("Updates on Ucore's Progress in U.S. Heavy Rare Earth Production and its DPAS Standing")
In a significant stride towards disrupting the global rare earth elements (REE) market, Ucore Rare Metals Inc. is moving forward with the construction of a production-ready commercial RapidSXTM machine in Alexandria, Louisiana.
The company, with a vision to become a leading advanced technology company, is negotiating with potential partners in Asia, including South Korean and Japanese companies, to secure production capacities of up to 10,000 tons per year of rare earth oxides behind the planned Strategic Metals Complexes (SMCs).
Ucore has already completed initial field work activities in Alexandria and has a modified funding agreement with the US Army Contracting Command-Orlando for a $22.4 million project. The contract has been modified to afford the project Defense Priorities & Allocations System (DPAS) status, a regulation administered by the Department of Commerce that prioritizes DPAS rated orders over all others.
The project includes a RapidSXTM full commercial scale-up engineering and confirmation testing program. Ucore aims to achieve a 5,000± tpa TREO total Stage 2 capacity, with an ultimate capacity of 10,000± TREO tpa in Stage 3. To facilitate this, the company plans to construct and install additional RapidSXTM machines to complete its planned 2,000 tpa TREO Stage 1 construction and simultaneous production project.
In a bid to increase its visibility within the investment community and enhance engagement with key investors, Ucore has engaged the services of ImpactDeck, a leading investor relations firm. The prepaid cash consideration for ImpactDeck's services is $25,000 CAD for an initial six-month term.
The project is also executing towards feedstock partnerships. Ucore Rare Metals Inc. 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."
Ucore aims to disrupt 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 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.
Long Lead Time Material identification and sourcing is being carried out for the project. Ucore may elect to continue services on a month-to-month basis or under a renewed six-month agreement after the initial term. The DPAS imposes legal obligations on suppliers to afford preferential treatment to the project for national defense and emergency preparedness requirements.
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