STOCK TITAN

Ucore Continues to Advance its US DoD Demonstration Project towards Louisiana REE Commercialization

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags

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 riporta il 60% di completamento degli obiettivi nel suo progetto da 4 milioni di dollari del Dipartimento della Difesa (DoD) presso il suo Centro di Commercializzazione e Dimostrazione di Kingston, Ontario. L'impianto di Dimostrazione RapidSX™ a 52 fasi dell'azienda ha raggiunto traguardi significativi, elaborando oltre 3 tonnellate di elementi delle terre rare e producendo oltre 57.000 litri di soluzioni clorurate di terre rare. Il progetto dimostra che la tecnologia RapidSX™ offre prestazioni pari o superiori ai metodi di separazione convenzionali, supportando la sua attuazione programmata presso il Complesso Strategico di Metalli della Louisiana. L'azienda ha condotto circa trenta visite della struttura con vari stakeholder, portando a accordi preliminari per forniture e accordi di acquisto.

Ucore Rare Metals informa que ha completado el 60% de los objetivos en su proyecto de 4 millones de dólares del Departamento de Defensa (DoD) en su Instalación de Comercialización y Demostración en Kingston, Ontario. La Planta de Demostración RapidSX™ de 52 etapas de la empresa ha alcanzado hitos significativos, procesando más de 3 toneladas de elementos de tierras raras y produciendo más de 57,000 litros de soluciones cloradas de tierras raras. El proyecto demuestra que la tecnología RapidSX™ tiene un rendimiento igual o superior al de los métodos de separación convencionales, apoyando su implementación planificada en el Complejo Estratégico de Metales de Luisiana. La empresa ha realizado aproximadamente treinta visitas a las instalaciones con diversos interesados, lo que ha llevado a acuerdos preliminares para arreglos de suministro y compra.

Ucore Rare Metals는 온타리오주 킹스턴에 있는 400만 달러 규모의 국방부(DoD) 프로젝트에서 목표의 60%를 완료했다고 보고했습니다. 회사의 52단계 RapidSX™ 시연 플랜트는 3톤 이상의 희토류 원소를 처리하고 57,000리터 이상의 희토류 염화물 용액을 생산하는 등 중요한 이정표를 달성했습니다. 이 프로젝트는 RapidSX™ 기술이 기존의 분리 방법과 동등하거나 더 우수하게 작용함을 보여주며, 이는 루이지애나 전략 금속 복합체에서의 계획된 구현을 지원합니다. 회사는 다양한 이해 관계자와 약 서른 번의 시설 투어를 진행했고, 이로 인해 공급 및 구매 계약에 대한 초기 합의가 이루어졌습니다.

Ucore Rare Metals rapporte que 60 % des objectifs ont été atteints dans son projet de 4 millions de dollars du Département de la Défense (DoD) dans son installation de commercialisation et de démonstration à Kingston, Ontario. L'usine de démonstration RapidSX™ en 52 étapes de l'entreprise a atteint des étapes importantes, y compris le traitement de plus de 3 tonnes d'éléments de terres rares et la production de plus de 57 000 litres de solutions de chlorure de terres rares. Le projet démontre que la technologie RapidSX™ fonctionne aussi bien, voire mieux que les méthodes de séparation conventionnelles, soutenant sa mise en œuvre prévue au complexe stratégique de métaux de Louisiane. L'entreprise a réalisé environ trente visites de l'installation avec divers acteurs concernés, conduisant à des accords préliminaires concernant les arrangements de fournitures et d'achats.

Ucore Rare Metals berichtet von einem 60%igen Abschluss der Ziele in seinem 4 Millionen US-Dollar-Projekt des Verteidigungsministeriums (DoD) in seiner Kommerzialisierungs- und Demostrationsanlage in Kingston, Ontario. Die 52-stufige RapidSX™-Demonstrationsanlage des Unternehmens hat bedeutende Meilensteine erreicht, darunter die Verarbeitung von über 3 Tonnen seltener Erden und die Produktion von über 57.000 Litern seltener Erdenchloridlösungen. Das Projekt zeigt, dass die RapidSX™-Technologie gleichwertig oder besser als herkömmliche Trennmethoden arbeitet und unterstützt die geplante Umsetzung im Strategischen Metallekomplex von Louisiana. Das Unternehmen hat etwa dreißig Anlagenbesichtigungen mit verschiedenen Interessengruppen durchgeführt, was zu vorläufigen Vereinbarungen für Liefer- und Abnahmeverträge geführt hat.

