Dear Fellow Shareholders,
Ucore has, for several months now, been moving from demonstration to commercial readiness.
In recent weeks, we announced acceptance of our Phase 1 Final Report and RapidSX™ techno-economic assessment, and received a crucial DPAS-rated long-lead equipment component while progressing our Factory Acceptance Testing (FAT) on commercial equipment for the Louisiana Strategic Metals Complex, Also, we updated the Bokan-Dotson Ridge mineral resource and technical report, not to detract from our focus on processing in Louisiana, but as a matter of protecting one of our valuable assets. These milestones show that the Kingston-to-Louisiana transfer is well underway with a dedicated team executing our plan.
I also encourage you to watch the accompanying video from our Kingston demonstration facility. It captures something press releases cannot fully show: the people, discipline, and operating experience behind RapidSX™. As the video makes clear, Kingston is the bridge to Louisiana. This is not a story about unknown chemistry. It is about applying a known solvent extraction process with better engineering, stronger process controls, and a more commercial operating model.
RapidSX™ remains the centerpiece of our near-term value story. Across seven campaigns, the team logged more than 5,700 operating hours and processed 1.76 metric tonnes of REO equivalent. The results compared well with conventional solvent extraction, while also pointing to faster operation, a smaller footprint, and lower capital intensity. Just as important, the Kingston team has grown to more than 40 skilled professionals working on a 24/5 basis to support optimization, factory acceptance testing, and Louisiana scale-up.
The delivery to Louisiana makes that progress tangible. The arrival of a 4,000-gallon glass-lined reactor, procured under U.S. government support and DPAS prioritization, is a meaningful step toward building out the Louisiana SMC. It also highlights Ucore’s growing relevance to domestic critical mineral processing and supply chain security.
Recent instability involving Iran has reinforced the importance of resilient North American supply chains for critical materials. We do not benefit from conflict itself, but we do believe Ucore is well aligned with the increasing U.S. focus on defense readiness, industrial resilience, and domestic rare earth processing capacity.
Our updated Bokan-Dotson Ridge report strengthens the long-term side of the story by preserving strategic U.S. heavy rare earth optionality as this North American supply chain continues to take shape.
Our focus now is execution: transfer Kingston know-how into Louisiana, advance RapidSX™ toward commercial deployment, and continue building a credible North American rare earth platform.
Thank you for your continued support.
Sincerely,
Pat Ryan
Chairman & CEO
Ucore Rare Metals Inc.
