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Tuesday, 05/04/2021 2:38:19 PM

Tuesday, May 04, 2021 2:38:19 PM

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Ucore Subsidiary, Innovation Metals Corp., Commences RapidSX Separation Testing with Rare-Earth Producer

HALIFAX, NOVA SCOTIA — (May 4, 2021) — Ucore Rare Metals Inc. (“Ucore” or the “Company”) (TSXV:UCU) (OTCQX:UURAF) is very pleased to announce that the Company’s wholly owned subsidiary, Innovation Metals Corp. (“IMC”), has entered into a Technology Testing Agreement (“TTA”) with a mining company (the “REE Producer”), located in a US-allied country whose principal product from its current mining operations is a mixed rare-earth element concentrate (“MREC”). The purpose of the TTA is to generate empirical data for joint evaluation by IMC and the REE Producer regarding IMC’s proprietary RapidSX™ separation technology for the separation of the REE Producer’s MREC. The goal is focused on producing high-purity rare-earth element oxides (“REOs”) required for the global rare-earth element (“REE”) permanent-magnet industry. Pursuant to the TTA, the name of the REE Producer and certain specific terms of the TTA will remain confidential.

The TTA outlines the specific technical program for the characterization of separation steps to be applied to the specific MREC produced by the REE Producer. The data generated will be used to help optimize flowsheets for the separation and purification of this specific MREC, utilizing the RapidSX technology, as a means of producing commercial-grade REOs. In addition, the research will also result in the creation of a simulation and process modelling tool that will give IMC the ability to rapidly test and simulate large numbers of different test conditions to determine the optimal flowsheet parameters and equipment configurations for various different MREC feedstocks and at various scales of processing and production. The goal of the TTA is to demonstrate the effectiveness and suitability of RapidSX technology on a currently commercially produced MREC and also to concurrently build a process-modelling tool that will make the customized design of a RapidSX facility for any MREC feedstock or customer an efficient process. The TTA is the first step in a process that the parties anticipate will eventually lead to the on-site commercial-scale deployment of a RapidSX-base processing circuit by the REE Producer via a licensing agreement with IMC.

As announced by the Company on January 29, 2021 (1), and by IMC on February 1, 2021 (2), the commissioning of IMC’s RapidSX demonstration-scale pilot plant (“RapidSX Demonstration Plant”) is scheduled to commence in Q3 2021 with a comprehensive, independent techno-economic study and the design of a commercial-scale REE separation facility, both planned for completion in Q1 2022. With the anticipated ability to demonstrate the effectiveness of the RapidSX Demonstration Plant on currently available REE feedstocks, IMC expects the RapidSX technology to be ready for commercial adoption and implementation in approximately 12 months from now (in Q2 2022), via revenue-producing licensing agreements with IMC customers.


Read more & view tables and graphics at:
https://ucore.com/ucore-subsidiary-innovation-metals-corp-commences-rapidsx-separation-testing-with-rare-earth-producer/

(1) https://ucore.com/ucore-provides-update-on-rapidsx-technology-for-near-term-commercial-rare-earth-elements-separation-in-usa/

(2) http://www.globenewswire.com/news-release/2021/02/01/2167523/0/en/Innovation-Metals-Corp-Provides-Development-Update-on-RapidSX-Technology-for-Near-Term-Commercial-Rare-Earth-Elements-Separation-in-USA.html