Ucore Rare Metals Inc. (TSXV: UCU | OTCQX: UURAF) has executed a C$4.28M non-repayable contribution agreement with the government of Canada to demonstrate its RapidSX rare earth element separation technology capabilities.
The funding will be used to demonstrate the commercial efficacy of the company’s patent pending RapidSXTM rare earth element (REE) separation technology platform, specifically for light REEs. The company will produce nearly continuous high-purity samples of praseodymium (Pr), neodymium (Nd), and a praseodymium | neodymium compound (NdPr).
“We would like to thank the government of Canada for this important funding. China’s recent announcements of increased scrutiny over the export of REEs have raised concerns regarding the ongoing availability of these critical materials,” commented Ucore chairman and CEO Pat Ryan.
“The development of an alternative North American rare earth supply chain is more important than ever as the world moves toward the electrification of its vehicle fleet and other green initiatives.”
The company expects to process 13t-15t of mixed rare earth carbonates and oxides from various Canadian and US feedstock sources at its RapidSXTM commercialization and demonstration facility in Kingston, Ontario. The project budget totals C$8.31M, with C$4.28M provided through the government funding.
This non-dilutive funding will assist the company with qualifying these critical magnet materials with automotive, wind energy and consumer original equipment manufacturers (OEMs). This funding and its focus on the light REE magnet materials complements Ucore’s recently announced US Department of Defense demonstration funding, which focuses on producing the heavy REE magnet materials, terbium (Tb) and dysprosium (Dy).
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.
For further information, please visit: www.ucore.com
To read more articles like this, please visit: www.theassay.com
