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Ucore Rare Metals Inc.


Ucore Rare Metals Inc. is a development-phase mining company focused on establishing rare metal resources with near-term production potential. With multiple projects across North America, Ucore's primary focus is the 100%-owned Bokan-Dotson Ridge REE property in Alaska. The project is located 60km southwest of Ketchikan, Alaska, and 140km northwest of Prince Rupert, British Columbia. It has direct ocean access to the western seaboard and the Pacific Rim, a significant advantage in developing near-term production facilities and limiting the capital costs associated with mine construction.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Gold Report Interview with Jeb Handwerger (8/11/14) "The Alaskan government is approving up to $145M in financing support for Ucore Rare Metals Inc.'s Bokan project near Ketchikan. The rare earth sector is beginning to wake up from a multiyear slumber. . .one of the best potential projects in the West is Ucore Rare Metals' Bokan deposit, which has incredible financial and permitting support from the State of Alaska. It also has a great partner in the U.S. Department of Defense. There are plenty of rare earth projects, but very few are making authentic progress. Ucore is doing that technically and financially, and Ucore is moving closer to a bankable feasibility study. Pull up a chart of Ucore versus Molycorp and you will see the outperformance. I think that's just the beginning. . .all the rare earth equities have to face the question of capital costs but only Ucore has up to a $145M loan guarantee from the State of Alaska. Ucore has a good shot and other financiers may be more confident to lend to Alaska as they see the strong lead backing by the State of Alaska." More >

Jeb Handwerger, Gold Stock Trades (7/29/14) "Ucore Rare Metals Inc. has done some excellent work on the technical side, making some serious advancements. . .the company has been seriously outperforming the bellwethers like Molycorp Inc. and is becoming the premier U.S. critical rare earth asset."

Luisa Moreno, Euro Pacific Canada (7/24/14) "Ucore Rare Metals Inc. continues to be focused on the steady development of its Bokan Dotson Ridge rare earth elements project. The company also enjoys significant support from the regional and federal governments of the U.S. Ucore has been contracted by the U.S. Department of Defense to conduct a mineralogical and metallurgical study and recently the Alaskan government approved financing support for the Bokan project for up to $145M through the Alaska Industrial Development and Export Authority (AIDEA), subject to AIDEA's own internal due diligence and board approval."

Teresa Matich, Rare Earth Investing News (7/23/14) "Ucore Rare Metals Inc. announced on Monday that it is undertaking a summer field program at its Ray Mountains property in central Alaska and reported today that two new drills are now on site at its Bokan-Dotson Ridge project. . .the company plans to put the two drills at Bokan Ridge to work upgrading and expanding the existing resource at the project."

The Gold Report Interview with Byron King (7/21/14) "Ucore Rare Metals Inc. is the company I've followed the closest [in the REE space]. Its key play is on Prince of Wales Island, in a mining district just offshore of Ketchikan, Alaska. It's on top of an old uranium mine that once produced some of the richest uranium ore ever mined in the United States. The same mineralization that put that uranium in the ground also produced veins filled with REE mineralogy. There are dozens of different minerals that have to be crushed out of the ore and separated, many of which require their own special chemistry. Ucore has done tremendous back-office work in the laboratory to make this all work. It is addressing the chemistry, metallurgy, crystallography, grain size and other things that end users are looking for, all the way down the food chain. Ucore has a pipeline of news coming out this summer, from what I've heard, and I expect great things over the next 12 to 18 months.

Another strong economic factor in Ucore's favor is that the State of Alaska wants to move away from being such an oil-based economy. So the government of Alaska is issuing bonds to fund $145M of the capital expense Ucore needs to build its project. That took a lot of due diligence on the part of the state government, in a place that knows how to investigate mining projects. That is a ringing endorsement of Ucore." More >

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Luisa Moreno, Euro Pacific Canada (7/10/14) "Ucore Rare Metals Inc. is in a short-term uptrend, confirmed by positive momentum. A golden cross extravaganza has appeared as the 20-day crossed up through the 50-day and 200-day, and the 50-day crossed through the 200-day. . .breakout should see a push to ~$0.50."

