Ucore, Vulcan enter MOU for domestic supply chain

Executive Summary

• Ucore Rare Metals Inc. and Vulcan Elements Inc. have executed a memorandum of understanding (MOU) to collaborate on building a domestic rare earth magnet supply chain for defense and commercial applications.
• The partnership aims to establish a full commercial supply agreement where Ucore supplies Neodymium-Praseodymium (NdPr) oxide and Dysprosium (Dy) oxides to Vulcan at commercial scale, beginning in 2027.
• The collaboration links Ucore’s separation capabilities at its Kingston, Ontario demonstration facility and its planned Louisiana Strategic Metal Complex with Vulcan’s existing and expanding magnet manufacturing facilities in North Carolina.

Key Details

• Agreement Type: Memorandum of Understanding (MOU) dated March 16, 2026.
• Supply Terms: Ucore intends to supply Vulcan with NdPr oxide and Dy oxides at commercial scale starting in 2027.
• Facility Integration:
  • Ucore: Utilizes its commercial demonstration facility in Kingston, Ont., and its planned Louisiana strategic metal complex in Alexandria, La. A portion of the Louisiana capacity will be made available to Vulcan.
  • Vulcan: Operates a commercial magnet manufacturing facility in Durham, N.C., and is expanding to a 10,000-tonne magnet manufacturing facility in Benson, N.C.
• Government Support: Vulcan’s expansion is supported by a $1.4-billion partnership with the U.S. government, including the Department of War and the Department of Commerce.
• Prior Funding: In May 2025, Ucore announced an $18.4-million award from the Department of War to develop its rare earth processing capabilities in Louisiana.
• Immediate Next Steps: Both parties intend to advance initial production, testing protocols, purity targets, acceptance criteria, and other technical specifications this year to support Vulcan’s manufacturing capability, leading to a longer-term commercial supply agreement.

Notable Quotes

• Pat Ryan, Chairman and CEO of Ucore: "Vulcan is building exactly the kind of downstream magnet platform that the United States needs, and this partnership creates a winning commercial partnership that aligns Ucore's separation capability with an industry-leading U.S. manufacturer. Our collaboration will anchor a resilient allied rare earth magnet supply chain in the United States."
• John Maslin, CEO of Vulcan Elements: "Since its inception, Vulcan Elements' mission has been to build a domestic rare earth magnet supply chain that can propel America into the 21st century and enable the next era of innovation and national security. Vulcan's partnership with Ucore is a milestone for both companies and for the United States of America. Together, we're rebuilding a core industry that is critical for economic growth and national security."