On August 20, 2024, Meteoric Resources NL (ASX: MEI) and Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) announced the signing of a memorandum of understanding (MOU) for the supply of 3,000 metric tonnes (MT) of total rare earth oxide (TREO) from Meteoric’s Caldeira Rare Earth Ionic Clay Project in Brazil to Ucore’s rare earth oxide production facility in Alexandria, Louisiana, USA.
Meteoric, a publicly traded Australian company, has identified significant TREO deposits at their Caldeira Project, particularly enriched in Magnet REOs such as terbium, dysprosium, neodymium, and praseodymium. On the other hand, Ucore, a Canadian public company, is known for its rare earth separation technology, RapidSX™, and is currently working on separating heavy and light rare earth elements at its facility in Kingston, Ontario.
Key provisions of the MOU include working towards a definitive agreement for the supply of mixed rare earth carbonate, committing to an annual purchase of 3,000MT of TREO from Caldeira by Ucore, mutual support in funding and business development, and timelines for commercial operations at both facilities.
Chairman and CEO of Ucore, Pat Ryan, expressed enthusiasm about working with Meteoric and the strategic location of the Caldeira Project for their operations in the United States. Meteoric’s CEO, Nick Holthouse, also confirmed their commitment to supporting Ucore and progressing towards a binding commercial arrangement.
Ucore aims to disrupt the North American rare earth supply chain and establish processing facilities in the U.S., while Meteoric plans to become Brazil’s next rare earth producer through its Caldeira Project.
Both companies caution that forward-looking statements in this press release may not guarantee future performance or results. Interested parties are encouraged to refer to the respective companies’ regulatory disclosures for a better understanding of potential risks and uncertainties.