The Mining Report Interview with Luisa Moreno (7/8/14) "The Alaskan state government has proposed a $144M bond that would help finance the development of Ucore Rare Metals Inc.'s Bokan-Dotson Ridge REE project. I think it's unprecedented. We haven't before seen local support such as what Ucore has received in Alaska. It shows that the Alaska government recognizes the Ucore project as strategic for the state and, likely, the U.S. The financing arrangement has been signed into law and is contingent upon the completion of a feasibility study for the Bokan project and positive due diligence by the Alaska Industrial Development and Export Authority. Ucore has received some funding as well from the Department of Energy and is working with different research groups in the U.S. Ucore's deposit leans toward HREEs so the company would be able to produce some of the less common and more critical elements. Ultimately the company still has to complete a feasibility study and prove that the metallurgy is feasible; Ucore is diligently advancing forward the feasibility study." More >

Jeb Handwerger, Gold Stock Trades (7/2/14) "I have maintained my bullish attitude on Ucore Rare Metals Inc. for its advantage of having the highest-grade heavy rare earth project in the U.S. and incredible geopolitical support; Ucore just released news that Alaskan Governor Sean Parnell approved the financing of Ucore’s Bokan project near Ketchikan. Ucore may be the U.S. chance to secure the heavy rare earths instead of being left at the mercy of the Chinese. . .it is exciting to see Ucore rapidly advancing this rare asset, derisking the asset both financially and technically. This may be the first predominant heavy rare earth mine in the U.S."

Ben Kramer-Miller, Seeking Alpha (6/30/14) "We arrive at the conclusion that Ucore Rare Metals Inc. shares are undervalued at the current valuation of $0.325/share; furthermore, at current rare earth element (REE) prices, the stock has 22% upside in our most conservative scenario, and it can nearly quadruple in our most optimistic. We also see that the project provides leverage to the upside for those who wish to bet on REE prices."

Jeb Handwerger, Gold Stock Trades (6/27/14) "Ucore Rare Metals Inc. recently announced that they awarded a $2.5M drilling contract that will start in mid-July. This is needed for the upcoming feasibility study, and it is exciting to see the company rapidly advancing this rare asset, derisking it both financially and technically."

Luisa Moreno, Euro Pacific Canada (6/18/14) "Alaska Governor Sean Parnell signs legislation authorizing financing for the construction of Ucore Rare Metals Inc.'s Bokan mine. . .we believe the financial support from the Alaska government strengthens the company's project viability."

The Gold Report Interview with Chris Ecclestone (5/5/14) "Ucore Rare Metals Inc.'s Bokan Mountain is just the right size. Ucore saw the light early on and halved the size of the project. It's the companies that are sticking with their oversized projects that will come to grief." More >

Jeb Handwerger, Gold Stock Trades (4/29/14) "The Alaskan Legislature unanimously approved a $145M bond that will allow Alaska to issue bonds for Ucore Rare Metals Inc.'s Bokan heavy rare earth (HRE) deposit. All 38 Alaskan representatives in attendance voted in favor of the bill that would allow Alaska to fund the infrastructure and capital costs at the mine. . .the company's Bokan deposit is one step closer to becoming the first HRE mine in production in North America."

The Mining Report Interview with Zachary Schumacher (4/8/14) "A few companies have good projects that could warrant a partnership. Ucore Rare Metals Inc. is high on my list. It has a good base and understands the market very well. Many had concerns about the area's infrastructure. Alaska obviously has good reserves of a number of materials, but it can be difficult to get them to port. However, the recent passing of SB 99 by the Alaska State Senate puts an additional $145M toward infrastructure development for this project alone. Investors should be pleased to find local political and economic support for a project, but more importantly, financial assistance at this level can offer real assurance to companies looking to partner, as well." More >

Alessandro Bruno, Investor Intel (3/27/14) "On March 26, Ucore Rare Metals Inc. announced that the Alaskan senate voted in favor of US$145M in long-term bonds to finance the company's Bokan-Dotson Ridge project. . .Ucore boasts one the largest NI-43-101-compliant heavy rare earth mines in North America and it is one of the best prospects for becoming a steady supplier. . .the unanimous vote in favor of Senate Bill 99, then, suggests that the state of Alaska has recognized the great opportunity that Ucore offers, given its potential to become a primary supplier of materials that are critical to U.S. national defense and technological advancement."

