Ucore Signs Heads of Agreement with Wyloo and Hastings to Secure Yangibana Feedstock

Executive Summary

• Ucore Rare Metals entered a non‑binding Heads of Agreement with Wyloo Gascoyne Pty Ltd and Hastings Technology Metals Ltd to secure up to 37,000 tpa of Yangibana rare‑earth concentrate for its Louisiana Strategic Metals Complex.
• The parties will jointly evaluate a U.S. hydrometallurgical processing facility in Louisiana (or an equivalent third‑party plant) to convert the concentrate into mixed rare‑earth carbonate for downstream separation.
• The HoA aligns with the newly announced U.S.–Australia Framework on critical minerals, supporting Ucore’s DoD‑backed RapidSX™ program and targeting commissioning of the SMC in H2 2026.

Key Details

• Agreement Scope: Non‑binding Heads of Agreement (HoA) linking Australian Yangibana feedstock to Ucore’s U.S. mid‑stream processing.
• Feedstock Volume: Up to 37,000 tonnes per annum of rare‑earth concentrate from the Stage 1 mine and beneficiation circuit at Yangibana.
• Pricing Mechanism: To be defined in a definitive offtake agreement (per‑DMT formula or fixed structure).
• Hydromet Evaluation: Joint gap analysis and techno‑economic assessment of a new hydrometallurgical plant in Louisiana, or use of an existing qualified U.S. facility, to produce mixed rare‑earth carbonate (MREC).
• Term: 24 months with possible extension by mutual consent; confidentiality clauses remain binding.
• Strategic Alignment: Direct response to the U.S.–Australia Framework for Securing Supply of Critical Minerals announced 20 Oct 2025; supports diversification of NdPr, Sm, Gd, Dy, Tb supply away from China.
• Commissioning Timeline: SMC commissioning targeted for H2‑2026, contingent on successful off‑take and hydromet partnership.
• Funding Context: Ucore previously received a US$18.4 M follow‑on award from the U.S. Department of Defense (total DoD funding US$22.4 M).

Notable Quotes

• “This HoA represents another key step in building the mine‑to‑oxide pathway between allied nations,” – Pat Ryan, Chairman & CEO, Ucore.
• “We are delighted to partner with Ucore on this strategically significant HoA…de‑risking the Yangibana Project by securing a pathway to a long‑term offtake partner in the key North American market,” – Vince Catania, CEO, Hastings Technology Metals.

All forward‑looking statements are subject to risks and uncertainties detailed in the release.