Ucore Awarded Funding by Ontario Critical Minerals Innovation Fund
Ucore Rare Metals (TSXV: UCU) (OTCQX: UURAF) has been awarded $500,000 from Ontario's Critical Minerals Innovation Fund for advancing their RapidSX™ Commercial Demonstration Facility in Kingston, Ontario. The non-dilutive funding will support the Continuous Improvement Process at the facility.
The company has constructed and is operating a 52-stage RapidSX™ Demonstration Plant for separating and refining heavy and light rare earth oxides. The facility employs digital manufacturing with continuous process capabilities and flexible work cells, enabling monitoring throughout operations. This technology aims to compete with established Chinese producers in the rare earth processing sector.
The Critical Minerals Innovation Fund supports projects strengthening Ontario's critical minerals sector, focusing on battery supply chain, exploration techniques, mineral recovery, and innovative solutions. Rare Earth Elements, important for permanent magnets used in electric vehicles, wind turbines, and military applications, require extensive processing to achieve required purity levels.
Ucore Rare Metals (TSXV: UCU) (OTCQX: UURAF) ha ricevuto $500.000 dal Critical Minerals Innovation Fund dell'Ontario per il progresso della loro RapidSX™ Commercial Demonstration Facility a Kingston, Ontario. Il finanziamento non diluitivo supporterà il processo di miglioramento continuo nella struttura.
L'azienda ha costruito e sta operando un impianto dimostrativo RapidSX™ a 52 fasi per la separazione e la raffinazione degli ossidi di terre rare pesanti e leggere. La struttura utilizza la manifattura digitale con capacità di processo continuo e celle di lavoro flessibili, consentendo il monitoraggio durante le operazioni. Questa tecnologia mira a competere con i produttori cinesi affermati nel settore della lavorazione delle terre rare.
Il Critical Minerals Innovation Fund sostiene progetti che rafforzano il settore dei minerali critici dell'Ontario, concentrandosi sulla catena di approvvigionamento delle batterie, tecniche di esplorazione, recupero minerale e soluzioni innovative. Gli elementi delle terre rare, importanti per i magneti permanenti utilizzati nei veicoli elettrici, nelle turbine eoliche e nelle applicazioni militari, richiedono ampie lavorazioni per raggiungere i livelli di purezza richiesti.
Ucore Rare Metals (TSXV: UCU) (OTCQX: UURAF) ha sido premiada con $500.000 del Critical Minerals Innovation Fund de Ontario para avanzar en su RapidSX™ Commercial Demonstration Facility en Kingston, Ontario. La financiación no dilutiva apoyará el Proceso de Mejora Continua en la instalación.
La empresa ha construido y está operando una planta de demostración RapidSX™ de 52 etapas para separar y refinar óxidos de tierras raras pesados y ligeros. La instalación emplea fabricación digital con capacidades de proceso continuo y celdas de trabajo flexibles, lo que permite el monitoreo a lo largo de las operaciones. Esta tecnología tiene como objetivo competir con los productores establecidos en China en el sector de procesamiento de tierras raras.
El Critical Minerals Innovation Fund apoya proyectos que fortalecen el sector de minerales críticos de Ontario, enfocándose en la cadena de suministro de baterías, técnicas de exploración, recuperación mineral y soluciones innovadoras. Los elementos de tierras raras, importantes para imanes permanentes utilizados en vehículos eléctricos, turbinas eólicas y aplicaciones militares, requieren un extenso procesamiento para alcanzar los niveles de pureza requeridos.
Ucore Rare Metals (TSXV: UCU) (OTCQX: UURAF)는 온타리오의 Critical Minerals Innovation Fund로부터 $500,000를 지원받아 온타리오 킹스턴에 위치한 RapidSX™ 상업 시연 시설을 발전시키고 있습니다. 이 비희석 자금은 시설의 지속적 개선 프로세스를 지원할 것입니다.
