Latest news with #RapidSX™
Yahoo
28-05-2025
- Business
- Yahoo
Ucore Announces Groundbreaking Ceremony for Louisiana Rare Earth Element Processing Facility
Halifax, Nova Scotia--(Newsfile Corp. - May 28, 2025) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that it will hold a formal ground-breaking ceremony on Thursday, May 29th for its Louisiana Strategic Metals Complex ("SMC"), the Company's first commercial rare earth element ("REE") refining facility, located at the England Airpark in Alexandria, Louisiana. The Louisiana SMC will produce high-purity rare earth oxides from mixed rare earth chemical concentrates obtained from multiple global feedstock sources. The 80,800-square-foot brownfield facility is under a long-term lease agreement with the England Authority, the entity that manages England Airpark, a repurposed U.S. Air Force base transformed into a regional economic hub. Aerial View of the Developing Louisiana SMC - Alexandria, Louisiana To view an enhanced version of this graphic, please visit: Pat Ryan, Chairman & CEO, commented: "Breaking ground on the SMC is a pivotal moment - for Ucore and for North American critical mineral processing. We are very fortunate to have a host of strong partners at the local, regional, state, and federal levels. This includes the England Authority, Louisiana Central, the State of Louisiana, and the U.S. Department of Defense. We thank all of our supporters as we continue our work to develop a secure, domestic rare earth element supply chain." Strategic Metals Complex (SMC) Overview The Louisiana SMC is the first step in Ucore's commercial deployment of the RapidSX™ technology platform, a patent-pending advanced solvent extraction process that aims to reshape the rare earth industry with faster, more efficient, and more environmentally sound separation methods. Once operational, the SMC will produce commercial quantities of critical rare earth elements, such as neodymium, praseodymium, dysprosium, and terbium, which are essential to produce rare earth permanent magnets for electric vehicles, wind turbines, and national defense applications. Federal and State Support U.S. Department of Defense Funding Ucore recently agreed on a US$18.4 million project extension from the U.S. Department of Defense (DoD) under the Industrial Base Analysis and Sustainment ("IBAS") Program. This grant funding will be used to initiate construction and equipment procurement for the Louisiana SMC. The DoD support reflects the strategic importance of securing a domestic supply chain for rare earth materials critical to national defense. England Airpark England Airpark has been a critical partner in supporting Ucore's vision for the Strategic Metals Complex. As the operator of the former England Air Force Base, the England Authority has transformed the site into a thriving commercial and industrial hub. England Airpark has provided Ucore with a strategically located, infrastructure-ready site-within a federally designated Foreign Trade Zone ("FTZ"). This designation allows Ucore to benefit from potential duty deferrals, reductions, or eliminations on imported feedstock materials, enhancing the global competitiveness of its rare earth processing operations. Combined with collaborative local support and expedited permitting, the partnership underscores England Airpark's role in advancing U.S. critical mineral independence. Louisiana Incentive Package In addition to federal funding, the State of Louisiana and local partners have assembled a US $15+ million incentive package for the Company, including: Industrial Tax Exemption Program ("ITEP"): up to US $8.2 million in ad-valorem tax savings over 10 years Infrastructure Grant: US $900,000 for facility upgrades Facility Offset: US $360,000 over 24 months to reduce initial lease costs Additional Support Includes: payroll rebates, LED FastStart™ workforce training, and expedited state permitting These incentives underscore Louisiana's commitment to establishing Alexandria as a key node in North America's emerging critical mineral supply chain. # # # 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 development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs 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 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 the disclosure in the press release above about the DOD project and the expected successful progress of the project and the resulting milestone payments from the DoD, the Company has assumed that the project (including each of its milestones) will be completed in a satisfactory manner and in a reasonable period of time within approximately the next two years. For additional risks and uncertainties regarding the Company, the Commercialization and Demonstration Facility ("CDF"), the Demo Plant and the project (generally), see the risk disclosure in the Company's MD&A for Q1 2025 (filed on SEDAR on May 9, 2025) ( 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 developing and future Strategic Metals Complexes ("SMCs"). Ucore has also assumed that sufficient external funding will be found to complete the 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 MacDonaldVice President, Investor RelationsUcore Rare Metals Inc.1.902.482.5214mark@ To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
14-05-2025
- Business
- Associated Press
Ucore and US DOD Agree on US$18.4M Initial Construction Funding for Rare Earth Processing in Louisiana
