Ucore Signs Heads of Agreement with Wyloo and Hastings to Secure Yangibana Feedstock
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Ucore Signs Heads of Agreement with Wyloo and
Hastings to Secure Yangibana Feedstock
Halifax, Nova Scotia — (October 31, 2025) — Ucore Rare Metals Inc. (TSXV: UCU)
(OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to announce that it has entered
into a non-binding Heads of Agreement (HoA ) with Wyloo Gascoyne Pty Ltd (“Wyloo”)
and Hastings Technology Metals Ltd (“Hastings”) to:
• Establish a long-term supply pathway for Yangibana rare earth concentrate; and
• Evaluate hydrometallurgical (“Hydromet”) processing options in the United States, with
Louisiana as the priority location.
The HoA links Australian feedstock from the Yangibana Rare Earths and Niobium Project
(Western Australia) with U.S. mid -stream processing and separation at Ucore’s Louisiana
Strategic Metals Complex (SMC) — aligning with Ucore’s objective to establish a North
American, ex-China rare earth supply chai n and leverage the critical materials frameworks
amid unprecedented policy convergence with allied jurisdictions, notably the United States,
Canada and Australia.
The HoA was signed at the G7 Energy and Environment Ministers Meeting. Left to Right:
The Honourable Tim Hodgson, Minister of Energy and Natural Resources (Canada); Dr.
Ahmad Hussein, Director of Government Relations (Ucore); Pat Ryan, Chairman and CEO
(Ucore); Nanette Trask, CFO (Wyloo); Vince Catania, CEO (Hastings); The Hon Madeleine
King MP, Minister for Resources and Minister for Northern Australia (Australia)
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“This HoA represents another key step in building the mine-to-oxide pathway between allied
nations,” stated Pat Ryan, P.Eng., Ucore’s Chairman and CEO. “By partnering with Wyloo
and Hastings, we are securing potential feedstock for our Louisiana SMC and exploring U.S.
Hydromet options that add flexibility and scale to our DoD-backed RapidSX ™ separation
program.”
Chief Executive Officer, Mr Vince Catania said: “We are delighted to partner with Ucore on
this strategically significant HoA. This agreement represents a major step forward in de-
risking the Yangibana Project by securing a pathway to a long-term offtake partner in the key
North American market. More imp ortantly, the joint evaluation of a downstream Hyrdromet
plant in the US demonstrates the efforts by Wyloo, Ucore and Hastings to access the
financing and commercial opportunities arising from the recently announced rare earth deal
by the US and Australian governments to jointly support “ready to go” projects.”
Geoff Atkins, VP Business Development at Ucore, added : “ Yangibana is one of the
world’s most advanced, shovel -ready rare earth projects, with amongst the highest
distributions of NdPr of any known deposit. This agreement is an important step in Ucore
securing a fully aligned mine-to-oxide supply chain across trusted jurisdictions.”
Expanded Details on the HoA
• Under the HoA, Wyloo and Hastings (through their 60:40 Yangibana Joint Venture)
and Ucore will work collaboratively to advance a potential long-term offtake and
Hydromet partnership.
• Feedstock Framework: The HoA contemplates up to 37,000 tonnes per annum of
Yangibana rare earth concentrate, sourced from the Stage 1 mine and beneficiation
circuit of the Yangibana Project. Pricing is to be based on a per-DMT formula or fixed
structure to be defined in the definitive offtake agreement.
• U.S. Hydromet Evaluation: The parties will jointly complete a Gap Analysis and
techno-economic assessment of a new Hydromet facility in Louisiana, or a qualified
third-party U.S. facility, to convert concentrate into mixed rare earth carbonate (MREC)
suitable for downstream separation at Ucore’s SMC.
• Strategic Alignment: The project supports the United States–Australia Framework for
Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths
(“U.S.-Australia Framework”) announced on October 20, 2025, which aims to build
integrated supply chains across allied jurisdictions. The HoA directly responds to this
initiative by linking Australian concentrate production with U.S. mid-stream processing
and separation.
• Timeline and Governance: The HoA is non-binding (except for clauses related to
confidentiality and governing law, which is Australian), has a 24-month term, and may
be extended by mutual consent.
Strategic Benefits
• For Ucore: Anchors an allied feedstock source for Ucore’s DoD-funded Louisiana
SMC, supporting commissioning in H2-2026 and establishing one of the first U.S.
facilities capable of producing separated rare earth oxides at commercial scale.
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• For Wyloo and Hastings: Opens a U.S. downstream channel into the magnet
materials market through a government-supported separation platform, strengthening
financing and offtake options during the Yangibana Project’s ramp-up.
• For Allied supply chains: Reinforces U.S.–Australia cooperation on critical minerals
and expands ex-China sources of NdPr, Sm, Gd, Dy, and Tb, key to defense, EV, and
clean energy manufacturing.
• For Policy Makers: Demonstrates practical progress under the U.S. –Australia
Framework through a tangible mine-to -oxide collaboration designed to deliver
diversified, secure, and transparent rare earth supply chains.
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.
About Hastings Technology Metals Ltd.
Hastings is a Perth-based rare earths company focused on the development of the Yangibana
Joint Venture.
About Wyloo & the Yangibana JV
Wyloo (a Tattarang company) holds 60% interest in, and serves as the manager and operator
of, the Yangibana Joint Venture with Hastings (40%), finalized in 2025.The Yangibana JV is
developing the Yangibana Rare Earths and Niobium Project in Western Australia. Stage 1
targets ~37,000 tonnes per annum of concentrate, and Stage 2 aims to produce ~15,000
tonnes per annum of mixed rare earth carbonate (MREC). The project has an average
NdPr:TREO ratio of ~37%, among the highest globally. Wyloo is also progressing projects to
develop one of the world’s best nickel, copper and platinum group element mines, Eagle’s
Nest, and world-class chromite deposits, Blackbird, in the Ring of Fire region in Ontario,
Canada and a facility producing precursor cathode active material in Sudbury, Ontario.
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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 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 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
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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 Q2
2025 (filed on SEDAR + on August 28, 202 5) (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.
1.902.482.5214