Impact: Positive
Ucore Rare Metals announced that it has received C$4.28M in non-diluting and non-repayable financing agreement from the Government of Canada to demonstrate its RapidSXTM REE separation technology specifically for light REEs. The plans are to produce nearly continuous high-purity NdPr, Nd and Pr over a six-month period from 13-15t of mixed REE carbonates and oxides from various US and Canadian feedstock. Work will be carried out ats commercialization and demonstration facility in Kingston, ON. We view this development positively as the non-dilutive funding, combined with previous funding from a US DoD award and a Jul/23 private placement, should substantially cover the C$8.31M budgeted expense of the demo project, enabling Ucore to advance its plan to establish a North American REE Supply Chain.