Positive
  • Successfully completed 60% of DoD project objectives
  • Secured US$4 million DoD contract for REE separation demonstration
  • Processed over 3 tonnes of REE material demonstrating operational capability
  • RapidSX™ technology showing superior or equal performance to conventional methods
  • Established preliminary supply and offtake agreements for Louisiana facility
Negative
  • Commercial production facility in Louisiana not yet operational
  • Project completion extends into first half of 2025

Halifax, Nova Scotia--(Newsfile Corp. - October 24, 2024) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to update on its US$4 million Other Transaction Agreement (the "OTA") with the US Department of Defense (the "DoD"). The work is taking place at the Company's Commercialization and Demonstration Facility ("CDF") in Kingston, Ontario, utilizing its 52-Stage RapidSX™ Demonstration Plant ("Demo Plant") for the separation of mixed heavy and light rare earth elements ("REE") from a mixed rare earth oxide ("MREO").

Cannot view this image? Visit: https://images.newsfilecorp.com/files/1119/227691_figure1.jpg_550.jpg

Figure 1 - Ucore's 52-stage RapidSX™ Commercial Demo Plant in Kingston, Ontario (upper) and its Developing Louisiana SMC in Alexandria, Louisiana (lower)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1119/227691_figure1.jpg

During an October 2024 CDF visit by the DoD, the Company reported that it has completed 60% of the stated objectives in the Project's Statement of Work, including:

  • Establishment of an enhanced on-site analytical laboratory to support 120 hours a week of scheduled shift work

  • Institution of a Continuous Improvement Program to ensure a "copy and paste" RapidSX™ technology transfer from Kingston, Ontario, to Ucore's developing commercial REE separation plant in Alexandria, Louisiana - the Louisiana Strategic Metals Complex ("SMC")

  • Completion of over 2,600 hours of Demo Plant runtime

  • Processing over 3 tonnes of REE derived from a heavy rare earth element ionic clay sourced MREO

  • Producing over 57,000 liters of rare earth chloride raffinates and 57,000 liters of rare earth chloride strip liquors

  • Direct comparisons of the RapidSX™ Demo Plant against the smaller scale conventional SX Pilot Plant for purity and recovery - with every result to date indicating that RapidSX™ is equal to or superior

  • Working towards the establishment of a commercial REE Western supply chain:

    • Conducting approximately thirty CDF tours since the Project kickoff with US and Canadian government entities, REE resource companies, REE magnet and metal makers, automotive OEMs, rare earth oxide ("REO") consumers, international trading companies, financiers, and other current and prospective SMC partners

    • Resulting in several preliminary agreements for MREC or MREO supply and developing oxide offtake arrangements for the Louisiana SMC

"The DoD work that Ucore is performing in Kingston is essential to the commercial deployment of our RapidSX™ separation technology in Louisiana," stated Mike Schrider, P.E., Vice President and Chief Operating Officer of Ucore. "The operation of our demonstration-scale plant de-risks the commercial scale-up and allows Ucore the opportunity to attract like-minded Western partners as the Company works to assist in establishing an alternative rare earth supply chain - particularly for heavy rare elements which are essential to the operation of rare earth permanent magnets at elevated temperatures in military, commercial and consumer vehicles and robots."

The Company will continue the execution of its DoD heavy REE Project through the first half of 2025 and then transition to the completion of its previously announced C$4.28M light REE demonstration project with the Government of Canada.

# # #

 

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 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA.

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. 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 Q3-2024 (filed on SEDAR on August 27, 2024) (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/227691

FAQ

What is the value of Ucore's (UURAF) Department of Defense contract?

Ucore (UURAF) has a US$4 million Other Transaction Agreement (OTA) with the US Department of Defense for rare earth element separation demonstration.

How much material has Ucore's (UURAF) RapidSX™ Demo Plant processed?

Ucore's Demo Plant has processed over 3 tonnes of REE material and produced over 57,000 liters each of rare earth chloride raffinates and strip liquors.

What percentage of DoD project objectives has Ucore (UURAF) completed as of October 2024?

As of October 2024, Ucore has completed 60% of the stated objectives in the DoD Project's Statement of Work.

UCORE RARE METALS INC

OTC:UURAF

UURAF Rankings

UURAF Latest News

UURAF Stock Data

28.65M
38.32M
17.49%
Other Industrial Metals & Mining
Basic Materials
Link
United States of America
Bedford