Ucore notes Hastings disclosure of Thai facility buy

Executive Summary

• Ucore Rare Metals Inc. publicly congratulates partner Hastings Technology Metals Ltd. and Wyloo on their acquisition of a fully permitted hydrometallurgical mixed rare earth chloride (MREC) production facility in Thailand.
• The acquisition is viewed as a strategic move to accelerate the processing of third-party monazite feedstock for the Yangibana joint venture prior to the development of the Yangibana project itself.
• Ucore reaffirms its commitment to advancing discussions toward a definitive long-term supply agreement with the Yangibana joint venture partners for rare earth concentrate, following previously disclosed non-binding heads of agreement.

Key Details

• Acquisition Details: Hastings Technology Metals Ltd., in partnership with Wyloo, acquired a fully permitted hydrometallurgical mixed rare earth chloride production facility located in Thailand.
• Strategic Purpose: The facility is expected to accelerate the ability to process third-party monazite feedstock, serving as an interim step before the development of the Yangibana project.
• Supply Chain Context: The move supports the creation of a diversified, Western-aligned rare earth supply chain.
• Ucore's Position: Ucore fully endorses the acquisition and continues to work collaboratively with Hastings and Wyloo to align commercial terms, product specifications, and project timelines.
• Ongoing Negotiations: The announcement builds on a previously disclosed non-binding heads of agreement between Ucore and the Yangibana joint venture partners to advance discussions toward a long-term supply arrangement of rare earth concentrate to Ucore's developing strategic metal complex in Louisiana.
• Company Strategy: Ucore’s focus remains on aligning upstream supply with its developing mid-stream MREC processing and rare earth oxide production capabilities in Louisiana, aiming for a fully integrated Western rare earth supply chain from mine-to-oxide.

Notable Quotes

• "This is a strong and strategic move by Hastings and Wyloo. Establishing early monazite processing capability adds momentum to the broader Yangibana development pathway and supports the availability of the supply chain we are working to build together. We look forward to continuing to advance our discussions and moving toward a definitive agreement." — Pat Ryan, Ucore Chairman and Chief Executive Officer