Ionic Rare Earths (ASX:IXR, or "IonicRE") is pleased to announce the results of assays for Tranche Six (6) of the 8,220 metre Phase 4 drill program completed in October 2021 at the Makuutu Rare Earths Project (“Makuutu” or “the Project”) in Uganda.
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This article includes content from Ionic Rare Earths, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Rare earth metals are best classified as difficult to discover and extract. In 2019, nearly 60 percent of global annual production (an estimated 132,000 tonnes) came from China, with only 12.2 percent of production coming from the second largest producer, the United States. But, what are rare earth metals? And why are they more important than ever?
Rare earth metals are classified into two categories: light and heavy. Light rare earth elements (LREEs) are commonly available and include lanthanum, cerium, praseodymium, and neodymium. Heavy rare earth elements (HREEs) are more difficult to source (and therefore more expensive), and include samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, yttrium, and scandium.
Known as the seeds of technology, rare earth metals set to play an ever growing important role in the future of clean energy, as well as serving as a key ingredient in the permanent magnets found in wind turbines and electric vehicles. With such rapid forecast demand looming it’s clear why this segment of the mining industry is attracting attention.
Ionic Rare Earths (ASX:IXR, or “IonicRE”) is an exploration and mining development company that aims to create rare opportunities for investors by operating a low capital operation with a high-margin product. The company currently has a 51 percent ownership (earning up to 60 percent) over the promising rare earth elements Makuutu project located in Uganda. Even though it is the company’s only project, the Makuutu project has a post-tax long-term free cash flow estimate of US$766 million over 11 years. This is expected to grow dramatically in the next 12 months as the company increases the resources to increase the potential life at Makuutu beyond 30 years.
The company is focused on developing its flagship Makuutu Rare Earths Project in Uganda into a significant, long life, high margin, supplier of high-value critical and heavy rare earths. Makuutu is an advanced-stage, ionic adsorption clay (IAC) hosted rare earth element (REE) project highlighted by near-surface mineralisation, significant exploration upside, excellent metallurgical characteristics, and access to tier one infrastructure. The clay-hosted geology at Makuutu is similar to major IAC rare earths projects in southern China, which are responsible for the majority of global supply of low-cost, high value Heavy REOs (>95% originating from IAC). Metallurgical testing at Makuutu has returned excellent recovery rates, which provide multiple avenues for a low-CAPEX process route. Makuutu is well-supported by tier-one existing infrastructure which includes access to major highways, roads, power, water and a professional workforce.
Makuutu will produce a mixed rare earth carbonate (MREC) product, and is planning on developing a standalone refinery to then process the radionuclide MREC product to produce secure and traceable individual rare earths required to supply a growing western demand.
Figure 1: Makuutu is quickly being defined as one of the world’s most strategically important rare earth projects.
Figure 2: Granit outcroppings south of the mineralisation trend, with the expansive Makuutu project area in the distant north.
Historically, the majority of rare earth metals have been produced in China. However, economically significant deposits are now being explored and developed all around the world due to the increased commercial interest in the element driven by desires to develop secure supply chains to meet dramatic increases in future demand.
Additionally, Makuutu is the third-largest scandium deposit on the planet with 9,450t+ of scandium available and near term potential for a step change in size.
“We’ve recently done some exploration drilling that indicated that the overall mineralization system of Makutuu is going to get a lot bigger, so we’re going to continue to add value to shareholders and build a very large project,” Tim Harrison said in a recent interview.
Figure 3: Phase 4 infill drilling at Makuutu which is expected to net a significant increase in resources at Makuutu.
Figure 4: Makuutu project location, 120 km east of Kampala, Uganda.
Makuutu may have a strong presence of scandium, but the project also serves as a “one-stop-shop” for many other rare earth elements, especially the high value and high demand magnet rare earths , neodymium, praseodymium, dysprosium and terbium, and many others. There are 16 rare earth elements found in the Makuutu IAC mineralization, with lanthanum oxide, yttrium oxide, and neodymium oxide being found in the highest concentrations. Forecasting the price of all the rare earth elements found at Makuutu is how Ionic Rare Earths is expected to earn US$766 million over 11 years, with much more upside long term given sensitivity analysis indicated a 10% increase in rare earth prices projected a massive 30% increase in NPV post tax.
