Ucore Announces Strategic Alliance with Vacuumschmelze and eVAC Magnetics LLC for the Supply of Rare Earth Oxides Ucore announces: eVAC Magnetics has completed construction of a rare earth permanent magnet manufacturing facility in Sumter County, South Carolina with
85401206.3
Ucore Announces Strategic Alliance with
Vacuumschmelze and eVAC Magnetics LLC for the
Supply of Rare Earth Oxides
Ucore announces:
eVAC Magnetics has completed construction of a rare earth permanent
magnet manufacturing facility in Sumter County, South Carolina with
support from the US DoW and a $111.9 million Qualifying Advanced Energy
Project Tax Credit
VAC also produces magnets at its facilities in Europe requiring rare earth
oxides for product lines including neodymium-iron-boron (NdFeB) and
Samarium-Cobalt (SmCo) permanent magnets.
The Memorandum of Understanding (MOU) provides a means for eVAC and
VAC to align with Ucore for the supply of high-purity rare earth oxides which
will be coordinated with Ucore’s staged growth refining plans in Louisiana,
USA and Ontario, Canada.
Halifax, Nova Scotia — (November 3, 2025) — Ucore Rare Metals Inc. (TSXV: UCU)
(OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to announce the signing of a
Memorandum of Understanding (“MOU”) with Vacuumschmelze GmbH & Co. KG (“VAC”)
and eVAC Magnetics LLC (“eVAC”) to develop a collaborative supply agreement for high-
purity rare earth oxides (“REOs”).
VAC is part of VACUUMSCHMELZE ( "VAC Group”) with operations beginning Fall of
2025 in Sumter County, South Carolina, under eVAC Magnetics LLC, and has received
strong federal and state support including a Defense Production Act Title III grant from
the Department of War and a $111.9 million Qualified Advanced Energy Project Tax
Credit.
The eVAC facility and VAC’s decades of experience in Europe with rare earth magnet
technology and process intellectual property is a critical piece to securing stable Western
World supply. NdFeB permanent magnet solutions are critical to automotive, industrial
automation and renewable energy applications, while Samarium-Cobalt magnets are
essential to defense systems including advanced radar, sonar and guidance systems. To
ensure a sustainable and long-term supply of rare-earth oxides, Ucore’s RapidSX ™
refining plans advancing in Alexandria Louisiana and Kingston, Ontario become a vital
strategic input for unified market growth plans.
– 2 –
85401206.3
The MOU was signed at the G7 Energy and Environment Minister’s Summit.
Left to right, Standing: Matthias Koehler, Deputy Director General of Raw
Materials Policy for Germany; Hon. Stephen Lecce, Minister of Energy and Mines
(Ontario); The Honourable Tim Hodgson, Minister of Energy and Natural
Resources (Canada); Seated: Erik Eschen, CEO of VAC; Pat Ryan, CEO of Ucore
Under the contemplated framework, Ucore will supply VAC and eVAC with separated rare
earth oxides—including neodymium (Nd), praseodymium (Pr), terbium (Tb), dysprosium
(Dy), samarium (Sm), and gadolinium (Gd)—produced at Ucore’s planned Louisiana
Strategic Metals Complex (“Louisiana SMC”) in Alexandria, Louisiana, and its
Commercial Demonstration Facility (“CDF”) in Kingston, Ontario.
– 3 –
85401206.3
Pat Ryan, P.Eng., Ucore Chairman & CEO, stated:
“It's known in critical industries of defense, EV automotive and renewable energy that
VAC and eVAC represent an extensive supply network with decades of experience for
rare earth permanent magnet production and magnetic solutions. As such we are
extremely pleased with our strategic alignment which will allow Ucore to provide critical
rare earth oxides produced using Ucore's RapidSX ™ refining technology for VAC and
eVAC's growing global markets. We anticipate that joining forces to provide a complete
supply chain solution in particular for Europe and North America, will support lasting
growth for years to come."
VAC’s CEO, Dr. Erik Eschen, commented:
“We are thrilled to announce our partnership with Ucore Rare Metals Inc., a Canadian
company focused on the development of rare earth element projects and refining
technologies. This collaboration strengthens VAC’s and eVAC’s strategic position in the
global rare earth supply chain and ensures long-term access to critical raw materials for
our permanent magnet products. Partnering with Ucore reflects our commitment to
sustainable innovation and securing supply resilience."
Next Steps
The parties will define the structure and commercial terms for a definitive long-term
agreement within nine months, supported by regular progress reviews..
# # #
About Ucore Rare Metals Inc.
Ucore is advancing North American rare earth separation and refining through its
Louisiana Strategic Metals Complex and commercialization of RapidSX™ separation
technology. In 2025, Ucore received a US$18.4 million follow-on award from the U.S.
Department of Defense, bringing total funding under its current OT Agreement to US$22.4
million. More information is available at ucore.com.
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 ticker symbol “UURAF.”
For further information, please visit www.ucore.com.
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 acquisition
activities (including any related required financings), timelines, events, or developments
that the Company is pursuing are forward-looking statements. Although the Company
believes the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance or
– 4 –
85401206.3
results, and actual results or developments may differ materially from those in forward-
looking statements.
Regarding the disclosure in the press release above about the government support for
Ucore, the Company has assumed that the applicable projects (including each of the
associated milestones) will be completed satisfactorily and in accordance with the
respective agreements or letters of intent (as applicable) for such government support.
For additional risks and uncertainties regarding the Company, its business activities, its
ability to qualify for and receive any additional funding from any U.S. or Canadian
government, the CDF and the aforementioned projects (generally), see the risk disclosure
in the Company’s MD&A for Q1 2025 (filed on SEDAR+ on May 9, 2025)
(www.sedarplus.ca) as well as the risks described below . As noted above, the execution
of a Definitive Offtake Agreement will be conditional upon the parties agreeing on commercial
terms, among other conditions precedent.
Regarding the disclosure above in the “About Ucore Rare Metals Inc.” section, the Company
has assumed that it will be able to procure or retain additional partners and/or suppliers, in
addition to Innovation Metals Corp. (“ IMC”), as suppliers for Ucore’s expected future SMCs.
Ucore has also assumed that sufficient external funding will be found to continue and
complete the ongoing research and development work required at the CDF and also later
prepare a new National Instrument 43-101 technical report that demonstrates that Bokan is
feasible and economically viable for the production of both REE and co-product metals and
the then prevailing market prices based upon assumed customer offtake agreements. Ucore
has also assumed that sufficient external funding will be secured to continue the development
of the specific engineering plans for the SMCs and their construction and eventual
commissioning and operations. Factors that could cause actual results to differ materially
from those in forward-looking statements include, without limitation: IMC failing to protect its
intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial
viability in large commercial-scale applications; Ucore not being able to procure additional
key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund
the specific design and construction of the SMCs and/or the continued development of
RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the
emergence of alternative superior metallurgy and metal-separation technologies; the inability
of Ucore and/or IMC to retain its key staff members; a change in the legislation 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 conditions.
Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV)
accept responsibility for the adequacy or accuracy of this release.
Contacts
Mr. Peter Manuel, Ucore Vice President and Chief Financial Officer, is responsible for the
content of this news release and may be contacted at 1.902.482.5214.
For additional information, please contact:
Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
– 5 –
85401206.3
1.902.482.5214