Ucore enters LOI for offtake deal with Critical Metals

Executive Summary

• Ucore Rare Metals Inc. has signed a non‑binding letter of intent with Critical Metals Corp. to negotiate a long‑term (initial 10‑year) offtake agreement for heavy rare earth feedstock from the Tanbreez project in southern Greenland.
• The feedstock will support Ucore’s strategic metal complex in Alexandria, Louisiana and its commercial demonstration facility in Kingston, Ontario, enhancing Western rare‑earth supply security.
• Execution of a definitive agreement is contingent on due diligence, final commercial terms, and required regulatory approvals, with delivery expected to commence on the later of July 1 2027 or first commercial production.

Key Details

• Parties: Ucore Rare Metals Inc. (buyer) and Critical Metals Corp. (supplier).
• Project Source: Tanbreez project, southern Greenland – heavy rare earth element (HREE) concentrate.
• Term: Initial 10‑year off‑take period; multiyear extension possible under the definitive agreement.
• Product: Mixed rare‑earth carbonate or oxide (specifications to be agreed).
• Delivery Start Date: Commences on the later of July 1 2027 or commercial production at Tanbreez.
• Use of Feedstock: Primarily for Ucore’s strategic metal complex in Alexandria, LA (U.S. Department of Defence and State of Louisiana supported); secondary processing at Ucore’s demonstration facility in Kingston, ON.
• Conditions Precedent: Completion of due diligence, finalization of commercial terms, and acquisition of all necessary approvals before a definitive off‑take agreement is executed.
• Strategic Rationale: Aims to reduce reliance on Chinese rare‑earth supply chains for defense and consumer applications in the West.

Notable Quotes

“Critical Metals Corp.’s Tanbreez offers tremendous opportunities for Ucore… we look forward to our partnership, positioning us both to meet the growing demand for rare earths while addressing national security challenges.” – Pat Ryan, Chairman & CEO, Ucore Rare Metals Inc.

“These materials are critical to a number of Western defence and consumer applications… we look forward to teaming up with Ucore … to support the development of a robust supply chain in America that isn’t reliant on China.” – Tony Sage, CEO & Executive Chairman, Critical Metals Corp.