RARE ELEMENT RES LTD - REEMF STOCK NEWS

Rare Element Resources (OTCQB: REEMF) has received U.S. Department of Energy (DOE) approval for the operations phase of its rare earth processing and separation demonstration plant in Wyoming. The DOE has issued the second and final Project Continuation Notice, allowing operations to commence in Q4 2024, pending U.S. Nuclear Regulatory Commission approval.

The DOE has also increased the project's cost-share budget to approximately $53.6 million, with federal cost-share rising by 10% to about $24.2 million. RER anticipates total project costs to exceed this budget due to post-pandemic supply chain issues, inflation, and design refinements.

The demonstration plant aims to advance RER's proprietary technology and generate data for a commercial-scale plant design. Wood plc has been engaged as the operations staffing contractor, preparing for approximately 20 full-time positions.

Rare Element Resources (REEMF) has provided an update on the construction of its rare earth recovery and separation plant in Upton, Wyoming. Site preparations are nearly complete, and essential equipment has been delivered. The project, directed by Loenbro, aims to commence operations in Q3 2024. An updated budget of $53.6 million was submitted to the DOE for approval, reflecting a 21% increase due to inflation. The DOE's decision is expected by September 1, 2024. The company is prepared to cover additional costs from its recent rights offering. The plant will undergo a 12-month operational phase for data collection to support commercialization.

Rare Element Resources appoints Ken Mushinski as President and CEO, succeeding Brent Berg. Mushinski brings extensive experience in corporate development and project execution, particularly in the uranium industry. The appointment aims to drive strategic partnerships and investments for the Bear Lodge Project's development.

Rare Element Resources Ltd. announces oversubscribed rights offering, raising approximately US$35.8 million. The offering resulted in the issuance of 298.1 million common shares at US$0.12 per share, with majority shareholder Synchron owning around 70.6% of the total shares. The proceeds will support the Bear Lodge rare earth elements project and other corporate purposes.

Rare Element Resources Ltd. (REEMF) completes a new mineral resource estimate focused on key magnet materials like neodymium and praseodymium at the Bear Lodge Project in Wyoming. The estimate utilizes data from 252 core holes and pilot plant testing. The estimated mineral resource includes measured, indicated, and inferred categories, emphasizing the potential for rare earth demand growth in defense and green technologies.

Rare Element Resources Ltd. (REEMF) commences a rights offering to raise up to $35.8 million. Shareholders receive subscription rights to purchase common shares at $0.12 per share. The offering includes an oversubscription privilege. The proceeds will fund the Bear Lodge REE Project, supporting commercialization and operational activities. U.S. and Canadian holders receive detailed instructions on exercising their subscription rights. The offering is expected to expire on March 11, 2024, with plans for strategic use of net proceeds.

Rare Element Resources Ltd. (RER) (OTCQB: REEMF) has been invited to participate in the first annual Mine-To-Magnet Workshop held by the NDIA and sponsored by Lockheed Martin. The event will gather stakeholders from across the supply chain and the U.S. government to discuss the United States’ need for critical materials and inputs for rare earth magnets essential for defense and green technology applications. Brent Berg, RER’s President and CEO, will participate in the workshop. RER's Bear Lodge Project and innovative recovery technology aim to address China’s control of the rare earth market.

Rare Element Resources Ltd. (RER) announces the resignation of President and CEO Brent Berg, effective April 2, 2024, or earlier at the discretion of the RER Board of Directors. The company is focused on advancing the Bear Lodge Rare Earth Project in northeast Wyoming, containing critical rare earths essential for various high-tech applications. The announcement also includes key milestones achieved in 2023 and the initiation of the process to retain Mr. Berg's successor.

Rare Element Resources Ltd. (RER) announces DOE approval of budget for construction of rare earth processing and separation demonstration plant, with plant operations expected to commence in 2024.