Ucore Rare Metals and Meteoric Resources Sign MOU for Offtake of Caldeira Project MREC in Brazil to USA Oxide Production Project

Core Viewpoint - Meteoric Resources NL and Ucore Rare Metals Inc. have executed a memorandum of understanding (MOU) for the supply of 3,000 metric tonnes of total rare earth oxide (TREO) from Meteoric's Caldeira Project in Brazil to Ucore's production facility in Louisiana, USA [3][6]. Company Overview - Meteoric Resources is an Australian public company focused on rare earth elements, with its Caldeira Project identified as one of the world's lowest-cost sources of rare earths, featuring an enriched heavy REO basket [4][9]. - Ucore Rare Metals is a Canadian public company specializing in rare earth separation technology, currently operating a demonstration facility in Ontario and planning to establish a commercial facility in Louisiana [5][8]. MOU Details - The MOU outlines that Ucore will purchase a minimum of 3,000 metric tonnes of TREO annually from the Caldeira Project, which could include over 900 metric tonnes of neodymium-praseodymium (NdPr), approximately 6 metric tonnes of terbium (Tb), and 24 metric tonnes of dysprosium (Dy) [6]. - Both companies will collaborate on funding and business development for their respective projects [6]. Production Timeline - Ucore's initial production of rare earth oxides in Louisiana is expected to start commissioning by Q4 2025, with commercial operations commencing in the first half of 2026 [6]. - Meteoric anticipates obtaining a construction permit by Q4 2025 and aims to begin MREC production in the second half of 2027 [6]. Strategic Importance - The partnership aims to establish a Western supply chain for rare earth elements, leveraging the geographical proximity of Brazil to the U.S. [7][8]. - The collaboration is seen as a significant step towards reducing reliance on Chinese supply chains for rare earth elements in North America [8].