLeaseRightOfUseAsset`	$205.00K	USD	Point-in-time
Right of use asset (Note 5)	`OperatingLeaseRightOfUseAsset`	$273.00K	USD	Point-in-time
Investment in land (Note 7)	`InvestmentInLand`	$600.00K	USD	Point-in-time
Investment in land (Note 7)	`InvestmentInLand`	$600.00K	USD	Point-in-time
Total Assets	`Assets`	$18.87M	USD	Point-in-time
Total Assets	`Assets`	$11.48M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$221.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$227.00K	USD	Point-in-time
Lease liability, current (Note 5)	`OperatingLeaseLiabilityCurrent`	$128.00K	USD	Point-in-time
Lease liability, current (Note 5)	`OperatingLeaseLiabilityCurrent`	$124.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$349.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$351.00K	USD	Point-in-time
Reclamation obligation	`MineReclamationAndClosingLiabilityNoncurrent`	$182.00K	USD	Point-in-time
Reclamation obligation	`MineReclamationAndClosingLiabilityNoncurrent`	$132.00K	USD	Point-in-time
Lease liability, long-term (Note 5)	`OperatingLeaseLiabilityNoncurrent`	$168.00K	USD	Point-in-time
Lease liability, long-term (Note 5)	`OperatingLeaseLiabilityNoncurrent`	$101.00K	USD	Point-in-time
Repurchase option (Note 7)	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$1.49M	USD	Point-in-time
Repurchase option (Note 7)	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$1.28M	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$92.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.93M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.22M	USD	Point-in-time
Commitments and Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding at September 30, 2023 and December 31, 2022 of 212,808,451 and 212,515,951, respectively	`CommonStockValue`	$136.91M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding at September 30, 2023 and December 31, 2022 of 212,808,451 and 212,515,951, respectively	`CommonStockValue`	$136.93M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$28.67M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$29.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-156.74M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-148.64M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$20.65M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$23.44M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$9.27M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$16.93M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$12.31M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$19.39M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$11.48M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$18.87M	USD	Point-in-time

Income Statement 54 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation (See Note 4 for related party costs)	`ExplorationExpense`	$770.00K	USD	1 Quarter
Exploration and evaluation (See Note 4 for related party costs)	`ExplorationExpense`	$6.18M	USD	3 Qtrs
Exploration and evaluation (See Note 4 for related party costs)	`ExplorationExpense`	$2.27M	USD	3 Qtrs
Exploration and evaluation (See Note 4 for related party costs)	`ExplorationExpense`	$2.51M	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$646.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$4.04M	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$2.00M	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$902.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$75.00K	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$76.00K	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$25.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$25.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.70M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.18M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.26M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$6.38M	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$100.00K	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$130.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$391.00K	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$78.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$70.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$212.00K	USD	3 Qtrs
Accretion expense	`AccretionExpense`	$213.00K	USD	3 Qtrs
Accretion expense	`AccretionExpense`	$71.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$7.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$23.00K	USD	3 Qtrs
Interest expense	`InterestExpense`	$23.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$31.00K	USD	3 Qtrs
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$12.00K	USD	3 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$8.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$168.00K	USD	3 Qtrs
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-144.00K	USD	3 Qtrs
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$53.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-8.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.53M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.71M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.09M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.13M	USD	1 Quarter
LOSS PER SHARE - BASIC (in dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	3 Qtrs
LOSS PER SHARE - BASIC (in dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	3 Qtrs
LOSS PER SHARE - BASIC (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
LOSS PER SHARE - BASIC (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
LOSS PER SHARE - DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	3 Qtrs
LOSS PER SHARE - DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	3 Qtrs
LOSS PER SHARE - DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
LOSS PER SHARE - DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	212.63M	shares	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	212.47M	shares	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	212.76M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	212.47M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	212.47M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	212.63M	shares	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	212.47M	shares	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	212.76M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-6.53M	USD	3 Qtrs
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.59M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-1.71M	USD	1 Quarter
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.80M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-8.09M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.13M	USD	1 Quarter
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.52M	USD	Point-in-time
Restricted cash, long-term	`RestrictedCashNoncurrent`	$183.00K	USD	Point-in-time
Depreciation	`Depreciation`	$1.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$1.00K	USD	3 Qtrs
Total of cash, cash equivalents and restricted cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.80M	USD	Point-in-time
Total of cash, cash equivalents and restricted cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.78M	USD	Point-in-time
Total of cash, cash equivalents and restricted cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.52M	USD	Point-in-time
Total of cash, cash equivalents and restricted cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.95M	USD	Point-in-time
Accretion expense	`AccretionExpense`	$212.00K	USD	3 Qtrs
Accretion expense	`AccretionExpense`	$213.00K	USD	3 Qtrs
Accretion expense	`AccretionExpense`	$71.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$70.00K	USD	1 Quarter
Right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$75.00K	USD	3 Qtrs
Right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$74.00K	USD	3 Qtrs
Lease liability	`ProvisionForLoanAndLeaseLosses`	$-70.00K	USD	3 Qtrs
Lease liability	`ProvisionForLoanAndLeaseLosses`	$-62.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$452.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$402.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$2.48M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$71.00K	USD	1 Quarter
Reclamation obligation	`IncreaseDecreaseInReclamationObligation`	$50.00K	USD	3 Qtrs
Other	`OtherNoncashIncomeExpense`	$25.00K	USD	3 Qtrs
Other	`OtherNoncashIncomeExpense`	$-82.00K	USD	3 Qtrs
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-7.34M	USD	3 Qtrs
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-3.85M	USD	3 Qtrs
Due from related party	`IncreaseDecreaseInDueFromRelatedParties`	$194.00K	USD	3 Qtrs
Due from related party	`IncreaseDecreaseInDueFromRelatedParties`	$21.00K	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$1.23M	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$1.62M	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-653.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.77M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.14M	USD	3 Qtrs
Proceeds from the sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$12.00K	USD	3 Qtrs
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.00K	USD	3 Qtrs
Stock option exercise	`ProceedsFromStockOptionsExercised`	$23.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$23.00K	USD	3 Qtrs
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-8.75M	USD	3 Qtrs
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-6.14M	USD	3 Qtrs
Cash, cash equivalents and restricted cash- beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.52M	USD	Point-in-time
Cash, cash equivalents and restricted cash- beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.78M	USD	Point-in-time
Cash, cash equivalents and restricted cash- beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.95M	USD	Point-in-time
Cash, cash equivalents and restricted cash- beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.80M	USD	Point-in-time
Cash, cash equivalents and restricted cash- end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.52M	USD	Point-in-time
Cash, cash equivalents and restricted cash- end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.78M	USD	Point-in-time
Cash, cash equivalents and restricted cash- end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.95M	USD	Point-in-time
Cash, cash equivalents and restricted cash- end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.80M	USD	Point-in-time

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$20.65M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$23.44M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$9.27M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$16.93M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$12.31M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$19.39M	USD	Point-in-time
Stock option exercise, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	330,000.00	shares	3 Qtrs
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$23.00K	USD	3 Qtrs
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$16.00K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$402.00K	USD	3 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.48M	USD	3 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$71.00K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$452.00K	USD	1 Quarter
Common shares cancelled	`ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod`	0.00	shares	3 Qtrs
Net loss	`NetIncomeLoss`	$-6.53M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.71M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.09M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.13M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$12.31M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$20.65M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$23.44M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$9.27M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$16.93M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$19.39M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.