Ucore comments on rare earth element prices

Executive Summary

• Ucore Rare Metals Inc. highlights significant price increases and supply bifurcation for rare earth elements, particularly heavy rare earths, following China's imposition of export controls on April 4, 2025.
• The company notes that ex-China pricing for dysprosium oxide is over five times higher than Chinese pricing ($1,000/kg vs. $200/kg), and terbium oxide is five times higher ($4,500/kg vs. $900/kg), validating its North American refining strategy.
• Ucore announced it ranked No. 2 on the 2026 TSX Venture 50 and No. 1 on the OTCQX Best 50, driven by a 1,109% increase in market capitalization and enhanced liquidity.

Key Details

• China Export Controls: On April 4, 2025, China imposed export controls on seven heavy rare earth elements (including dysprosium, terbium, samarium, and gadolinium) and related products, requiring licenses for exporters.
• Heavy Rare Earth Pricing (China vs. Ex-China):
  • Dysprosium Oxide: Increased to >$200/kg in China; >$1,000/kg outside China.
  • Terbium Oxide: Increased to $900/kg in China; >$4,500/kg outside China.
• Light Rare Earth Pricing:
  • Praseodymium-Neodymium Oxide: Increased to ~$120/kg in China; up to $140/kg in North America.
• Strategic Focus: Ucore is focusing on heavy rare earths (terbium, dysprosium) funded by the U.S. Department of War, as well as light rare earths (praseodymium-neodymium) and others (samarium, gadolinium) with negligible supply outside China.
• Facility Strategy: The company is advancing its RapidSX separation technology and commercial processing facilities in North America, specifically the Louisiana SMC, to capture margin upside from the supply gap.
• TSX Venture 50 Ranking: Ucore ranked 2nd overall on the 2026 TSX Venture 50.
  • Metrics: Based on one-year share price appreciation, market cap growth, and Canadian consolidated trading value.
  • Performance: Supported by a 1,109% increase in market capitalization.
• OTCQX Best 50 Ranking: Ucore ranked No. 1 on the OTCQX Best 50 for 2025 total return and average daily dollar volume growth.
• Company Vision: To disrupt China's control of the North American rare earth supply chain through near-term development of a facility in Louisiana, subsequent SMCs in Canada and Alaska, and the long-term Bokan-Dotson Ridge project in Alaska.

Notable Quotes

• "These price differentials, particularly for the heavy rare earth elements, on which the U.S. Department of War has funded Ucore to focus, underscore the importance of the developing North American supply chain." — Pat Ryan, Chairman and CEO
• "While markets remain dynamic, the emergence of premium pricing for secure, Western-aligned supply supports the long-term fundamentals underlying our commercial strategy. Capturing the margin upside with a first mover refining strategy centred on the Louisiana SMC at this early stage is a smart approach." — Pat Ryan, Chairman and CEO