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Dr. Jonathan Hykawy of Stormcrow Capital on initiating research coverage of Ucore Rare Metals

In this InvestorIntel interview with host Tracy Weslosky, Stormcrow Capital Ltd.‘s President and Director Dr. Jonathan Hykawy talks about his Equity Research Report on Ucore Rare Metals Inc. (TSXV: UCU | OTCQX: UURAF).

In the interview, which can also be viewed in full on the InvestorIntel YouTube channel (click here), Dr. Hykawy discusses Ucore Rare Metals’ use of the RapidSX™ REE separation technology to produce rare earths with “a very significant reduction in capital costs” and a faster throughput in a smaller plant, while relying on the same chemicals and the same sort of technology as conventional SX. Dr. Hykawy goes on to say that the RapidSX™ REE separation technology has passed the scrutiny of third-party examiners engaged to look at the technology for outside investors, who estimated it as three times as efficient as conventional SX.

Dr. Hykawy goes to to discuss some of the other competitive advantages Ucore Rare Metals offers investors, including support from the Alaskan government and the current “pragmatic and dedicated” management team, including CEO Pat Ryan.

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About Stormcrow Capital Ltd.

Stormcrow Capital Ltd. is an Exempt Market Dealer registered with the Ontario Securities Commission and the Autorité desmarchés financiers (Quebec). Stormcrow has both issuer and investor clients. Stormcrow is also a financial and technical/scientific consultant that provides certain of its clients with some or all of the following services: (i) an assessment of the client’s industry, business plans and operations, market positioning, economic situation and prospects; (ii) certain technical and scientific commentary, analysis and advice that is within the expertise of Stormcrow’s staff; (iii) advice regarding optimization strategies for the client’s business and capital structure; (iv) due diligence investigation services; and (v) opinions regarding the future expected value of the client’s or a offeror/offeree’s equity securities so as to allow the client to then make capital market, capital budgeting and capital structure plans. With the consent of Stormcrow’s issuer client, the client and/or its industry sector may be the subject of an investment or financial research report, newsletter, bulletin or other publication by Stormcrow where such publication is made publicly available at www.stormcrow.ca or elsewhere or is otherwise distributed by Stormcrow. Any such publication is limited to generic, non-tailored advice or opinions and should not be construed as investment advice that is suitable for the reader or recipient. Stormcrow does not offer personalized or tailored investment advice to anyone (other than its current investor clients) and Stormcrow’s research reports should not be relied upon by anyone in making any investment decisions. Rather, investors should speak in person with their personal financial advisor(s) to obtain suitable investment advice.

To learn more about Stormcrow Capital Ltd., click here

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has an effective 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. Ucore’s vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, Ucore’s vision includes disrupting the People’s Republic of China’s control of the US REE supply chain through the near-term development of a heavy and light rare-earth processing facility – the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of Ucore’s heavy-rare-earth-element mineral-resource property located at Bokan Mountain on Prince of Wales Island, Alaska.

To learn more about Ucore Rare Metals Inc., click here

Disclaimer: Ucore Rare Metals Inc. is an advertorial member of InvestorIntel Corp.

This interview, which was produced by InvestorIntel Corp., (IIC), does not contain, nor does it purport to contain, a summary of all the material information concerning the “Company” being interviewed. IIC offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Prospective investors are urged to review the Company’s profile on Sedar.com and to carry out independent investigations in order to determine their interest in investing in the Company.

If you have any questions surrounding the content of this interview, please contact us at +1 416 792 8228 and/or email us direct at info@investorintel.com.




Ucore targets to fill the processing gap in a Western rare earths supply chain by 2024

As most investors familiar with the critical materials sector know, China currently dominates the space, especially in downstream critical materials ‘processing’. This leaves the Western world very vulnerable to supply chain interruptions that can threaten the supply of end-user products such as electrical and electronic components, electric vehicles, wind turbines, solar panels, and/or military systems.

Today’s company, Ucore Rare Metals Inc. (TSXV: UCU | OTCQX: UURAF) (Ucore), is working to bridge that gap, domestically, and become a USA ‘processor’ first of the rare earths, and ultimately of other key critical materials. They also plan to be a vertically integrated individual, separated, heavy rare earths producer.

