Executive White House Order Inspires US Nuclear-Solar System Resources Plan for Asteroid Mining Expedition

Rhea-AI Summary

On February 24, 2021, President Biden signed an executive order to tackle shortages of critical items like semiconductors and rare earth metals. US Nuclear (OTCQB: UCLE) and Solar System Resources Corp. have partnered to extract valuable resources from near-Earth objects. Demand for these metals is rising for applications in electric vehicle batteries and electronics. US Nuclear will serve as the exclusive American vendor for rare earth metals with deliveries expected between 2028 and 2032. The supply chain dependence on foreign sources poses risks to the U.S. economy and military.

Positive

• Partnership with Solar System Resources Corp. to extract rare earth metals.
• US Nuclear designated as exclusive American vendor for rare earth metals.
• First substantial metal delivery planned between 2028-2032, tapping into growing market.

Negative

• Dependence on foreign sources for critical materials poses economic vulnerabilities.
• Projected supply of essential metals may not meet rising demand.

LOS ANGELES, CA, March 10, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- On February 24, 2021, President Biden signed an executive order to address a domestic shortage of key items including semiconductors, electric vehicle batteries, and rare earth metals by reviewing and strengthening our supply chains.  To this end, US Nuclear (OTCQB: UCLE) and Solar System Resources Corp. (SSRC) are committed to locating and extracting valuable rare, precious, and critical earth metals from near-Earth objects, such as the Moon, Mars, and nearby asteroids.  Critical and rare earth metals are surging in demand, as they are the vital building blocks of electrical vehicle batteries, wind turbines, smart phones and other portable electronics, high-performance magnets, catalysts, miniaturization of semiconductors, and more.   

Solar Systems Resources Corp. is a space mining company that conducts localization, in-situ verification, and mining of space resources.  US Nuclear recently signed an agreement on February 16, 2021 with Solar System Resources for the supply of rare He-3 mined on the moon, which will be primarily used as fuel for US Nuclear’s fusion power generators.  Now, Solar Systems Resources and US Nuclear have their sights set on mining rare, precious, and critical earth elements that are in short supply from nearby celestial bodies.  Some of the more valuable metals facing increased demand include lithium, manganese, cobalt, nickel, rhodium, and platinum, which are needed for consumer, industrial, medical, DoD, and environmental uses.  The global lithium battery market is expected to reach $100 billion by 2025, cobalt is anticipated to grow to $13.63 billion by 2027, manganese to $42 billion by 2027, and nickel to $8.62 billion by 2022.  

The latest report by Bloomberg New Energy Finance showed that electric vehicles (EVs) currently make up only 3% of the car sales worldwide, but are expected to grow to 10% by 2025, 28% by 2030, and 58% by 2040, with most automotive manufacturers planning to go completely electric by 2050.  Tesla batteries currently use lithium-nickel-cobalt-aluminum, whereas lithium-nickel-manganese-cobalt batteries are common across the rest of the electric vehicle industry.  It is projected that the supply of these metals will not meet the surging demand.  Unfortunately, the United States is dependent on foreign sources for these critical materials.  For example, China accounts for over 95% of the world’s production of rare earths, 60% of the world’s cobalt is mined in the Democratic Republic of Congo (80% of which is processed in China), and 80% of the world’s rhodium is mined in South Africa.  The price of rhodium, an essential component in catalytic converters, has skyrocketed to $27,400 per troy ounce (from $1,715/troy ounce in 2018).  This dependency creates a vulnerability to our economy and military, and the scarcity hinders or even prevents green technologies from progressing. 

US Nuclear and SSRC have agreed that US Nuclear will be the exclusive American vendor for all rare earth metals, and non-exclusive vendor for other metals mined by SSRC, with the first substantial delivery planned for 2028-2032.  US Nuclear will be SSRC’s conduit to the US market, helping to meet domestic demand as it continues to surge in the coming years. 

Safe Harbor Act
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Investors may find additional information regarding US Nuclear Corp. at the SEC website at http://www.sec.gov, or the company’s website at www.usnuclearcorp.com

CONTACT:

US Nuclear Corp. (OTCQB: UCLE)

Robert I. Goldstein, President, CEO, and Chairman

Rachel Boulds, Chief Financial Officer

(818) 883 7043

Email: info@usnuclearcorp.com

Attachments

• US Nuclear
• UCLE

FAQ

What is the significance of the executive order signed by President Biden related to UCLE?

The executive order aims to address shortages in critical items, including rare earth metals, essential for technologies like electric vehicles.

What is the partnership between US Nuclear and Solar System Resources Corp. about?

The partnership focuses on extracting rare, precious, and critical earth metals from near-Earth objects.

When are the first deliveries of rare earth metals expected from US Nuclear?

The first substantial delivery of rare earth metals is expected between 2028 and 2032.

How does UCLE's partnership impact the domestic supply of rare earth metals?

US Nuclear aims to meet domestic demand, countering reliance on foreign sources for critical materials.

What are the potential risks highlighted in the UCLE press release?

The press release notes vulnerabilities due to heavy dependence on foreign sources for essential metals and the potential shortfall in supply versus rising demand.