Ucore Rare Metals Inc. (TSX-V: UCU) (OTCQX: UURAF) is pleased to announce the signing of a Memorandum of Understanding with Vacuumschmelze GmbH & Co. KG and eVAC Magnetics LLC to develop a collaborative supply agreement for high-purity rare earth oxides.

Ucore announces:

• eVAC Magnetics has completed construction of a rare earth permanent magnet manufacturing facility in Sumter County, South Carolina with support from the US DoW and a $111.9 million Qualifying Advanced Energy Project Tax Credit
• VAC also produces magnets at its facilities in Europe requiring rare earth oxides for product lines including neodymium-iron-boron and Samarium-Cobalt permanent magnets. 
• The Memorandum of Understanding provides a means for eVAC and VAC to align with Ucore for the supply of high-purity rare earth oxides which will be coordinated with Ucore’s staged growth refining plans in Louisiana, USA and Ontario, Canada.

VAC is part of VACUUMSCHMELZE with operations beginning Fall of 2025 in Sumter County, South Carolina, under eVAC Magnetics LLC, and has received strong federal and state support including a Defense Production Act Title III grant from the Department of War and a $111.9 million Qualified Advanced Energy Project Tax Credit.

The eVAC facility and VAC’s decades of experience in Europe with rare earth magnet technology and process intellectual property is a critical piece to securing stable Western World supply. NdFeB permanent magnet solutions are critical to automotive, industrial automation and renewable energy applications, while Samarium-Cobalt magnets are essential to defense systems including advanced radar, sonar and guidance systems. To ensure a sustainable and long-term supply of rare-earth oxides, Ucore’s RapidSX™ refining plans advancing in Alexandria Louisiana and Kingston, Ontario become a vital strategic input for unified market growth plans.

The MOU was signed at the G7 Energy and Environment Minister’s Summit. 

Left to right, Standing: Matthias Koehler, Deputy Director General of Raw Materials Policy for Germany; Hon. Stephen Lecce, Minister of Energy and Mines (Ontario); The Honourable Tim Hodgson, Minister of Energy and Natural Resources (Canada); Seated: Erik Eschen, CEO of VAC; Pat Ryan, CEO of Ucore

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Under the contemplated framework, Ucore will supply VAC and eVAC with separated rare earth oxides—including neodymium (Nd), praseodymium (Pr), terbium (Tb), dysprosium (Dy), samarium (Sm), and gadolinium (Gd)—produced at Ucore’s planned Louisiana Strategic Metals Complex in Alexandria, Louisiana, and its Commercial Demonstration Facility in Kingston, Ontario.

Pat Ryan, P.Eng., Ucore Chairman & CEO, stated:

“It’s known in critical industries of defense, EV automotive and renewable energy that VAC and eVAC represent an extensive supply network with decades of experience for rare earth permanent magnet production and magnetic solutions. As such we are extremely pleased with our strategic alignment which will allow Ucore to provide critical rare earth oxides produced using Ucore’s RapidSX™ refining technology for VAC and eVAC’s growing global markets. We anticipate that joining forces to provide a complete supply chain solution in particular for Europe and North America, will support lasting growth for years to come.“

VAC’s CEO, Dr. Erik Eschen, commented:

“We are thrilled to announce our partnership with Ucore Rare Metals Inc., a Canadian company focused on the development of rare earth element projects and refining technologies. This collaboration strengthens VAC’s and eVAC’s strategic position in the global rare earth supply chain and ensures long-term access to critical raw materials for our permanent magnet products. Partnering with Ucore reflects our commitment to sustainable innovation and securing supply resilience.“

Next Steps

The parties will define the structure and commercial terms for a definitive long-term agreement within nine months, supported by regular progress reviews..

About Ucore Rare Metals Inc.

Ucore is advancing North American rare earth separation and refining through its Louisiana Strategic Metals Complex and commercialization of RapidSX™ separation technology. In 2025, Ucore received a US$18.4 million follow-on award from the U.S. Department of Defense, bringing total funding under its current OT Agreement to US$22.4 million. More information is available at ucore.com.

Ucore is listed on the TSX-V under the trading symbol “UCU” and in the United States on the OTC Markets’ OTCQX® Best Market under the ticker symbol “UURAF.”

For further information, please visit www.ucore.com.