Article

Halifax, Nova Scotia–(Newsfile Corp. – December 13, 2024) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to advise that the US Department of Defense (the “DoD”) has approved modifications to the Company’s existing Other Transaction Agreement (the “OT Agreement” or “Award”) and the corresponding payment of US$1.8 million for the completion of milestones under the Award. The Award was made through the Company’s wholly owned subsidiary, Innovation Metals Corp., to conduct rare earth element (“REE”) separation work at the Company’s RapidSXTM Commercial Demonstration Facility (“CDF”) in Kingston, Ontario.

Impact on Me

As a consumer, the approval of modifications to Ucore Rare Metals Inc.’s OT Agreement by the US Department of Defense signifies a significant step towards strengthening the rare earth element supply chain. This could potentially lead to a more stable supply of REEs, which are crucial components in various modern technologies such as smartphones, electric vehicles, and renewable energy systems. With a more secure supply chain, there may be less risk of disruptions in the availability of these technologies, ultimately benefiting consumers like myself in the long run.

Impact on the World

The approval of modifications to Ucore Rare Metals Inc.’s OT Agreement by the US Department of Defense has the potential to have a significant impact on the world as well. Rare earth elements play a vital role in the global economy, as they are essential for the production of high-tech devices and clean energy solutions. By supporting the development of REE separation technologies, this agreement could contribute to reducing the world’s reliance on a limited number of suppliers and increase the security of the global REE supply chain. This, in turn, could enhance technological innovation and promote sustainability on a global scale.

Conclusion

In conclusion, the approval of modifications to Ucore Rare Metals Inc.’s OT Agreement by the US Department of Defense is a positive development that could have far-reaching implications for both individuals and the world as a whole. By investing in the development of REE separation technologies, this agreement has the potential to enhance the stability and security of the global rare earth element supply chain, ultimately benefiting consumers and promoting innovation and sustainability worldwide.