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Energy Fuels announces an MOU for a $122M investment in Astron that will supply a “new U.S.-based supply chain for decades”

For those following the critical metals space, there was some key U.S. news on December 1, 2023. The U.S. government announced their proposed policy for Foreign Entities of Concern (“FEOC”). The key part of the proposal effectively stated that starting from 2025 an eligible clean vehicle may not contain any critical minerals that were extracted, processed, or recycled by an FEOC. FEOCs were named to be China, Russia, North Korea, and Iran.

This means OEMs selling in the U.S. auto market are now in a mad scramble to source processed critical minerals from non-FEOC sources before 2025, otherwise, their customers can miss out on the US$7,500 clean vehicle subsidy (half of which is impacted by material sourcing). One of the hardest to source will be the magnet rare earths used in the permanent magnet motor of most electric vehicles and many wind turbines. This is because China dominates the rare earths industry.

Energy Fuels is making major moves to build a new rare earths supply chain in the USA

Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR) is a leading U.S.-based critical minerals producer. In fact, they are the ‘leading’ U.S. producer of uranium, vanadium, and rare earth elements. Energy Fuels White Mesa Mill is “the only existing facility in North America with the licenses and capabilities to process monazite and produce advanced rare earth element products.”

2023 has been a very prosperous year for Energy Fuels with rare earth concentrate production and a booming uranium price helping their large uranium business.

Energy Fuels plan is to grow their rare earths concentrate business to also include rare earths separation to produce rare earth oxides. Phase 1 plans to have a capacity of 800 – 1,000 MT of neodymium-praseodymium (NdPr) oxide per year by Q1 2024 and Phase 2 a capacity of 1,500 – 3,000+ MT NdPr oxide per year by 2026/27. The Phase 3 plan is to produce heavy separated rare earths including dysprosium (Dy) and terbium (Tb) by 2027/28.

Energy Fuels is one of the leaders in the race to build up a U.S. rare earths supply chain independent of FEOC such as China

Source: Energy Fuels company presentation

To achieve their plan, Energy Fuels needs sufficient monazite ore as feed, hence their recent acquisitions. In February 2023, Energy Fuels acquired the Bahia heavy mineral sand (“HMS”) Project in Brazil that contains significant quantities of monazite (rare earths containing ore). But wait there’s more!

Energy Fuels announces a new rare earths sourcing MOU with Australian company Astron

As announced on December 27 Energy Fuels entered into an MOU to secure a near-term, large-scale Australian source of rare earth minerals. The announcement says this will supply a “new U.S.-based supply chain for decades” and that “most licenses and permits are in place (or at an advanced stage of completion)”. Energy Fuels proposed investment is ~A$180 million (~US$122 million) for a 49% interest in the new Joint Venture.

The MOU is with Astron Corporation Limited (ASX: ATR) (“Astron“) to jointly develop the Donald Rare Earth and Mineral Sands Project in Victoria, Australia. The announcement states:

“The Donald Project is a world-class, world scale, ‘shovel-ready’ critical mineral deposit that Energy Fuels believes would provide it with another near-term, low-cost, and large-scale source of monazite sand in an REE concentrate (“REEC“) that would be transported to the Company’s White Mesa Mill in Utah, USA (the “Mill“) for processing into REE oxides and other advanced REE materials and recovery of the contained uranium…The Donald Project is expected to provide Energy Fuels with 7,000 to 14,000 metric tons (“tonnes“) of REEC per year, containing 4,000 to 8,200 tonnes of total REE oxides (“TREO“), with commissioning and ramp-up expected to begin in 2026. Most of Energy Fuels’ proposed investment is expected to be disbursed in 2025.”

Note: REEC is rare earth elements concentrate.

Energy Fuel’s masterplan for rare earths products and supply sources

Source: Energy Fuels company presentation

Closing remarks

Energy Fuels is steadily putting together all the pieces of a jigsaw puzzle in order to create a new western supply chain of rare earths products, that will be needed to support the U.S. demand for their own electric vehicle and clean energy industry, independent of China.

