Rare Earth Directory

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Round Top: location, owner, status and timeline (2026)

Development Texas

Round Top, in Hudspeth County, Texas, about 8 miles northwest of Sierra Blanca, is a heavy-rare-earth-rich rhyolite deposit that USA Rare Earth (Nasdaq: USAR) now owns 100%. The company closed its acquisition of Texas Mineral Resources in Aug 2026 and targets first production in the second half of 2028.

Verified through Oct 1, 2026

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Where is Round Top?

Round Top is Round Top Mountain in Hudspeth County, far West Texas, about 8 miles northwest of Sierra Blanca and 85 miles southeast of El Paso. It is not the town of Round Top in central Texas that is known for its antiques fair.

The mountain is a rhyolite intrusion of Tertiary age that is enriched in both heavy and light rare earths. It also carries beryllium, lithium, uranium, hafnium, zirconium and gallium, and company materials say it holds 11 of the 35 minerals the US government lists as critical, besides the rare earths.

The land belongs to the State of Texas and is leased from the Texas General Land Office. Exploration began under a 2011 lease, and a Sept 2011 mining lease covers about 860 acres.

Who owns Round Top?

USA Rare Earth (Nasdaq: USAR) owns 100% of Round Top. It closed its acquisition of Texas Mineral Resources Corp., the former joint venture partner, in Aug 2026 and is now the sole operator and economic beneficiary.

Texas Mineral Resources, then called Texas Rare Earth Resources, held the lease and developed the project from 2011. In 2021 USA Rare Earth raised a $50M Series C round and exercised an option to acquire 80% of the joint venture, Round Top Mountain Development LLC.

In Mar 2026 the two companies agreed an all-share deal, valued at about $73M, for USA Rare Earth to buy Texas Mineral Resources and its remaining minority interest of about 18.6%. USA Rare Earth reported the deal closed in Aug 2026. See USA Rare Earth: what it does, projects, funding and status.

What is the status and timeline of Round Top?

Round Top is in "Development": it has a defined resource and a preliminary economic assessment, and USA Rare Earth expects to finish a definitive feasibility study in Q4 2026. The company targets first production in the second half of 2028.

  1. 2011

    Texas Rare Earth Resources leases Round Top Mountain from the Texas General Land Office and later signs a mining lease covering about 860 acres.

  2. 2021

    USA Rare Earth raises a $50M Series C and exercises an option to acquire 80% of the Round Top joint venture.

  3. Dec 2025

    USA Rare Earth brings forward Round Top commercial production by two years, to the second half of 2028.

  4. Jan 2026

    Fluor and WSP are named engineering, procurement and construction management partners.

  5. Mar 2026

    USA Rare Earth agrees an all-share deal of about $73M to acquire Texas Mineral Resources.

  6. Jun 2026

    The hydrometallurgical demonstration plant in Wheat Ridge, Colorado is commissioned.

  7. Jul 2026

    The demonstration plant produces dysprosium and NdPr oxide samples from Round Top material.

  8. Aug 2026

    USA Rare Earth closes the Texas Mineral Resources acquisition and owns 100% of Round Top.

Next milestones

  1. Oct 2026

    The demonstration run is expected to conclude after at least 2,000 continuous hours.

  2. Q4 2026

    The definitive feasibility study is due to complete; publication is planned for Q1 2027.

  3. H2 2028

    First commercial production is targeted.

What rare earths does Round Top hold?

Round Top holds 359 Mt of measured and indicated resource at 639 ppm REO and 675 Mt of inferred resource at 638 ppm, with about 72% of the oxide made up of heavy rare earths and yttrium. OSTI says it contains 15 of the 17 rare earth elements.

The grade is low, at about 0.06% REO, but the deposit is large and unusually rich in dysprosium and terbium, the heavy rare earths that China licenses for export. Round Top and Alaska's Bokan Mountain are the two heavy-rare-earth-rich US projects in this directory.

Round Top resource and plan
ItemFigureSource
Measured and indicated resource359 Mt at 639 ppm REOTexas Mineral Resources fact sheet
Inferred resource675 Mt at 638 ppm REOTexas Mineral Resources fact sheet
Heavy rare earths plus yttriumAbout 72% of total REOCompany
Elements present15 of the 17 rare earths, plus Be, Ga, Hf and ZrOSTI review (2026)
Targeted productsDysprosium and terbium oxide, plus hafnium and zirconiumUSA Rare Earth

The resource figures are older than USA Rare Earth's ownership and will be replaced by the definitive feasibility study due in Q4 2026. Company materials elsewhere cite 16 elements.