회사는 52단계 RapidSX™ 시연 공장을 건설하고 운영하며, 중량 및 경량 희토류 산화물의 분리 및 정제를 수행하고 있습니다. 이 시설은 지속적인 공정 능력과 유연한 작업 셀을 갖춘 디지털 제조를 활용하여 작업 전반에 걸쳐 모니터링을 가능하게 합니다. 이 기술은 희토류 가공 분야에서 정립된 중국 생산자들과 경쟁하는 것을 목표로 하고 있습니다.
Critical Minerals Innovation Fund는 배터리 공급망, 탐사 기술, 광물 회수 및 혁신적인 솔루션에 중점을 두고 온타리오의 중요한 광물 부문을 강화하는 프로젝트를 지원합니다. 전기차, 풍력 터빈 및 군사 응용 분야에 사용되는 영구 자석에 중요한 희토류 원소는 요구되는 순도 수준을 달성하기 위해 광범위한 가공이 필요합니다.
Ucore Rare Metals (TSXV : UCU) (OTCQX : UURAF) a reçu 500 000 $ du Critical Minerals Innovation Fund de l'Ontario pour faire avancer leur RapidSX™ Commercial Demonstration Facility à Kingston, Ontario. Ce financement non dilutif soutiendra le processus d'amélioration continue au sein de l'établissement.
L'entreprise a construit et exploite une usine de démonstration RapidSX™ à 52 étapes pour séparer et raffiner les oxydes de terres rares lourdes et légères. L'installation utilise la fabrication numérique avec des capacités de processus continu et des cellules de travail flexibles, permettant un suivi tout au long des opérations. Cette technologie vise à concurrencer les producteurs chinois établis dans le secteur du traitement des terres rares.
Le Critical Minerals Innovation Fund soutient des projets renforçant le secteur des minéraux critiques de l'Ontario, en se concentrant sur la chaîne d'approvisionnement des batteries, les techniques d'exploration, la récupération des minéraux et des solutions innovantes. Les éléments de terres rares, importants pour les aimants permanents utilisés dans les véhicules électriques, les éoliennes et les applications militaires, nécessitent un traitement approfondi pour atteindre les niveaux de pureté requis.
Ucore Rare Metals (TSXV: UCU) (OTCQX: UURAF) wurde mit 500.000 $ aus dem Critical Minerals Innovation Fund von Ontario ausgezeichnet, um ihre RapidSX™ Commercial Demonstration Facility in Kingston, Ontario, voranzubringen. Die nicht verwässernde Finanzierung wird den kontinuierlichen Verbesserungsprozess in der Anlage unterstützen.
Das Unternehmen hat eine RapidSX™ Demonstrationsanlage mit 52 Stufen zur Trennung und Raffinierung schwerer und leichter Seltenen Erden-Oxide gebaut und betreibt diese. Die Anlage nutzt digitale Fertigung mit kontinuierlichen Prozessfähigkeiten und flexiblen Arbeitszellen, was eine Überwachung während der Abläufe ermöglicht. Diese Technologie zielt darauf ab, mit etablierten chinesischen Produzenten im Bereich der Verarbeitung seltener Erden zu konkurrieren.
Der Critical Minerals Innovation Fund unterstützt Projekte, die den Sektor der kritischen Mineralien in Ontario stärken, mit Fokus auf Lieferketten für Batterien, Erkundungstechniken, Mineralrückgewinnung und innovative Lösungen. Seltene Erden, die für permanente Magnete in Elektrofahrzeugen, Windkraftanlagen und militärischen Anwendungen wichtig sind, erfordern umfangreiche Prozesse, um die geforderten Reinheitsgrade zu erreichen.
