Ucore Executes US$18.4M Award with U.S. DoD for Rare Earth Processing

Ucore Executes US$18.4M Award with U.S. DoD for Rare Earth Processing

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that the Company has executed the definitive contract for its largest financing agreement to date, the US$18.4 million follow-on first-stage production award from the U.S. Department of Defense ("DoD") that was previously announced on May 14, 2025. This award brings total funding under the Company's existing Other Transaction Agreement ("OT Agreement") with U.S. Army Contracting Command-Orlando ("ACC-ORL") to US$22.4 million (approximately CA$30.7 million). The funding awards that the Company receives from the DoD pursuant to the OT Agreement are non-repayable by the Company.

The purpose of the additional US$18.4 million award (the"Award") from the DoD is to facilitate the construction of the Company's first commercial RapidSXâ„¢ machine and supporting infrastructure at its Strategic Metals Complex ("SMC") in Alexandria, Louisiana. Specifically, the additional requirements of the project and the Company's objectives pursuant to the amended OT Agreement are to:

  • complete detailed design, engineering, construction, and confirmation testing of commercial-scale RapidSXâ„¢ columns at the Company's Commercialization and Demonstration Facility in Kingston, Ontario (the "CDF");

  • complete detailed design and engineering plans for the SMC in Alexandria, Louisiana;

  • submit all required permit applications with respect to the SMC;

  • construct the requisite RapidSXâ„¢ supporting infrastructure, which will initially be scaled to service three RapidSXâ„¢ machines within the SMC (with still capacity for additional machines within the 80,800 square foot facility); and

  • construct one commercial-scale RapidSXâ„¢ machine within the SMC, including commissioning, demonstration, and achieving 'Early Production' readiness of salable individual rare-earth element ("REE") products from the SMC in Louisiana in H2-2026.

White House Executive Actions

The Award is captured under the Industrial Base and Sustainability ("IBAS") program, and although consistent with recent Executive Orders issued by the US Administration, it falls outside this special scope. In particular, the Company awaits further support opportunities which could result from the April 15th Executive Order, which encompasses a Section 232 investigation headed by the Department of Commerce to identify critical mineral shortfalls and projects that will restore domestic capability. The Company applauds this recent executive action and awaits the results of reviews and further recommendations initiated by these recent orders.

Groundbreaking Ceremony

On May 29, 2025, the Company held a Groundbreaking Ceremony at the SMC in Alexandria, Louisiana. The ceremony was attended by numerous local, state, federal, and US DoD representatives. The Company wishes to thank those who attended and looks forward to updating all constituents and stakeholders as efforts to establish domestic heavy rare earth refining capabilities continue.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/1119/254161_f0e72ffe948328e3_001.jpg

Figure 1 - Groundbreaking Ceremony (from left to right) - Jeff Robichaux, Ratcliff Construction; Donna Howe, Speaker Johnson's Office; Ramona Martin, Representative Letlow's Office; Tommie Seaton, Senator Cassidy's Office; Lafe Jones, Louisiana Central; Peter Manuel, Pat Ryan, and Mike Schrider, Ucore; Brandy Ledet and Rachel Shields, LED; David Broussard and Ralph Hennessy, England Airpark; Mayor Jacques Roy, City of Alexandria; Jay Scott, Rapides Parish Police Jury; Mike Palko and Bryan Mitsdarffer, US DoD

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1119/254161_f0e72ffe948328e3_001full.jpg

"We are most appreciative of the ongoing support we have received from the US Department of Defense," said Pat Ryan, Chairman and CEO of Ucore. "We further reiterate our support for the Executive Actions executed by the Administration and await the results of this ongoing work. Our groundbreaking ceremony at the SMC was a pivotal moment for the Company as we move toward our goal of commencing with domestic commercial production of separated and salable rare earth oxides in 2026. We thank everyone who participated in this important event and look forward to continuing our work with all of the many participants in this important project."

