- Rare earth element (REE) stocks have rallied lately as investors wonder about the stability from overseas exports
- Defense Metals Corp. has signed a memorandum of understanding with Ucore Rare Metals to move towards commercialization efforts for a North American REE supply chain
- Defense Metals will ship a mixed rare earth carbonate sample from its Wicheeda REE project to Ucore’s Kingston, Ontario, RapidSX commercialization and demonstration facility
- Ucore Rare Metals Inc. opened trading at $0.90 per share and Defense Metals Corp. opened trading at $0.27 per share
Rare earth element (REE) stocks have rallied lately as investors wonder about the stability from overseas exports.
Defense Metals Corp. (TSXV:DEFN) has signed a memorandum of understanding with Ucore Rare Metals (TSXV:UCU) to explore collaborative opportunities as both companies move towards their respective commercialization efforts for a North American REE supply chain.
As one of the first projects under this MOU, Defense Metals will ship a mixed rare earth carbonate sample from its Wicheeda REE project to Ucore’s Kingston, Ontario, RapidSX commercialization and demonstration facility.
This sample was generated during hydrometallurgical piloting test work in 2023 performed on concentrate produced by earlier flotation pilot plant testing of a 26-tonne bulk sample from Defense Metals’ Wicheeda project.
“We expect to ship a mixed rare earth carbonate sample in the next few weeks to Ucore’s demonstration plant for testing. The Wicheeda project is being developed as a viable source of REE from North America and as more processing and separation facilities become operational in the future, the demand for REE feedstock will be increasingly important. This MOU with Ucore is a further step in that direction to be part of the Western world’s REE supply chain,” Defense Metals’ CEO, Craig Taylor, said in a statement.
Defense Metals Corp. is a mineral exploration and development company focused on the development of its 100 per cent owned, 42.6 square kilometre Wicheeda REE deposit that’s 80 km northeast of Prince George, British Columbia.
Halifax-based Ucore is focused on critical metals extraction, beneficiation and separation technologies and holds total control over the Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska.
Ucore Rare Metals Inc. has a market cap of C$48 million and opened trading 3.4 per cent higher at $0.90 per share.
Defense Metals Corp. has a market cap C$66 million of and opened trading 3.8 per cent higher at $0.27 per share.
Join the discussion: Find out what everybody’s saying about these REE companies on the Defense Metals Corp. Bullboard and Ucore Rare Metals Inc. Bullboard, and check out Stockhouse’s other stock forums and message boards.
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