The Bahia Project announced in early 2023 will provide near-term rare earth concentrate supply from Brazil, and all going to plan, the Donald Project will also provide a supply from 2026.

Meanwhile, Energy Fuels is currently doing very well from their U.S-based uranium production business, boosted by surging uranium prices in 2023 (now at US$91/lb at the time of writing).

Energy Fuels trades on a market cap of US$1.16 billion with the stock price up ~25% in the past year.




Eyes on Korea: The Emerging Epicenter of the Rare Earth Supply Chain

South Korea, with its thriving tech giants and world-class OEM automotive industry, is transforming into a hub for the rare earth supply chain. While many look to China, the US, and Japan as key players in the rare earth game, Korea’s role is frequently overshadowed, despite its growing clout and demand.

Firstly, one must dispel misconceptions. South Korea is not a reservoir for rare earth elements. Nevertheless, its demand is robust due to its dynamic industrial base. Surprisingly to some, for example, Samsung Electronics Co., a Korean enterprise, surpasses even Apple Inc. (NASDAQ: AAPL) as the world’s premier cell phone manufacturer. Each phone requires a fraction of a gram of permanent magnet. Given their production volume, this accumulates to a significant demand. Furthermore, Korea boasts two of the globe’s top three battery producers: LG Energy Solution (LGES) and Samsung SDI Co., Ltd., subsidiaries of industrial giants, LG and Samsung, respectively.

Complementing this, Korea is home to Hyundai and Kia, renowned automotive brands that have gained a reputation for producing quality electric vehicles at competitive prices. The Hyundai Ioniq, for instance, was one of the initial electric cars introduced to the US market, utilizing permanent magnet motors and lithium-ion batteries. Notably, every raw material essential for these devices must be sourced from outside Korea.

This international sourcing is where companies like Australian Strategic Materials Limited (ASM) (ASX: ASM) come into the picture. Recently, ASM confirmed a five-year contract to provide USA Rare Earth, LLC with neodymium iron boron (NdFeB) magnet alloy from its Korean Metals Plant. This alloy, pivotal for creating permanent magnets in electric vehicles and wind turbines, underscores the intersecting interests of companies spanning continents.

Moreover, ASM isn’t limiting its partnerships to one US-based enterprise. They’ve also inked an agreement to sell a substantial 100 tonnes of this alloy to U.S.-based rare-earths magnet manufacturer, Noveon Magnetics Inc. In tandem, they’re also sourcing rare-earth oxides from Vietnam as feedstock for their Korean Metals Plant while concurrently developing a rare-earths mine in Dubbo, New South Wales, Australia.

From a personal vantage point, I recall my endeavors half a decade ago to bring LG Energy Systems into a partnership with the US Defence Department. The aim was for LG to manage rare earth permanent magnets for the Department of Defense. However, the looming threat of Chinese retaliation led to a withdrawal from LG, emphasizing the geopolitical sensitivity surrounding these minerals.

Now, representatives from Korean tech titans, including LG and Samsung, are traversing the globe in search of rare earths, with endeavors even in metallurgy and possibly magnet production. Additionally, ASM’s joint venture in Korea with Kiron — a domestic, Korean venture, funded by a significant Korean (rare earth permanent magnet end-user) corporation — underscores the collaborative nature of this industry.

To sum up, while the global discourse frequently orbits around China and the US, the Korean rare earth landscape is bustling. Their relentless quest to develop a comprehensive domestic supply chain for rare earth permanent magnets will invariably lead to a demand spike, which may catch many by surprise.

So, as the competition intensifies to secure these critical materials for the next generation of tech and transport, one thing’s clear: don’t underestimate Korea.




Iluka Resources is building Australia’s first fully integrated rare earths refinery

Iluka Resources Limited (ASX: ILU) (“Iluka”) is an Australian critical metals producer, specializing in mineral sand mining and processing. Iluka is the world’s largest producer of zircon, a major producer of high grade titanium feedstocks rutile and synthetic rutile, and is set to become a significant global supplier of refined rare earths from 2025.

