Click or tap here to enter text. Ucore and Vulcan Elements Join Forces to Build DomesƟc Rare Earth Magnet Supply Chain for Defense and Commercial ApplicaƟons Ucore highlights: Ucore and Vulcan Elements executed a Memorandum of Understanding to build a domes Ɵc,
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Ucore and Vulcan Elements Join Forces to Build DomesƟc Rare
Earth Magnet Supply Chain for Defense and Commercial
ApplicaƟons
Ucore highlights:
Ucore and Vulcan Elements executed a Memorandum of Understanding to build a domes Ɵc,
secure rare earth magnet supply chain for defense and commercial applicaƟons.
Ucore will provide iniƟal NdPr and Dy oxide samples to Vulcan this year, leading to a long-term
commercial supply agreement beginning in 2027.
Together, Ucore and Vulcan Elements are onshoring an integrated rare earth magnet supply
chain. Ucore’s Louisiana Strategic Metals Complex will directly feed Vulcan’s North Carolina
manufacturing faciliƟes.
Vulcan announced a $1.4 billion partnership with the United States Government to build the
largest rare earth magnet factory in the world outside of China, with 10,000 metric tonnes of
magnet manufacturing capacity.
Halifax, Nova ScoƟa - March 24, 2026 - Ucore Rare Metals Inc. (TSXV: UCU | OTCQX: UURAF) ("Ucore"
or the "Company") is pleased to announce the execuƟon of a Memorandum of Understanding dated
March 16, 2026 with Vulcan Elements Inc. (" Vulcan") to collaborate on the development of a
domesƟc rare earth magnet supply chain for defense and commercial applica Ɵons. Under the
agreement, the parƟes intend to finalize a full commercial supply partnership whereby Ucore would
supply Vulcan with NdPr oxide and Dy oxides at commercial scale beginning in 2027.
The collaboraƟon aligns Ucore’s demonstrated separaƟon plaƞorm at its Commercial DemonstraƟon
Facility ("CDF") in Kingston, Ontario, and its planned Louisiana Strategic Metals Complex ("SMC") in
Alexandria, Louisiana, with a leading American magnet manufacturer. Vulcan currently operates a
commercial magnet manufacturing facility in Durham, North Carolina, and is expanding to a 10,000
tonne magnet manufacturing facility in Benson, North Carolina. The facility is enabled by a $1.4 billion
partnership with the United States Government, including the Department of War and the
Department of Commerce. In May 2025, Ucore announced an $18.4 million Award by the Department
of War to develop its rare earth processing capabiliƟes in Louisiana.
Ucore intends to make a porƟon of its planned Louisiana SMC capacity available to Vulcan beginning
in 2027. The collaboraƟon would create a direct commercial bridge from Ucore’s demonstraƟon-scale
separaƟon work in Kingston to commercial-scale produc Ɵon in Louisiana, while suppor Ɵng Vulcan’s
manufacturing in North Carolina.
Pat Ryan, P.Eng., Chairman & Chief ExecuƟve Officer of Ucore, stated:
"Vulcan is building exactly the kind of downstream magnet plaƞorm that the United States
needs, and this partnership creates a winning commercial partnership that aligns Ucore’s
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separaƟon capability with an industry-leading U.S. manufacturer. Our collaboraƟon will
anchor a resilient allied rare earth magnet supply chain in the United States."
John Maslin, Chief ExecuƟve Officer of Vulcan Elements, commented:
"Since its inception, Vulcan Elements’ mission has been to build a domestic rare earth
magnet supply chain that can propel America into the 21st century and enable the next
era of innovation and national security. Vulcan’s partnership with Ucore is a milestone
for both companies, and for the United States of America. Together, we’re rebuilding a
core industry that is criƟcal for economic growth and naƟonal security."
This year, Ucore and Vulcan intend to advance iniƟal producƟon, tesƟng protocols, purity targets,
acceptance criteria, and other technical specifica Ɵons in support of Vulcan’s magnet manufacturing
capability—leading to a longer-term commercial supply agreement.
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About Ucore Rare Metals Inc.
Ucore is focused on rare- and cri Ɵcal-metal resources, extrac Ɵon, beneficia Ɵon, and separa Ɵon
technologies with the poten Ɵal for producƟon, growth, and scalability. Ucore’s vision and plan is to
become a leading advanced technology company, providing best-in- class metal separaƟon products
and services to the mining and mineral extracƟon industry.