Initial OT Agreement

The initial agreement between the Company and the DoD was announced by the Company on June 6, 2023. That initial agreement in 2023 was a US$4 million award from the DoD in the form of a firm-fixed-price OT Agreement between the ACC-ORL and the Company. A copy of the initial OT Agreement was filed under Ucore's profile on SEDAR+ on June 12, 2023. The primary objective of the initial OT Agreement was to demonstrate that the Company's RapidSXâ„¢ technology capabilities, demonstrated, quantified, and qualified through the project, will enable industry to gain advancement and efficiency in REE separation processing methods. As was announced in the Company's press release dated June 6, 2023, upon the successful completion of the objectives of the OT Agreement, a follow-on or amended OT Agreement may be issued by the DoD to further support Ucore's REE separation capabilities in North America, led by the Company's flagship SMC planned to be located in Alexandria, Louisiana.

Amended OT Agreement

On May 14, 2025, the Company announced that it had reached an agreement with the DoD regarding amending the OT Agreement whereby an additional fixed amount of US$18.4 million will be provided to the Company to facilitate the construction of a production-ready commercial RapidSXâ„¢ machine and supporting infrastructure at the SMC in Alexandria, Louisiana. This agreement is a definitive amendment to the OT Agreement and was signed by both the Company and ACC-ORL on May 22, 2025. A copy of the definitive amendment to the OT Agreement will be available under Ucore's profile on SEDAR+.

Other Government Support

As announced by the Company on November 20, 2023, Ucore has also secured a CA$4.28 million funding agreement from the Government of Canada to demonstrate the commercial efficacy of the RapidSXâ„¢ technology. This funding supports the production of high-purity REEs from Canadian and U.S. feedstock sources. In addition to U.S. and Canadian federal government support, the Company has executed a non-binding Letter of Intent with Louisiana Economic Development ("LED") with respect to State grants, tax incentives, payroll rebates, and other incentives with an estimated value of US$15 million. The Company has also been awarded CA$500,000 in partnership with Ontario's Critical Minerals Innovation Fund. The non-dilutive funding contribution is for the advancement of the Continuous Improvement Process at the CDF.

Louisiana SMC

It is planned that the Company's 80,800-square-foot SMC facility will eventually be in full commercial production, processing and refining individual rare earth oxides from rare earth concentrates sourced from U.S.-friendly countries around the world. The raw materials will arrive at the port of New Orleans and will then be shipped in one-ton supersacks to the SMC, which is located within the England Air Park (a designated Foreign Trade Zone) in Alexandria, Louisiana. Ucore will then refine the concentrates using its patent-pending RapidSXâ„¢ process and extract the various individual rare earth oxides. Foreign Trade Zones are designated geographic areas where commercial merchandise, both domestic and foreign, is treated as if it were located outside the U.S. for commerce and customs purposes. This structure can potentially provide tariff and tax relief, helping American businesses remain competitive in the import of foreign inputs and exports of finished products.

# # #

 

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA ("Bokan").

Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

For further information, please visit www.ucore.com.

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

Regarding the disclosure in the press release above about the amended OT Agreement and the expected successful progress of the project and the resulting milestone payments from the DoD, the Company has assumed that the project (including each of its milestones and the Company's objectives in this regard) will be completed in a satisfactory manner and in a reasonable period of time within approximately the next two years. Regarding the disclosure in the press release above about the other forms of government support for Ucore, the Company has assumed that the applicable projects (including each of the associated milestones) will be completed satisfactorily and in accordance with the respective agreements or letters of intent (as applicable) for such government support. For additional risks and uncertainties regarding the Company, its business activities, its ability to qualify for and receive any additional funding from any U.S. or Canadian government, the CDF and the aforementioned projects (generally), see the risk disclosure in the Company's MD&A for Q1 2025 (filed on SEDAR+ on May 9, 2025) (www.sedarplus.ca) as well as the risks described below.

Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future SMCs. Ucore has also assumed that sufficient external funding will be found to continue and complete the ongoing research and development work required at the CDF and also later prepare a new National Instrument 43-101 technical report that demonstrates that Bokan is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction and eventual commissioning and operations. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSXâ„¢; RapidSXâ„¢ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSXâ„¢; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority (AIDEA) regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

CONTACTS

Mr. Michael Schrider, P.E., Ucore Vice President and Chief Operating Officer, is responsible for the content of this news release and may be contacted at 1.902.482.5214.

