• Ucore’s RapidSX(TM) Demonstration Plant will be located within the company’s 5000 square foot Commercialization and Demonstration Facility in Kingston, Ontario
• A Strategic Metals Complex is being planned in Louisiana with an initial capacity of 2,000 tonnes per annum and increasing to production of 5,000 tonnes
• Cerium, neodymium, lanthanum, praseodymium, yttrium, and dysprosium are expected to remain the most sought-after REEs, with high demands in magnet manufacturing and the automobile industry
• The global rare earth element market was valued at $2.8 billion in 2018 and is expected to grow at a CAGR of 10.4% through 2025

Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF), a company focused on Rare Earth Element (“REE”) resource development and precious metal commercialization, recently provided an update on the commissioning process for its RapidSX(TM) Demonstration Plant for the separation of heavy and light REEs. The demonstration plant is located within Ucore’s 5000 square foot RapidSX(TM) Commercialization and Demonstration Facility in Kingston, Ontario, and is run by its research development partner, Kingston Process Metallurgy Inc. (https://ibn.fm/qkkf8).

Ucore’s vision includes becoming a leading advanced technology company that provides the best-in-class metal separation products and services to the mining and mineral extraction industry. The company also plans to aid in developing the North American REE supply chain controlled by the U.S. and its allies through strategic partnerships.

Innovation Metals Corp., which was acquired by Ucore in 2020, developed the RapidSX(TM) technology – with early-stage assistance from the United States Department of Defense. This has resulted in the production of commercial-grade, separated REE at the pilot scale. Utilizing chemistry similar to traditional solvent-extraction (“SX”) technology, RapidSX(TM) is not “new” technology but rather a significant improvement on well-established, well-understood, and proven conventional separation technology preferred by leading REE producers.

The global REE market was valued at $2.8 billion in 2018 and is expected to grow at a CAGR of 10.4% through 2025, with cerium, neodymium, lanthanum, praseodymium, yttrium, and dysprosium likely to remain the most commonly sought-after REEs. These REEs are expected to drive the market’s growth due to the increased demand for use in products in magnet manufacturing and catalysts for the automotive industry (https://ibn.fm/43P58).

With the commissioning of Ucore’s demonstration plant, the company plans for the output of products that are high-purity NdPr, praseodymium, neodymium, terbium, and dysprosium REEs, to be incorporated into the early stages of original equipment manufacturers’ OEM qualification trials. The company is also working closely with partners to develop the full-scale engineering for the company’s first Strategic Metals Complex, with construction commencing in Louisiana this year. It is scheduled to have an initial capacity of 2,000 tonnes per annum of total rare earth oxides, increasing to 5,000 tonnes in 2026.

“We are extremely pleased with the work at the CDF in concert with our partners, KPM, Mech-Chem, and a host of other supporting contractors and vendors. As we work toward near-term commercial deployment of the RapidSX™ rare earth element separation technology in North America,” said Ucore’s VP and COO, Mike Schrider, P.E. “Implementing the Demo Plant commissioning process is a huge milestone for the team, and this is scheduled to be followed by a series of heavy and light rare earth element process demonstrations separating tens of tonnes of mixed rare earth concentrates over thousands of hours of facility run-time.”

For more information, visit the company’s website at www.Ucore.com.

NOTE TO INVESTORS: The latest news and updates relating to UURAF are available in the company’s newsroom at https://ibn.fm/UURAF

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