Christopher Ecclestone, Hallgarten & Co. (3/24/14) "Ucore Rare Metals Inc. has one of the most interesting rare earth properties in the space, with a high ratio of heavy rare earths (and in particular our favorite, yttrium). The Bokan Mountain deposit has easy access to shipping, something very few alternative deposits have and politically, the company has strong support. . .the maiden NI 43-101 report on the deposit signals a viable resource for exploitation."

Ben Kramer-Miller, Wall St. Cheat Sheet (2/25/14) "Ucore Rare Metals Inc.'s Bokan Mountain project is so important that the U.S. government is going to help the company bring it into production. This eliminates one of the key risks in owning junior mining companies—we know that the company is going to be able to get funding for its project. This is a big deal, considering that many companies in Ucore's position are forced to issue stock or sell part of their future production in order to fund their projects. The company will likely be able to borrow the money it needs."

Luisa Moreno, Euro Pacific Canada (2/20/14) "Ucore Rare Metals Inc.'s Bokan Mountain has a relatively high percentage of heavy rare earth elements. . .and has been identified by the United States Geological Survey as the most significant heavy rare earth deposit in the U.S. . .the introduction of the amendment to Senate Bill 99 is a very positive step for Ucore and reinforces the commitment of the Alaskan government to support the Bokan project while also addressing ongoing concerns over supply security of critical rare earth oxides for the U.S.' manufacturing, energy technologies and military industries."

Luisa Moreno, (12/19/12) "We are initiating coverage of Ucore Rare Metals Inc. . .the company's Bokan Mountain deposit has been identified by the U.S. Geological Survey as the most significant heavy rare earth deposit in the U.S. The NI 43-101 compliant resource for the Bokan area is estimated at 5.23 Mt at 0.65% total rare earth oxides, at a cutoff grade of 0.4%; the percentage of heavy rare earth oxides/total rare earth oxides is estimated at 39%."

The Critical Metals Report Interview with Byron King (12/18/12) "Ucore has a solid partnership with the U.S. government through the Defense Department. . .its Hammen technology uses big, organic molecules to find little REEs within the ore concentrate and separate them out atom by atom. Plus, the new process dramatically speeds up the reaction kinetics. What used to take hours, days, even weeks of chemical processing using resin-type materials, these guys are doing in a fraction of a second. I've seen it work at the lab and bench scale. Based on that technology, Ucore has come up with a PEA for a processing facility that involves significantly lower costs in the range of $220M for an up-and-running facility. That's a fraction of what other facilities are estimated to cost, and the internal rates of return are just phenomenal. . .this is an astonishing level of technology, but Ucore is in on the ground floor.

. . .The next step is to build a pilot plant. Right away, people ask how Ucore will get the money and whether it will have to dilute the shares. Well, we know that a large source of funding will come from the Defense Logistics Agency (DLA). There's also strong support from the state of Alaska, which has a 'permanent fund' based on decades of oil revenues. Then there are the ultimate downstream customers who will benefit from these materials. These customers may also raise funds for the plant. Chief Executive Officer Jim McKenzie has said that the last thing he wants to do at this stage is dilute the shareholders by issuing more shares willy-nilly." More >

Terence van der Hout, Strategy Metals Bulletin (12/15/12) "Ucore Rare Metals Inc.'s PEA shows a decent NPV, at manageable initial capital expenditures, seemingly indicating a profitable operation moving forward. The Bokan Mountain deposit is also well endowed with the sought-after HREEs."

Chris Berry, Disruptive Discoveries Journal (12/13/12) "Despite the precipitous fall in REE pricing, Ucore Rare Metals Inc.'s PEA delivers a sound economic return. To wit: A pre-tax NPV of $577M at a 10% discount rate; IRR of 43%; average recovery rate (total rare earths) of 81.6%; an average of 2,250 tonnes per year of REOs during the first five years at full production, which includes 95 tonnes of dysprosium oxide, 14 tonnes of terbium oxide and 515 tonnes of yttrium oxide. . .at this juncture, Ucore has put itself in a position to capitalize on the strong economics at Bokan Mountain going forward through the use of technology. . .we believe that those companies with the right mix of management expertise and sustainable operations who are focused on deposits in sound geopolitical jurisdictions and have the ability to leverage technology to lower costs will survive in the current environment. Ucore, in our view, represents one such example."