Ucore Announces: Halifax, Nova Scotia--(Newsfile Corp. - May 14, 2025) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ('Ucore' or the 'Company') is pleased to announce that the Company has reached a firm fixed price agreement for a US$18.4 million increase to its current US$4M Other Transaction Agreement [i] ('OTA') with the US Army Contracting Command-Orlando. The purpose of the additional funding is to facilitate the construction of a production-ready commercial RapidSX™ machine and supporting infrastructure in Alexandria, Louisiana. Specifically, this involves the pre-planned expansion of Ucore's existing Rare Earth Element ('REE') Separation Technology Capabilities Prototype Project, soon to conclude at the RapidSX™ Commercialization and Demonstration Facility ('CDF') in Kingston, Ontario. The additional Phase II scope of work will further scale up and commercialize Ucore's RapidSX™ technology for its developing Louisiana Strategic Metals Complex ('SMC') REE refinery in Alexandria, Louisiana. This will be achieved through the installation of a complete full-scale RapidSX™ separation machine capable of demonstrating commercial scale production of Pr, Nd, Sm, Gd, Tb and/or Dy – six of the seven REEs which are listed by the People's Republic of China's ('PRC') for export licensing restrictions. [ This image cannot be displayed. Please visit the source: ] Figure 1 - Ucore's Demonstration-Scale Transition to Commercial-Scale US Rare Earth Separation To view an enhanced version of this graphic, please visit: The primary objectives of the Phase II project (the 'Project') are: It is anticipated that upon successful completion of the Project, Ucore will continue to construct RapidSX™ machines to complete its planned 2,000 tonne per annum TREO Phase 1 construction project. The concurrent construction and production efforts are enabled through the unique modular and adaptable attributes of the RapidSX™ technology platform coordinated with the smart acquisition and deployment of investment capital. 'Ucore's business model is founded on 1) collaboration with an array of like-minded upstream and downstream commercial and governmental partners and 2) the implementation of the next logical leap in commercial critical metals separation technology resulting from Western innovation,' stated Pat Ryan, Ucore Chairman and CEO. 'Ucore is very appreciative to the US DOD for the opportunity, and potential future opportunities, which have now resulted in this dedicated expansion Project to full scale processing production. 'This US DOD Louisiana SMC funding agreement is a critical step for Ucore's commercial advancements, but more importantly, for the progression of a Western rare earth supply chain, and North American critical metals security, which cannot exist without competitive critical metals processing on the world stage.' On May 10, 2025, Ucore executed a conditional advance agreement for pre-modification Project costs and will formally execute the OTA modification by June 10, 2025. # # # 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 development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs 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 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 the disclosure in the press release above about the OTA and the expected successful progress of the Project and the resulting milestone payments from the DoD, the Company has assumed that the Project (including each of its milestones) will be completed in a satisfactory manner and in a reasonable period of time within approximately the next two years. For additional risks and uncertainties regarding the Company, the CDF, the Demo Plant and the Project (generally), see the risk disclosure in the Company's MD&A for Q1 2025 (filed on SEDAR on May 9, 2025) ( ) 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 commissioning and 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 [email protected] To view the source version of this press release, please visit
Yahoo
14-05-2025
- Business
- Yahoo
Ucore and US DOD Agree on US$18.4M Initial Construction Funding for Rare Earth Processing in Louisiana
Ucore Announces: A US$18.4 million funding agreement with the US Department of Defense to launch its RapidSX™ Rare Earth Element Separation Technology toward full-scale operation, including: Expansion of the current $4M US DOD demonstration project Commercial-scale RapidSX™ production module construction and operations System engineering technology transfer from Ucore's Canadian demonstration facility to its developing United States commercial facility Full-scale construction and 'Early Production' in Louisiana in H2-2026 Halifax, Nova Scotia--(Newsfile Corp. - May 14, 2025) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that the Company has reached a firm fixed price agreement for a US$18.4 million increase to its current US$4M Other Transaction Agreement[i] ("OTA") with the US Army Contracting Command-Orlando. The purpose of the additional funding is to facilitate the construction of a production-ready commercial RapidSX™ machine and supporting infrastructure in Alexandria, Louisiana. Specifically, this involves the pre-planned expansion of Ucore's existing Rare Earth Element ("REE") Separation Technology Capabilities Prototype Project, soon to conclude at the RapidSX™ Commercialization and Demonstration Facility ("CDF") in Kingston, Ontario. The additional Phase II scope of work will further scale up and commercialize Ucore's