Iluka’s core business is the mining and processing of mineral sands to produce zircon and titanium feedstocks rutile and synthetic rutile

Source: Iluka Resources company presentation

The Eneabba rare earth oxide planned refinery

Iluka plans to build one of only a few rare earth oxide refineries globally, at Eneabba in Western Australia. This is occurring in a strategic partnership with the Australian Government which has provided Iluka with a A$1.25 billion non-recourse loan to construct the refinery.

Commissioning of the Eneabba Refinery is scheduled for 2025. The Eneabba Refinery will produce separated neodymium, praseodymium, dysprosium and terbium.

The Eneabba Refinery will be fed by Iluka’s internal feedstocks including their unique rare earths stockpile at Eneabba, Wimmera development in Western Victoria and Balranald development in New South Wales, Australia.

A summary of Iluka’s Australian operations including the planned Eneabba Refinery which will produce separated neodymium, praseodymium, dysprosium and terbium

Source: Iluka Resources company presentation

Eneabba Refinery Project update

Iluka already has a stockpile of ~1 million tonnes of high grade rare earth concentrate, readily available at surface at Eneabba.

The Eneabba Refinery feedstock operations continue to progress. Wimmera has completed a PFS (DFS underway), and Balranald has completed a DFS and taken a final investment decision.

The Eneabba Refinery has been approved and bulk earthworks continue with site preparation.

Once finished and ramped the Eneabba Refinery will produce separated rare earth oxides essential for global electrification, including ~4ktpa Nd+Pr and up to 0.75ktpa Dy+Tb. Once production is ramped the rare earth oxides are expected to potentially produce revenues slightly in excess of Iluka’s current mineral sands products revenues (see chart on page 19).

Schematic of the Eneabba Refinery once complete in 2025

Source: Iluka Resources company presentation

The Eneabba Refinery will support junior rare earths miners as they can supply feedstock for the refinery

Iluka’s Managing Director & CEO, Tom O’Leary, states:

In strategic partnership with the Australian Government, Iluka is catalysing the development of Australia’s rare earths industry by facilitating other emerging Australian mining companies into production, with Iluka as their customer, and with value addition taking place domestically. In October last year, Iluka concluded an agreement with Northern Minerals – just such an emerging rare earths company – for the future supply of concentrate from its planned rare earths mine at Browns Range in the Eastern Kimberley…….

Closing remarks

Iluka Resources is already a giant in the business of mineral sands mining and processing to produce zircon and titanium feedstocks rutile and synthetic rutile.

Even more exciting is their plans to build a globally significant rare earths integrated refinery at Eneabba in Western Australia. Once completed in 2025, the refinery will ramp up to produce key light and heavy rare earth oxides and provide the world with an alternative to the current Chinese dominated supply chain.

Well done Iluka!

Iluka Resources has net cash of A$431 million (as at 31 March 2023), trades on a PE of 9.4, and has a market cap of A$4.917 billion.




Pat Ryan on Ucore’s $4M Department of Defense Award and Plans in Louisiana

In this InvestorIntel interview, Chris Thompson talks with Ucore Rare Metals Inc.’s (TSXV: UCU | OTCQX: UURAF) CEO and Chairman Pat Ryan about being awarded US$4 million from the US Department of Defense (DoD) to demonstrate rare earth element (REE) separation technology capabilities at its RapidSX™ Commercialization and Demonstration Facility in Kingston, Ontario.

Pat believes the award signifies recognition and credibility for Ucore’s work in the past years and its ability to process both heavy and light rare earths. He also comments that the DoD contract is open-ended, providing an opportunity for further commercial-level contracts in the future.

Providing an update on ramping up production at their Louisiana Strategic Metals Complex, Pat discusses how Ucore is securing US-friendly feedstock sources for its processing facility for converting heavy and light REEs feedstock sources to salable individual rare earth products. Ucore aims to be a first mover in delivering rare earth oxides to the North American market, proving commercial viability and insuring a domestic supply.

