Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to provide an update on its latest advancements associated with the commercialization of its RapidSX™ rare earth separation technology. In addition to demonstrating its patent-pending RapidSX™ technology platform at the Commercialization and Demonstration Facility ("CDF") in Kingston, Ontario, for the separation of heavy and light rare earth elements ("REE"), the Company is trialing a number of ancillary systems to demonstrate the entire commercial flowsheet. These systems will ultimately be incorporated into Ucore's first commercial REE separation and rare earth oxide ("REO") production facility in Alexandria, Louisiana - the Louisiana Strategic Metals Complex ("SMC").
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Venus Receives Firm Commitments for Placement
- Venus has received firm commitments from sophisticated and professional investors for approximately $2.16 million under a Placement at $0.12 per share.
- Investors under the Placement to receive a New Option with an exercise price of $0.20 and an expiry date of 30 November 2025 for every two New Shares issued under the Placement.
- Funds under the Placement are intended to be used towards the exploration and progression of the Company’s rare earth - critical minerals projects located at Mangaroon abutting Dreadnought Resources Ltd (ASX: DRE) tenure and at Marvel Loch East (refer ASX announcements dated 5 September 2022, 30 September 2022) and general working capital purposes.
Investors under the Placement will also receive an unlisted option for every two New Shares issued (“New Options”), with each New Option having an exercise price of $0.20 and expiry date of 30 November 2025. The New Options are not transferable without the Company’s prior written approval.
The Placement issue pricing represents:
- a 20% discount to the last closing share price of $0.15 on 25 October 2022;
- a 13.9% discount to the 5-day volume-weighted average price (“VWAP”) at 25 October 2022; and
- a 17.1% discount to the 15-day VWAP at 25 October 2022.
The 9,000,000 New Options and 2,892,132 of the New Shares to be issued under the Placement will be issued in accordance with the Company’s available 15% placement capacity pursuant to ASX Listing Rule 7.1. The remaining 15,107,868 New Shares will be issued under the Company’s available 10% ASX Listing Rule 7.1A capacity given the issue price for the New Shares is not less than 75% of the 15-day VWAP for the Company’s shares.
New Shares issued under the Placement will rank equally with the Company’s existing fully paid ordinary shares on issue. Any shares issued on exercise of the New Options will rank equally with the Company’s fully paid ordinary shares then on issue.
Proceeds from the Placement are intended to be used towards the exploration and progression of the Company’s (including its subsidiaries’) rare earth - critical minerals projects located at Mangaroon abutting Dreadnought Resources Ltd (ASX: DRE) tenure and at Marvel Loch East (refer ASX announcements dated 5 September 2022, 30 September 2022) and general working capital purposes. The proposed use of funds is indicative only and Company reserves the right to vary the use of funds raised under the Placement in its absolute discretion.
Lead manager
The Company has appointed RM Corporate Finance Pty Ltd (Lead Manager) as lead manager to the Placement. Subject to obtaining shareholder approval, the Company proposes to issue 5,000,000 additional New Options to the Lead Manager.
Click here for the full ASX Release
This article includes content from Venus Metals Corporation Ltd, 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.
ChemX Granted HiPurA® HPA New Zealand Patent and Pilot Plant Progress
- 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
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.
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.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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.
NioCorp Aiming to Boost US Rare Earths Supply Via Recycling
NioCorp Developments (NASDAQ:NB) said on Wednesday (September 18) that it will discuss its plans for producing and potentially recycling rare earth elements at the International Rare Earths Conference.
The event will be held in Washington, DC, and NioCorp will present on October 15. The company will focus on its efforts to produce magnetic rare earth oxides, such as dysprosium and terbium, at its Elk Creek project.
In addition to production, the company will explore the possibility of recycling post-consumer rare earth magnets, aiming to contribute to a growing need for sustainable rare earths supply chains.
