HALIFAX, NOVA SCOTIA — June 9, 2021 — Ucore Rare Metals Inc. (“Ucore” or the “Company”) (TSXV:UCU) (OTCQX:UURAF)i is pleased with recent developments in Washington D.C. that are poised to strengthen United States supply chains and spur the domestic production capacity of rare earth elements (“REEs”) and other critical materials.
On Tuesday, June 8th, 2021, United States President Joe Biden released a review of US supply chain vulnerabilities pursuant to Executive Order 14017. The review shows that the US government will continue to invest in REE technologies and production capabilities, which could serve to benefit Ucore, its wholly owned subsidiary, Innovation Metals Corp. (“IMC”), and their proprietary RapidSX™ separation technology for the separation of both light REEs (“LREEs”) and heavy REEs (“HREEs”). Key recommendations include:
- Encourage the development and adoption of 21st century standards for the extraction and processing of critical minerals;
- US $50 billion to establish a Supply Chain Resilience Program to monitor and forecast vulnerabilities and promote industry partnerships;
- A “trade strike force” to identify and counter unfair foreign trade practices, the first action of which will be to investigate unfair trade practices surrounding neodymium (NdFeB) permanent magnets;
- Reducing the time, cost, and risk of permitting for critical mineral mining projects; and
- Using the US government’s buying power and investment authorities to encourage the purchase of critical materials from secure and reliable domestic and allied sources. This includes:
- Additional funding for the Defense Production Act (“DPA”) Title III program to scale emerging technologies for critical materials and enable offtake agreements; and
- Recapitalizing the National Defense Stockpile to better buffer against supply chain threats.
Ucore Chairman and CEO, Pat Ryan, P.Eng. said, “We are very pleased with the White House’s concern for REEs and its efforts to spur the domestic production of critical materials. China has long dominated the REE supply chain, but with the US government’s help, we can and will use our groundbreaking 21st Century separation technology, RapidSX, to bring control back into the hands of Americans. Our ALASKA2023 business model is founded on this transformative technology and the development of a resilient US supply chain through the development of two REE separation plants and ultimately a HREE mine at Bokan Mountain Alaska – the very definition of US resiliency.”
i Ucore has received questions from shareholders regarding recent brokerage industry notices warning investors who hold shares in companies that do not share publicly available information about the Securities and Exchange Commission (the “SEC”) adopting amendments to Rule 15c2-11 (the “Rule”) and its impact on the quoted market for over-the-counter (“OTC”) securities categorized as Pink No Information.
The OTC Markets Group has informed Ucore that as an OTCQX company, Ucore already shows good corporate governance by actively demonstrating its compliance with securities laws and meeting OTCQX disclosure standards, including making current information publicly available. The OTCQX market standards exceed the requirements for continued quoting under Rule 15c2-11 and the proposed amendments will not affect shareholders of UURAF.