Ucore Rare Metals Inc. has executed a memorandum of understanding with Vulcan Elements Inc. to collaborate on developing a domestic rare earth magnet supply chain for defense and commercial applications. The agreement, dated March 16, 2026, outlines plans for Ucore to supply neodymium-praseodymium oxide and dysprosium oxides at commercial scale beginning in 2027.
The collaboration strategically links Ucore's separation platform in Ontario and planned Louisiana Strategic Metals Complex with Vulcan's North Carolina manufacturing operations. Both companies will work toward advancing production capabilities, technical specifications, and negotiating a longer-term commercial supply agreement. This partnership represents a significant step in creating an integrated North American supply chain for rare earth magnets, which are essential components in numerous defense systems and commercial technologies including electric vehicles, wind turbines, and consumer electronics.
Ucore's broader corporate vision involves disrupting the People's Republic of China's control of the North American rare earth element supply chain through strategic partnerships and facility development. The company's plan includes the near-term development of a heavy and light rare-earth processing facility in Louisiana, with subsequent Strategic Metals Complexes planned for Canada and Alaska. The longer-term strategy involves developing Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska.
The implications of this collaboration extend beyond the two companies to affect multiple industries and national security considerations. Currently, China dominates global rare earth production and processing, creating supply chain vulnerabilities for Western nations. By establishing domestic production capabilities for rare earth magnets, this partnership could reduce dependence on foreign sources for critical defense technologies and support the growth of clean energy industries that rely on these materials.
For the defense sector, a secure domestic supply of rare earth magnets means greater independence in manufacturing advanced weapons systems, radar equipment, and other military technologies. For commercial industries, particularly the rapidly expanding electric vehicle market, this development could provide more stable pricing and reliable access to essential components. The collaboration also represents progress toward reshoring manufacturing capabilities that have migrated overseas in recent decades.
Ucore is listed on the TSXV 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 about the company, please visit https://www.ucore.com. The latest news and updates relating to UURAF are available in the company's newsroom at https://ibn.fm/UURAF.
