Ucore Rare Metals Inc.

UCU · TSXV UURAF · OTC

ucore

$350.5M

USD

Market cap · 2026–07 · week 29

🇨🇦 Canada, Bedford

Country

Rare Earths & Critical Minerals

Sector

Developer · Junior / Minor · Canada · USA

Last updated 21 June 2026

Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.

Overview: Ucore Rare Metals Inc. is a development-stage rare earth processing and technology company headquartered in Bedford, Nova Scotia, Canada, operating primarily in the United States and Canada. The company's portfolio consists of 3 principal assets, comprising the Louisiana Strategic Metals Complex under construction, the Bokan Mountain (Dotson Ridge) rare earth property in Alaska, and the RapidSX commercialization demonstration plant in Kingston, Ontario. The business model is centered on commercializing Ucore's proprietary RapidSX rare earth separation technology to build a Western, non-China rare earth separation supply chain: the Louisiana complex is designed to process third-party feedstocks into separated rare earth oxides, the Kingston demonstration plant validates and scales the technology, and the Bokan property offers a domestic heavy-rare-earth feedstock and resource option. The strategy is supported by U.S. government funding and feedstock and downstream-customer agreements that position Ucore as a midstream processor at the center of the magnet rare earth value chain. The principal model-linked risks are the company's pre-commercial status and dependence on financing and government support, execution and scale-up risk on novel separation technology, securing qualified feedstock, and exposure to rare earth pricing.

Strategy: Strategic direction centers on bringing the Louisiana Strategic Metals Complex into commercial operation as the anchor of a RapidSX-based rare earth separation business. The commercial plan begins with an initial Machine A capable of processing approximately 600 tonnes per annum of total rare earth oxides, scaling through three additional production lines toward a targeted facility capacity of approximately 9,600 tpa TREO, with Machine A installation, testing and commissioning targeted for the first half of 2027 and capital partially funded by a US$18.4 million U.S. Department of Defense agreement. The enterprise is securing feedstock and downstream demand, including an October 2025 agreement with Wyloo and Hastings for long-term supply of up to 37,000 tpa of rare earth concentrate from the Yangibana project in Australia and the potential establishment of a hydromet facility in Louisiana, and a November 2025 strategic alliance with Vacuumschmelze and eVAC Magnetics on downstream magnet applications. In parallel, the company advances the Bokan Mountain (Dotson Ridge) property as a domestic heavy-rare-earth resource, supported by an updated S-K 1300 and NI 43-101 technical report.

Management: Executive leadership is headed by Chief Executive Officer and Director Patrick Ryan, who also serves as President of Neocon International, an automotive OEM design and manufacturing company, bringing manufacturing and commercialization experience to the company's rare earth processing build-out. The board includes Alaska-based director Randy Johnson, President of Tyler Rental Inc., and Ontario-based director Geoff Clarke, providing regional and governance perspective relevant to the company's U.S. and Canadian operations.

Sustainability: Ucore's processing-focused model is positioned to support a domestic, allied rare earth supply chain that reduces dependence on concentrated foreign processing. At the Bokan Mountain property, the historic Ross Adams Mine site is a designated Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) site under U.S. Environmental Protection Agency oversight, with remediation activities advanced under a January 2020 Administrative Settlement Agreement and Order on Consent involving the U.S. Forest Service and Dawn Mining Company, the most recent project update for which is dated December 2025.

Structure: The company is listed on the TSX Venture Exchange under the symbol UCU and holds its Alaskan claims through wholly owned subsidiaries, including 560 unpatented lode mining claims and four MTRSC claims on the Bokan Mountain property, certain of which are held under a separate option agreement. The Louisiana Strategic Metals Complex is advanced with the support of a US$18.4 million U.S. Department of Defense funding agreement, and the company has entered an October 2025 agreement with Wyloo and Hastings for up to 37,000 tpa of rare earth concentrate supply from the Yangibana project and a potential Louisiana hydromet facility, and a November 2025 strategic alliance with Vacuumschmelze GmbH & Co. KG and eVAC Magnetics LLC focused on downstream magnet opportunities. RapidSX technology is developed and validated at the company's demonstration plant in Kingston, Ontario.

