Ucore Rare Metals Inc. and US Dept. of Defense Agree on US$18.4M Initial Construction Funding for Rare-Earth Processing in Louisiana
Counsel to Ucore Rare Metals Inc., with respect to its second step financing agreement whereby the US Department of Defense awarded $18.4 million to UCore
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On June 2, 2025, Ucore Rare Metals Inc. (TSXV:UCU) (the “Company”) announced that it had entered into a second-step financing agreement whereby the U.S. Department of Defense (“DoD”) awarded US$18.4 million to Ucore to facilitate the construction of the Company’s first commercial RapidSX™ machine and supporting infrastructure at the Company’s Strategic Metals Complex in Alexandria, Louisiana. Ucore is focused on the development of technologies involving the processing, refining and eventual production of rare and critical-metal resources. This US$18.4 million award brings the total cumulative funding amounts to Ucore from the DoD up to a total of US$22.4 million (approximately CA$30.7 million). The funding awards that the Company receives from the DoD pursuant to the definitive contract between the U.S. Army Contracting Command-Orlando and the Company are similar to grants and are non-repayable by the Company.
Miller Thomson advised Ucore Rare Metals Inc. with a team comprised of Geoff Clarke, Jonathan Tong (Capital Markets/Securities/Mining) and Karen Durell (Technology and Intellectual Property).