For additional information, please contact:

Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
1.902.482.5214
mark@ucore.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254161

News Provided by Newsfile via QuoteMedia

UCU:CA
The Conversation (0)
Ucore Rare Metals Inc

Ucore Rare Metals

Ucore Rare Metals Inc. is engaged in REE resource development and in commercializing IMC's critical metals separation technology, RapidSX(TM), for the mining/metals extraction industry - guided by the principles of ESG. Through strategic partnerships, this includes disrupting China's dominance of the US REE supply chain through the development of a HREE processing facility founded on RapidSX(TM) technology, the Alaska SMC in SE Alaska, and the long-term development of its Bokan Mountain HREE resource

Ucore Announces Private Placement Financing

Ucore Announces Private Placement Financing

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce plans to complete a non-brokered private placement of approximately 3.1 million units ("Units") for total proceeds of $2 million (the "Offering").

Proceeds from the Offering are expected to be used towards the commissioning of the Company's planned RapidSXTM demonstration plant; the processing of initial feedstock through the demonstration plant; finalization of offtake and feedstock agreements; engineering work for the proposed Strategic Metals Complex in Louisiana, USA; and for general working capital purposes.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
The US State of Louisiana Offers C$15M+ Incentive Package for Ucore's First RapidSX Rare Earth Processing Facility - the Louisiana SMC

The US State of Louisiana Offers C$15M+ Incentive Package for Ucore's First RapidSX Rare Earth Processing Facility - the Louisiana SMC

  • The proposed incentive package from Louisiana includes US$9.6M in tax incentives and payroll rebates over the first ten years of operation. Upon specific site selection:
    • potential additional state and local economic and workforce incentives
    • an expedited process for all required state permits
  • Ucore's Board of Directors has unanimously agreed to commit the Company toward establishing its first Strategic Metals Complex (SMC) in Louisiana
  • Rare earth oxide products from the Louisiana SMC will be critical to North America's and Louisiana's goal to expand toward green energy technologies

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce a mutual commitment with the US State of Louisiana ("Louisiana" or the "State") toward the establishment of the Company's first Strategic Metals Complex ("SMC") rare earth element ("REE") separation facility - the Louisiana SMC.

The Company's executive team has been in discussions with the State since the spring of 2022 and spent the better part of summer in a due-diligence process. This included an August trip to examine ten existing "brownfield facilities" throughout the State. Each of these facilities provides a head start as the prospective location of the Louisiana SMC versus a new construction or "greenfield facility."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Ucore Updates on Bokan 2022 Field Sampling Program

Ucore Updates on Bokan 2022 Field Sampling Program

Ucore continues to advance its Bokan project as a long-range heavy rare earth source to eventually complement the planned Western feedstock sources for its near-term Strategic Metals Complexes.

A summary of the 2022 field sampling program:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Ucore's Rare Earth Separation Commercial Demonstration Plant On-Track for Q4-2022 Commissioning

Ucore's Rare Earth Separation Commercial Demonstration Plant On-Track for Q4-2022 Commissioning

  • Ucore's rare earth separation commercial demonstration plant is designed to process:
    • Tens of tonnes of mixed rare earth concentrates on a per annum basis.
    • Many feedstock sources, including heavy and light rare earth element feedstocks planned for the full-scale Strategic Metals Complexes (SMC).
    • All RapidSXâ„¢ splits required to produce individual praseodymium, neodymium, terbium, and dysprosium.
  • Planned commissioning in Q4-2022, followed by product qualification trials for prospective North American metal/alloy makers and original equipment manufacturers seeking diversified and sustainable metallic supply chains.
  • The full-scale SMC engineering entity, Mech-Chem Associates, Inc., is now fully integrated into all demonstration plant activities.

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to provide an update on the Innovation Metals Corp.[i] ("IMC") RapidSXâ„¢ rare earth element ("REE") separation technology platform and the Company's commercial Strategic Metals Complex ("SMC") technology deployment process (the "Program"). The work is taking place at the companies' laboratory partner's (Kingston Process Metallurgy Inc. ("KPM")) facility in Kingston, Ontario, Canada.

The Program was enhanced after Ucore received the independent evaluation of the RapidSXâ„¢ technology platform leading to the subsequent July 12, 2022, announcement of the nearly 3X increase in scope of the RapidSXâ„¢ REE demonstration-scale plant ("Demo Plant"). Since then, the Ucore, IMC, KPM, and Mech-Chem Associates, Inc.[ii] ("Mech-Chem") commercialization team (the "Team") has made significant strides in the procurement and construction process for the Demo Plant.

