Ucore Enters into Strategic Partnership with Metallium Limited Ucore Announces:
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Ucore Enters into Strategic Partnership with
Metallium Limited
Ucore Announces:
• The formation of a strategic partnership with Metallium Limited which will add
to potential feedstock sources for the Company’s US DoW backed rare earth
refinery in Alexandria, Louisiana.
• Metallium’s Flash Joule Heating process provides an alternative to traditional
sulfate leaching approaches to generating mixed rare earth products which will
be suitable for refining using Ucore’s RapidSXTM technology.
• A staged program is being developed combining Metallium’s front -end
upgrading capability with Ucore’s downstream RapidSX separation capacity,
reflecting the complementary roles of each technology within the integrated
flowsheet.
Halifax, Nova Scotia September 16, 2025 – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX:
UURAF) (“Ucore” or the “Company”) is pleased to announce the signing of a strategic
technology collaboration agreement with Metallium Limited (ASX: MTM) (OTCQX: MTMCF).
Metallium’s Flash Joule Heating (“FJH”) is capable of upgrading rare earth mineral
concentrates to Mixed Rare Earth Chlorides (“MREC”), which will then be refined into purified
rare earth oxides utilizing Ucore’s RapidSX TM technology at its Louisiana refinery. FJH
provides a potential alternative to traditional approaches for generating mixed rare earth
products. FJH has the potential to significantly expand potential feedstock sources for
Ucore’s refining facility.
The focus of Ucore’s business is to restore rare earth refining which is a critical bottleneck in
an evolving Western World integrated rare earth supply chain. With it’s modular and scalable
RapidSX technology supported by the US DoW, the complex task of separating individual
rare earth oxides (REOs) from developing allied feedstock sources is the lynch pin. These
reliable REE concentrate sources are fundamental and because RapidS X is feedstock -
agnostic, the more sources of inputs , the greater the options f or creating (REO) supply
pathways.
The agreement formalises a strategic partnership to integrate Metallium’s FJH process, which
converts a wide range of rare earth-bearing materials into high-purity chloride intermediates,
with Ucore’s RapidSX ™ separation platform, which is being scaled at the Strategic Metals
Complex (SMC) in Louisiana. Together, the companies are targeting a modular U.S. -based
refining solution that can process both conventional REE concentrates and alternative
feedstocks such as magnet scrap, e -waste, and lighting waste, producing separated REOs
including NdPr, Dy, and Tb, while also opening opportunities to recover other critical and
precious metals.
Collaboration Scope
Under the agreement, Metallium and Ucore will:
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• Collaborate on integrating Metallium’s FJH-based chloride upgrading technology with
Ucore’s RapidSX ™ separation platform across a wide range of feedstocks. The
collaboration will explore opportunities to bypass conventional acid -leach circuits by
converting REE-bearing feedstocks into enriched mixed rare earth chlorides (“MRECℓ
or “EMRECs”).
• The parties will also investigate the recovery of the highly strategic heavy REE
terbium (Tb) and other high -value elements from lighting waste and phosphor
powders and separately undertake joint R&D on recovering non-REE metal chlorides
such as Au, Sb, Sn and Cu from e-waste brines.
Next Steps
• The collaboration will advance through a staged program of test work and pilot
operations. In the first stage, bench -scale testing will focus on processing Ucore-
supplied rare earth concentrate through Metallium’s FJH system to produce mixed
REE chlorides; the conversion of magnet scrap into chlorides containing neodymium,
praseodymium, dysprosium and terbium ; and the extraction of terbium from lighting
waste.
• In the second stage, pilot -scale production will involve pilot campaigns to produce
mixed REE chlorides (MRECℓ) for processing at Ucore’s Commercial Demonstration
Plant in Kingston, Ontario, Canada.
o This second stage will include the processing of mixed metal chlorides derived
from e-waste processed using FJH.
Figure 1: Ucore Chief Operating Officer Michael Schrider & Flash Metals USA (FMU) President Steve Ragiel at FMU’s lab in Texas
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Metallium Managing Director & CEO, Michael Walshe, commented: “Ucore is
constructing one of the most advanced REE downstream separation facili ties in North
America, and this strategic agreement positions us a key participant in that supply chain. Our
FJH platform can help unlock feedstocks that are currently stranded or heavily discounted,
especially those rich in heavy REEs.”
Ucore Chairman & CEO, Pat Ryan, commented: “We are excited to explore the integration
of Metallium’s metal recovery platform with our RapidSX ™ This collaboration directly
supports the U.S. Government’s strategic objective of developing Western-aligned separation
capabilities that are scalable, flexible, and feedstock -agnostic. Our goal is to deliver
consistent, high -purity rare earth outputs sui table for critical defense and commercial
applications.”
Illustrative Flowsheet
Metallium’s FJH technology acts as an upstream upgrading step, producing chloride
intermediates that are then refined into individual REEs using Ucore’s RapidSX™ separation
platform. The diagram below presents a modular rare earth element (REE) refining pathway
capable of processing a wide range of REE -bearing feedstocks. These include primary
mineral concentrates, mid-stream MREC from ionic clays, recycled materials (e.g. rare earth
magnet scrap), and industrial residues (e.g. red mud, coal fly ash).
Figure 2: Integrated FJH–RapidSX™ Flowsheet for Multi-Feedstock Rare Earth Refining
Using Metallium’s proprietary FJH process, these inputs are upgraded into high-purity mixed
REE chloride intermediates. The resulting solution is then conditioned and processed via
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Ucore’s RapidSX™ separation platform to produce individual rare earth oxides (REOs), such
as neodymium-praseodymium (NdPr). This integrated flowsheet represents a scalable, non-
Chinese alternative to traditional sulphate -leach and solvent extraction processes, suitable
for both conventional and unconventional REE sources.
The binding agreement is for a term of 12 months from the date of signing, September 13,
2025. Each party will enter good faith discussions to explore the potential of a future
commercial arrangement for future collaboration. Each party shall retain all rights to their
technology and binding non-disclosure agreements are in place between the parties. There
are no commercial arrangements by way of fees or consideration associated with this
collaboration agreement.
# # #
About Ucore Rare Metals Inc.
Ucore is focused on rare - and critical -metal resources, extraction, beneficiation, and
separation technologies with the potential for production, growth, and scalability. Ucore ’s
vision and plan is to become a leading advanced technology company, providing best -in-
class metal separation products and services to the mining and mineral extraction industry.
Through strategic partnerships, this plan includes disrupting 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 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 tha t 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 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
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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 engineeri ng 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 construct ion 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.
1.902.482.5214