Ucore, Wyloo sign rare-earth supply deal

Executive Summary

• Ucore Rare Metals Inc. has signed a non-binding Heads of Agreement (HoA) with Wyloo Gascoyne Pty. Ltd. and Hastings Technology Metals Ltd. to secure a long-term supply of rare-earth concentrate from the Yangibana project in Western Australia.
• The agreement includes a joint evaluation of hydrometallurgical processing options in the United States, specifically targeting Louisiana, to convert Australian feedstock into mixed rare-earth carbonate for separation at Ucore’s Louisiana Strategic Metals Complex (SMC).
• The partnership aligns with the U.S.-Australia Framework for Securing of Supply in the Mining and Processing of Critical Minerals, aiming to establish a North American, ex-China rare-earth supply chain and support the DoD-backed RapidSX separation program.

Key Details

• Parties Involved: Ucore Rare Metals Inc., Wyloo Gascoyne Pty. Ltd., and Hastings Technology Metals Ltd. (holding a 60:40 joint venture on the Yangibana project).
• Feedstock Supply: The HoA contemplates a supply pathway of up to 37,000 tonnes per annum of Yangibana rare-earth concentrate, sourced from the stage 1 mine and beneficiation circuit.
• Pricing Structure: Pricing is to be based on a per-DMT formula or fixed structure, to be defined in a definitive offtake agreement.
• U.S. Hydromet Evaluation: Parties will jointly complete a gap analysis and techno-economic assessment for a new hydromet facility in Louisiana or a qualified third-party U.S. facility. The goal is to convert concentrate into mixed rare-earth carbonate (MREC) suitable for downstream separation at Ucore’s SMC.
• Strategic Alignment: The agreement supports the U.S.-Australia Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths (announced Oct. 20, 2025), linking Australian concentrate production with U.S. mid-stream processing.
• Timeline and Governance: The HoA is non-binding (except for confidentiality and governing law clauses, which are Australian), has a 24-month term, and may be extended by mutual consent.
• Ucore’s SMC Status: The Louisiana SMC is DoD-funded and expected to commission in H2 2026, aiming to be one of the first U.S. facilities producing separated rare-earth oxides at commercial scale.
• Ucore Funding: In 2025, Ucore received an $18.4-million (U.S.) follow-on award from the U.S. Department of Defense, bringing total funding under its current OT agreement to $22.4-million (U.S.).
• Critical Minerals Focus: The supply chain expansion targets NdPr, Sm, Gd, Dy, and Tb, which are key for defense, electric vehicle, and clean energy manufacturing.

Notable Quotes

• Pat Ryan, Chairman and CEO, Ucore: "This HoA represents another key step in building the mine-to-oxide pathway between allied nations. By partnering with Wyloo and Hastings, we are securing potential feedstock for our Louisiana SMC and exploring U.S. hydromet options that add flexibility and scale to our DoD-backed RapidSX separation program."
• Vince Catania, CEO, Hastings Technology Metals: "We are delighted to partner with Ucore on this strategically significant HoA. This agreement represents a major step forward in derisking the Yangibana project by securing a pathway to a long-term offtake partner in the key North American market. More importantly, the joint evaluation of a downstream hyrdromet plant in the U.S. demonstrates the efforts by Wyloo, Ucore and Hastings to access the financing and commercial opportunities arising from the recently announced rare-earth deal by the U.S. and Australian governments to jointly support 'ready to go' projects."
• Geoff Atkins, VP of Business Development, Ucore: "Yangibana is one of the world's most advanced, shovel-ready rare-earth projects, with amongst the highest distributions of NdPr of any known deposit. This agreement is an important step in Ucore securing a fully aligned mine-to-oxide supply chain across trusted jurisdictions."