Ucore is focused on initially developing an Alaska-based Strategic Metals Complex (SMC) rare earths’ central processing facility with commissioning targeted for 2024. After that Ucore plans to develop its own magnet rare earths’ deposit located on Bokan Mountain on Prince of Wales Island, Alaska. The ultimate plan for Ucore is to have their Bokan-Dotson Ridge REE Project – containing the heavy rare earths’ Dysprosium (Dy), Terbium (Tb) & Yttrium (Y) – feed their first, Alaska located, SMC processing facility. The underlying technology for this and other planned SMCs is the RapidSX™ REE separation technology platform, which will be operated by Ucore’s wholly owned subsidiary, Innovation Metals Corp. (IMC).

Ucore plans to fill the processing gap in creation of a Western rare earths supply chain with their SMC facilities

Source: Ucore news January 2022

A key part of getting the Alaskan SMC processing facility up and running is to secure material supply agreements. The facility will have an initial 2,000 tpa total rare earth oxide (TREO) separation and purification capacity, ramping to at least 5,000t/year TREO by 2026.

Feedstock agreements are progressing well for Ucore’s planned Alaskan SMC processing facility

In October 2021 Ucore signed a non-binding Memorandum of Understanding (MOU) with Vital Metals Limited (ASX: VML | OTCQB: VTMXF) for the supply of a mixed rare earth carbonate, beginning H1 2024. The deal is for “Vital to sell to Ucore a minimum of 500t REO (ex-cerium)/year, commencing H1 2024. Vital to expand production to support a minimum of 50% of Ucore’s envisioned 5,000t TREO/yr processing capability by 2026.”

It also was announced last week on April 20, 2022, that Ucore and Germany’s ThyssenKrupp Materials Trading had executed a feedstock supply MOU for the Alaska SMC. Under the MOU “ThyssenKrupp Materials Trading is expected to begin the supply of a minimum of 1,000 tpa of mixed rare earth carbonate to Ucore in 2024 for ten years.” The announcement also states that the non-binding MOU allows for increasing quantities in subsequent years and that the two parties will work towards a 10-year binding contract.

The above MOU is a great achievement and positive endorsement for Ucore, as ThyssenKrupp Materials Services is the biggest mill-independent materials distributor and services provider in the Western world with around 380 locations, in more than 30 countries.

The loud and clear message for investors is that Ucore is putting together a North American individual rare earths supply chain from mixed rare earths carbonate (concentrate) all the way to the final product of separated individual rare earth oxides, used to make rare earth metal alloys (including magnets) such as those required for many critical and green energy products. It will be a key initial step for the USA to gain rare earths processing independence from China, which currently dominates the sector.

Ucore is also developing processing technology for other critical metals in Ontario

As announced on April 19, 2022 Ucore is improving the management and technical team for their Ontario RapidSX™ Commercialization and Development Facility (CDF). The demonstration plant construction is ongoing and is scheduled for commissioning in mid-2022.

What I find most interesting is that Ucore is also working on nickel laterite ore processing technologies as well as lithium-ion battery recycling, including working with clients such as Li-Cycle Holdings Corp.

Full details on Ucore’s 2022 plans can be read here and include:

  • A commercial demonstration plant for their RapidSX™ technology in Ontario.
  • Development of the Alaska SMC Project.
  • Exploring the potential of developing an SMC in Canada.
  • Accelerating the development of the Bokan Project as a vital US supply chain component to provide a long-term secure source of HREEs; the most expensive and scarce inputs of the permanent magnet alloys.

Ucore’s business summary – Includes a target for construction of the Alaska SMC by 2023, subject to finance

Source: Ucore Rare Metals Inc. website – Alaska 2023

Closing remarks

The Western world needs to develop its own complete end-to-end supply chains for critical strategic metals. In the case of rare earths, Ucore is advancing well and steadily moving towards becoming a U.S. individual separated rare earths producer by 2024, all going to plan. Of course, investors should remember these dates are the best guide from the company only and are subject to variables such as successful funding.

