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Navajo Transitional Energy invests in Texas Mineral's Round Top project partner

Texas Mineral Resources Corp. said Aug. 19 that Navajo Transitional Energy Co. LLC has made an investment in USA Rare Earth LLC, a partner of Texas Mineral in developing the Round Top rare earth project in Hudspeth County, Texas.

The investment follows Navajo Transitional's purchasing of 5.1 million Texas Mineral shares at 36 U.S. cents apiece. which was announced on Aug. 5. It was said that Navajo Transitional will buy separately an additional 5.0 million shares from a current Texas Mineral institutional shareholder.

Under the agreement between USA Rare Earth and Texas Mineral, USA Rare Earth has an option to acquire up to 80% interest in the project.

The Round Top project, valued at US$1.56 billion in an updated preliminary economic assessment, contains heavy rare earths and other high-value technical metals and industrial minerals.