Ucore Completes SMC Site Selection Process in Louisiana

ucore:

  • has narrowed the Louisiana SMC site selection process to three existing brownfield properties in southwest and central Louisiana

  • and executives from Mech-Chem Associates, Inc. will visit each of the potential sites and meet with state and local officials in mid-December

  • intends to select a site in Q1 2023 to comply with the development plan requested by potential OEM partners

Halifax, Nova Scotia–(Newsfile Corp. – November 22, 2022)- Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to provide an update on the commercial deployment of its rare earth element RapidSX™ (“REE“) separation technology platform at the Company’s prospective Louisiana Strategic Metals Complex (“LSMC“).

the ucore, Innovation Metals Corp. (“IMC“), Kingston Process Metallurgy Inc. (“KPM“), and Mech-Chem Associates, Inc.[i] (“mech chem“) commercialization team (the “team“) Execution of planning, construction and commissioning of the REE demonstration plant RapidSX™ (“demo plant“) will be the core team responsible for the development of the LSMC in conjunction with a local design and construction entity to be selected. The concept of building a facility in an existing building is the forward-thinking engineering process the team are undertaking will replicate to create the first full-fledged SMC within one of three designated brownfield sites in Louisiana[ii] facilities once final location is determined.

Figure 1 – The 51-stage RapidSX™ REE demonstration plant is the design and build process template for the construction of the Louisiana SMC within an existing plant

To view an expanded version of this graphic, please visit:
https://images.newsfilecorp.com/files/1119/145239_4c870a02542f69ec_001full.jpg

As announced by Ucore on October 17, 2022, the LSMC will initially process a total of 2,000 tons of rare earth oxides (“TREO’s“) by the end of 2024, increasing to 5,000 tons by 2026. Beginning of November, VP and COO of Ucore, Mike Schrider, conducted a second inspection trip to each of the facilities and continued discussions with local and regional economic development agencies and other bodies to discuss the community fit. From these meetings, Ucore has been in constant contact with these local development organizations, financial institutions and others to determine the best long-term location for the proposed LSMC.

Ucore’s LSMC is designed to:

  • process 2,000 tons of TREO from blended rare earth concentrates annually (“tpa“) in the first and second year of operation, then expansion to 5,000 t/year:

  • initially be able to process all RapidSX™ splits required to produce custom praseodymium, neodymium, terbium and dysprosium from any applicable raw material source. The product line will be expanded to other single rare earth elements with the development of western REE market.

“Executives from Ucore and Mech-Chem will visit each potential facility in mid-December as part of our ongoing due diligence and down-selection process,” specified Mike SchriderPE, Vice President and COO of Ucore. “As we do so, we will continue to evaluate the technical and logistical merits of each facility. Additionally, we will have the opportunity to speak personally with state, local and regional officials about the long-term mutual suitability and opportunities available as Ucore and Louisiana establish a first cornerstone of the growing rare earth industry in North America.”

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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 has an effective 100% interest in the Bokan-Dotson Ridge Rare Earth Element Project in southeast Alaska, USA. Ucore’s vision and plan is to become a leading advanced technology company providing world-class metal separation products and services to the mining and mineral extraction industries.

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 element processing plant in the US state of Louisiana and subsequent SMCs in Alaska and Canada, and the longer-term development of Ucore’s mineral resource property with heavy rare earth elements in Bokan Mountain on Prince of Wales Island, Alaska. 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”.

Visit www.ucore.com for more information.

About RapidSX™ technology

IMC developed the RapidSX™ separation technology platform with early support from the US Department of Defense (“US Department of Defense“), which later led to the pilot scale production of separated commercial grade rare earth elements. RapidSX™ combines the proven chemistry of conventional solvent extraction (“SX“) with a new column-based platform that significantly reduces time to completion and plant footprint, as well as potentially lowering capital and operating costs. SX is the international rare earth element (“REE“) is the industry’s standard commercial separation technology and is currently used by 100% of all REE producers worldwide for commercial bulk separation of heavy and light REEs. RapidSX™ uses similar chemistry to conventional SX and is not a “new” technology, but represents a significant improvement on the established, well understood and proven conventional SX separation technology favored by REE producers.

Forward-Looking Statements

This press release contains certain statements that may be deemed “forward-looking statements.” All statements in this press release (other than statements of historical fact) that relate to future business development, technological development and/or acquisition activities (including any related financing required), timing, events or developments that the Company is pursuing are forward-looking statements. Although the Company believes that 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 projected in the forward-looking statements.

With respect to the disclosure in the above press release, including in the “About Ucore Rare Metals Inc.”, the Company has assumed that, in addition to Innovation Metals Corp. (“IMC”) may acquire or retain additional partners and/or suppliers to supply Ucore’s anticipated future Strategic Metals Complexes (“SMCs”). Ucore also expects to find sufficient outside funding to complete the demo plant commissioning and demonstration plan and later produce a new National Instrument 43-101 (“NI 43-101”) Technical Report demonstrating that the rare earth element Bokan Mountain project (“Bokan”) for the production of both REE and by-product metals and then prevailing market prices are feasible and economically viable based on accepted offtake agreements with customers. Ucore also expects to secure sufficient external funding to continue development of the specific engineering plans for the SMCs and their construction. Factors that could cause actual results to differ materially from the forward-looking statements include, among others: IMC’s failure to protect its intellectual property rights in RapidSX™; RapidSX™ does not demonstrate commercial viability in large commercial scale applications; Ucore is unable to source additional key partners or suppliers for the SMCs; Ucore is unable to raise sufficient funds to fund the specific design and build of the SMCs and/or further development of RapidSX™; adverse capital market conditions; unexpected due diligence results; the emergence of alternative superior metallurgy and metal separation technologies; the inability of Ucore and/or IMC to retain its key employees; a change in Alaskan legislation and/or support expressed by the Alaska Industrial Development and Export Authority (“AIDEA”) regarding the development of Bokan and/or the Alaska SMC; the availability and procurement of any necessary 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) accepts responsibility for the adequacy or accuracy of this release.

CONTACT

Mark McDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
1.902.482.5214
[email protected]

[i] Mech-Chem Associates, Inc. is SMC’s full-service engineering company specializing in the design, engineering and construction of manufacturing facilities, operations and environmental control systems.
[ii] A brownfield site in this context is a suitable existing commercial building/site that has previously been approved for industrial use.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145239

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