RapidSX™ technology for its developing Louisiana Strategic Metals Complex ("SMC") REE refinery in Alexandria, Louisiana. This will be achieved through the installation of a complete full-scale RapidSX™ separation machine capable of demonstrating commercial scale production of Pr, Nd, Sm, Gd, Tb and/or Dy – six of the seven REEs which are listed by the People's Republic of China's ("PRC") for export licensing restrictions. Figure 1 - Ucore's Demonstration-Scale Transition to Commercial-Scale US Rare Earth Separation To view an enhanced version of this graphic, please visit: The primary objectives of the Phase II project (the "Project") are: Construct and demonstrate the full-scale RapidSX™ technology modules at the CDF. Conduct a systems engineering approach to facilitate a knowledge transfer of the innovative RapidSX™ separation technology from the CDF to the SMC. Install production separation capacity at the SMC capable of processing hundreds of tonnes of heavy and/or light total rare earth oxide ("TREO") processing utilizing the same RapidSX™ technology equipment platform. It is anticipated that upon successful completion of the Project, Ucore will continue to construct RapidSX™ machines to complete its planned 2,000 tonne per annum TREO Phase 1 construction project. The concurrent construction and production efforts are enabled through the unique modular and adaptable attributes of the RapidSX™ technology platform coordinated with the smart acquisition and deployment of investment capital. "Ucore's business model is founded on 1) collaboration with an array of like-minded upstream and downstream commercial and governmental partners and 2) the implementation of the next logical leap in commercial critical metals separation technology resulting from Western innovation," stated Pat Ryan, Ucore Chairman and CEO. "Ucore is very appreciative to the US DOD for the opportunity, and potential future opportunities, which have now resulted in this dedicated expansion Project to full scale processing production. "This US DOD Louisiana SMC funding agreement is a critical step for Ucore's commercial advancements, but more importantly, for the progression of a Western rare earth supply chain, and North American critical metals security, which cannot exist without competitive critical metals processing on the world stage." On May 10, 2025, Ucore executed a conditional advance agreement for pre-modification Project costs and will formally execute the OTA modification by June 10, 2025. # # # About Ucore Rare Metals 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 development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs 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 Forward-Looking StatementsThis 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 the disclosure in the press release above about the OTA and the expected successful progress of the Project and the resulting milestone payments from the DoD, the Company has assumed that the Project (including each of its milestones) will be completed in a satisfactory manner and in a reasonable period of time within approximately the next two years. For additional risks and uncertainties regarding the Company, the CDF, the Demo Plant and the Project (generally), see the risk disclosure in the Company's MD&A for Q1 2025 (filed on SEDAR on May 9, 2025) ( 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 commissioning and 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 MacDonaldVice President, Investor RelationsUcore Rare Metals Inc.1.902.482.5214mark@ To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-04-2025
- Business
- Yahoo
Ucore Comments on China's Immediate Restrictions on Rare Earth Exports
Halifax, Nova Scotia--(Newsfile Corp. - April 4, 2025) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company"), acknowledges the recent joint announcement by China's Ministry of Commerce and the General Administration of Customs regarding export restrictions on critical rare earth elements effective April 4, 2025. As reported by multiple news sources, the export restrictions, applicable to all countries, include seven key medium and heavy rare earth elements, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium. China's decision to implement these export controls underscores the critical importance of establishing a secure and independent rare earth supply chain in North America. Ucore remains steadfast in its commitment to mitigating supply chain vulnerabilities through the development and commercialization of its proprietary RapidSX™ rare earth element refining technology. Ucore's Strategic Initiatives: U.S. Department of Defense Collaboration: Ucore is currently processing heavy rare earth elements at its RapidSX™ Commercial Demonstration Plant (the "Demonstration Plant") further to its USD$4 million contract with the US Department of Defense. The Demonstration Plant was constructed in Kingston, Ontario for the purpose of demonstrating the RapidSX™ technology at commercial scale. Louisiana Strategic Metals Complex (SMC): Ucore is progressing with the development of the Louisiana SMC in Alexandria, Louisiana. This facility is being designed to process broad both heavy and light mixed rare earth chemical concentrates, thereby reducing North America's reliance on foreign sources. Government Support: Ucore has additionally secured a $4.28 million funding agreement from the Government of Canada to demonstrate the commercial efficacy