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$1.92M Refund For R&D Activities Undertaken By RareX
January 17, 2023
Australian sustainable rare earths company, RareX Limited (ASX: REE) (RareX or the Company), is pleased to report a $1.92 million refundable tax offset for eligible research and development (R&D) expenditure conducted at the Company’s Cummins Range Project during the 2021-22 financial year. The funds are expected to be available to the Company in the coming weeks as part of the 2021-22 tax return lodgement.
The R&D activities were primarily focused on testing the hypothesis relating to the development of an innovative process for the extraction of rare earth elements from the unique and globally significant Cummins Range Rare Earths and Phosphate deposit.
The Company wishes to thank the many experts who have contributed to our understanding and success of the Project.
This announcement has been authorised for release by the Board of the Company.
About RareX Limited – ASX: REE
RareX Limited (ASX: REE) is a Perth-based rare earths company committed to becoming a near-term producer of neodymium and praseodymium (NdPr). RareX’s focus is on developing rare earths deposits in Australia, including the flag-ship Cummins Range Rare Earths – Phosphate Project.
NdPr is a core enabler of decarbonisation of our society and enables low carbon technologies, especially in the electric mobility sector, robotics solutions and renewable energy, e.g. the wind energy sector. NdPr is the key raw material for manufacturing rare earth powered permanent magnet NdFeB electric motors, the heart of the next industrial revolution the Electrification of our Society.
RareX’s focus is on developing rare earths deposits in Australia, including the Cummins Range Rare Earths Phosphate Project in the East Kimberley region of Western Australia. RareX is committed to developing a sustainable, ethical, transparent and secure low carbon rare earth supply chain solution for the global electric mobility market and NdFeB permanent motor downstream ecosystem.
For further information on the Company and its projects visit www.rarex.com.au
This article includes content from RareX, 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.
REE:AU
03 October
Energy Fuels: Uranium Sector Strong, Now Ramping Up Rare Earths
Following the closure of Energy Fuels' (TSX:EFR,NYSEAMERICAN:UUUU)acquisition of Base Resources, Curtis Moore discussed the buildout of the company's rare earths and heavy mineral sands businesses.
"We are creating a truly diversified critical minerals company. This diversification is based upon on our core uranium processing and our core uranium production capabilities, which remain the heart of our business," he said.
"We have been and will be the number one uranium producer in the US ... however, on top of this uranium capability that we have, we've been able to bolt on a world-significant rare earth business and also a world-significant heavy mineral sand business," added Moore, who is SVP of marketing and corporate development at Energy Fuels.
Base Resources holds the Madagascar-based Toliara project, which once up and running will be a source of heavy mineral sands, as well as monazite, which can be used to produce the magnet rare earths used in electric vehicles.
Moore explained that Energy Fuels will be able to process the monazite at its White Mesa mill in Utah.
Using feed from Toliara, as well as the Donald project in Australia and Bahia project in Brazil, the company eventually expects to be able to produce 5,000 to 6,000 metric tons of neodymium-praseodymium oxide annually, as well as about 300 to 400 metric tons of dysprosium and terbium oxides. Moore estimated that it will take two to three years to get to that level of output as the company expands White Mesa and gets Toliara, Donald and Bahia going.
"When you're talking about those levels of rare earths, that's about the same size as a Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF) or an MP Materials (NYSE:MP), and we expect to be highly competitive on costs," he said.
Watch the interview above for more of Moore's thoughts on rare earths, heavy mineral sands and uranium.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Energy Fuels is a client of the Investing News Network. This article is not paid-for content.
The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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27 September
SRC and Defense Metals Sign MOU for Rare Earths Processing in Canada
Defense Metals (TSXV:DEFN,OTCQB:DFMTF) has signed a memorandum of understanding (MOU) with the Saskatchewan Research Council (SRC) to support the development of a domestic rare earths supply chain.
The collaboration was announced on Thursday (September 26) and has three main objectives.
The organizations will explore potential joint initiatives related to the processing and supply of rare earth materials, and will discuss the use of the SRC's rare earths separation technology for Defense Metals’ products.
They also plan to pursue negotiations for a long-term supply agreement.
The SRC has developed proprietary technologies for rare earths separation, while Defense Metals is developing its Wicheeda rare earths project, located about 80 kilometers north of Prince George in BC, Canada.
Guy de Selliers, executive chairman of Defense Metals, emphasized the partnership's strategic importance in enhancing North American supply chains for critical materials.
“By working together with SRC, we believe we can make substantial progress toward closing the rare earth supply chain loop and ensuring the availability of these critical materials for green energy and defense applications that are essential for national security,” he said in a press release shared by the company.
The agreement coincides with broader national efforts to reduce reliance on foreign sources for critical minerals.
The Canadian government is prioritizing the development of domestic mineral industries through its Critical Minerals Strategy, which seeks to support the country's economic security and competitiveness in clean energy and defense.
The partnership is expected to contribute to national security objectives by ensuring the availability of key rare earths that are essential for a range of modern technologies, including electric vehicles and military systems.
