Rare Element Resources Ltd (REEMF)

[ComstockRoyalty]

SUPER BULLISH NEWS -
Rare Element Resources Receives DOE Operations Approval and Additional Funding Commitment for Rare Earth Demonstration Plant in Wyoming
by Rare Element Resources | Sep 26, 2024
Operations Planned to Commence in 4Q 2024

September 26, 2024 – Littleton, Colorado – Rare Element Resources Ltd. (the “Company” or “RER”) (OTCQB: REEMF) is pleased to announce that the U.S. Department of Energy’s (the “DOE”) Office of Energy Efficiency and Renewable Energy has issued the second and final Project Continuation Notice following its approval of the operations budget and confirmation of readiness for the operations phase of the Company’s rare earth processing and separation demonstration plant (the “Demonstration Plant”). This notice allows operations to formally commence once the Company receives the U.S. Nuclear Regulatory Commission (the “NRC”) operations approval under the previously issued license, which is anticipated in the coming weeks. These milestones will allow for the commencement of operations in the fourth quarter of 2024. The Demonstration Plant, which has been designed to advance the Company’s proprietary processing and separation technology, is expected to generate the operational and economic data necessary for the design of a commercial-scale plant.

“In anticipation of the DOE’s operations approval just received, we have spent the past several months working alongside the project team and our contractors preparing the site for operations,” said Ken Mushinski, President and CEO of RER. “With the achievement of this pre-operational milestone and anticipated receipt of the NRC’s license amendment necessary for operations, we continue preparations for the commencement of plant operations. We have engaged Wood plc, out of Gillette, Wyoming, as our operations staffing contractor which is preparing a staffing roster for operating the Demonstration Plant under RER’s supervision. Entering the operations phase moves us one step closer to proving our innovative rare earth recovery technology is ready for commercial applications.”