Ionic Rare Earths is led by a strong corporate management team with decades of applicable experience. Trevor Benson, the chairman, has over 30 years experience with investment banking and stockbroking, focusing on the resources sector. Tim Harrison, managing director, brings 20 years of experience in mineral processing and hydrometallurgy. Max McGarvie, the non-executive director, has 45 years of experience in mining development and mineral processing. Combined, the experienced management team is fully equipped to lead Ionic Rare Earths to success.
The Makuutu project covers an approximate area of 300 square kilometers and is located 120 kilometers away from Uganda’s capital city of Kampala. The project has a pre-existing tier-one infrastructure that consists of tarred roads, a nearby rail, power, water and even cell phone services. The project is fully accessible year-round.
Figure 5: Makuutu project and proximity to existing infrastructure.
The Makuutu project hosts the highly desirable mineralization of rare earth bearing ionic adsorption clay (IAC). IAC mineralizations have many numerous advantages over hard rock REE projects. IAC mineralizations are softer, near surface and have relatively low operating costs due to ease of mining, allow for simplistic processing methods, and possess mixed high-grade rare earth elements and a high value basket with no radionuclides. The low mining costs combined with a simple processing method create a low-cost operation that produces a high-margin product with a value that is expected to also see a step change increase as a stable global supply of scandium is demonstrated.
The current mineral resource estimate of the Makuutu project is 315 Million tonnes rated at 650 ppm TREO, at a cut-off grade of 200 ppm TREO-CeO2. One exciting upside to this project is that of the 37 km long mineralisation trend, the resource is defined within discrete areas across only a portion of the 26 kilometers drilled previously, and additional clay zones identified across the full mineralisation trend.
Ionic Rare Earths is using simple extraction and processing techniques that allow them to keep operating expenses low. This is possible because of the IAC mineralization that defines the area. The mineralization has a near-surface orebody that enables low-cost bulk mining with a low strip ratio.
Figure 6: Makuutu’s critical and heavy rare earth dominant basket has a high value and wide appeal.
This project is 100% owned by Ugandan company Rwenzori Rare Metals Limited, which has an ownership structure as follows; Ionic Rare Earths owns 51 percent, Rare Earths Elements Africa owns 42 percent(which is reducing), and Ugandan Partners hold 7 percent (which is reducing).
Trevor Benson has over 30 years of experience within investment banking and stockbroking, specializing in the resources sector. He has also worked for large Australian and international corporations and held a number of directorships with ASX-listed companies. Most recently he held the position of Executive Chairman and CEO for Walkabout Resources Ltd.
Benson’s focus within the investment banking industry was within SE Asia and China specializing in merger and acquisitions and equity capital market transactions and advising Australian and International companies, including being an exclusive adviser to Chinese State-Owned Enterprises, and Hong Kong-listed resource companies.
Benson has cross-border experience including Africa, UK, Hong Kong, and China and has advised and listed numerous ASX listed companies.
Tim Harrison initially joined the Company in the role of Project Manager of Makuutu Rare Earths Project at the start of 2020. Since then, he has been driving development and value creation, and was appointed CEO in June 2020 and was appointed Managing Director in December 2020.
Harrison holds a Bachelor of Chemical Engineering and has over 20 years of experience and an extensive and successful track record in the fields of both mineral processing and hydrometallurgy across multiple commodities.
Harrison has been involved in project development, process and flowsheet development, studies, test work planning and supervision, engineering, construction, commissioning, operations and project management. Harrison has been engaged with operations and projects across Australia, Africa, Asia and Eurasia.
Jill Kelley has previously held roles at the highest levels of international leadership and has played a crucial role in supporting U.S. military operations spanning over 60 countries, collectively known as the U.S. Coalition Allies. Ms. Kelley’s networks in, and knowledge of, Europe, the Middle East, Asia, and South and Central America have helped advance American interests during the most critical points in current history.
