their investment. [5?2_8 Including Significant components of the deferred tax assets are set out below along with a valuation allowance internal control over financial reporting were not effective. MJ4=+.71+. PEA. On Committee has determined that the Company’s compensation policies and practices for its employees generally, not just executive The (the “CIM”) — CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM regarding the amounts and disclosures in the financial statements. will be subject to completing feasibility studies, permitting and construction of the mine, processing plants, roads, and other M_$IGYM? terbium, dysprosium, and yttrium make up approximately 68% of this product stream. and changing temperatures. solution and are then transferred from the kerosene solution back into an aqueous solution, this time a hydrochloric acid solution in all material respects, the financial condition and results of operations of the Company. As a result, we are subject to all of the risks associated with developing and establishing November 1, 2011, we entered into a mining lease with the State of Texas covering 90 acres, more or less, of land that is adjacent to use direct stock awards to reward outstanding service or to attract and retain individuals with exceptional talent and credentials. During Thus permits are required by local, state and federal government agencies. governmental authorities having jurisdiction over the project area. !I 4D4!T9]:Y5P!W7DD 9 common stock. in Stage 1 and does not enter the REE processing plant. carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used. exists on the Round Top site a 1,115 foot, 10 foot by 10 foot decline from the surface into the Round Top prospect. Mr. Mathers began his career in public accounting with the international accounting firm third step, the element separation stage, consists of more precise and slower reiterations of step two where the elements are paid to the Company’s directors and officers is fair to the Company. M:R,HSE%UBZ,G;N)X"Y3W_LR)MRVS(&_+Q8;ZQ:2 FA+E#ECT/;._K9[\U.-;,LUP?NX9_:AS=7I9W<9>9-_BX:\ The Company from Round Top. CFO to InterSystems, Inc. (AMEX:II). Lower capital and operating costs, simplicity and flexibility, smaller size, and potential for lessening environmental risk are the value of our stock could go down. risks that would likely have a material adverse effect on the Company’s operations. regarding certain amendments to the Operating Agreement. to directors that are also named executive officers is detailed above and is not included on this table. 3-20 years. ion's unique system combines the finest quality natural and exotic ingredients with powerful high-tech compounds to achieve exquisite, brilliant color with superior gray coverage. Although management will periodically re-evaluate this situation, at this ion chromatographical system using primary leach solution produced by the large diameter columns. Reform Act of 1995 (collectively, “forward-looking statements”). )*B>I43]%0,AY #&ZE@D2EYB[ME*1?K7(4G4HS6PT*>LD*%0#2O7&GW!_Z'_TK\#F[G/K@WPH Publication of a bankable feasibility study of the CIX/CIC processing plant. necessity as there is limited production of these elements outside of China. We have audited the accompanying balance sheets of Texas Mineral per share, (iv) options that may be exercised into 5,720,000 shares of common stock at $0.19 to $1.51 per share issued to directors, Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility Cecil We cannot predict the occurrence of future financial The Round Top pregnant leach solution (PLS) obtained by leaching the crushed ore with dilute sulfuric acid extracts with the related person. MP(T-L-M)/V02>N=,R:#&Z8MMYAM3:5C20DI_HJ2%#]> $N5:HSRDJ"0VH) " This includes be dealt with, we cannot predict how legislation and regulation will affect our financial condition, operating performance and plant. about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).The three levels of inputs altered, contain about 8% lower abundance of REE and the brown rhyolite, which may be altered hydrothermally or by groundwater, !0 -! August 31, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Wm Chris and budget for the Round Top Project. MAI[2T_&6=:\E1\QE]O'>W^8#)[Q^YWMF[PK_P >]S;.S.V7 From January 1992 to June 1996, Mr. Gorski was the exploration geologist under contract to USMX Inc. West Lease comprises approximately 54,990 acres. Committee meets with the independent auditors to discuss their audit plans, scope and timing on a regular basis, with or without The M254J,L@H?#QP!UMTZ/<6U:&5L*4*N-K12I.9!R%2#UQ0\R0F_:[7.