Pat remarks that investors can anticipate upcoming news regarding feedstock arrangements, potential off-take agreements, ongoing government support, and additional government funding opportunities.

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About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. 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, this plan includes disrupting the People’s Republic of China’s control of the North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and the longer-term development of Ucore’s 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA.

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 [email protected].




Ucore Awarded $4M from the US DoD to Support Rare Earths Separation Facility in North America

This week Ucore Rare Metals Inc. (TSXV: UCU | OTCQX: UURAF) (“Ucore”) announced it has received a US$4 million award from the US Department of Defense (“DoD”) to demonstrate rare earth element (REE) separation technology capabilities at its RapidSX™ Commercialization and Demonstration Facility in Kingston, Ontario.

The objectives of the project are to:

  • Demonstrate the capability to commercially source a sustainable domestic (US and Canada) processing facility for converting heavy and light REEs feedstock sources to individual rare earth products, and
  • Present a new innovative separation process that increases the ability to create domestic REE processing plants.

The project aims to demonstrate Ucore’s RapidSX™ technology platform for rare earth element separation and showcase Ucore’s ability to operate the plant for extended periods of nearly continuous operation, its ability to separate both light and heavy REEs with the same equipment, and the technology’s readiness level.

Successful completion of the project may lead to a follow-on production agreement with the DoD to further support Ucore’s REE separation capabilities in North America, specifically the Louisiana Strategic Metals Complex planned for Alexandria, Louisiana.

Ucore’s path from a demonstration plant to production

Ucore is building a North American rare earths supply chain, with an initial focus on the midstream refining process of rare earths in North America. To achieve this the Company has been making excellent progress with the help of government support in both Canada and the USA.

The end goal is to achieve, with the help of strategic partnerships, a westernized rare earths supply chain including feedstock, oxides, metals/alloys, and eventually magnets.

Ucore plans to use their RapidSX™ rare earth elements (“REE”) separation technology Demonstration Facility in Canada to demonstrate their technology and then to replicate that technology at their planned Louisiana Strategic Metals Complex (“LSMC“) in the USA at a larger scale.

Ucore summarizes its plan to produce end-stage rare earth materials stating:

Ucore has developed a proprietary critical metals separation technology that dramatically improves the efficiency and environmental characteristics of the REE separation process. Ucore’s RapidSX™ REE separation technology Demonstration Plant in Kingston, Ontario, Canada….has formed the “copy and paste” template to establish the process of building a RapidSX™ plant inside an existing building. This construction process will be replicated in Alexandria to establish the commercial-scale LSMC processing facility on an accelerated timeline. Furthermore, the two plants will work together to shorten the schedule for the LSMC plant start-up and original equipment manufacturers’ (“OEM“) product qualification trials.

FIGURE 1: Ucore’s plan for a North American REE supply chain

Source: Ucore company presentation

RapidSX™ REE Commercialization and Demonstration Facility in Canada

The company has successfully demonstrated the technology at its RapidSX™ Commercialization and Demonstration Facility (CDF) in Kingston, Ontario, Canada. The RapidSX™ Demonstration Plant was commissioned earlier this year and is located within the 5,000-square-foot CDF.

Its RapidSXTM technology is based on research and development by Innovation Metals Corp. with some funding assistance from the US Department of Energy. Innovation Metals was acquired by Ucore in 2020.

FIGURE 2: Ucore’s RapidSX™ Technology Platform Demonstration Plant in Kingston, Ontario, Canada

Source: Ucore company announcement April 6, 2023

Louisiana Strategic Metals Complex

As announced on April 6, 2023, Ucore has selected a facility for their planned Louisiana Strategic Metals Complex (“LSMC“) rare earth element separation and oxide production refinery. Ucore selected an 80,800 square-foot brownfield facility within the England Airpark in Alexandria, Louisiana, USA. The announcement states:

Ucore and the England Authority have established a multi-decade lease arrangement to ensure the long-term viability of the LSMC.