As former honorary ambassador to U.S. Central Command General Mattis and CIA Director David Petraeus, Kelley met regularly with Royals, Presidents, Prime Ministers, and Parliamentarians to foster military, security, and economic relationships. Kelley received the Pentagon’s esteemed Joint Chiefs of Staff Award for her leadership, along with the Multi-National Military Forces Award, an honour only bestowed upon a few individuals.
Max McGarvie is a senior mining executive with an extensive portfolio of technical/managerial appointments in a career exceeding 45 years in mine development, mineral processing, operational and management roles across Australia, Africa and the Middle East.
He has a long and distinguished career in the mining industry, a significant portion of this with Iluka Resources Limited and prior entities, including development roles within its mineral sands operation at Eneabba, Western Australia and a major role in returning the Sierra Rutile mineral sands operation in Sierra Leone (operated by Iluka) to profitable operations following the civil war in that country.
McGarvie’s career has covered a range of senior roles in the mining sector including Production Manager, from Registered Mine Manager to CEO, and he has a deep knowledge and understanding of the African environment and project development in this theatre.
Brett Dickson has over 20 years’ experience focusing on the start-up, restructuring, management, growth and financing of emerging publicly listed exploration and mining companies, including projects advancing from exploration through development to production. This experience ranges through a spectrum of activities; from capital and debt raisings, corporate restructuring and stock exchange listings.
Dickson has been a Director of, and involved in the executive management of, a number of publicly listed resource companies with operations in Australia, Nicaragua, Chile, Mexico, Finland, Ukraine, Laos, Papua New Guinea and South Africa.
National policies around the globe are increasingly focusing on electrification. We’ve already seen the largest automakers announce ambitious goals to produce more electric vehicles, while Western governments have committed to a greener future. The European Union aims to be climate-neutral by 2050, a goal echoed by Canada’s long-term strategy to reach net-zero emissions within the same timeframe. These goals from both the private and public sectors create an increasing global demand for the rare earth elements (REE) required for most sustainable technologies — meaning suppliers will need to pick up the pace to meet this growing demand. EVs alone will create enormous demand for these elements, considering 2022 is projected to see automakers ship 34 percent more units than 2021.
China currently dominates the REE market, producing over 85 percent of the world’s rare earth elements. This has made North American and European governments increasingly susceptible to any disruption in China’s supply chain. After all, any supply chain interruptions will directly impact the West’s ability to manufacture clean energy technology. All of this has resulted in the West developing policies that aim to reduce its dependence on Chinese REE production.
Today, the United States is well aware of its over-reliance on foreign sources of REE and has already started to create a domestic supply chain, which includes updating mining laws and prioritizing critical minerals. Additionally, the U.S Department of Defense has awarded a US$35 million contract to MP Materials to build a facility to process heavy rare earth elements (HREE) in California. Canada has also updated its list of the nation’s critical minerals to emphasize REE and HREE as vital to the country’s future. As North America continues to develop its strategic plans for REE and HREE production, it’s clear safer, domestic exploration, development and production will be required.
The company’s district-scale portfolio includes promising discoveries for extracting REE minerals for immediate processing into individual REE. Two key discoveries are the Foxtrot and Deep Fox deposits, which are awaiting a combined updated preliminary economic assessment (PEA). The new PEA takes into account, an increased resource at Deep Fox, increasing current REE prices and the increased recovery rate of Search Mineral’s proprietary technology (increased from 79% to over 90% from its pilot plant operation).
Innovative technology and impressive foresight sit at the core of what makes Search Minerals unique. In a recent interview, CEO Greg Andrews stated, “We look at our company as one of the most advanced in North America with our resources, technology that's been in development since 2010 and two pilot plants. Automobile manufacturers with ambitious goals are starting to look down the supply chain and say 'can we really do this? Where are the raw materials coming from?' There aren't many operating deposits outside of China and they'll need to secure REE to meet their goals."
Search Minerals recently entered into an offtake agreement with USA Rare Earth for 500 tonnes per year of Nd and Pr, creating immediate sales from the future production of Foxtrot and Deep Fox. This agreement advances both companies’ ongoing ambitions. Search Minerals strives to become the established provider of REE to North America’s critical mineral supply chain, while USA Rare Earth is pursuing a ‘Mine-to-Magnet’ strategy. Combined, the two companies could create a complete North American REE supply chain.
