Ucore and Alaska’s Southeast Conference Execute MOA for the Funding of Strategic Metals Complex
HALIFAX, NOVA SCOTIA — October 7, 2021 — Ucore Rare Metals Inc. (“Ucore” or the “Company”) (TSXV:UCU) (OTCQX:UURAF) and Alaska’s Southeast Conference (collectively the “Parties”) are pleased to announce the execution of a Memorandum Of Agreement (“MOA”), setting forth certain nonbinding understandings and binding agreements between Ucore and Southeast Conference for the evaluation and potential establishment of a Natural Resource Development Complex. The complex will include land and a building (the “Facility”) suitable to house Ucore’s rare earth element (“REE”) separation and purification plant (the “Plant”, the “Alaska Strategic Metals Complex” or the “Alaska SMC”) for the production of REE oxides (“REOs”). The site selection for the Facility shall be based on the explicit goal of expanding the Natural Resource Development Complex with other related and non-related Southeast Alaska economic development opportunities.
Mike Schrider (L) and Robert Venables (R) at the 2021 Southeast Conference Annual Meeting in Haines, Alaska
Southeast Conference is the State of Alaska’s (and federally designated) regional economic development organization for Southeast Alaska and it has the authority to access federal grant funding for economic development activities. Ucore is currently undertaking business, engineering and permitting activities for the development of the Alaska SMC REO production facility. The Alaska SMC’s target location is Ketchikan, Alaska, due to: (i) its proximity to Ucore’s Bokan Dotson Ridge Rare Earth Element Project (“Bokan”) on Prince of Wales Island; (ii) its deep-water shipping ports on the Pacific Northwest’s Inside Passage and accessibility to the industrious Pacific Rim; and (iii) the supportive local and State of Alaska administrators.
The Parties envision a joint venture opportunity to acquire and develop the Facility with a combination of Southeast Conference grant funding and Ucore funding; then establishing a long-term lease relationship between the Parties for the Facility resulting in Ucore’s subsequent development and long-term operation of the Plant (i.e., the Alaska SMC).
Ucore Vice President and COO, Mike Schrider, P.E., stated, “The establishment of the MOA between Ucore and Southeast Conference is an important moment in the development of the Alaska SMC and represents just one of many envisioned partnerships as Ucore advances the establishment of a robust and independent rare earth supply chain for the United States and its allies - with an Alaskan-centric focus.”
“The Southeast Conference has a long history of partnering and stimulating economic development in Southeast Alaska,” added Southeast Conference Executive Director, Robert Venables. “This collaboration with Ucore as the anchor tenant for the Natural Resource Development Complex will stimulate complementary growth in the mineral sector and attract other types of resource extraction entities that will benefit from the direct and indirect business and physical infrastructure improvements created by the development of the Alaska SMC.”
Ucore’s development plan for the Alaska SMC calls for substantial completion of construction by the end of 2023, followed by commissioning, product qualification testing with US-allied feedstock, and production of individual REOs in H1 of 2024.