Elk Creek, which is located in Nebraska, is designed to utilize a whole ore leach process that would allow NioCorp to extract niobium, scandium, titanium and potentially rare earth oxides from the site.
According to the company, the asset contains the largest indicated terbium resource in the US, as well as the second largest indicated neodymium-praseodymium and dysprosium resources.
The project’s scope may include the recycling of neodymium-iron-boron (NdFeB) magnets, which are commonly used in various high-tech applications, such as electric vehicles and wind turbines.
Recycling these magnets could provide a new source of rare earth oxides, reducing reliance on traditional mining operations and global supply chains, particularly from China.
The company is looking to process magnetic rare earth concentrates from sources outside the Asian nation, potentially boosting the production of rare earth elements like dysprosium and terbium.
These elements are critical for various industries, including energy, electronics and defense.
NioCorp plans to begin testing the feasibility of recycling NdFeB magnets once it secures sufficient funding. It aims to research processes to de-magnetize, prepare and grind used magnets into feedstock that could be converted back into separated rare earths products at the Elk Creek facility through NioCorp’s planned chemical processes.
If successful, this could allow NioCorp to increase its planned production of neodymium-praseodymium oxide, dysprosium oxide and terbium oxide beyond what is contained in the Elk Creek ore.
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.
Ucore Demonstrates Louisiana-SMC Heavy Rare Earth Processing Flowsheet at Kingston Ontario Commercialization Facility
In parallel with a dedicated technical team, the CDF operates seven days per week, serving multiple purposes, requiring dedicated shift and activity schedules, namely:
the processing of mixed rare earth oxide ("MREO") and carbonate ("MREC") feedstocks over thousands of runtime hours to further the Company's two government demonstration projects;
to develop and demonstrate an array of ancillary processing systems with the deployment of the RapidSX™ technology platform in a rigorous production environment; and
conduct product qualification work to meet prospective Western world partners' commercial interests and associated specifications.
Figure 1 - Ucore's 52-stage RapidSX™ Commercial Demo Plant in Kingston, Ontario
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1119/223106_b73bd12ed46fe952_001full.jpg
RapidSX™ Operations
The Company schedules its 52-stage RapidSX™ Demonstration Plant ("Demo Plant") to operate 120 hours per week processing tonnes of feedstock in a simulated commercial environment. The completely automated system incorporates approximately 600 feedback sensors, which include monitoring acidity levels (pH), aqueous and organic interface levels, tank levels, and system pressures and flow rates, all of which are controlled by multiple programmable logic controllers ("PLCs") and a single operator at a central control station.
Since the Demo Plant was commissioned in late 2023, through a dedicated program of continuous improvement, the Ucore team has developed significant enhancements to the mechanical and control systems that deliver and remove the organic and aqueous solutions to each RapidSX™ stage. This is an essential component of the final "copy and paste" knowledge transfer process from the CDF to the SMC to ensure a robust and proven technology platform delivering best-in-class competitive processing versus that of the People's Republic of China.
Full Scope Operations
The purpose of the CDF is the demonstration of the entire rare earth refining flowsheet, which extends well beyond the separation of REEs utilizing the RapidSX™ system. The Company has been engaged in the development and demonstration of the associated operations, including:
design and testing of an optimized Cerium depletion process;
direct leaching of heavy MREO and light MREC, eliminating the pre-leaching calcining step traditionally required in the processing of MRECs;
development of a dedicated yttrium removal process;
design and installation of a distillation system for the concentration of produced rare earth chlorides and the recovery and recycling of hydrochloric acid;
design and installation of a neutralization system to recycle and manage the generated rare earth chloride solutions; and
development of a batch-level process for light and heavy rare earth oxide production.
End User Qualifications
Since the commencement of Kingston operations, Ucore has had numerous confidential requests for REO products produced to specifications from Western world end users. The CDF produces heavy and light rare earth chlorides from various feedstocks, including monazite, bastnaesite, ionic clays, and xenotime sources. This has been complemented by the development of a dedicated batch-level process area within the CDF for the production of kilogram quantities of rare earth oxides from the generated rare earth chlorides. This is the final processing step of the planned commercial REO production facility.