An ongoing strategy known as the “sprint to production” is guiding Search Minerals’ efforts. The sprint is focused on achieving production by 2025.
The company is also led by an impressive management team, which aims to turn Search Minerals’ into a vital partner in enabling North America’s REE supply chain. Greg Andrews, CEO, brings over 30 years of strategic planning and administrative management. Dr. Randy Miller, vice president of exploration, has been exploring for REE in Labrador since 1980. Meanwhile, Dr. David Dreisinger, vice president of metallurgy, holds an impressive 24 U.S. patents, including Search Mineral’s direct extraction process. Matthew Anderson, CFO, shores up the company’s corporate processes with over a decade of accounting experience. Search added Todd Burlingame, as Chief Operating Officer, who has extensive experience in mining plan development and managing the environmental process through to permitting.
Dr. David Dreisinger, VP of metallurgy, developed a process for direct REE extraction that reduces the capital requirements and operating costs of working with REE when compared to traditional methods. This patented and proprietary technology creates a clear advantage over other REE operations, both domestic and abroad.
Three phases of drilling at Foxtrot have outlined a 7.4 million tonnes indicated and 2.0 million tonnes inferred resource. A revised Preliminary Economic Assessment report to include material from both Deep Fox and Foxtrot is expected in April 2022.
Deep Fox is awaiting an updated PEA and resource estimate that accounts for the 7000m phase 3 drilling program (2021), advancements in its technology and increasing current market prices. The resource outlined below includes data to the 100m level obtained from the phase 1 and 2 drill programs – the phase 3 program provided infill data and data to the 200m level.
Greg Andrews received his Bachelor of Commerce, Finance from the University of Calgary. He has over 30 years of experience in strategic planning, financial and administrative management consulting for public and private companies. He has also held various directorships in TSX Venture listed companies since 1993, including those involved in mining, oil and gas, technology, and biotechnology.
Todd Burlingame holds a Bachelor of Science in Geology from the University of British Columbia. He has over 30 years experience in the mining sector with specific experience in developing mining and processing facilities in Newfoundland and Labrador. He has served as Chair and CEO of two Federal-Indigenous Resources Co-Management Boards and has led numerous Impact and Benefits Agreement negotiations with indigenous groups.
Randy Miller holds a Ph.D. in Geology from the University of Toronto. He has extensive experience studying rare earth elements including field mapping and supervision of diamond drilling on the Strange Lake deposit in NW Labrador for the Iron Ore Company of Canada. He spent 12 years with the Newfoundland and Labrador Geological Survey as their Rare Earth Specialist, and his work has informed the basis of Search Mineral’s REE exploration program in Labrador. Dr Miller has led the Search exploration team, since 2009, that discovered both the Foxtrot and Deep Fox deposits and other REE prospects in SE Labrador.
David Dreisinger holds the position of Industrial Research Chair, Hydrometallurgy at the University of British Columbia where he has been a Professor since 1988. He holds 24 U.S. patents, including a patent for Search’s Direct Extraction Process. He is also a director of PolyMet Mining Corp., Cascadero Copper Corporation and Euro Manganese.
Matthew Anderson holds a Bachelor of Commerce degree from McGill University. He obtained his Chartered Accountant designation in 2008 while articling at a large accounting firm. He currently works with Malaspina Consultants Inc., a company providing consulting and administrative services to junior resource companies.
Mr Bower's appointment as CEO follows the Company's successful $2.4M placement which will settle today, 23 March 2022 with shares to be allotted tomorrow, 24 March 2022. Funds raised will be used to finalise the acquisition of 10% of REEgenerate Pty Ltd in addition to providing working capital and cash to develop the Company's mineral resource exploration projects.
Mr Bower is an experienced executive and project manager demonstrated across the mining, agricultural and industrial sectors and in particular brings a unique skill set that is highly relevant to our diversified resources Company. Jeremy brings over 15 years' experience dealing with the government, key stakeholders and engineers to obtain project approvals, in addition to strong ESG credentials, which is now demanded by investors and communities alike across the globe. His appointment comes at a time when the Company is focussed on driving a detailed plan to assess and deliver more value from its assets and take steps towards being a significant player in the emerging circular economy.
Mr Bower said, "1 was attracted to the Company because of its unique blend of highly prospective mineral resource projects in addition to the recent investment in REEgenerate, together which form a solid foundation to build value for shareholders".
The Company's non-executive Chairman, Robert Downey said "We are excited to have Jeremy join the Company as CEO. The Board and management have got to know Jeremy well over the past month, and we have no doubt that his experience and can do attitude will ensure he can hit the ground running, and importantly provide value to our loyal shareholders from development of our asset portfolio".
Mr Bower will be employed as CEO on a permanent part time basis of 2 days per week to manage and co-ordinate the development of the Company's current asset portfolio. If the Company requires a full time CEO, the parties agree to discuss and negotiate appropriate terms at the relevant time.
Details of the material terms of appointment of Mr Bower are set out below. The employment agreement between the Company and Mr Bower contains terms usual in employment agreements of its type.v
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This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Reach Resources Limited(ASX: RR1) (“Reach” or “the Company”) is pleased to announce that is has made a strategic investment of $1.8M into REEgenerate Pty Ltd ("REEgenerate"), an Australian private company that owns 100% of the Coconut Club REE exploration project in Quebec, Canada.
REEgenerate has an option to acquire 100% of REEcycle Inc ("REEcycle"), a US based Rare Earth Element (REE) separation and technology Company.
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This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company "), is pleased to announce that two bulk samples of mineralization from Deep Fox and Foxtrot have been received and are being processed in our PHASE 1 magnetic separation program at SGS Canada (Lakefield) (" SGS "). The Deep Fox sample comprises 52.9 metric tonnes recovered from the exposed surface of the deposit. Similarly, the Foxtrot sample comprises 19.8 tonnes of surface material.
The SGS program involves crushing and grinding the bulk samples and feeding a series of magnetic separation devices to produce:
(1) a magnetic concentrate by Low Intensity Magnetic Separation (LIMS) containing predominantly magnetite (an iron oxide mineral),
(2) a magnetic concentrate by Wet High Intensity Magnetic Separation (WHIMS) containing the majority of the rare earth element values in the original sample and
(3) a final non-magnetic material fraction containing non-magnetic material, including the zircon mineral containing zirconium and hafnium.
The testing will be carried out at a scale of over 500 kg per hour of material treatment for the next few weeks. The results of the testing will be used as part of our "scale up" to a full commercial magnetic separation plant. The LIMS concentrate will be evaluated for sale as a potential iron ore concentrate. The WHIMS concentrate will comprise 18-20 tonnes of material from the two bulk samples. This concentrate will be used as material for our PHASE 2 program to further study and scale up the Direct Extraction Process for rare earth recovery. Finally, the non-magnetic concentrate will be studied for zirconium and hafnium recovery by flotation.
Dr. David Dreisinger, Director/Vice-President of Metallurgy states; "The benefit of producing a concentrate, using the grinding and magnetic circuit, prior to our proprietary Direct Extraction Process, is the reduction in size of equipment and reduced chemical and energy use to obtain similar overall recoveries of saleable rare earth elements."
Greg Andrews, President/CEO states; "We continue with our "Sprint to Production" and this is a very important step to scale up and produce more material for further separation into individual oxides of the permanent magnet material, Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy) and Terbium (Tb). These are the key elements which create the value in the rare earth element supply chain. Upon producing the oxides, Search will demonstrate the transformation of the permanent magnet oxides into metal."
Dr. David Dreisinger, Ph.D., P.Eng, is the Company's Vice President, Metallurgy, and Qualified Person (as defined by National Instrument 43-101) who has supervised the preparation of and approved the technical information reported herein. The company will endeavour to meet high standards of integrity, transparency, and consistency in reporting technical content, including geological and assay (e.g., REE) data.
Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of South East Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report for FOXTROT , and a resource estimate for DEEP FOX . Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX .
Search has continued to optimize our patented Direct Extraction Process technology with the support from the Department of Industry, Energy ad Technology, Government of Newfoundland and Labrador, and from the Atlantic Canada Opportunity Agency. We have completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed REO concentrate for separation and refining. We also recognize the continued support by the Government of Newfoundland and Labrador for its Junior Exploration Program.
For further information, please contact:
Greg Andrews President and CEO Tel: 604-998-3432 E-mail: info@searchminerals.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") announces that it has accepted notices of resignations from members of the senior management team of Innovation Metals Corp. ("IMC"), including, IMC Co-founder, Chairman and Chief Executive Officer, Dr. Gareth Hatch; President and Executive Director, Tyler Dinwoodie; and Chief Operating Officer and Vice President, Metallurgy, Dr. Kurt Forrester. The resignations will result in their departures from IMC later in 2022, which coincides with Ucore's planned transition to the commercialization phase for RapidSX™.
"Ucore is extremely grateful to the IMC technical team's efforts to progress the RapidSX™ technology platform towards commercial deployment," stated Ucore Chairman and CEO, Pat Ryan. "Since Ucore's acquisition of IMC in May of 2020, Gareth and his team have very systematically worked towards the completion and development of the technology platform and to ready it for commercial deployment. The Company is looking forward to a smooth transition from research & development to the commercial application of this transformative technology to North America's evolving rare earth element supply chain."
Ucore's ALASKA2023 business plan starts with the planned upcoming construction of the Alaska Strategic Metals Complex ("SMC") rare earth oxide production plant in Ketchikan, Alaska and then subsequent related facilities. Engineering plans for the Alaska SMC are currently underway with Mech-Chem Associates, Inc. of Norfolk, Massachusetts. IMC will continue to concurrently support this effort through the expected commissioning and then operation of IMC's RapidSX™commercial demonstration plant in Kingston, Ontario.
Per the voluntary resignation terms of their respective consulting and employment agreements, Dr. Hatch and Mr. Dinwoodie plan to continue in their respective roles with IMC until November 14, 2022. Dr. Forrester intends to continue in his role with IMC until May 14, 2022. Drs. Hatch and Forrester and Mr. Dinwoodie look forward to supporting a smooth, fulsome transition.
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 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 development of a heavy-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.
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."
For further information, please visit www.ucore.com.
IMC has developed the proprietary RapidSX™ process, for the low-cost separation and purification of rare-earth elements, Ni, Co, Li and other technology metals, via an accelerated form of solvent extraction. IMC is commercializing this approach for a number of metals to help enable mining and metal-recycling companies to compete in today's global marketplace. IMC is a wholly owned subsidiary of Ucore Rare Metals Inc.
For more information, please visit www.innovationmetals.com.
IMC developed the RapidSX separation technology with early-stage assistance from the United States Department of Defense ("US DoD"), later resulting in the production of commercial-grade, separated rare-earth oxides at the pilot scale. RapidSX combines the time-proven chemistry of conventional solvent extraction ("SX") with a new column-based platform, which significantly reduces time to completion and plant footprint, as well as potentially lowering capital and operating costs. SX is the international rare-earth-element ("REE") industry's standard commercial separation technology and is currently used by 100% of all REE producers worldwide for bulk commercial separation of both heavy and light REEs. Utilizing similar chemistry to conventional SX, RapidSX is not a "new" technology but represents a significant improvement on the well-established, well-understood, proven conventional SX separation technology preferred by REE producers.
This press release includes certain statements that may be deemed "forward-looking statements" regarding, among other things, the Company's ALASKA2023 Business Plan as well as the upcoming prospective financing activities involving the Company and AIDEA. All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, litigation outcomes, events, or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements. In regard to the disclosure in the "About Ucore Rare Metals Inc." section above, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to IMC, as suppliers for Ucore's expected future Alaska Strategic Metals Complex ("Alaska SMC"). Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Elements project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to develop the specific engineering plans for the Alaska SMC and its construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: Innovation Metals Corp. ("IMC") failing to protect its intellectual property rights in RapidSX™; RapidSX failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the Alaska SMC; Ucore not being able to raise sufficient funds to fund the specific design and construction of the Alaska SMC and/or the continued development of RapidSX; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan and/or the Alaska SMC; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.
Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.
Mark MacDonald Vice President, Investor Relations Ucore Rare Metals Inc. 902.482.5214 mark@ucore.com
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