How would Round Top be processed and who would buy the output?

USA Rare Earth plans heap leaching at Round Top followed by solvent extraction and chromatography to make separated heavy rare earth oxides. A demonstration plant in Wheat Ridge, Colorado was commissioned in Jun 2026, and no third-party offtake for Round Top oxide has been published.

The company says a parallel-process approach, running the mine and process design in parallel, saves tens of millions of dollars and brought the production date forward by two years, from 2030 to the second half of 2028 (Dec 2025 announcement). It expects to complete the definitive feasibility study in Q4 2026 and publish it in Q1 2027.

The Wheat Ridge hydrometallurgical demonstration plant is planned to run for at least 2,000 continuous hours, with operations expected to end in about Oct 2026. In Jul 2026 it produced dysprosium and NdPr oxide samples from Round Top material. Fluor and WSP were named engineering, procurement and construction management partners in Jan 2026.

The oxides would feed USA Rare Earth's own metal and magnet plants in Oklahoma and South Carolina. The company has also signed a 15-year offtake for Serra Verde output in Brazil, which is a separate supply from Round Top.

What permits and community issues affect Round Top?

Round Top needs mining and environmental permits from the Texas Commission on Environmental Quality and a lease from the Texas General Land Office. Residents of Sierra Blanca and environmental groups have raised concerns about beryllium dust, heap leaching waste and water.

The Texas General Land Office controls the surface and minerals and earns royalties under the lease. The development plan includes an open pit and heap leach pads, and critics cite the radioactive and toxic by-products common to rare earth processing.

Water is the recurring local concern, including groundwater use in the Dell City area, which depends on it. No permit decision or lawsuit was found in the sources checked, and the definitive feasibility study should set out the water and waste plan.

What government support has Round Top received?

Round Top has received a $14.2M grant from the Texas Semiconductor Innovation Fund. USA Rare Earth also holds definitive agreements with the Department of Commerce for up to $1.6B, but the sources checked do not itemize how much of it supports Round Top.

Government support to Round Top, with the status of each commitment
Agency and instrumentAmountWhenStatus
State of Texas (Semiconductor Innovation Fund)Grant. State, not federal, funding $14.2M 2026 Closed
Department of Commerce (CHIPS)Up to $277M funding plus up to $1.3B senior secured loan, company-wide. Disbursements are tied to milestones; the Round Top share is not itemized in the sources checked Up to $1.6B Jun 3, 2026 Conditional

The Commerce agreements fund the company's wider heavy rare earth chain, including $70M for its Stillwater, Oklahoma plants. See the government support tracker.

Questions about Round Top

Is Round Top a rare earth deposit in Texas?

Yes. Round Top is a heavy-rare-earth-rich deposit in Hudspeth County, Texas, near Sierra Blanca. USA Rare Earth owns 100% of it after closing its Texas Mineral Resources acquisition in Aug 2026, and the project is in development.

Is Round Top the same as the town of Round Top, Texas?

No. The rare earth project is Round Top Mountain in far West Texas, about 8 miles northwest of Sierra Blanca. The town of Round Top, known for its antiques fair, is in Fayette County in central Texas.

Who owns Round Top?

USA Rare Earth (Nasdaq: USAR) owns 100% of the Round Top project. It first took 80% of the joint venture in 2021 and bought out Texas Mineral Resources, the remaining owner, in Aug 2026. The land itself is leased from the Texas General Land Office.

When will Round Top start producing?

USA Rare Earth targets first production in the second half of 2028, two years earlier than its previous plan. A definitive feasibility study is due in Q4 2026 and will confirm the schedule and capital cost.

How much rare earth is at Round Top?

The older resource estimate shows 359 Mt measured and indicated at 639 ppm REO and 675 Mt inferred at 638 ppm. About 72% of the oxide is heavy rare earths plus yttrium, which is unusually high.

What are the concerns about the Round Top mine?

Residents of Sierra Blanca and environmental groups cite beryllium dust, heap leach waste and groundwater use. The project needs permits from the Texas Commission on Environmental Quality, and the feasibility study should detail the water and waste plan.

Sources and verification

Each profile lists its sources, a confidence grade and a verification date. Order of authority: official records (SEC filings, agency documents), company documents and technical reports, research papers, then independent press. Syndicated copies and reference works are labeled and are never the only source for a number. Company-reported figures are labeled as such, and non-binding deals are labeled "letter of intent" or "conditional".

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