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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 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 Capital (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."

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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, Morning Notes (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 >

The Critical Metals Report Interview with Jeb Handwerger (10/16/12) "The DOD is now a huge potential partner for Ucore. After researching and studying all domestic REE assets, it identified the company's Bokan Mountain project as the key HREEs resource in trying to recapture the country's REEs independence that was once ours 30 years ago. It put a stamp of approval and credibility on Ucore as the primary resource for its domestic supply chain. What this means for UCU investors is obvious. It can be seen in Ucore's stock price and volume and the way that it's performing against all other REE miners, recently hitting new 52-week highs on very strong volume . . .when many of the other larger REE miners are hitting 52-week lows. The stock action is a huge testament to the value and credibility of what the Ucore management team has done to develop the Bokan property so far. By the way, the DOD could eventually become an ideal offtake partner for Ucore." More >

Jeb Handwerger, Gold Stock Trades (10/12/12) "Technically, the charts of one of our favorite heavy rare earth selections, Ucore Rare Metals Inc., is outperforming the giants, demonstrating excellent relative strength compared to the more advanced light rare earth companies. . .subscribers are aware that we have been presenting Ucore as one of our choice selections. The current breaking news vis-a-vis the U.S. Department of Defense vindicates our faith in the Ucore story."

Chris Berry, House Mountain Partners LLC. (10/3/12) "Ucore Rare Metals Inc.: The Department of Defense (DoD) announced its intention to conduct both mineralogical and metallurgical studies on Bokan Mountain. . .DoD's support here adds tremendous credibility to the viability of Bokan Mountain. . .the financial support from the DoD implicit here will help defray dilution and strengthen UCU's balance sheet. . .Ucore announced a breakthrough in the separation of dysprosium (Dy), neodymium (Nd), and erbium (Er) from other REEs in a rare earth mixed concentrate. Separation of rare earths from one another is a crucial key to adding value and UCU appears to have done this at lab scale."

The Critical Metals Report Interview with Luisa Moreno (10/2/12) TCMR: Ucore Rare Metals Inc. recently announced that it is able to take uranium and thorium out of its processed ore at its mine in Alaska. Is that meaningful to investors?

Luisa Moreno: It is very meaningful. Most projects, if not all, will have concentrations of uranium and thorium that they will have to deal with. They need to find a safe way of extracting the uranium and thorium, storing it and disposing of it. It's good that Ucore is talking about it and educating investors about the amount of uranium and thorium it has in its deposit and how it can be extracted. And the company is taking it into account as it develops its PEA report and analysis. Hopefully, we will better understand what the costs are for the handling and storage of these elements as Ucore completes its economic study. Depending how you look at which are the heaviest or which are the most valuable, they all rank differently, but Ucore's Bokan is well positioned. It has the second-highest grade for dysprosium and a favorable HREE distribution, according to my analysis.

Ucore is working with a group from Stanford University, which has technology that was mainly used in biotechnology applications. Its nanomembranes are able to filter some elements and let others go. It gets rid of some of the impurities, like iron, uranium and thorium, in two or three steps. In the following step, they change the chemistry of the membrane and it's able to recover the REEs. It seems that it actually can go through several interactions and recover individual elements and refine them. We don't know the economics at this stage, but it's unique. It's very exciting for Ucore. We think it is the only REE group trying this, and it has observed very interesting results. As Ucore puts together the PEA, we will definitely learn more about it.

Alessandro Bruno, ProEdge Wire (10/1/12) "Ucore Rare Metals Inc., through its subsidiary Landmark Alaska LP, has been contracted by the Department of Defense (DOD) to perform a mineralogical and metallurgical evaluation of the company’s Bokan Mountain heavy rare earth elements (HREEs) mine. . .the goal will be to determine this property’s ability to produce a steady supply of HREEs (i.e., the 'rarer' rare metals such as dysprosium, terbium and yttrium) to meet DOD requirements in the long term."

The Critical Metals Report Interview with Jack Lifton (9/18/12) I am also very optimistic about Ucore Rare Metals Inc. in Alaska being able to produce more than 100t of dysprosium a year in the same time period, maybe sooner. Note that Ucore recently announced that it is already able to take the uranium and thorium out of its material at the mine. This is an extremely significant announcement." More >

The Critical Metals Report Interview with Brandon Tirpak (9/11/12) "I think the SEC supply chain audit ruling regarding conflict minerals bodes well for U.S.-based companies like Ucore Rare Metals Inc. The REE industry is slightly different than other conflict minerals in that, outside of China, it is extremely small and therefore easy to control and do the auditing as the industry develops. . .Ucore deserves attention. Ucore has a significant percentage of HREEs in its Alaskan deposit. It has strong local and federal support because of the potential to produce things like dysprosium, which is used in magnets, and any number of phosphors." More >

Jeb Handwerger, Gold Stock Trades (9/5/12) "Ucore Rare Metals Inc. has been rapidly catching up to its peers after investors became aware of the company's progress in the use of nanotechnology to separate impurities and possibly one day separate individual rare earth oxides. . .out of all the rare earth charts, none that we have seen appear to be as bullish as Ucore. We expect many near term catalysts including the publication of its PEA, which should be published shortly."

Richard Savage, Resource World (8/19/12) "Ucore Rare Metals Inc.'s potential success lays in that Bokan deposit. . .with strong, loyal management and a rare resource that today's technology demands, the company has positioned itself well."