The plan is for the refinery (LSMC) to start with 2,000 tpa total rare earth oxide (“TREO“) by the beginning of 2025, then ramp up to produce 7,500tpa of TREO in 2027, using the RapidSX™ technology.

The 7,500tpa LSMC refinery has an estimated capital expenditure of US$75 million and is expected to be the first of several planned modern REE refineries in North America by Ucore.

FIGURE 3: Ucore’s future Louisiana Strategic Metals Complex (“LSMC”) in Alexandria, Louisiana, USA

Source: Ucore company announcement April 6, 2023

Summary of Ucore’s projects timeline

  • 2022 – 2024 – RapidSX™ Commercial Demonstration Plant – construction, commissioning and tonnes of HREE & LREE demonstration testing.
  • 2023 – 2025 RapidSX™ full-scale commercial deployment in the first of several planned modern REE refineries in North America, the Louisiana SMC for individual REO production.

Closing remarks

Ucore has already received about C$20 million plus in government support towards achieving its goal to produce rare earth oxides in North America. It is clear that there is a huge support to establish a North American rare earths supply chain.

Ucore has the technology and is now at the stage of demonstrating it at a larger scale and then commercializing the technology at their planned LSMC refinery in the USA. This will take a few years but if all goes well, Ucore plans to ramp up from 2,000tpa TREO production in 2025 to 7,500tpa TREO in 2027.

Big plans, yes, but there is definitely a growing demand for local rare earths material to support the green revolution, and now finally some good Western government support.

Ucore Rare Metals trades on a market cap of C$67 million.




Pat Ryan Discusses Ucore’s Competitive Edge in the North American Rare Earths Supply Chain

In this InvestorIntel interview, Tracy Weslosky talks with Ucore Rare Metals Inc.’s (TSXV: UCU | OTCQX: UURAF) CEO and Chairman Pat Ryan about Ucore’s first planned rare earths separation and oxide production facility within the England Airpark in Alexandria, Louisiana.

Pat explains that the selection of the 80,800 square-foot facility was based on critical success markers such as streamlined logistics, access to chemicals and reagents, attractive energy costs, labor pool robustness, and community support, including technical education infrastructure.

Highlighting the absence of a rare earths oxides separation facility in North America, Pat discusses how Ucore is focused on high-margin, individual rare earth oxide production using its proprietary RapidSX™ rare earths separation technology in an ESG-friendly manner.

Pat explains how RapidSX™ technology delivers more throughput per square foot with reasonable capital expenditures, and quicker processing time using less chemicals and power than conventional solvent extraction.

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About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metal separation technologies targeting production, scalability, and growth. Ucore’s vision and plan are to become a leading advanced technology company, providing best-in-class metal separation products and services to the nascent North American rare earths (REE) supply chain. This plan includes the near-term development of a heavy and light rare-earth processing facility in Louisiana, with subsequent facilities in Canada, Alaska and the longer-term development of Ucore’s heavy-rare-earth-element mineral-resource property at Bokan Mountain on Prince of Wales Island, Alaska. Ucore is listed on the TSXV under the trading symbol “UCU” and in the United States on the OTC Markets’ OTCQX® Best Market under the ticker symbol “UURAF.”

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 [email protected].




Jack Lifton with Ucore’s Pat Ryan on a Leading Technology for Rare Earths

In this InvestorIntel interview, Jack Lifton talks with Ucore Rare Metals Inc.’s (TSXV: UCU | OTCQX: UURAF) CEO and Chairman Pat Ryan about Ucore’s successful approach to processing rare earths. With a focus on high-margin rare earths oxide production, Pat provides an update on their proprietary RapidSX™ rare earths separation technology.

Based on solvent extraction technology, Pat discusses how their RapidSX™ technology can separate rare earth oxides in a commercially viable way using less power, labor, chemicals, and reagents. With a plan to commence production in Q1 2025, Pat provides an update on Ucore’s first rare earth production facility within the England Airpark in Alexandria, Louisiana.

