Rare Element Resources Ltd. (we, us, Rare Element or the Company) was incorporated under the laws of the Province of British Columbia, Canada, on June 3, 1999. Rare Element has historically been focused on advancing the Bear Lodge REE Project and the Sundance Gold Project, both located near the town of Sundance in northeast Wyoming. The Bear Lodge REE Project consists of several large disseminated REE deposits and a proposed hydrometallurgical plant to be located near Upton, Wyoming. The Sundance Gold Project contains a historical inferred mineral resource primarily composed of three gold targets within the area of the Bear Lodge property. During the year ended December 31, 2019, the Company focused on (i) continuing the confirmation and enhancement of our proprietary technology for rare earth processing and separation through piloting, and (ii) updating and supplementing environmental baseline data in anticipation of the potential resumption of permitting efforts. Further, in 2019, the Company monitored U.S. government actions regarding securing a domestic, non-Chinese, rare earth supply chain and participated in certain discussions with government officials. As a result of the Companys current focus on the Bear Lodge REE Project and in light of ongoing volatile economic conditions for gold, no drilling or exploration on the Sundance Gold Project has been conducted since the end of 2011. Further exploration will be required in order to define the extent of the gold occurrences. The financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business beyond the next 12 months following the filing date of this Annual Report on Form 10-K. The Company previously reported substantial doubt about its ability to continue as a going concern in its financial statements for the year ended December 31, 2018 and subsequent quarterly financial statements in 2019. Due to the transaction with Synchron (Note 6), management no longer believes there is substantial doubt as to its ability to continue as a going concern. However, even with the transaction with Synchron, we do not have sufficient funds to fully complete feasibility studies, permitting, licensing, development and construction of the Bear Lodge REE Project. Therefore, the achievement of these activities will be dependent upon future financings, off-take agreements, joint ventures, strategic transactions, or sales of various assets. There is no assurance, however, that we will be successful in completing any such financing, agreement or transaction.