Ucore Rare Metals Inc. trades on a market cap of C$37 million. Ucore still has a long way to go with several hurdles and risks ahead, partially explaining the very low market cap. Still, if they succeed the potential reward could be significant.




Ucore’s Pat Ryan on creating a modern rare earths’ industrial processing company in North America

In a recent InvestorIntel interview, Jack Lifton spoke with Pat Ryan, Chairman and CEO of Ucore Rare Metals Inc. (TSXV: UCU | OTCQX: UURAF) about creating a modern rare earths’ industrial processing company in North America and about Ucore’s RapidSX™ technology for the separation and purification of rare earth elements.

In this InvestorIntel interview, which may also be viewed on YouTube (click here to subscribe to the InvestorIntel Channel), Pat Ryan explained how he is using his experience as the founder of a multi-million-dollar automotive OEM production part supplier company to develop an independent North American rare earths supply chain for the electric vehicles market. He went on to provide an update on Ucore’s RapidSX™ platform with extraction rates 10 times the industry standard solvent-extraction process. Pat also provided an update on how Ucore is ensuring sufficient feedstock for its Alaska Strategic Metals Complex including a feedstock supply MOU signed with Vital Metals Limited (ASX: VML).

To watch the full interview, click here.

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has a 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. Ucore’s vision and plan is to become a leading advanced technology company, providing best-in-class metals separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, Ucore’s vision includes disrupting the People’s Republic of China’s control of the US REE supply chain through the development of a total, light and heavy-rare-earth processing facility — the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of reliable sources of feedstocks outside of China’s control.

To learn more about Ucore Rare Metals Inc., click here.

Disclaimer: Ucore Rare Metals Inc. is an advertorial member of InvestorIntel Corp.

This interview, which was produced by InvestorIntel Corp., (IIC), does not contain, nor does it purport to contain, a summary of all the material information concerning the “Company” being interviewed. IIC offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Prospective investors are urged to review the Company’s profile on Sedar.com and to carry out independent investigations in order to determine their interest in investing in the Company.

If you have any questions surrounding the content of this interview, please contact us at +1 416 792 8228 and/or email us direct at info@investorintel.com.




Looking back at Bokan Mountain, Kozak ask whether Ucore can indeed move forward.

In the 1950s, the US government commissioned surveys looking for sources of uranium for civilian and military uses during the Cold War. One of these identified locations was Bokan Mountain, at the head of Kendrick Bay on Prince of Wales Island (the southern-most island in the state of Alaska).

Source:

Enter Ucore Rare Metals Inc. (TSXV: UCU | OTCQX: UURAF) who acquired the property at Bokan Mountain (Bokan-Dotson Ridge) in 2006 looking for uranium. Approximately one mile away from the Ucore property, the Ross Adams open pit/underground uranium mine operated sporadically from 1957 to 1971. Other than a gravel road from the head of Kendrick Bay past the Ucore property, there is no longer any infrastructure to speak of. Notwithstanding old uranium mine workings, Ucore quickly realized the potential for rare earths.

The benefit of having a mine that close by is the extensive geologic mapping that was done – beneficial in identifying the Ucore rare earths deposit. Prior to the preparation of an NI 43-101 report in 2011, the company conducted field work through 2008 (drilling for uranium), 2009 (soil and silt geochemical testing) and 2010 (drilling to delineate rare earths deposit plus trenching) to confirm the potential.

The Bokan-Dotson Ridge project is 100% owned by Ucore and has a mix of both light and heavy rare earths. While the NI 43-101 report is now 10 years old and the Preliminary Economic Assessment is now eight years old, there is no question of the potential to mine rare earths from this site. Management of Ucore is of the belief that the project can be “near shovel ready” (engineering complete and permitting well underway) for construction in less than 30 months after receipt of development funding. But to make this a reality, Ucore has a significant capital requirement, estimated in 2013 at approximately US$220 million. There is much more work yet to be done on the project.

