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Ucore Receives a $4.28 Million Funding Agreement from the Government of Canada
Ucore Announces: It is the recipient of $4.28 million funding agreement from the Government o...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"Ucore Receives a $4.28 Million Funding Agreement from the Government of CanadaUcore Announces:It is the recipient of $4.28 million funding agreement from the Government of Canada for the demonstration of Ucore's RapidSX™ Rare Earth Element Separation Technology Capabilities (the \"Project\").Under the Project, the Company will produce high-purity NdPr, Pr and Nd over a 6-month period from 13-15 tonnes of Canadian and US feedstock sources. Halifax, Nova Scotia--(Newsfile Corp. - November 20, 2023) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") is pleased to announce that the Company has executed a $4.28 million Non-Repayable Contribution Agreement with the Government of Canada (\"Government\") to demonstrate its RapidSX™ Rare Earth Element Separation Technology Capabilities (the \"Project\"). Figure 1 - Ucore's RapidSX™ Commercialization and Demonstration Facility (“CDF”)To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1119/188025_8b315b50b48f19d0_002full.jpgThe funding will be used to demonstrate the commercial efficacy of the Company's patent-pending RapidSX™ rare earth element (\"REE\") separation technology platform specifically for light REEs. The Company will produce nearly continuous high-purity samples of praseodymium (Pr), neodymium (Nd), and a praseodymium|neodymium compound (NdPr). The Company expects to process 13-15 tonnes of mixed rare earth carbonates and oxides from various Canadian and US feedstock sources at its RapidSX™ Commercialization and Demonstration Facility (\"CDF\") in Kingston, Ontario. The Project budget totals $8.31 million, with $4.28 million provided through the Government funding.This non-dilutive funding will assist the company with qualifying these critical magnet materials (Pr, Nd and NdPr) with automotive, wind energy and consumer original equipment manufacturers (\"OEMs\"). This funding and its focus on the light REE magnet materials complements Ucore's recently announced US Department of Defense demonstration funding, which focuses on producing the heavy REE magnet materials, terbium (Tb) and dysprosium (Dy). \"We would like to thank the Government of Canada for this important funding,\" stated Pat Ryan, P.Eng., Ucore Chairman and CEO. \"China's recent announcem...