The final engineered layout of the Demo Plant takes up nearly all of the 5,000 square foot Commercialization and Demonstration Facility ("CDF") at KPM. And the concept of building a plant within an existing building is the go-forward transition template for the engineering process that the Team will replicate to create the first full-scale SMC, once the brownfield site[iii] selection process is finalized. This initial SMC is scheduled to produce 2,000 tonnes of total rare earth oxides ("TREOs") by the end of 2024 and 5,000 tonnes by 2026.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/1119/137284_ffcfc5cec4a3a9a7_001.jpg

Figure 1 - Engineered Design of the Currently Under Construction 51-Stage RapidSXâ„¢ REE Demo Plant

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/1119/137284_ffcfc5cec4a3a9a7_001full.jpg.

"The CDF Team, and the rest of the world, is facing extraordinary supply chain challenges regarding equipment and component availability," stated Mike Schrider, P.E., Ucore's VP and COO. "Despite this situation, we have managed to procure the initial feedstocks and virtually all of the required major equipment and components, and the Demo Plant remains on track for a late 2022 commencement of the commissioning process."

"This process will demonstrate the unprecedented North American separation of tonnes of both heavy and light rare earth elements. It will then continue with end-user qualification trials throughout 2023 for Western entities seeking diversified and sustainable metallic supply chains as Ucore transitions to full-scale commercial mode with the construction of our first SMC."

Ucore's REE Separation Demo Plant is designed to:

  • Have the ability to process tens of tonnes of mixed rare earth concentrates on a per annum basis:

    • from a wide variety of feedstock sources, including the heavy REE ("HREE") and light REE ("LREE") feedstocks planned for the full-scale SMCs.

  • Be capable of processing all RapidSXâ„¢ splits required to produce individual praseodymium, neodymium, terbium, and dysprosium.

  • Have a parallel 51-stage conventional solvent extraction ("CSX") mixer/settler circuit that will match the RapidSXâ„¢ process' configuration and enable direct head-to-head comparison of the performance of RapidSXâ„¢ vs. CSX.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/1119/137284_ffcfc5cec4a3a9a7_002.jpg

Figure 2 - A Sampling of the On-hand CDF Components and Construction Efforts

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/1119/137284_ffcfc5cec4a3a9a7_002full.jpg.

Ucore stands alone in its speed of executing the commercial deployment of one of the first modern technology platforms for separating HREEs and LREEs - as a replacement for CSX. Mech-Chem is now fully integrated into all CDF activities and is aligned to assist with the full-scale SMC techno-economic assessment and engineering data transfer. The efficiencies and environmental advantages resulting from the CDF demonstration processes are, and will continue to be, directly incorporated into the full-scale SMC engineering design packages. This integrated process is rapidly positioning Ucore to meet the demanding schedule requirements for the development of the first SMC and REO production for the Company's emerging list of prospective downstream partners.

# # #

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has an effective 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, this includes disrupting the People's Republic of China's control of the US REE supply chain through the near-term development of heavy and light rare-earth processing facilities - including the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of Ucore's heavy-rare-earth-element mineral-resource property located at Bokan Mountain on Prince of Wales Island, Alaska.

Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

For further information, please visit www.ucore.com.

About RapidSXâ„¢ Technology

IMC developed the RapidSXâ„¢ separation technology platform with early-stage assistance from the United States Department of Defense ("US DoD"), later resulting in the production of commercial-grade, separated rare-earth oxides at the pilot scale. RapidSXâ„¢ combines the time-proven chemistry of conventional solvent extraction ("SX") with a new column-based platform, which significantly reduces time to completion and plant footprint, as well as potentially lowering capital and operating costs. SX is the international rare-earth-element ("REE") industry's standard commercial separation technology and is currently used by 100% of all REE producers worldwide for bulk commercial separation of both heavy and light REEs. Utilizing similar chemistry to conventional SX, RapidSXâ„¢ is not a "new" technology but represents a significant improvement on the well-established, well-understood, proven conventional SX separation technology preferred by REE producers.