"It is an exceptionally exciting time for the Company," stated Mike Schrider, P.E., Vice President and Chief Operating Officer of Ucore. "The innovative work being completed at our Commercial Demonstration Facility strongly positions us as a first mover in the Western commercial heavy rare earth processing space as we continue to execute our plan for production in Louisiana.
"The Company is making daily advancements in our integrated knowledge of applying the chemistry of solvent extraction with our computerized column technology platform to the intricate separations involved with heavy rare earth elements. Our flowsheet development and demonstration work in Kingston are essential risk mitigation steps to help us achieve our Louisiana SMC commercial objectives."
The Company has hosted numerous visitors at the CDF over the past several months, including both potential feedstock and offtake partners, as well as supply chain alignment discussions with a variety of industry participants.
# # #
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 establishment of a heavy and light rare-earth processing facility in the U.S. State of Louisiana, subsequent Strategic Metal Complexes 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.
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 any disclosure in the press release above about the US Department of Defense or the Government of Canada Programs and the expected successful progress and resulting milestone payments from these Programs, the Company has assumed that the Programs (including each of their milestones) will be completed satisfactorily. For additional risks and uncertainties regarding the Company, the CDF, the Demo Plant and ongoing Programs (generally), see the risk disclosure in the Company's MD&A for Q3-2023 (filed on SEDAR on August 27, 2024) (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 Strategic Metals Complexes ("SMCs"). Ucore has also assumed that sufficient external funding will be found to complete the Demo Plant demonstration schedule and also later prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Element 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 RapidSX™; RapidSX™ 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 RapidSX™; 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/223106
News Provided by Newsfile via QuoteMedia
FY24 R&D Refund Advance Received to Accelerate Pilot Plant Automation and Safety Systems
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) in O’Connor, Western Australia is pleased to advise it has received A$250,000 from a short term loan facility (R&D funding method) secured against the estimated R&D Tax incentive refund for FY24.
- ChemX receives A$250,000 (tranche 1) from short term R&D tax incentive loan facility.
- Radium Capital engaged to expedite 80% of eligible FY24 R&D tax refund
ChemX continues to seek accelerated non-dilutive forms of funding and has opted into a facility with Radium Capital to provide early access to its eligible R&D tax refund.
The company will invest approximately A$200,000 in control system engineering, which will deliver augmented safety and automation of the unique HiPurA® process. This enhancement will reduce future operational expenditure (Opex) requirements, early establish the nucleus of a future commercial plant control system and provide additional functionality for optimisation of key process parameters.
Under the facility, ChemX has now received 45% of its eligible R&D tax refund in a tranche 1 (A$250,000), and is expected to receive a further 35% of its eligible R&D tax refund by way of a tranche 2 ($A191,935) in coming weeks. The remaining 20% (less administration and interest fees) will be received in the final quarter of calendar 2024, with an estimated total FY24 eligible tax refund of $A552,419.
Radium Capital is a R&D finance provider offering advance access to eligible R&D funds, secured against the assessed tax rebate.
Chief Executive Officer, Peter Lee commented:
“As an innovative high purity materials company, ChemX, is focussed on the near-term delivery of its HPA Pilot Plant based in O’Connor, WA. Being able to accelerate our eligible R&D tax refund enables us to directly inject these non-dilutive funds back into the HPA Program and efficiently use our capital to deliver on our key projects”.
“In January 2024, ChemX was awarded an Australian Patent for the production of 4N (99.99%) HPA, and the company expects other international jurisdictions to follow in the coming six to 24 months. ChemX is proud of our Australian patent and consequently much of our pioneering chemistry-focussed development is R&D tax refund eligible.”
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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