The MOU with Defense Metals is one of several recent moves in the sector by the SRC.
The SRC recently achieved commercial-scale production at its rare earths processing facility in Saskatoon, Saskatchewan. The facility, which became operational this past summer, is now producing rare earth metals at commercial levels, with an initial output of 10 metric tons per month of neodymium-praseodymium metals.
The facility’s purities exceed 99.5 percent, and its conversion rate is reported to be over 98 percent.
This milestone makes the Canadian province the first jurisdiction in North America to achieve commercial-scale rare earths production. The SRC plans to ramp up production to 40 metric tons per month by December of this year, and aims to reach an annual production capacity of 400 metric tons by early 2025.
Last month, the SRC signed a similar MOU with Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF) to explore the processing of rare earth materials from Arafura’s Nolans project in Australia at SRC’s Saskatoon facility.
This agreement focuses on processing heavy rare earths like dysprosium and terbium, which are used in high-performance magnets for electric vehicles and other technologies.
The rare earths industry has gained increasing attention due to the growing demand for clean energy technologies amid the ongoing energy transition. However, the supply chain remains vulnerable due to China's dominance.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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27 September
Astron, Energy Fuels Form Joint Venture for Donald Rare Earths and Mineral Sands Project
Astron (ASX:ATR) and Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) have completed the establishment of a joint venture to advance the Australia-based Donald rare earths and mineral sands project.
The agreement was executed on June 4, and since then development activities at Donald have progressed, including work related to process plant engineering, auxiliary infrastructure, contract tendering and permitting and approvals.
Under the deal, Astron has received Energy Fuels shares with a current market value of US$3.5 million.
Energy Fuels has also provided an interest-free loan amounting to US$8.6 million to cover development costs dating from the execution of the joint venture to its effectivity. This has been converted into a roughly 3.2 percent equity stake in the joint venture, with Astron's interest in the partnership currently standing at 96.8 percent.
Astron's press release explains that Energy Fuels’ stake in the joint venture will eventually increase to 49 percent as it funds AU$183 million towards the execution and construction of the project’s first phase.
A rare earths concentrate offtake agreement with Energy Fuels is now also in effect. The company will receive 100 percent of Donald's Phase 1 and Phase 2 rare earths concentrate output at commercial prices.
“The completion of the transaction represents another material step in bringing to life the globally significant, Tier-1 Donald resource,” Astron said on Thursday (September 26). “It will signify the establishment of another western-rare earth mine to oxides value chain, and one that can come into production as soon as late 2026.”
Both companies are now working to arrive at a final investment decision for Donald, likely in early 2025.
Earlier this month, Energy Fuels received approval from the Australia's federal court to acquire Base Resources (ASX:BSE,OTC Pink:BSRUF) and develop another minerals sands project called Toliara.
Toliara's Ranobe deposit has a mineral resource of 2.58 billion tonnes at 4.3 percent heavy minerals, while Donald has a mineral resource of 5.8 billion tonnes at an average heavy minerals grade of 3.2 percent.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Energy Fuels is a client of the Investing News Network. This article is not paid-for content.
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23 September
ChemX Granted HiPurA® HPA New Zealand Patent and Pilot Plant Progress
ChemX Materials (ASX:CMX) (ChemX or the Company), an Australian high purity critical materials company and 100%-owner of the HiPurA® patented process to produce High Purity Alumina (HPA) ispleased to announce it has received notice of grant for its innovative HiPurA® patent within New Zealand from the New Zealand Intellectual Property Office (NZIPO).
- Grant of HiPurA® Patent in New Zealand
- ChemX receives A$191,935 (Tranche 2) via R&D tax incentive loan facility
- HPA Pilot Plant Progress
This patent follows granting of the Australian Patent in February 20241 and further solidifies ChemX’s competitive edge in becoming a key producer of 4N (99.99%) and 5N (99.999%) HPA within Australasia. Further international jurisdictions are pending and ChemX is working with its patent advisors to have these granted.
Chief Executive Officer, Peter Lee said:
“Patent awards continue to underpin the global rollout of ChemX’s HiPurA® technology and the Company looks forward to accelerating its commercialisation strategy in the key markets including LEDs, semiconductors and electrical vehicles following the successful commissioning of the Pilot Plant and off take negotiations which have begun.”
“Importantly, ChemX expects additional international patents to awarded over time.”
Tranche 2 of R&D funding Received
ChemX’s HiPurA® Pilot Plant is being built in O’Connor, Western Australia and the Company pleased to advise it has also received A$191,935 (tranche 2) via Radium Capital loan facility (R&D funding method) secured against the estimated R&D Tax incentive refund for FY24.
Radium Capital is a R&D finance provider offering advance access to eligible R&D funds. ChemX Materials’ total FY24 eligible tax refund is estimated to be $A552,419, of which ChemX has now received 80% ($441,935). The final 20% (less interest and fees) is to be received in the final quarter of calendar 2024.
