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Ucore Rare Metals Inc. is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. The company aims to become a leading advanced technology company providing best-in-class metal separation products and services to the mining and mineral extraction industry. Ucore is working to disrupt China's control of the North American REE supply chain through the development of a rare-earth processing facility in Louisiana, Strategic Metal Complexes in Canada and Alaska, and the Bokan-Dotson Ridge Rare Heavy REE Project in Alaska.
Ucore Rare Metals reports 60% completion of objectives in its US$4 million Department of Defense (DoD) project at its Kingston, Ontario Commercialization and Demonstration Facility. The company's 52-Stage RapidSX™ Demonstration Plant has achieved significant milestones, including processing over 3 tonnes of rare earth elements and producing over 57,000 liters of rare earth chloride solutions. The project demonstrates that RapidSX™ technology performs equal to or better than conventional separation methods, supporting its planned implementation at the Louisiana Strategic Metals Complex. The company has conducted approximately thirty facility tours with various stakeholders, leading to preliminary agreements for supply and offtake arrangements.
Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) has provided an update on the commercialization of its RapidSX™ rare earth separation technology. The company is demonstrating the technology at its Commercialization and Demonstration Facility (CDF) in Kingston, Ontario, while also trialing ancillary systems for its future Louisiana Strategic Metals Complex (SMC). Key developments include:
1. Processing mixed rare earth oxide and carbonate feedstocks
2. Developing ancillary processing systems
3. Conducting product qualification for potential Western partners
4. Operating a 52-stage RapidSX™ Demonstration Plant
5. Designing and testing various processes, including cerium depletion and yttrium removal
6. Producing rare earth oxides for end-user qualifications
These advancements position Ucore as a potential first mover in Western commercial heavy rare earth processing, aiming to disrupt China's control of the North American REE supply chain.
ABx Group (ASX: ABX) and Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) have signed a Memorandum of Understanding (MOU) on September 3, 2024, to establish an Australia-USA rare earths supply chain. The key objectives include:
1. Working towards a binding offtake agreement for ABx to supply mixed rare earth carbonates (MREC) to Ucore
2. Exploring Ucore's investment opportunity in ABx's rare earths project in Tasmania
3. Strengthening US-Australia relations in critical minerals and clean energy projects
The MOU aims for Ucore to obtain 'first right of refusal' for 50% of ABx's annual volume for a minimum of five years. Both companies will collaborate on product flowsheet optimization, project development strategies, and share information on global rare earth markets.
Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) has made several corporate updates. The company has granted 965,000 stock options to directors, officers, employees, and consultants, exercisable at $0.70 per share with a five-year expiry. Additionally, 960,000 restricted share units were granted to officers and employees, vesting over three years.
Ucore has also amended the terms of 1,145 convertible debentures originally issued in May 2020. The maturity date has been extended to January 31, 2026, and the conversion price reduced from $1.20 to $0.90 per unit. The warrant exercise price associated with these debentures has been adjusted from $1.80 to $1.30 per Common Share.
Ucore Rare Metals and Meteoric Resources have signed an MOU for the supply of 3,000 metric tonnes of total rare earth oxide (TREO) from Meteoric's Caldeira Project in Brazil to Ucore's developing Louisiana Strategic Metals Complex (SMC) in the USA. The agreement focuses on rare earth elements important for magnet production, including terbium, dysprosium, neodymium, and praseodymium.
Key points of the MOU include:
- Potential supply of over 900MT of NdPr, 6MT of Tb, and 24MT of Dy annually
- Ucore's REO production in Louisiana expected to start commissioning by Q4-2025
- Meteoric aims to commence MREC production in the second half of 2027
- Both parties will support each other in funding and business development
This partnership aims to establish a Western rare earth supply chain, leveraging Brazil's proximity to the Port of New Orleans for efficient logistics to Ucore's Alexandria facility.
Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) has announced a memorandum of understanding (MOU) with Cyclic Materials for the future supply of recycled mixed rare earth oxide (rMREO). The collaboration aims to:
1. Support Ucore's rare earth demonstration program at its RapidSX™ Commercialization and Demonstration Facility in Kingston, Ontario.
2. Establish a long-term source for Ucore's developing commercial rare earth element separation and oxide production plants in North America.
The project received $4.28 million in funding from Natural Resources Canada's Critical Minerals Research, Development and Demonstration Program. Both companies view this partnership as a step towards reducing North America's dependence on foreign rare earth supply chains.
Ucore Rare Metals announced that its Louisiana Rare Earth Refinery aligns strategically with US government efforts to bolster the American electric vehicle (EV) market. On May 14, 2024, the White House introduced a 100% tariff on EV imports from China and a new 25% tariff on permanent magnets, critical for EV motors, primarily controlled by China. Ucore's Alexandria, Louisiana facility aims to process up to six different sources of US-friendly feedstock, enhancing supply chain resilience. The facility plans to escalate production from 2,000 tonnes to 7,500 tonnes per annum. This development supports the US objective of reducing dependency on Chinese imports and fostering a robust domestic supply chain.
Ucore Rare Metals Inc. completed initial testing of a rare earth carbonate sample from Defense Metals' Wicheeda Project, confirming its suitability for commercial-scale processing with Ucore's RapidSX™ technology. The MREC sample will be incorporated into the NRCan light REE demonstration program and used in the Louisiana Strategic Metals Complex project. SGS Canada Inc. shipped the sample to Ucore's CDF, with positive feedback from both companies' executives. The collaboration aims to reduce North American reliance on non-Western rare earth sources.
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