<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-03-10</periodOfReport>

    <issuer>
        <issuerCik>0001419806</issuerCik>
        <issuerName>RARE ELEMENT RESOURCES LTD</issuerName>
        <issuerTradingSymbol>REEMF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001158423</rptOwnerCik>
            <rptOwnerName>BLUE JAMES N</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>P.O. BOX 910304</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN DIEGO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92191-0304</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>true</isOther>
            <otherText>See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2026-03-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>100149060</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>24035774.4</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>460889576</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Remarks</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <remarks>The Common Shares are held of record by Synchron, a wholly-owned subsidiary of General Atomic Technologies Corporation (&quot;GATC&quot;), which is a wholly-owned subsidiary of Tenaya Corporation (&quot;Tenaya&quot;), and James N. Blue is the Chairman and President of Tenaya. James N. Blue may be deemed to beneficially own all of the Common Shares beneficially owned by Synchron as the Chairman, President and Chief Executive Officer of GATC, and the Chairman and President of Tenaya. James N. Blue disclaims beneficial ownership of the Common Shares reported herein except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that he is the beneficial owner of the Common Shares for purposes of Section 16 or for any other purpose.</remarks>

    <ownerSignature>
        <signatureName>/s/ James N. Blue</signatureName>
        <signatureDate>2026-03-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
