Announcement • Jun 24
Ucore Rare Metals Inc Produces 99.5%+ Neodymium-Praseodymium Oxide and Ships Qualification Samples to Major Rare Earth Magnet Manufacturers Ucore Rare Metals Inc. had produced 99.5%+ neodymium-praseodymium oxide generated at its 52-stage RapidSX Demonstration Plant in Kingston, Ontario. Initial NdPr oxide qualification samples were shipped to major rare earth permanent magnet manufacturers serving North American and European supply chains. Testing of the samples begin the process of confirming purity, phase composition, consistency, and compatibility with customer-compliant NdFeB permanent magnet manufacturing processes. The qualification work is intended to support the development of structured definitive supply agreements aligned with Ucore’s planned Louisiana Strategic Metals Complex and its Commercialization and Demonstration Facility in Kingston, Ontario. The sample shipments mark an important step in Ucore’s strategy to connect its RapidSX rare earth separation platform directly with downstream magnet, metal, alloy, and advanced materials supply chains. NdPr oxide is a critical midstream material that is converted into metal and alloy feedstock for neodymium-iron-boron permanent magnets, which are used across high-performance motors, robotics, electric vehicles, industrial automation, renewable energy systems, and defense applications. The NdPr oxide qualification samples were produced as part of Ucore’s ongoing demonstration and commercialization work. During this work, the Company’s 52-stage RapidSX Demonstration Plant at its Commercialization and Demonstration Facility in Kingston, Ontario, processed a heavy mixed rare earth oxide feedstock derived from an ionic clay source and produced 99.5%+ NdPr chloride. Ucore subsequently converted a portion of this chloride solution into 99.5%+ NdPr oxide. The evaluation work by major downstream customers focuses on confirming that Ucore’s rare earth oxides meet the technical, quality, and traceability requirements for use in Western magnet and advanced materials supply chains. The qualification process is expected to include: independent chemical assay work to confirm rare earth oxide purity and key impurity levels; confirmation of oxide characteristics, including phase composition, handling, moisture, and consistency; assessment of compatibility with magnet manufacturing requirements, including alloy formulation, process qualification, and finished magnet compliance expectations; and development of product specifications, quality assurance protocols, logistics requirements, and commercial terms to support definitive long-term supply agreements. This qualification process is a key step toward elevating strategic relationships currently at the MOU level and could contribute toward potential commercial offtake arrangements. It allows downstream manufacturers and advanced materials customers to certify that Ucore’s separated rare earth oxide products meet their required technical specifications before larger-volume supply commitments are finalized. Board Change • Jun 09
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. Director Amira Abouali was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • May 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$14m free cash flow). Earnings are forecast to decline by an average of 6.2% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (CA$44m net loss in 2 years). 