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About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metal separation technologies targeting production, scalability and growth. Ucore’s vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the nascent North American rare earth element supply chain. This plan includes the near-term development of a heavy and light rare-earth processing facility in Louisiana, with subsequent facilities in Canada, Alaska and the longer-term development of Ucore’s heavy-rare-earth-element mineral-resource property at Bokan Mountain on Prince of Wales Island, Alaska. Ucore is listed on the TSXV under the trading symbol “UCU” and in the United States on the OTC Markets’ OTCQX® Best Market under the ticker symbol “UURAF.”

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 [email protected].




Ucore’s Louisiana Site Selection and US$15M State Incentives Continues Industry’s Push for North American Rare Earths Supply

Ucore Rare Metals Inc. (TSXV: UCU | OTCQX: UURAF), which specializes in separation technologies for rare earths and critical minerals, has chosen a brownfield facility, spanning 80,800 square feet, located within the England Airpark in Alexandria, Louisiana as the site for its first rare earths production facility.

The facility will house the company’s Louisiana Strategic Metals Complex (LSMC), which will use its proprietary RapidSXTM technology to separate and produce rare earth oxides (REOs) from various feedstocks.

Louisiana Strategic Metals Complex (LSMC)

The LSMC is expected to commence construction in 2023 and start production in 2025, with an initial capacity of 2,000 tonnes per year (“tpa”) of total rare earth oxides (TREO), increasing to 5,000 tonnes per year by 2026. The company also plans to expand the capacity to 7,500 tonnes per year by 2027, subject to market demand and availability of feedstock. The LSMC will produce both heavy and light REOs for various applications, such as permanent magnets, electric vehicles, wind turbines, aerospace, defense, and medical devices.

Louisiana increases incentive offers

The company also announced that it has secured an increase in state support from Louisiana Economic Development (LED) to US$15 million, which includes a 10-year tax exemption to the company, a payroll rebate for up to 10 years, performance-based grant for site preparation and infrastructure, and workforce development support.

Louisiana also offers a Research and Development Tax Credit program and a Small Business Loan and Guarantee Program and Ucore believes it could participate in both of these programs, however, the value of the benefits from these programs will be determined later. Ucore Chairman and CEO Pat Ryan commented,

Ucore is extremely grateful to The City of Alexandria, England Airpark, GAEDA, Louisiana Central, LED, Rapides Parish, and Louisiana’s federal delegation. Each has worked together and in concert with Ucore to provide us with the opportunity to establish the first modern technology rare earth processing plant in North America. It is critical that the United States leads in establishing the critical metals supply chain essential to a changing manufacturing landscape across North America. The establishment of the Louisiana SMC in Alexandria represents one of these first building blocks and a significant contributor to the shift toward energy production and consumption diversification.”

Ucore hitting milestones

Ucore stated that the site selection and state support are significant milestones for its vision to become a leading advanced technology company providing best-in-class metal separation products and services to the mining and mineral extraction industry. The company also highlighted its competitive advantages over conventional solvent extraction methods, such as lower capital and operating costs, faster processing time, smaller footprint, modular design, scalability, and environmental sustainability.

The company has successfully demonstrated the technology at its Demonstration Plant in Kingston, Ontario, Canada. Its RapidSXTM technology is based on research and development by Innovation Metals Corp. with some funding assistance from the DoE. Innovation Metals was acquired by Ucore in 2020.

The Critical Minerals Shift to North America

There has been a massive shift by North American governments and agencies to fund the industry to get rare earth production moved to North America in order to secure a domestic supply chain for rare earths and critical minerals that are essential for clean energy technologies.

Recently, the US Department of Energy (DoE) and the US Department of Defense (DoD) have awarded millions of dollars to various projects and initiatives that aim to produce, process, and refine rare earth elements and critical minerals. These investments are expected to create jobs, spur economic growth, and reduce dependence on foreign sources, especially China, which currently dominates the global market for these materials.

