US Competition for Rare Earth Production

I read where Senator Ted Cruz opposed Lynas. This is one company that is being talked about as being viable for providing US Rare Earth needs. With all respect to TEXAS MINERAL RESOURCES CORP, the following came from its 2019 Annual Report.

"The Round Top Project is in the exploration stage. There is no assurance that we can establish the existence of any mineral reserve from the Round Top Project in commercially exploitable quantities. Until we can do so, we cannot earn any revenues from the Round Top Project, and our business could fail."

"We have no history of producing metals from the Round Top Project."

"If we establish the existence of a mineral reserve in the Round Top Project in a commercially exploitable quantity, we will require additional capital in order to develop the property into a producing mine. If we cannot raise this additional capital, we will not be able to exploit the reserve, and our business could fail."

"Our operations contain significant uninsured risks which could negatively impact future profitability as we maintain no insurance against our operations."

AND THE BIG ONE...

"At August 31, 2019, our accumulated deficit was approximately $36,576,000 and our cash position was approximately $1,825,000. In August 2019, we issued 5,111,626 shares of common stock for $1,840,185. We had a working capital surplus of approximately $448,000. We have not commenced commercial production on any of our mineral properties. We have no revenues from operations and anticipate we will have no operating revenues until we place one or more of our properties into production. All properties are in the exploration stage. During the fiscal year ending August 31, 2019, we expended approximately $139,000 in certain metallurgical activities and we expect to expend additional amounts to fund metallurgical activities during our current fiscal year. Other than the financial commitment with USA Rare Earth to fund operations to earn a 70% interest in the Round Top Project, we currently do not have funds to pursue exploration or development work on the Round Top Project, which means that we will be required to raise additional capital on best efforts terms if USA Rare Earth ceases funding, or find alternative means to finance the Round Top Project continued exploration activities, if warranted."

CASH POSITION: $1,825,000 with no revenues from operations because all properties are in the exploration stage! I don't know if Mr. Cruz was voting against Lynas to help Texas Mineral but this company is not production ready and may never be.