In the interim, not satisfied with just being a mining company, Ucore management has diversified into the value-add chain of rare earths. Of note is the 2020 acquisition of private Canadian company Innovation Metals Corp. (IMC) who are the developer of a proprietary rapid solvent extraction technology (RapidSX). The technology is being commercialized for the cost-effective bulk separation and purification of both heavy and light rare earths. The process is touted as an advanced, accelerated solvent extraction process. Theoretically, it is less expensive to operate than conventional solvent extraction of rare earths.

RapidSX could be a key step in becoming a low-cost producer of rare earths but is currently not exclusive to Ucore. IMC is in numerous advanced-stage negotiations for RapidSX Technology Testing Agreements with current and near-term rare earths producers in US-allied jurisdictions.

Ucore is also taking advantage of the US location of the project and the support of the Alaska state government to help facilitate moving forward. In 2014, the Alaska State Legislature authorized the Alaska Industrial Development and Export Authority (AIDEA) to issue bonds (up to US$145 million) to finance certain infrastructure costs for the Bokan rare earths project.

The company has also put together a plan entitled Alaska2023 with respect to creating a rare earths business in Alaska. It includes US-allied feedstock (outside of the Bokan mine), technology and market development as part of the “not-in-China” rare earths supply chain. A key part of this plan includes a Strategic Metals Complex in Ketchikan, Alaska to process US-allied heavy and light mixed rare-earth concentrates into commercial purity rare earth oxides, specifically for rare earths permanent-magnet applications.

In October 2020, Ucore and AIDEA commenced preliminary due-diligence process regarding a prospective US$3.5-million investment for the development and commercial-scale operation of the Strategic Metals Complex.

Miner, Processor or…?

There are a lot of elements in the company’s plans to execute on, not the least of which is developing a mine. Can they do it? That really is the question, as they are very ambitious. Ucore is only one of many nascent rare earths companies intent on being part of the supply chain solution. There are many pieces of the puzzle that Ucore has yet to put in place, especially the funding.

At September 30, 2020, the company had approximately $2.7 million of debt and $2.0 million of cash. For the nine months of 2020, the company had expenses of $4.2 million (including $0.65 million amortization). Ucore recently closed on an equity financing of $6.7 million, so that should fund them through much of 2021.

“Is Ucore up for the challenge? Just watch us” Pat Ryan, Ucore Chairman & Interim CEO is quoted as saying in the company’s January 2021 investor presentation.

Belief or bravado? Only time will tell.




Jack Lifton with Gareth Hatch on Rare Earths in the Rest of the World

Note from the Publisher: Rest of the World (ROW) is often utilized in rare earths discussion to the market, not including China.

“Innovation Metals (IMC) is a private Canadian company. We have been working for some time now on the development of a proprietary separation and purification process that we call RapidSX™. We started working with rare earth elements and some other technology metals with that. It is an accelerated form of solvent extraction (SX) which is the primary process used in the industry for rare earth separation and combines the benefits of the chemistry of SX with a new way of making the process happen at a much faster rate, reduce footprints and various benefits. In the spring of this year, I encountered the folks at Hexagon. They are an Australian firm listed on the ASX and primarily involved in graphite at that point. They have a couple of projects. One is Australia, one in the US in Alabama and they are getting into the downstream looking at processing, looking at the end uses. They are trying to expand into energy materials side of things… they looked at the RapidSX™ work that we have been doing. A couple of weeks ago we announced the formation of a joint venture company with them and they have an option to invest $2 million into the JV which will allow us to build a demonstration-scale separation facility to put the RapidSX™ approach throughs its paces at a much larger scale.” States Gareth Hatch, Chairman and CEO of Innovation Metals Corp., in an interview with InvestorIntel’s Jack Lifton.

Gareth went on to provide an update on the Rare Earth Industry Association (REIA) in which he is the Advisory Board Chair. REIA is a global association for rare-earth industry stakeholders which provides a platform to mitigate business risks in the rare earth value chain. In the interview, Jack and Gareth also discussed the new ISO standards for rare earths. Gareth said that the standard includes terms and definitions, traceability, packaging, testing, analysis, etc to bring consistency and uniformity and to create a framework so that companies can get certified.

To access the complete interview, click here