Recently funded projects in Canada included:

  • In March 2023, Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) announced that the Government of Canada has contributed C$5.0 million to fund the construction and operation of a rare earth extraction and recovery demonstration plant in Ontario.
  • In March 2023, Geomega Resources Inc. (TSXV: GMA | OTCQB: GOMRF) announced that it is receiving C$3.0 million in funding from the Government of Canada towards the construction of the rare earths magnet recycling demonstration plant in Quebec.
  • In February 2023, Nano One Materials Corp. (TSX: NANO) reported that it received C$10 million from Sustainable Development Technology Canada to fund the conversion of its recently acquired facility in Quebec to produce lithium iron phosphate (LFP).

Last year, some major investments in the critical minerals industry were announced in the US:

  • In October 2022, the DOE announced US$39 million in funding for 16 projects across 12 states to develop technologies to increase the domestic supplies of critical elements.
  • In June 2022, Lynas Rare Earths Limited (ASX: LYC) was awarded a US$120 million contract by the DoD to build a commercial Heavy Rare Earths facility in Texas.
  • In February 2022, the DoD awarded US$35 Million to MP Materials Corp. (NYSE: MP) to design and build a facility in California to process and separate Heavy Rare Earths (HREE).

Upcoming Catalysts for Ucore

Ucore is finalizing pre-payment and supply offtake agreements with various strategic partners as well as other grant and incentive programs with both the Canadian and US governments. The company plans to get the LSMC in pre-production by Q4/2024 with a planned production throughput of 2,000 tpa by the start of 2025.

In the longer term, the company plans to add subsequent SMCs in Alaska and Canada using its technology platform and develop the Bokan Mountain Rare Earth Element Project in southeast Alaska, which is in the Preliminary Economic Assessment (“PEA”) stage, as a potential source of feedstock material.

Ucore closed yesterday at C$1.30 with a market cap of C$73.0 million.

The Future Louisiana SMC – Alexandria, Louisiana, USA




Mark Chalmers from Energy Fuels Discusses Uranium Supply Contracts with the US Government and Rare Earth Operations

In this InvestorIntel interview during PDAC 2023, Byron W King talks to Energy Fuels Inc.’s (NYSE American: UUUU | TSX: EFR) President, CEO and Director Mark Chalmers and receives an update on Energy Fuels’ rare earths, uranium, and vanadium operations. At their White Mesa Mill in Utah, Energy Fuels currently processes monazite into a rare earths carbonate that is currently shipped to a third party for further processing but Energy Fuels is building its own separation plant to move that step in-house.

Mark goes on to discuss Energy Fuels’ recently acquired rare earth and heavy mineral project in Brazil to supply the raw materials needed by their White Mesa Mill in Utah for processing into high-purity rare earth carbonate and other materials.

As a leading U.S. producer of uranium and vanadium, Mark provides an update on Energy Fuels’ long-term uranium supply contracts with U.S. nuclear utilities and the U.S. government to supply the strategic U.S. Uranium Reserve. With Russia exerting a disproportionate influence over global uranium and nuclear fuel supply chains, Mark discusses how Energy Fuels is helping to secure a domestic uranium supply chain in the United States.

With a current net cash position of over $100 million, an existing processing plant, and a portfolio of mineral projects that are important for decarbonization and electrification, Mark explains how Energy Fuels is advancing “quicker than anybody else that [he thinks] of, in the entire world and outside of China.”

Special Note: Mark Chalmers is scheduled to be a keynote speaker at the upcoming Critical Minerals Institute Summit II, Driving to the Future, Critical Minerals for the EV Market, a 2-Day Event on June 14-15th at The National Club in Toronto.

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About Energy Fuels Inc.

Energy Fuels is a leading US-based critical minerals company. The Company mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (“REE“) materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America’s key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (“ISR“) Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U3Oper year, has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Company recently acquired the Bahia Project in Brazil, which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development.