Matt Buxton, Fairbanks Daily News-Miner (12/3/12) "The Bokan Mountains mining development in Southeast Alaska is being pursued by the Canadian UCore Rare Metals Inc. . .where most deposits have just 2–3% of heavy elements in rare earths, the Bokans have nearly 40%. Heavy elements can sell for thousands of dollars a kilogram, where light elements will sell for less than $100; that, paired with new developments in technology, mean the mine has an estimated return on investment of 43%."

Morning Coffee (11/29/12) "Ucore Rare Metals Inc. released the results of the PEA completed for the Dotson Ridge zone of the company's Bokan Mountain heavy rare earth property in southeast Alaska. Some of the highlights included: NPV of $577m at a 10% discount rate, pre-tax; IRR of 43%; payback period of 2.3 years; capital cost: $221m, including a complete onsite rare earth oxide (REO) separation plant, and a contingency provision in the amount of $25m; mining rate of 1,500 tonnes per day; average total rare earth recoveries of 81.6%; and mine life of 11 years."

The Critical Metals Report Interview with Gareth Hatch (11/20/12) TCMR: Let's look at some news from some of these projects on the list. Ucore Rare Metals Inc. is working with the U.S. Department of Defense (DOD) on its Bokan Mountain project. Is that agreement as material as others seem to think it is?

GH: It's a good sign. It is encouraging to see an acknowledgment from the DOD that it needs to engage with the defense supply chain more than it has to date. It also is doing an yttrium-related project with Great Western Minerals Group Ltd. and a related magnet project with a U.S. magnet company called Thomas & Skinner. It's a good thing. . .Ucore blazed the trail somewhat with its interaction with IntelliMet LLC and its president, Dr. Richard Hammen, who is an accomplished scientist and the inventor of the SPE process technology as applied to REEs and other minerals. I was there in Niagara Falls in October of this year when Dr. Hammen presented the initial work on the Bokan Mountain materials at the COM (Conference of Metallurgists) 2012 meeting. I've had some discussion with folks involved in the project. There is something there. The question will be, as with any new process—can it be scaled? What are its limitations? What are the economics? What might it be best used for versus other technologies? It's the early days, but I'd say that it is definitely worth looking at. There's growing interest. More >

Alessandro Bruno, ProEdge Wire (11/16/12) "Ucore Rare Metals Inc. can boast having the largest NI-43-101-compliant heavy rare earth (HREE) mine in North America and it is one of the best prospects for becoming a steady supplier of HREE, thereby addressing the Department of Defense's long-term requirements from the Bokan project. . .the Bokan project's economic strength comes from the claimed 40% (by weight) concentration of the highly in-demand HREEs, as disclosed in Ucore's NI-43-101-compliant resource estimate, released in March of 2011, which should doubtless put the Bokan deposit among the top contenders enabling the United States to expand its REE industry."

The Critical Metals Report Interview with Michael Niehuser (10/23/12) "Ucore Rare Metals Inc. has a HREE project in southeast Alaska. The Bokan Mountain project is located near Ketchikan, Alaska. The company is rapidly advancing the project and has recently completed several firsts, which investors may not have taken into account. It recently announced successful separation of HREEs including dysprosium, neodymium and erbium, producing a purified salable product. In addition, this process nearly removes all of the undesirable elements including iron, uranium and thorium, which may be returned to the mine in paste back fill together with all of the mine tailings. This means Ucore's Bokan operation will have minimal daylight expression at surface and a very small environmental footprint. . .Ucore has impressed several layers of government in Alaska, and the U.S. The U.S. Department of Defense has recognized the importance of the project in securing a sustainable North American resource of HREEs.

. . .Bokan Mountain has an Inferred resource of about 5.3 Mt of 0.65% TREO, of which 40% is enriched by HREEs. This is a modest initial resource estimate. The project is open to expansion, and it has excellent potential for value enhancement with the new Solid Phase Extraction process. The positive results of the study have led the company to delay completion of the PEA, but it has good potential for accelerating in improving the confidence in the bankable feasibility study. Upon completion of the PEA, Ucore will also be able to actively pursue off-take partners. From our vantage point, we see its partnership with the Department of Defense as providing substantial long-term support, mitigating political risk." More >

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