Through strategic partnerships, this plan includes disrupƟng the People’s Republic of China’s control
of the North American REE supply chain through the near-term development of a heavy and light
rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and
the longer-term development of Ucore’s 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project
on Prince of Wales Island in Southeast Alaska, USA (“Bokan”).
Ucore is listed on the TSXV under the trading symbol “ UCU” and in the United States on the OTC
Markets’ OTCQX® Best Market under the Ɵcker symbol “UURAF.”
For further informaƟon, please visit www.ucore.com.
About Vulcan Elements
Vulcan Elements manufactures sintered permanent neodymium iron boron (NdFeB) magnets in
the United States for critical defense and commercial applications. NdFeB magnets convert
electricity into motion. They are essential components in almost every advanced machine and
electronic device—from AI data centers and semiconductor fabrication equipment to satellites,
drones, robotics, electric motors, and virtually all military platforms. Vulcan remains committed
to advancing technological innovations, galvanizing America’s manufacturing workforce, and
collaborating with both public and private sector stakeholders to strengthen the domestic rare
earth magnet supply chain.
For further informaƟon, please visit www.vulcanelements.com
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Forward-Looking Statements
This press release includes certain statements that may be deemed “forward-looking statements”. All
statements in this release (other than statements of historical facts) that address future business
development, technological development and/or acquisiƟon acƟviƟes (including any related required
financings), Ɵmelines, events, or developments that the Company is pursuing are forward-looking
statements. Although the Company believes the expecta Ɵons expressed in such forward -looking
statements are based on reasonable assump Ɵons, such statements are not guarantees of f uture
performance or results, and actual results or developments may differ materially from those in
forward-looking statements.
Regarding the disclosure in the press release above about government support for Ucore, the
Company has assumed that the applicable projects (including each of the associated milestones) will
be completed saƟsfactorily and in accordance with the respec Ɵve agreements or leƩers of intent (as
applicable) for such government support. For addi Ɵonal risks and uncertain Ɵes regarding the
Company, its business acƟviƟes, its ability to qualify for and receive any addi Ɵonal funding from any
U.S. or Canadian go vernment, the CDF and the aforemen Ɵoned projects (generally), see the risk
disclosure in the Company’s MD&A for Q4-2025 (filed on SEDAR+ on May 18, 2025)
(www.sedarplus.ca) as well as the risks described below.
Regarding the disclosure above in the “About Ucore Rare Metals Inc.” sec Ɵon, the Company has
assumed that it will be able to procure or retain addi Ɵonal partners and/or suppliers, in addi Ɵon to
InnovaƟon Metals Corp. (“ IMC”), as suppliers for Ucore’s expected future SMCs. Ucore has also
assumed that sufficient external funding will be found to conƟnue and complete the ongoing research
and development work required at the CDF and also later prepare a new NaƟonal Instrument 43-101
technical report that demonstrates that Bokan is feasible and economically viable for the produc Ɵon
of both REE and co-product metals and the then prevailing market prices based upon assumed
customer oŏake agreements. Ucore has also assumed that sufficient external funding will be secured
to conƟnue the development of the specific engineering plans for the SMCs and their construcƟon and
eventual commissioning and opera Ɵons. Factors that could cause actual results to differ materially
from those in forward-looking statement s include, without limita Ɵon: IMC failing to protect its
intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large
commercial-scale applicaƟons; Ucore not being able to procure addi Ɵonal key partners or suppliers
for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construcƟon
of the SMCs and/or the con Ɵnued development of RapidSX ™; adverse capital- market condi Ɵons;
unexpected due-diligence findings; the emergence of alternaƟve superior metallurgy and metal -
separaƟon technologies; the inability of Ucore and/or IMC to retain its key staff members; a change
in the legisla Ɵon in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial
Development and Export Authority (AIDEA) regarding the development of Bokan; the availability and
procurement of any required interim and/or long-term financing that may be required; and general
economic, market or business condiƟons.
Neither the TSXV nor its Regula Ɵon Services Provider (as that term is defined by the TSXV) accept
responsibility for the adequacy or accuracy of this release.
CONTACTS
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Ucore:
Mark MacDonald
Vice President, Investor RelaƟons
Ucore Rare Metals Inc.
1.902.482.5214
Vulcan Elements:
Jonah Glick-Unterman
Chief of Staff
Vulcan Elements