of the RapidSX™ technology. This funding supports the production of high-purity rare earth elements from Canadian and U.S. feedstock sources. In addition to federal government support, the Company has executed a non-binding Letter of Intent with the State of Louisiana with respect to State grants, tax incentives, payroll rebates and other incentives with an estimated value of USD$15 million. On March 20, 2025, President Trump invoked wartime powers under the Defense Production Act to address threats to America's national and economic security as a result of reliance on "hostile foreign powers' mineral production" (see Ucore Press Ucore Applauds White House Executive Action to Strengthen Critical Mineral Production - Ucore Rare Metals Inc.). The Executive Order outlines a number of initiatives to "facilitate domestic mineral production to the maximum extent possible" and is aimed at the production of a number of critical minerals, including rare earth elements. Ucore looks forward to continuing its work the US Department of Defense in developing a North American supply chain for these critical materials. Pat Ryan, Chairman and CEO of Ucore, stated: "China's recent announcement highlights the urgent need for a robust and independent rare earth supply chain in North America. Ucore's RapidSX™ technology offers a transformative solution to this challenge, and we are committed to advancing our strategic initiatives to ensure a stable and secure supply of critical rare earth elements." # # # 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 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) ( 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 MacDonaldVice President, Investor RelationsUcore Rare Metals Inc.1.902.482.5214mark@ To view the source version of this press release, please visit Sign in to access your portfolio
Associated Press
04-04-2025
- Business
- Associated Press
Ucore Comments on China's Immediate Restrictions on Rare Earth Exports
Halifax, Nova Scotia--(Newsfile Corp. - April 4, 2025) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ('Ucore' or the 'Company'), acknowledges the recent joint announcement by China's Ministry of Commerce and the General Administration of Customs regarding export restrictions on critical rare earth elements effective April 4, 2025. As reported by multiple news sources, the export restrictions, applicable to all countries, include seven key medium and heavy rare earth elements, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium. China's decision to implement these export controls underscores the critical importance of establishing a secure and independent rare earth supply chain in North America. Ucore remains steadfast in its commitment to mitigating supply chain vulnerabilities through the development and commercialization of its proprietary RapidSX™ rare earth element refining technology. Ucore's Strategic Initiatives: U.S. Department of Defense Collaboration: Ucore is currently processing heavy rare earth elements at its RapidSX™ Commercial Demonstration Plant (the 'Demonstration Plant') further to its USD$4 million contract with the US Department of Defense. The Demonstration Plant was constructed in Kingston, Ontario for the purpose of demonstrating the RapidSX™ technology at commercial scale. Louisiana Strategic Metals Complex (SMC): Ucore is progressing with the development of the Louisiana SMC in Alexandria, Louisiana. This facility is being designed to process broad both heavy and light mixed rare earth chemical concentrates, thereby reducing North America's reliance on foreign sources. Government Support: Ucore has additionally secured a $4.28 million funding agreement from the Government of Canada to demonstrate the commercial efficacy of the RapidSX™ technology. This funding supports the production of high-purity rare earth elements from Canadian and U.S. feedstock sources. In addition to federal government support, the Company has executed a non-binding Letter of Intent with the State of Louisiana with respect to State grants, tax incentives, payroll rebates and other incentives with an estimated value of USD$15 million. On March 20, 2025, President Trump invoked wartime powers under the Defense Production Act to address threats to America's national and economic security as a result of reliance on 'hostile foreign powers' mineral production' (see Ucore Press Ucore Applauds White House Executive Action to Strengthen Critical Mineral Production - Ucore Rare Metals Inc.). The Executive Order outlines a number of initiatives to 'facilitate domestic mineral production to the maximum extent possible' and is aimed at the production of a number of critical minerals, including rare earth elements. Ucore looks forward to continuing its work the US Department of Defense in developing a North American supply chain for these critical materials. Pat Ryan, Chairman and CEO of Ucore, stated: 'China's recent announcement highlights the urgent need for a robust and independent rare earth supply chain in North America. Ucore's RapidSX™ technology offers a transformative solution to this challenge, and we are committed to advancing our strategic initiatives to ensure a stable and secure supply of critical rare earth elements.' # # # 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 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) ( 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. 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
