July 26, 2024
Ucore Rare Metals Inc. (TSXV:UCU, Not Rated, Alina Islam) announced that it has executed an MoU with Cyclic Materials (Private) for the future supply of recycled mixed rare earth oxide (mREO) material. This is part of Ucore’s strategy to build a North American REE supply chain, by sourcing feed for its RapidSXTM demo facility in Kingston from North American suppliers. Cyclic Materials, also based in Kingston, is located in the same building as Ucore, which should allow both companies to collaborate better. Ucore also has an MoU with Defense Metals Corp. (TSXV:DEFN, Not Rated) for the supply of mREO feed from its Wicheeda project in BC, which was successfully tested and deemed suitable after initial testing at the demo facility (read notable). As outlined in our recent site visit report, we believe Ucore should be successful in upsizing this demo plant to a commercial plant, when that time comes. Its proprietary process should allow a quicker and cheaper way of extracting REEs from a variety of source materials. Ucore has received financial support from both the US Department of Defense and Natural Resources Canada. Further success at the demo plant should pave the way for additional government funding. Read more
Company Specific Disclosure Details
Ucore Rare Metals Inc. – TSXV:UCU – 1,2
- The analyst has visited the head/principal office of the issuer or has viewed its material operations.
- The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit.
- In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer.
- In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration.
- An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly.
- Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities.
- A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer.
- Red Cloud Securities Inc. is a market maker in the equity of the issuer.
- There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer.
Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions.