- Microcap mining stock Ucore Rare Metals (TSXV:UCU) has won C$4.28 million in funding from the Government of Canada to demonstrate its RapidSX rare earth element (REE) separation technology
- The company intends to prepare the technology for commercialization across industries key to global electrification and decarbonization
- Ucore Rare Metals is developing advanced technology focused on the extraction, beneficiation and separation of rare and critical metals
- Ucore Rare Metals stock (TSXV:UCU) has lost 16.67 per cent year-over-year and 41.44 per cent since 2018
Microcap mining stock Ucore Rare Metals (TSXV:UCU) has won C$4.28 million in funding from the Government of Canada to demonstrate its RapidSX rare earth element (REE) separation technology.
The company will use the funds to demonstrate the commercial viability of RapidSX, specifically for light REEs with automotive, wind energy and consumer original equipment manufacturers. The solvent-based technology has been shown to be at least 3x more efficient than the legacy method.
Production will be carried out at the company’s commercialization and demonstration facility in Kingston, Ontario, with a focus on nearly continuous high-purity samples of praseodymium (Pr), neodymium (Nd) and a praseodymium-neodymium compound.
Over a six-month period, Ucore expects to process 13-15 tonnes of mixed rare earth carbonates and oxides from numerous Canadian and U.S. feedstock sources at the facility.
The demonstration project will be completed by March 31, 2025, with a total budget of C$8.31 million, including C$4.28 million provided by the Government of Canada. Total eligible expenditures to be reimbursed come to C$4,275,848, with claims to be submitted quarterly within 60 days of the quarter’s end.
The project’s focus on light REE magnet materials complements Ucore’s U.S. Department of Defense demonstration funding, which will be allocated to producing the heavy REE magnet materials, terbium (Tb) and dysprosium (Dy).
REE permanent magnets are the most efficient means of converting electric energy to mechanical energy, making them a key component in electric vehicles and offshore wind turbines. Adamas Intelligence sees global rare earth oxide consumption growing at a CAGR of 8.3 per cent to US$46.2 billion by 2035.
“We would like to thank the Government of Canada for this important funding,” Pat Ryan, Ucore’s chairman and CEO, said in a statement. “China’s recent announcements of increased scrutiny over the export of rare earth elements have raised concerns regarding the ongoing availability of these critical materials. The development of an alternative North American rare earth supply chain is more important than ever as the world moves toward the electrification of its vehicle fleet and other green initiatives.”
Ucore Rare Metals is developing advanced technology focused on the extraction, beneficiation and separation of rare and critical metals.
The company intends to disrupt China’s monopoly in the global REE market through strategic partnerships, near-term development of heavy and light REEs in Canada and the United States, and the long-term development of its 100-per-cent-owned Bokan-Dotson Ridge rare heavy REE project in Alaska.
Ucore Rare Metals stock (TSXV:UCU) last traded at C$0.65 per share. The stock has lost 16.67 per cent year-over-year and 41.44 per cent since 2018.
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