- Secured $500,000 non-dilutive government funding
- Successfully constructed and operating 52-stage RapidSX™ Demonstration Plant
- Implementation of advanced digital manufacturing and monitoring systems
- Currently in demonstration phase, not yet fully commercial
- Faces competition from established Chinese producers
Halifax, Nova Scotia--(Newsfile Corp. - January 21, 2025) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company"), is pleased to announce that the Company has been awarded
"Investing in critical mineral advancements, like Ucore Rare Metals Inc.'s innovative RapidSX™ technology, is vital to strengthen Ontario's critical minerals sector, drive innovation, and secure our future security and prosperity," said George Pirie, Minister of Mines. "This
Ucore is currently commercializing its RapidSXTM technology for the refining and separation of rare earth oxides at its Commercial Development Facility in Kingston, Ontario. The Company has constructed, commissioned and is operating a 52 stage RapidSXTM Demonstration Plant for the separation and refining of heavy and light rare earth oxides. Ucore is employing cutting-edge digital manufacturing with ongoing continuous process capabilities and flexible work cells that enable monitoring at every step of the operation, thus allowing for a staged market entry. These innovations will allow Ucore to compete with established Chinese producers.
"We are thrilled to have the Ontario government as a partner as we work toward re-establishing the North American rare earth supply chain," stated Pat Ryan, CEO of Ucore. "The importance of rare earth products to strategic industries such as national defense, robotics and AI, and many clean technologies cannot be overstated. Ontario's Critical Minerals Innovation Fund will play an important role as we work toward critical minerals independence in North America."
Figure 1 - Ucore's 52-stage RapidSX™ Commercial Demo Plant in Kingston, Ontario
To view an enhanced version of this graphic, please visit:
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The Critical Minerals Innovation Fund provides funding to projects that help strengthen Ontario's critical minerals sector, supporting projects that involve research, development and commercialization of innovative technologies, techniques, processes and solutions for critical minerals and relate to key priority areas. Key priority areas include the battery supply chain, inventive techniques for deep exploration and mining, recovery of minerals, and other innovative projects that support the critical minerals sector.
Rare Earth Elements are essential components to several modern technologies. The largest application is their use in rare earth permanent magnets. Rare earth permanent magnets are used in a number of products, including electric vehicles, wind turbines, cell phones, MRI machines and numerous military applications. While rare earths are relatively abundant in the earth's crust, economic concentrations are uncommon and extensive processing is required to separate and refine the rare earths to a required purity. Ucore's focus on the all-important refining and separating of rare earth concentrates to usable oxides is needed to rebuild fragmented Western world supply chains.
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About Ucore Rare Metals Inc.
Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.
Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term establishment of a heavy and light rare-earth processing facility in the U.S. State of Louisiana, subsequent Strategic Metal Complexes in Canada and Alaska and the longer-term development of Ucore's
Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."
For further information, please visit www.ucore.com.
Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing are forward-looking statements. The details of the legislation by which tariffs are implemented can potentially impact the effectiveness of the protections afforded by Foreign Trade Zones. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.
Regarding any disclosure in the press release above about the US Department of Defense or the Government of Canada Programs and the expected successful progress and resulting milestone payments from these Programs, the Company has assumed that the Programs (including each of their milestones) will be completed satisfactorily. For additional risks and uncertainties regarding the Company, the CDF, the Demo Plant and ongoing Programs (generally), see the risk disclosure in the Company's MD&A for Q3-2023 (filed on SEDAR on November 20, 2023) (www.sedarplus.ca) as well as the risks described below.
Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future Strategic Metals Complexes ("SMCs"). Ucore has also assumed that sufficient external funding will be found to complete the Demo Plant demonstration schedule and also later prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Element project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.
Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.
CONTACTS
Mr. Michael Schrider, P.E., Ucore Vice President and Chief Operating Officer, is responsible for the content of this news release and may be contacted at 1.902.482.5214.
For additional information, please contact:
Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
1.902.482.5214
mark@ucore.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237931
FAQ
What is the amount of funding UURAF received from Ontario's Critical Minerals Innovation Fund?
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