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Ucore Announces Memorandum of Understanding and Project Collaboration with Cyclic Materials
Ucore Rare Metals Inc. announces: The execution of a memorandum of understanding ("MOU") wit...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"\nUcore Announces Memorandum of Understanding and Project Collaboration with Cyclic MaterialsUcore Rare Metals Inc. announces:The execution of a memorandum of understanding (\"MOU\") with Cyclic Materials for the future supply of recycled mixed rare earth oxide (\"rMREO\"):trial quantities to support its rare earth demonstration program at its RapidSX™ Commercialization and Demonstration Facility in Kingston, Ontarioas an intended long-term source for Ucore's developing commercial rare earth element separation and oxide production plants across the United States and CanadaHalifax, Nova Scotia--(Newsfile Corp. - July 25, 2024) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") is pleased to announce the completion of prerequisite conditions to announce the execution of a February 2024, non-binding memorandum of understanding (\"MOU\") with Cyclic Materials (\"Cyclic\") for the future supply of recycled mixed rare earth oxides (\"rMREO\").Figure 1 - The two Canadian companies' demonstration facilities, Cyclic Materials' Hub100 and Ucore's RapidSX™ CDF, are side-by-side in Kingston, OntarioTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1119/217640_bc616a52b4da0acf_001full.jpgThe companies will work together toward determining the potential of a long-term supply agreement, starting with Cyclic Materials supplying trial quantities of rMREO to Ucore's RapidSX™ Commercialization Demonstration Plant. This project received $4.28 million[i] in contribution funding from Natural Resources Canada's (\"NRCan\") Critical Minerals Research, Development and Demonstration Program (\"CMRDD\"). This funding was announced on February 5, 2024, with the goal of processing rare earth materials through Ucore's RapidSX™ Commercialization and Demonstration Facility (\"CDF\") in Kingston, Ontario. The ultimate objective of the MOU is to qualify Cyclic Materials' product in Ucore's process and ensure Ucore's developing North American commercial rare earth oxide production output includes North American recycled content from Cyclic Materials, as Cyclic's capacities scale.Mike Schrider, P.E., Vice President and Chief Operating Officer of Ucore, stated: \"Ucore is very pleased to be working with Cyclic Materials on our rare earth demonstration project a...