Byron King, Energy and Scarcity Investor (8/17/12) "In my view, the Spider Web technical development vaults Ucore Rare Metals Inc. into a front-running position in the REE race. It's a very positive development for Ucore. . .it is a critical breakthrough." >More from Agora Financial

The Critical Metals Report Interview with Gareth Hatch (7/31/12) "Attractive REE distributions are associated with Ucore Rare Metals Inc.'s Bokan Mountain deposit in Alaska." More >

Stockhouse (7/13/12) "Ucore Rare Metals Inc.'s Bokan property is particularly enriched with heavy rare earth elements, including the critical elements dysprosium, terbium and yttrium. . .Alaska Rep. Don Young's amendment clarifies and expands the previous exemption and now allows for expedited road development within the Bokan project area, the most significant heavy rare earth resource in the U.S. . .Ucore Rare Metals is a well-funded development-phase mining company focused on establishing rare metal resources with near-term production potential."

The Critical Metals Report Interview with Jeb Handwerger (7/3/12) "Ucore has a very impressive mining engineer, Ken Collison, who recently took over the reins as chief operating officer. . .he's an excellent manager and mining engineer who knows how to develop a mine. He hopes Ucore's Bokan will be his fourth mine that he has built. Collison coming on board is a huge testament to Ucore's potential and economic viability. . .it has a very unique eco-friendly mining engineering plan, which is also going to be very good for permitting. That may be why the Bokan Mountain project in Alaska is getting a lot of support politically. It also has excellent infrastructure on the water. I've been to Bokan and seen the deepwater access. Ucore hasn't released a PEA yet, but it is due soon. It has already announced that it is going to go straight from the PEA to a bankable feasibility study. It will be very interesting if Ucore gets the only U.S. HREE asset into production in a timely manner. Investors have to understand that it's getting down to which companies are going to make it to production quickly. That's why I like Ucore." More >

The Critical Metals Report Interview with Jack Lifton (6/19/12) "Two large hard-rock sources of dysprosium I think will be coming on-line, when the metallurgy, separation capability and permits get worked out. This [includes] Ucore Rare Metals Inc. at Bokan Mountain in Alaska. . .[this deposit is] being developed to produce 3,900 t/a. . .this is [one of] the first two major hard-rock REE deposits that look like they're going into production." More >

Lawrence Cyna, SmallCap Power Interview (6/15/12) "In the rare earths sector, I like a company called Ucore Rare Metals Inc., which owns the Bokan heavy rare earth project in Alaska. Generally, Bokan, unlike some other rare earths deposits, has a high percentage of dysprosium. . .all indications are that production will be relatively cheap and easy; it is in a fjord that is so close to the sea that loading the minerals for ocean transport would be pretty simple. . .it's trading at around $0.35 but this stock was a good value at $0.80—I really think it's a good bet."

Pope & Company Morning Notes (6/14/12) "Ucore Rare Metals Inc. announced that custom processing has been initiated on a 20 t bulk sample extracted from three sites along its Bokan Mountain rare earth deposit in Southeast Alaska. . .testing a bulk sample will provide better representation of REE mineralization at Bokan Mountain; further metallurgical testing should provide details on how the REE mineralization behaves during processing."

The Critical Metals Report Interview with Byron King (6/12/12) "Ucore Rare Metals Inc. has a mineral claim on Prince of Wales Island, offshore of Ketchikan, Alaska. In the last 18–24 months, Ucore has made superb progress bringing the project into a workable play. The basic geology happened last year: mapping, drilling and preliminary mine planning. Also last year, the rock crushing and the basic metallurgy were refined at the Hazen laboratory in Denver. All of this is happening in the U.S. Ucore truly plans to become that proverbial, all-American play. . .it is [the most significant HREE deposit in the U.S.] for several reasons. It is mineable and will produce a very high-quality ore, rich in HREEs. Ucore also has gotten its cost per ton way down compared to others in the HREE space. . .I would say that Ucore will complete the preliminary stages this year and next. I would expect to see the first products by early to mid-2014." More >

Luisa Moreno, Jacob Securities (5/25/12) "Ucore Rare Metals Inc.'s Bokan deposit has been identified by the U.S. Geological Survey as the most significant heavy rare earth (HREE) deposit in the United States. . .the Ucore project has attracted significant attention from state and federal governments in the United States, given its relatively high percentage of HREEs, identified as critical for the energy and defense industries. . .Ucore has announced that the full-scale XRT Ore Sorted test has shown that 46% of the feed could be rejected as waste with 93% recovery of rare earth oxides, which is expected to have a positive effect on capital and operating costs."

The Critical Metals Report Interview with Michael Silver (5/22/12) "I call the next group of companies 'boutique mines.' These are the mines that are leaning heavily on the HREEs. At least three have really excellent deposits with great value. . .Ucore Rare Metals Inc. owns Bokan Mountain in Alaska. It may have a greater percentage of dysprosium than any other deposit on the planet. It also is near a Pacific seaport, giving cost-effective access to Japan and China, where almost all the REEs are presently used. Its CEO, Jim McKenzie, is smart and knows what the company has to do. Ucore has excellent relationships in Alaska; Senator Murkowski is 100% behind the development." More >

The Critical Metals Report Interview with Jon Hykawy (5/15/12) "We have a Speculative Buy on Ucore Rare Metals Inc. and an $0.80 target. Ucore has exactly the right address. It has an HREE project located in the U.S. It's of interest to a number of players like Molycorp that want to produce their own magnets and are going to require a reasonable amount of dysprosium to do so; automotive companies that want their own magnets for use in drives; and a number of other potential end markets in Western Europe. Its location near deep water in Alaska, with the backing of the Alaska state government and the U.S. federal government, speaks well of the company." More >

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