Breaking News: Ucore Rare Metals Receives US Department of Defense Approval for US$1.8 Million Payment

Halifax, Nova Scotia–(Newsfile Corp. – December 13, 2024) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to advise that the US Department of Defense (the “DoD”) has approved modifications to the Company’s existing Other Transaction Agreement (the “OT Agreement” or “Award”) and the corresponding payment of US$1.8 million for the completion of milestones under the Award. The Award was made through the Company’s wholly owned subsidiary, Innovation Metals Corp., to conduct rare earth element (“REE”) separation work at the Company’s RapidSXTM Commercial Demonstration Facility (“CDF”) in Kingston, Ontario.

Ucore Rare Metals, a leading rare earth elements company, has recently announced a significant milestone in its partnership with the US Department of Defense. With the approval of modifications to its existing OT Agreement, the company is set to receive a payment of US$1.8 million for the completion of key milestones under the Award. This funding will support Ucore’s efforts to conduct REE separation work at its cutting-edge RapidSXTM Commercial Demonstration Facility in Kingston, Ontario.

The Rare Earth Elements (REE) are a group of 17 elements that are vital components in various high-tech applications, including electronics, renewable energy technologies, and defense systems. As global demand for these elements continues to rise, ensuring a stable and secure supply of REEs has become a top priority for many countries, including the United States.

Ucore’s partnership with the US Department of Defense highlights the crucial role that rare earth elements play in national security and defense. By investing in domestic REE production and processing capabilities, the US aims to reduce its reliance on foreign sources of these critical minerals, thereby strengthening its strategic position in the global rare earth market.

How Will This News Affect Me?

As a consumer of technology products and renewable energy technologies, the news of Ucore Rare Metals’ partnership with the US Department of Defense could have a direct impact on the availability and cost of rare earth elements in the market. By increasing domestic production and processing capacities, the US aims to reduce supply chain disruptions and ensure a stable supply of REEs for various industries. This could lead to more reliable access to REE-based products and technologies for consumers like you.

How Will This News Affect the World?

The US Department of Defense’s approval of funding for Ucore Rare Metals’ REE separation work signifies a significant step towards enhancing the country’s rare earth supply chain security and reducing its dependence on foreign sources of these critical minerals. As one of the world’s largest consumers of rare earth elements, the US plays a crucial role in shaping the global REE market. By investing in domestic REE production capabilities, the US can influence market dynamics and contribute to a more sustainable and resilient rare earth supply chain on a global scale.

Conclusion

Ucore Rare Metals’ receipt of US Department of Defense approval for a US$1.8 million payment is a testament to the company’s commitment to advancing domestic rare earth production capabilities and enhancing national security. By partnering with the US government to conduct REE separation work, Ucore is playing a vital role in strengthening the country’s rare earth supply chain and reducing its reliance on foreign sources of these critical minerals. This development not only has significant implications for the US but also for the global rare earth market as a whole.