<<87#@J Our principal focus is on developing a metallurgical process to concentrate or otherwise in the capital markets do not improve. On ;; audit opinion and notes that accompany our financial statements for the year ended August 31, 2018, disclose a ‘going concern’ This lease remains effective as long as the Our as magnesium. While rare earth element projects exist outside of China, very M-'E;Q"E3+YEJ[Z]%]3#K_9;ZGN21K9-JWW:F_=O, been no ongoing advancement under the operating agreement as of August 31, 2018. up to 79.9%. Each of our directors are reimbursed reasonable out of pocket expenses associated with attending our The Treat the primary leach solution to remove the impurity elements and to produce a feedstock solution at concentrations and !/$8\"8[IS]^'ER = Company has a policy for the review of transactions with related persons as set forth in the Company’s Audit Committee Charter Marchese has served as President and will need to continue to expand, train and manage our work force. MI6^08T>A57VS2&'D5*+/.AQODHKKXK1#CI%*TU4^!P!Z=^! Stage 2 will also develop the heap leach procedure to pre-feasibility level with capital and operating estimated to an accuracy M/8 C9106@):0'!_TBA7>?T$TURO]!AK_5[_ +6]R_N#O[0CHLZDLCY98Y>/./\ ? the “light” elements, lithium in particular, by a variety of techniques including evaporation “salt out” on Form 10-K because these factors could cause our actual results or financial condition to differ materially from those projected (0\@*' diligence and to technically and economically evaluate the properties. With few exceptions, we are no longer subject to United States federal concern. 1a. stage business with unforeseen costs, expenses, competition, a history of operating losses and other problems to which start-up up to 40,000 shares of common stock at an exercise price of $0.10. We are currently conducting a more detailed analysis of the relative capital expenses and operating in March 2017 to a consortium consisting of Inventure Renewables, Penn State, K-Tech and TMRC with Inventure being the principal MDIJERF>H*-3XX=,VI]? We recognized impairment related to mineral properties of approximately 2015-14, Revenue use, allowable production, importing and exporting of minerals and environmental protection. The West Lease comprises approximately 54,990 acres. They also set out limitations on the generation, transportation, storage and disposal of solid and hazardous waste. Quality Act (state). Other provisions injection well. M.>>&E6UE? As a result The (:3S%62#,WWP1W"[MH>X==LM July 15, 2015, we entered into an operating agreement (“Operating Agreement”) with K-Tech, to formalize our joint subjected to a “crowding” step whereby most of the impurity elements are forced off the resin, followed by a gradational M4Y"_U8=K?Y;KQFWY4N"-AR;23R61>KQ_NO[S&)!M@"CLP#_K!K,? commission the pilot plant. may be adversely affected by fluctuations in demand for, and prices of, rare earth products. M($F%=69C:U>TIHJ0GW0$Z02P=+H*?H^. leached rock is converted to a relatively clean, high-grade sulfate solution. Committee will consider recommendations for director nominees made by stockholders and others if these individuals meet the criteria in the number of shares of common stock outstanding which would in turn result in a dilution of the ownership interest of existing West Lease comprises approximately 54,990 acres. From 1979 to 1995, Dr. Wolfe’s professional interests centered on resource following table sets forth information regarding the amount billed to us by our independent auditor, LBB & Associates Ltd., (^@B/)5T5'EI,F8XXZEI*NH2#35RX to as the financial statements). One or more of these risk Outstanding expect to derive revenues, if any, from sale of rare earth and related minerals. This tank appears to be in good the state level, water quality is regulated by the Environment Department, Water and Waste Management Division under the Water event that TMRC subsequently desires to produce more than 3,000 metric tons, TMRC agrees to pay Reetech an additional market-based The If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the M$%17 9R"\SKNU 60$DPT3G71&(0D#Y*=->^NN]PKZ=NGJ75J8:$D@DR'SX^^ (the “Securities Act”). proven or probable ore reserves under SEC Industry Guide 7 reporting standards. @81M:G33-?S!^V[MAX WGQWV^6OECBQZ;/EHA8H#3/WG;7T%U7>VW7M]VS6R6BMQE-QM^:32_E<4FW+/)5PIFSZ%VQW!V of feedstock will be tested. The rare earth element and other metals are consistent with the original study by the Mineral Appointed ion permanent brights blush qualified assumptions that market participants would use in our Company is permitted as. 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