Halifax, Nova Scotia–(Newsfile Corp. – June 18, 2020) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company“) is pleased to provide the following corporate update regarding the Company, its wholly owned subsidiary, Innovation Metals Corp. (“IMC“) and its proprietary RapidSX™ technology for the separation and purification of rare-earth elements (“REEs“) and critical metals – including both heavy REE (“HREEs“) and light REEs (“LREEs“), lithium (“Li“), nickel (“Ni“), and cobalt (“Co“).
Ucore, IMC and the RapidSX™ Technology
Ucore’s recent 100% acquisition of technology company IMC significantly enhances Ucore’s immediate business strategy, as RapidSX™ will be integral to the Company’s downstream technical capabilities to accelerate the advancement of its planned bulk, commercial REE processing facility in the United States. For IMC, Ucore’s financial and strategic support enables IMC to advance the commercialization of RapidSX™ in a manner that, prior to the acquisition, was not possible. Although owned by Ucore, IMC will continue to operate as a separate entity that will continue to utilize its current name and branding.
IMC will focus on the advancement of the RapidSX™ technology, while concurrently supporting Ucore’s multiple advanced relationships with major industry participants in the USA. The response by Ucore’s potential partners to the Company’s acquisition of IMC, has been exceedingly positive.
Ucore’s immediate focus is on near-term HREE production in the USA, utilizing pure US-allied, commercially available mixed REE concentrates. The Company’s longer-term focus is on the continued development of its flagship Bokan Rare Earth Element project in Alaska. This approach presents several benefits to Ucore including:
- IMC now has access to the capital required to advance the RapidSX™ technology for the separation of HREEs and LREEs;
- RapidSX™ significantly enhances Ucore’s REE-based proposals to various U.S. federal government agencies;
- Ucore intends to accelerate its near-term business objectives utilizing the RapidSX™ technology as a RapidSX™ customer, as RapidSX™ will underpin the Company’s technical and downstream competitive capabilities for the planned Alaska Strategic Metals Complex; and
- Ucore and its shareholders are positioned to directly benefit from the future success of both the Company and IMC in the commercialization of RapidSX™ for REEs, in addition to Ni, Co, and Li – which are important additional high-growth markets, driven by green energy, in particular by electric-vehicle demand. Ucore Chairman and Interim CEO, Pat Ryan, P.Eng. added, “I’ve been a Tier-1 OEM automotive-industry senior executive and engineer for more than 25 years. I deal with executives from the world’s largest automobile manufacturers on a daily basis and can attest to the industry’s aggressive plans to transition to all-electric vehicles in just a few short years. However, security of supply for the auto industry’s upstream critical raw-material needs is a critical concern. Ucore and IMC are part of the plan to solve these concerns.”
Initiatives Currently Underway:
- RapidSX™ Development and Commercialization Laboratory
IMC’s current pilot facility is located at Process Research ORTECH Inc’s complex in Mississauga, Ontario. Since the completion of Ucore’s acquisition of IMC in May 2020, IMC has been evaluating various location opportunities for the commercialization-phase facility where RapidSX™ is intended eventually to operate at demonstration scale, utilizing a number of customers’ feedstocks. The planned laboratory will be a dedicated, long-term research, development and commercialization hub for RapidSX™. Ucore looks forward to announcing the selected RapidSX™ laboratory site in the coming weeks.
- Securing US-Allied REE Feedstock
Ucore has been evaluating various commercially available mixed REE concentrates (“MRECs“) not originating from China which, once terms are finalized, will be expected to serve as the primary feedstock for IMC’s RapidSX™ platform development and the initial feedstock for Ucore’s Alaska Strategic Metals Complex (“SMC“). This is a common priority for both companies and Ucore looks forward to providing further updates on the MREC feedstock options being explored.
- RapidSX™ Laboratory Partner
IMC is currently reviewing various potential industry-leading laboratory partners, with the objective of selecting a contract piloting and laboratory-service provider. The laboratory partner will be supporting all aspects of IMC’s technical work to commence the RapidSX™ optimization program and to scale up the RapidSX™ technology. Ucore looks forward to announcing the RapidSX™ laboratory partner in the coming weeks.
Pat Ryan stated, “On behalf of the Board of Directors, I would like to thank our shareholders for their continued support, and we look forward to updating the market as our corporate activities and developments progress.”
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About Ucore Rare Metals Inc.
Ucore is focused on rare and critical metals resources, extraction and beneficiation technologies with potential for production, growth, and scalability. The Company has a 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Project. Ucore’s vision and plan is to transition to become a leading advanced technology company that provides mineral separation products and services to the mining and mineral extraction industry. This vision includes the development of the Alaska SMC in Southeast Alaska and the development of the Company’s rare earth minerals property located at Bokan Mountain in Alaska.
Ucore is listed on the TSX Venture Exchange under the trading symbol “UCU” and in the United States on the OTC Markets’ OTCQX® Best Market under the ticker symbol “UURAF”. For further information, please visit www.ucore.com.
About Innovation Metals Corp.
IMC has developed the proprietary RapidSX™ process, for the low-cost separation and purification of REEs, Ni, Co, Li and other technology metals, via an accelerated form of solvent extraction. IMC is commercializing this approach for a number of metals, to help enable mining and metal-recycling companies to compete in today’s global marketplace. IMC is a wholly owned subsidiary of Ucore Rare Metals Inc.
For more information, please visit www.innovationmetals.com.
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release (other than statements of historical facts) that address future business development and/or acquisition activities (including any related required financings), timelines, litigation outcomes, events or developments that the Company expects, are forward looking statements. Although the Company believes 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 in forward-looking statements. In regard to Ucore’s M3 Plan of Action and the disclosure in the “About Ucore” section above, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp., as suppliers for Ucore’s expected future Alaska SMC. Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 technical report that demonstrates that the Bokan Project is feasible and economically viable for the production of both REE and co-product mineral materials and metals and the then prevailing market prices based upon assumed customer off-take agreements. Ucore has also assumed that sufficient external funding will be found to develop the specific engineering plans for the Alaska SMC and its construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the Alaska SMC; Ucore not being able to raise sufficient funds to fund the specific design and construction of the Alaska SMC; adverse capital-market conditions; unexpected due-diligence findings; unexpected or adverse outcomes in the currently outstanding litigation matters between Ucore and IBC Advanced Technologies, Inc.; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Alaska and/or in the support expressed by AIDEA regarding the development of Bokan and/or the Alaska SMC; the availability and procurement of any required 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.