To learn more about Energy Fuels Inc., click here

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Imperial Mining Patents its Process in Next Steps to Become a Leading-edge Supplier of Scandium and Rare Earths

The race is on. It seems like there are a lot of junior miners out there working on new or improved technology to process or refine their commodity in a better, more efficient manner. This makes a lot of sense when you think about it. Obviously, the world is on a decarbonization kick, so it’s only a matter of time before the carbon footprint of the raw materials starts to come into focus. It will help differentiate you from any competitors out there mining the same mineral, assuming you have any. If you happen to be fortunate enough to be located in a jurisdiction that is close to the demand centers and has abundant clean energy (like hydroelectric power) then that could make you the #1 supplier of a commodity.

One entity looking to control its own destiny, while being fortunate enough to be located in a key jurisdiction, is Imperial Mining Group Ltd. (TSXV: IPG | OTCQB: IMPNF). Imperial is a Canadian mineral exploration and development company focused on the advancement of its technology metals projects in Québec, Canada. The Company’s flagship Crater Lake Scandium-Rare Earth property is located 200 km northeast of Schefferville, Québec, and is accessible via fixed-wing aircraft or helicopter. The property consists of 96 contiguous claims covering 47.0 km2, owned 100% by Imperial. The Company is led by an experienced team of mineral exploration and development professionals with a strong track record of mineral deposit discovery in numerous metal commodities.

In mid-2022, Imperial announced the results of a positive Preliminary Economic Assessment (PEA) for the Crater Lake TG Zone Scandium (Sc) – Rare Earth Element (REE) deposit from Imperial’s independent consultants WSP Canada. The results show positive cash flow, strong Internal Rate of Return (IRR), and positive Net Present Value (NPV) metrics at discount rates of up to 15% for a potential mining operation at the Crater Lake project. Highlights of the PEA include: a pre-tax NPV of C$2.97 billion and an after-tax NPV of C$1.72 billion (10% discount rate); pre-tax IRR is 42.9% and an after-tax IRR of 32.8%; and a pre-tax capital payback of 2.5 years from the start of production.

All of the PEA information was completed prior to the summer drilling program where the Company completed a total of 8 drillholes for 1,663.0 m. Results were encouraging and give inference to grade and tonnage increases to the TG North Lobe Deposit resource. Drilling indicates that the southern portion of the TG scandium Zone is composed of two different Sc bearing ferrosyenites and hosts a higher proportion of the higher-grade pyroxene-rich ferrosyenite. The mineralization of both Sc-bearing ferrosyenite zones is open at depth below the 200 m vertical level and along strike and appears to show great potential for additional scandium mineralization. With all of the results in, Imperial plans to undertake an updated 43-101 Mineral Resource Estimate with the goal of converting all of the Inferred Mineral Resources into the Indicated or Measured Mineral Resources category.

With all that said, the Company’s latest news is my main focus today. Imperial Mining just announced the filing of patent applications for its two-stage hydrometallurgical methods and processes for the extraction of scandium and rare earth elements from Crater Lake project mineralization titled “HIGH PRESSURE CAUSTIC LEACH METHODS AND PROCESSES FOR RECOVERY OF SCANDIUM AND RARE-EARTH OXIDES”. Imperial also provided an update on the Crater Lake Scandium Project flowsheet development program which commenced in early 2022 at SGS Canada, Quebec City and Peterborough and is partially financed by a $245,355 grant from the Quebec Ministry of Energy and Natural Resources. The flowsheet development program was focused on further optimization of the mineral processing flowsheet by rejecting olivine, a non-Sc-REE-bearing mineral from the mineral concentrate and processing the olivine-depleted mineral concentrate through the patent-pending high-pressure caustic leach process for recovery of Sc and REE. During the flowsheet development program, Imperial invented a patentable process for rejecting olivine from the scandium-bearing mineral concentrate.

I won’t begin to try and explain the science of what this all means other than to say simpler is usually better. The easier and more efficiently you can do something typically equates to a lower carbon footprint and less of an environmental liability. Just having the right, in-demand resource isn’t good enough anymore, at least in most parts of the world. The production of that resource has to be done in a responsible, sustainable manner. This C$15 million market cap company is taking steps to be a leading-edge processor of Sc and REE which could help propel them to the top of the supply chain.