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

In regard to the disclosure in the "About Ucore Rare Metals Inc." section above, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future Strategic Metals Complexes ("SMCs"). Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Elements project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSXâ„¢; RapidSXâ„¢ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSXâ„¢; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan and/or the Alaska SMC; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

CONTACT

Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
1.902.482.5214
mark@ucore.com

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Orca Holdings, LLC Granted Warrants as Part of New Credit Facility for Ucore Rare Metals Inc.

Orca Holdings, LLC Granted Warrants as Part of New Credit Facility for Ucore Rare Metals Inc.

This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

 This release is being made by Randy Johnson to report information concerning holdings of Mr. Johnson and Orca Holdings, LLC (collectively, the "Acquiror") in Ucore Rare Metals Inc. (the "Issuer" or "Ucore"). Orca Holdings, LLC ("Orca") is wholly owned by Mr. Johnson, serving as a holding company for Mr. Johnson's securities holdings. Mr. Johnson has been a director of Ucore since October 6, 2020.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Lithium Universe Ltd  PV SOLAR CELL Recycling Acquisition Legal Due Diligence Complete

Lithium Universe Ltd PV SOLAR CELL Recycling Acquisition Legal Due Diligence Complete

Melbourne, Australia (ABN Newswire) - Lithium Universe Limited (ASX:LU7) (FRA:KU00) (OTCMKTS:LUVSF) is pleased to announce that further to its announcement dated 18 June 2025 (Announcement), it has now completed legal due diligence to its absolute satisfaction. As such, the Company is now progressing towards completion of the Acquisition (defined below).

ACQUISITION DETAILS

As detailed in the Announcement, the Company has entered into a binding agreement to acquire the global rights to commercially exploit a patented photovoltaic (PV) solar panel recycling technology known as Microwave Joule Heating Technology. The rights will be secured via an exclusive licensing agreement with Macquarie University (MQU), held through an Australian-incorporated holding company, New Age Minerals Pty Ltd (NAM). The transaction will be effected by the Company acquiring 100% of the issued share capital of NAM (Acquisition).

As disclosed in the Announcement, completion of the Acquisition was conditional on the Company completing legal due diligence. This has now been completed to the satisfaction of the Company.

Completion was also conditional on the Company, NAM and MQU entering into a variation to the licensing agreement to reflect the change in ownership of NAM. The parties have since agreed in writing to waive this condition to allow completion of the Acquisition to proceed, with the variation to be entered into with MQU as soon as practicable following completion.

The Company will now proceed to the acquisition of NAM.

 

About Lithium Universe Ltd:  

Lithium Universe Ltd (ASX:LU7) (FRA:KU00) (OTCMKTS:LUVSF), headed by industry trail blazer, Iggy Tan, and the Lithium Universe team has a proven track record of fast-tracking lithium projects, demonstrated by the successful development of the Mt Cattlin spodumene project for Galaxy Resources Limited.

Instead of exploring for the sake of exploration, Lithium Universe's mission is to quickly obtain a resource and construct a spodumene-producing mine in Quebec, Canada. Unlike many other Lithium exploration companies, Lithium Universe possesses the essential expertise and skills to develop and construct profitable projects.

 

 

Source:
Lithium Universe Ltd

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less
Western Uranium & Vanadium Announces Results of AGM and Appoints New Transfer Agent

Western Uranium & Vanadium Announces Results of AGM and Appoints New Transfer Agent

 

Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) ("Western" or the "Company") is pleased to announce the results of the Company's Annual General and Special Meeting of shareholders (the "Meeting") held in Nucla, Colorado on June 27, 2025.

 

Proxy votes were cast for common shares representing approximately 51% of the issued and outstanding common shares of the Company as at the record date for the Meeting. Each of the other matters put forward before shareholders for consideration and approval at the Meeting, as described in the Company's management information circular dated May 22, 2025, was duly approved by the requisite number of votes.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
SAGA Metals Appoints Accomplished Mining Executive Peter Hogendoorn to Board of Advisors and Engages Xander Capital Partners

SAGA Metals Appoints Accomplished Mining Executive Peter Hogendoorn to Board of Advisors and Engages Xander Capital Partners

 

Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical minerals discovery, is pleased to announce the appointment of seasoned mining executive Peter Hogendoorn to its Board of Advisors, along with a key investor relations partnership aimed at elevating shareholder engagement and corporate visibility.

 

  Appointment of Peter Hogendoorn to Board of Advisors  

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×