Ucore Rare Metals (TSXV: UCU; WKN A2QJQ4) commented in a recent corporate statement on the sharply rising prices of several rare earths—and, above all, on a phenomenon that is increasingly shaping markets: a clear price bifurcation between quotations within China and prices outside China. From Ucore’s perspective, this development underscores the strategic importance of a Western-aligned supply chain and the relevance of separation and refining capacity in North America—such as the capacity the company is currently building.
According to the company, the trigger for the price shifts continues to be Chinese export controls that have been in place since early April 2025 and remain in force to this day. For customers in electronics, defense and electric mobility (EV), this means procurement is becoming more complex, approvals are becoming a bottleneck, and pricing is increasingly following regionally separated markets.
Ucore points to export controls—heavy rare earths with significant premiums ex China
Ucore notes that on April 4, 2025, China introduced export controls for seven heavy rare earths. These include dysprosium, terbium, samarium and gadolinium—along with related oxides, metals and permanent magnets. The rules require export licenses and, according to the company, are intended to strengthen oversight of critical materials, including those with dual-use potential. In practice, such licensing requirements act as an additional bottleneck in supply chains that are already heavily dominated by China.
According to Ucore, the consequences are particularly evident in the prices of heavy rare earths. Dysprosium oxide in China recently rose to more than US$200 per kilogram—while the price outside China, at around US$1,000 per kilogram, is more than five times higher. For terbium oxide, Ucore cites a level of US$900 per kilogram in China, while prices of more than US$4,500 per kilogram have reportedly been observed outside China. The company interprets these sharply diverging quotations in particular as an indicator of tight “ex China” availability for the especially critical heavy elements.
For light rare earths, Ucore Rare Metals also reports rising prices, though less extreme: praseodymium-neodymium oxide (Pr-Nd) has moved toward US$120 per kilogram in China and reached peaks of up to US$140 per kilogram in North America. For many applications—especially permanent magnets—Pr-Nd is a key building block, which is why the price trend is attracting attention beyond the traditional commodities markets.
Pat Ryan, Chairman and CEO of Ucore Rare Metals, sees the price differences as a signal of emerging premium pricing for secure supply chains. He notes that heavy rare earths—especially terbium and dysprosium—are in the focus of U.S. funding programs intended to support Ucore Rare Metals in this area.
Strategy: RapidSX™ separation, Louisiana SMC and a focus on the “midstream” bottleneck
In terms of content, Ucore Rare Metals uses the market update to put its own commercial direction into context. The company is advancing its RapidSX™ separation technology and is planning commercial processing facilities in North America as early as the second half of 2026. Target metals include heavy rare earths such as terbium and dysprosium as well as light rare earths such as praseodymium-neodymium. In addition, Ucore Rare Metals cites samarium and gadolinium as elements for which there is currently only a “negligible” supply outside China.
Strategically, Ucore Rare Metals is positioning itself in the so-called midstream of the supply chain—i.e., processing, separation and refining. This segment is considered crucial because it has historically been heavily concentrated in China. While raw material extraction (upstream) and end products (downstream, e.g., magnets) are often discussed visibly, midstream capacity determines whether raw material can be converted into marketable, high-purity oxides, metals or intermediate products at all.
As a point of reference, CEO Ryan cites a “first mover” consideration with a refining strategy geared toward the Louisiana SMC (Strategic Metals Complex). The message: if premium pricing for secure supply becomes established outside China, early refining capacity in North America could benefit from the emerging margin. In the release, Ucore Rare Metals remains at the level of strategic positioning and refers to long-term fundamentals without providing specific sales, price or earnings forecasts.
Ucore Rare Metals: No. 2 in the TSX Venture 50 and No. 1 in the OTCQX ranking
In addition to its market assessment of rare earth prices, Ucore is also drawing attention with positive capital markets news. The company was named second overall winner in the TSX Venture 50 ranking for 2026, the TSX Venture Exchange’s annual award for particularly strong share-price performers.
According to the release, the TSX Venture 50 evaluates the top 50 companies based on three equally weighted metrics over the prior year: (i) one-year share price performance, (ii) growth in market capitalization and (iii) Canadian consolidated trading value. Ucore Rare Metals states that its ranking was supported by a 1,109% increase in market capitalization. From the company’s perspective, this reflects growing attention to progress in building North American separation and refining capacity.
In addition, Ucore Rare Metals points to an award in the U.S. trading environment: the OTCQX trading platform ranked Ucore as No. 1 among the 50 top performers in its “OTCQX Best Market” ranking—based on “Total Return 2025” and growth in average daily dollar trading volume. The company links these rankings to rising liquidity and improved price discovery.
Overall, Ucore Rare Metals combines two messages in the release: first, that the rare earth price split—especially for dysprosium and terbium—underscores the importance of non-Chinese midstream capacity; and second, that capital markets have recently rewarded the company’s progress significantly, as reflected in the TSX Venture 50 and OTCQX rankings.
