For the fiscal third quarter ended June 30, Rare Element posted a net loss of US$8.6 million, or 19 cents per share against a loss of US$7.1 million in 2011, or a loss of 16 cents a year earlier.
As an exploration company, Rare Element does not report revenues at this time.
Cash, cash equivalents and short-term investments were $51.6 million compared to $56.0 million as at the end of March 2012.
"This was a year of continued substantial progress for our Bear Lodge Property. With a planned 15,000 meter calendar year 2012 drill program, and encouraging results to-date, the future of this exceptional project is coming together in a timely way," Rare Element president and CEO Randall J. Scott said.
"We look forward to continuing to meet our goals and milestones as we move toward production and will be keeping our shareholders up to date as we work diligently throughout the remainder of 2012 and into 2013."
The company said that its current development efforts are progressing as planned and focusing on acquiring additional key information in support of a Definitive Feasibility Study, the next major project milestone, which the company expects to complete during the third quarter of 2013.
The current drilling programs, metallurgical testwork, strategic partner and off-take discussions, and environmental and social impact studies are concentrated on advancing the project and maximizing stakeholder value.
"We intend to start the formal portion of the Definitive Feasibility Study during the first quarter of 2013," the company said in a statement.
Rare Element also said it expects to submit its revised Plan of Operations to the U.S. Forest Service (USFS) before the end of 2012. This submittal will formally start the Environmental Impact Statement assessment for the Bear Lodge project.
The company said its goal was to obtain a favorable Record of Decision from the USFS in 2014. The Wyoming mine permit application is expected to be submitted in late 2013 with the goal of receiving the permit to mine by the end of 2014.
A Wyoming Industrial Siting Permit application will also be submitted in late 2013.
It terms of drilling, the company is on track to complete 15,000 meters of drilling in the 2012 drilling season.
Results to date from the 2012 drilling program include: completed development drilling of 19 core holes and one reverse circulation (RC) hole at the Bull Hill deposit and infill and step-out exploration drilling at the growing Whitetail Ridge heavy rare earth enriched deposit.
Rare Element is in the process of changing its fiscal year-end to December 31 from June 30 effective December 31, 2012.
This change will better align its financial and year end results to its drill season and budgeting process.
Rare Element Resources is a publicly-traded mineral resource company focused on exploration and development of rare-earth elements and gold on the Bear Lodge property located in northeastern Wyoming.
Rare-earth elements are key components of the green energy technologies and other high-technology applications. Some of the major applications include hybrid automobiles, plug-in electric automobiles, advanced wind turbines, computer hard drives, compact fluorescent lights, metal alloys, additives in ceramics and glass, petroleum cracking catalysts, and a number of critical military applications.
China currently produces more than 95 per cent of the 130,000 metric tonnes of rare-earths consumed annually worldwide, and China has been reducing its exports of rare-earths each year.
The rare-earth market is growing rapidly, and is projected to accelerate if green technologies continue to be implemented on a broad scale.