Hexagon Signs Agreement for RapidSX™ Technology

Hexagon Energy (ASX:HXG) announced the execution of a technical services agreement (TSA) for test processing of customer material using the RapidSX™ rare-earth element (REE) separation technology.

As quoted in the press release:

Innovation Metals — Hexagon’s partner in the commercialisation of RapidSX for REE separation1 — has entered into the binding agreement with Ucore Rare Metals (TSXV:UCU,OTCQX:UURAF). The purpose of the TSA is to assess RapidSX for the separation of REE concentrate materials into high-purity REE oxides (REOs) from Ucore’s flagship Bokan-Dotson Ridge REE project located in Alaska, USA, and/or other commercially available, US allied-sourced, mixed REE concentrate sources currently under nearer-term consideration for potential utilisation at the company’s planned Alaska strategic metals complex in the United States.

Mike Rosenstreich, managing director, commented:

“Ucore’s interest in and commitment to evaluating RapidSX is significant; they are a REE industry stalwart in the USA with an advanced project with US$145 million in designated financing from the Alaska Industrial Development and Export Authority (AIDEA). Ucore plans to develop
heavy and light REE downstream processing capabilities through its planned Alaska strategic metals complex to produce separated high-purity REOs.

Ucore brings a tremendous amount of third-party validation to RapidSX, underscoring Hexagon’s focus on the commercialisation of this important technology, Over the past several years, Ucore has evaluated a range of alternative REE-separation processes, resulting in the selection of solvent-extraction chemistry, which led to their interest in the proprietary RapidSX REE separation technology, offering significant CapEx and OpEx savings compared to current conventional SX-based commercial REE separation. With RapidSX, existing REE producers and project developers can integrate the addition of downstream REE separation to produce REOs, thus significantly increasing margins, saleable products
and, most importantly — to effectively compete with Chinese operators.”

Click here to read the whole Hexagon Energy (ASX:HXG) press release.