Hedge: As a pre-revenue development-stage company, Ucore maintains no commodity hedge book and is exposed to rare earth price movements, which affect the economics of the Louisiana Strategic Metals Complex and the Bokan Mountain resource. It is also exposed to foreign-exchange movements between the Canadian and U.S. dollars given its Canadian domicile and U.S.-based development activities, exposures it manages operationally rather than through a derivative hedge program.

Source: Ucore Rare Metals Inc. - Annual Information Form - 2025

Exploration · 1 project

Bokan Mountain (Dotson Ridge) Property

Asset · Pre-feasibility

United States, Alaska

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Mining

Type

Exploration

Status

🇺🇸 United States, Alaska

Country

Project information

As at 9 April 2026

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Underground

Description

As at 9 April 2026

Heavy-rare-earth-enriched property on Bokan Mountain, Kendrick Bay, southern Prince of Wales Island, Alaska, 37 miles southwest of Ketchikan, centered on the Dotson Ridge deposit. The property is covered by 560 unpatented lode mining claims (majority 100%-owned through Ucore's Alaskan subsidiaries) plus four 160-acre MTRSC claims. A combined S-K 1300 and NI 43-101 compliant technical report (effective April 9, 2026; filed April 30, 2026; Aurora Geosciences) includes a revised mineral resource estimate (measured, indicated and inferred) for the Dotson Ridge zone; the report is based on an updated mineral resource estimate only and is not supported by a PEA, pre-feasibility or feasibility study, and the resources are not reserves and lack demonstrated economic viability. The detailed resource tabulation resides in the Bokan Technical Report. The historic Ross Adams Mine on the property is a designated CERCLA site under remediation oversight.

Mining metrics

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Processing facilities · 2 projects

Louisiana Strategic Metals Complex (SMC)

Asset · Other · Construction

United States, Louisiana

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Construction

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: United States

Region: Louisiana

Facility kind: Other

Licensed capacity: 9600

Capacity unit: t

Capacity period: Per Year

Capacity kind: Nameplate

Description

As at 31 December 2025

Commercial rare earth separation facility under development in Louisiana, deploying Ucore's proprietary RapidSX separation technology to produce separated rare earth oxides from third-party feedstocks. A May 2026 CAPEX and Capacity Engineering Report supports a commercial plan beginning with an initial RapidSX 'Machine A' capable of processing approximately 600 tonnes per annum of total rare earth oxides (TREO), followed by three additional RapidSX production lines each capable of approximately 3,000 tpa TREO, for a targeted facility capacity of approximately 9,600 tpa TREO, with an expanded Machine A design of roughly 118 RapidSX stages. The engineered capital cost for Enhanced Machine A plus Production Line 1 is approximately US$135 million (Machine A approximately US$60 million), partially funded by a US$18.4 million U.S. Department of Defense funding agreement. Installation, testing and commissioning of Machine A is targeted for the first half of 2027.

Processing facilities

As at 31 December 2025

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RapidSX Demonstration Plant (Kingston)

Asset · Other

Canada, Ontario

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: -

Ownership %: 100

Operator: Yes

Extraction: Processing Facility

Country: Canada

Region: Ontario

Facility kind: Other

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 31 December 2025

Ucore's RapidSX rare earth element commercialization demonstration plant located in Kingston, Ontario, used to validate and scale the company's RapidSX separation technology that underpins the planned Louisiana Strategic Metals Complex. The demo plant supports process development, customer feedstock qualification and engineering for commercial deployment.

Processing facilities

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Assumptions

The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.

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How to read this tab

The tables below list unit codes most often used in the Rare Earths & Critical Minerals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.

What the Portfolio tab shows

The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.

Concepts in your sector — Rare earths & critical minerals

TREO vs individual oxides. Deposits disclose TREO % with a basket (Nd, Pr, Dy, Tb, …). Value is dominated by magnet metals; TREO without the basket misses most of the economics.
Vanadium in V₂O₅. Reserves use % V₂O₅ or ppm; multiply V₂O₅ by 0.560 for V metal.
Niobium, tantalum, scandium, fluorspar each have their own chemistry idiom; the rating engine normalises within commodity family.

Portfolio tab — table guide

Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.

Ownership / Working interest

Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.

Units, conversions & reporting standards

Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.

Assumptions

Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.