Pilot Plant Progress
ChemX previously announced the successful commissioning of the Pilot Plant Leach module, and this remains in a state of operational readiness. Delays have been experienced in the construction of the Solvent Extraction (SX) module due to longer than expected lead times on key process equipment and delivery of electrical infrastructure.
During this period, ChemX has embarked upon increased safety measures including:
- Completing the installation of double containment bunds and additional double walled storage vessels
- Development of enhanced safety systems supporting wireless integrated control with interlocks, alarms, and shutdown/startup automation
- Development of enhanced control capabilities for optimisation of key process parameters including historization and online trend analysis
The above initiatives deliver improved layers of safety with regard to solvent (SX area) management and provide inventory hold points within the process where purity may be quantitatively tested/verified against expected elemental purity before processing further. These cost saving measures negate unnecessary processing of sub-standard interim process batches, build towards key commercial plant design considerations, and unlock advanced process optimisation capabilities.
Figure 1 – ChemX HiPurA® Solvent Extraction (SX) module completed, pending energisation infrastructure installation
ChemX has achieved operational readiness within Precipitation, Drying and Calcination areas and expects Reagent delivery systems to achieve operational readiness status in October 2024. Other key statutory activities including waste-water disposal permitting and chemical storage & handling permitting pre- requisites are in progress and advancing well.
Click here for the full ASX Release
This article includes content from ChemX Materials, 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.
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19 September
Saskatchewan Research Council Achieves Commercial Production at Rare Earths Facility
The Saskatchewan Research Council's (SRC) rare earths processing facility in Saskatoon is now producing rare earth metals at a commercial scale, the organization announced on Monday (September 16).
The Canadian province is now the first and only jurisdiction in North America to achieve this level of production.
The SRC said the facility reached commercial scale over the summer, and can produce 10 metric tons of neodymium-praseodymium (NdPr) metals per month. The milestone came ahead of schedule, and the operation has reportedly achieved purities exceeding 99.5 percent, as well as conversion rates greater than 98 percent.
Building off this initial success, the SRC plans to increase monthly production at the facility to 40 metric tons by December of this year, with the goal of reaching 400 metric tons annually by early 2025.
Rare earths are essential for a range of high-tech applications, including electric vehicles and other green technologies.
Saskatchewan Premier Scott Moe expressed the provincial government's support for the SRC's achievements.
“This represents a significant opportunity for Saskatchewan to be a world leader in the area of critical mineral development by establishing a secure and sustainable rare earth supply chain," he commented.
In July, the SRC secured tolling agreements with international clients to convert rare earth oxides into metals at its facility. These agreements have helped the SRC to demonstrate its technology at a commercial scale.
Jeremy Harrison, minister responsible for the SRC, highlighted the significance of the group's work, noting “Production of these metals is important for preserving our national security and growing our provincial economy for decades to come."
SRC President and CEO Mike Crabtree further stated that the successful commercialization of the facility is the culmination of over 15 years of research and development.
“Since 2020, SRC has aimed to become a global leader in rare earth processing technology and today we’ve proven an industry model for future rare earth initiatives and supply chain development,” he said.
At 400 metric tons of annual output, the SRC's facility will be able to power about 500,000 electric vehicles. Rare earths also play crucial roles in various other industries, including robotics and HVAC systems.
The facility has so far received a total of C$101 million in funding — US$71 million from the Saskatchewan government and an additional C$30 million from the Canadian government.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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19 September
WA1, Tjamu Tjamu Sign Negotiation Protocol for West Arunta Project
WA1 Resources (ASX:WA1,OTC Pink:WAORF) said on Tuesday (September 17) that it has signed a negotiation protocol with Tjamu Tjamu (Aboriginal Corporation) RNTBC for its West Arunta project in Western Australia.
Tjamu Tjamu is the native title representative body for the Kiwirrkurra People.
The two parties entered the negotiation protocol for the sake of ensuring that the rights of both WA1 and Tjamu Tjamu are protected, especially concerning infrastructure construction in the project area.
“It’s good to have these rules for talking, we want to make sure this project happens the right way and everyone has a good chance to share the benefits of the project,” said Bobby West, director of Tjamu Tjamu.
He added that the Kiwirrkurra People have a good relationship with WA1, which has worked near them for some time.
Tom Lyons, executive director of WA1, also spoke positively about the negotiation protocol.
“After a decade of working cooperatively with the Kiwirrkurra common law holders we are pleased to have them formally involved in the development of Luni,” he said, noting that WA1 wants to create a good experience for the community.
The Luni niobium deposit is located at West Arunta, which itself is about 490 kilometres south of Halls Creek.
Lyons also shared that the negotiation protocol is essential to obtaining the requisite licencing and approvals for proposed project infrastructure, including an access road connecting Luni to the mid-state highway. Following heritage, environmental and engineering assessments, a miscellaneous licence application for the access road has been placed.
“Signed protocols are now in place to provide a pathway for consultation with the two key native title holders relating to the proposed development of the project,” WA1 said in its announcement. “We are committed to creating positive and long-lasting benefits for the communities where we operate, and this will be reflected in the spirit of our negotiations.”
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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