10-K Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001419806-24-000003`
Period End Date	20231231
Filing Date	20240320
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	reemf-20231231x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 47 Income Statement 28 Cash Flow Statement 48 Stockholders Equity 13

Balance Sheet 47 line items

Line Item	Tag	Value	Unit	Period
Common shares, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	212.52M	shares	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	212.97M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.63M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.52M	USD	Point-in-time
Grant receivable (Note 5)	`GrantsReceivableCurrent`	$2.00M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$503.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$140.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$9.75M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$17.98M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$29.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$15.00K	USD	Point-in-time
Restricted cash	`RestrictedCashNoncurrent`	$186.00K	USD	Point-in-time
Right of use asset (Note 6)	`OperatingLeaseRightOfUseAsset`	$179.00K	USD	Point-in-time
Right of use asset (Note 6)	`OperatingLeaseRightOfUseAsset`	$273.00K	USD	Point-in-time
Investment in land (Note 8)	`InvestmentInLand`	$600.00K	USD	Point-in-time
Investment in land (Note 8)	`InvestmentInLand`	$600.00K	USD	Point-in-time
Total Assets	`Assets`	$10.74M	USD	Point-in-time
Total Assets	`Assets`	$18.87M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$227.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$291.00K	USD	Point-in-time
Repurchase option (Note 8)	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCurrent`	$1.54M	USD	Point-in-time
Lease liability, current (Note 6)	`OperatingLeaseLiabilityCurrent`	$124.00K	USD	Point-in-time
Lease liability, current (Note 6)	`OperatingLeaseLiabilityCurrent`	$111.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.94M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$351.00K	USD	Point-in-time
Reclamation obligation	`MineReclamationAndClosingLiabilityNoncurrent`	$132.00K	USD	Point-in-time
Reclamation obligation	`MineReclamationAndClosingLiabilityNoncurrent`	$182.00K	USD	Point-in-time
Lease liability, long-term (Note 6)	`OperatingLeaseLiabilityNoncurrent`	$168.00K	USD	Point-in-time
Lease liability, long-term (Note 6)	`OperatingLeaseLiabilityNoncurrent`	$92.00K	USD	Point-in-time
Repurchase option (Note 8)	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedNoncurrent`	$1.28M	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$92.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.31M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.93M	USD	Point-in-time
Commitments and Contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding at December 31, 2023 and December 31, 2022 of 212,968,451 and 212,515,951, respectively	`CommonStockValue`	$136.94M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding at December 31, 2023 and December 31, 2022 of 212,968,451 and 212,515,951, respectively	`CommonStockValue`	$136.91M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$28.67M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$29.14M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-148.64M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-157.64M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$23.44M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$8.44M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$16.93M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$10.74M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$18.87M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation (See Note 4 for related party costs)	`ExplorationExpense`	$4.16M	USD	Annual
Exploration and evaluation (See Note 4 for related party costs)	`ExplorationExpense`	$8.24M	USD	Annual
Corporate administration	`GeneralAndAdministrativeExpense`	$2.83M	USD	Annual
Corporate administration	`GeneralAndAdministrativeExpense`	$5.11M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$100.00K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$102.00K	USD	Annual
Total operating expenses	`OperatingExpenses`	$11.17M	USD	Annual
Total operating expenses	`OperatingExpenses`	$9.36M	USD	Annual
Interest income	`InterestIncomeOther`	$476.00K	USD	Annual
Interest income	`InterestIncomeOther`	$258.00K	USD	Annual
Grant income	`IncomeFromGrants`	$2.00M	USD	Annual
Accretion expense	`AccretionExpense`	$284.00K	USD	Annual
Accretion expense	`AccretionExpense`	$283.00K	USD	Annual
Interest expense	`InterestExpense`	$29.00K	USD	Annual
Interest expense	`InterestExpense`	$39.00K	USD	Annual
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$12.00K	USD	Annual
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$2.18M	USD	Annual
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-65.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-9.43M	USD	Annual
Net loss	`NetIncomeLoss`	$-9.00M	USD	Annual
LOSS PER SHARE - BASIC (in dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	Annual
LOSS PER SHARE - BASIC (in dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	Annual
LOSS PER SHARE - DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	Annual
LOSS PER SHARE - DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	212.48M	shares	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	212.69M	shares	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	212.69M	shares	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	212.48M	shares	Annual

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-9.43M	USD	Annual
Net loss	`ProfitLoss`	$-9.00M	USD	Annual
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.63M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.52M	USD	Point-in-time
Restricted cash, long-term	`RestrictedCashNoncurrent`	$186.00K	USD	Point-in-time
Total of cash, cash equivalents and restricted cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.95M	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`	$3.82M	USD	Point-in-time
Depreciation	`Depreciation`	$2.00K	USD	Annual
Depreciation	`Depreciation`	$1.00K	USD	Annual
Accretion expense	`AccretionExpense`	$283.00K	USD	Annual
Accretion expense	`AccretionExpense`	$284.00K	USD	Annual
Right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$100.00K	USD	Annual
Right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$99.00K	USD	Annual
Lease liability	`ProvisionForLoanLeaseAndOtherLosses`	$-85.00K	USD	Annual
Lease liability	`ProvisionForLoanLeaseAndOtherLosses`	$-96.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$2.92M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$467.00K	USD	Annual
Reclamation obligation	`IncreaseDecreaseInReclamationObligation`	$50.00K	USD	Annual
Other	`OtherNoncashIncomeExpense`	$25.00K	USD	Annual
Other	`OtherNoncashIncomeExpense`	$179.00K	USD	Annual
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-8.37M	USD	Annual
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-6.23M	USD	Annual
Due from related party	`IncreaseDecreaseInDueFromRelatedParties`	$5.00K	USD	Annual
Due from related party	`IncreaseDecreaseInDueFromRelatedParties`	$68.00K	USD	Annual
Grant receivable	`IncreaseDecreaseInGrantReceivable`	$2.00M	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$2.21M	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$1.40M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$64.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-892.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.40M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-11.71M	USD	Annual
Proceeds from the sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$12.00K	USD	Annual
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.00K	USD	Annual
Stock option exercise	`ProceedsFromStockOptionsExercised`	$31.00K	USD	Annual
Repurchase option payment	`PaymentsForRepurchaseOptionExtension`	$25.00K	USD	Annual
Repurchase option payment	`PaymentsForRepurchaseOptionExtension`	$25.00K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.00K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-25.00K	USD	Annual
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-9.42M	USD	Annual
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-11.70M	USD	Annual
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`	$15.52M	USD	Point-in-time
Cash, cash equivalents and restricted cash- beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.82M	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`	$15.52M	USD	Point-in-time
Cash, cash equivalents and restricted cash- end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.82M	USD	Point-in-time

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$23.44M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$8.44M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$16.93M	USD	Point-in-time
Stock option exercises, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	100,000.00	shares	Annual
Stock option exercises, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	455,000.00	shares	Annual
Stock option exercises, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$31.00K	USD	Annual
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.92M	USD	Annual
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$467.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-9.43M	USD	Annual
Net loss	`NetIncomeLoss`	$-9.00M	USD	Annual
Ending balance	`StockholdersEquity`	$23.44M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$8.44M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$16.93M	USD	Point-in-time

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