- Ucore is developing the Alaska SMC for the processing of rare earth elements in Southeast Alaska
- Vital Metals is producing rare earth concentrate from its Nechalacho rare earth project in NWT, Canada
- Vital Metals is constructing a Rare Earth Extraction Plant to produce a mixed rare earth chemical concentrate in Saskatoon, Saskatchewan from the Nechalacho deposit
- The Alaska SMC is planned to commence production of up to 2000 tonnes per annum (tpa) of individual rare earth oxides from US-allied feedstock by H1-2024
- Vital Metals is expected to commence the supply of a minimum of 500 tpa of a cerium depleted concentrate to Ucore in 2024; expandable to over 2,500 tpa by 2026
HALIFAX, NOVA SCOTIA — October 19, 2021 —Ucore Rare Metals Inc.
(“Ucore” or the “Company”) (TSXV:UCU
) is pleased to announce the execution of a Memorandum Of Understanding (“MOU”) setting forth certain nonbinding understandings and binding agreements between Ucore and Vital Metals Limited
) (“Vital Metals” or “Vital”) (collectively the “Parties”). The MOU is the first step towards the establishment of a long-term supply agreement for the delivery of mixed rare earth chemical concentrate (“MREC”) from Vital Metals’ Nechalacho project to Ucore’s planned Alaska Strategic Metals Complex (“Alasks SMC”) in Ketchikan, Alaska. The MREC will be shipped from Vital’s Saskatoon, Saskatchewan, Rare Earth Extraction Plant which is expected to enter into production in 2022.