Mentioned:
The Department of War keeps pouring funding into a publicly traded company in Canada. But, why?
What’s happening:
- Ucore Rare Metals (TSXV: UCU) has landed $4.6M USD in additional funding from the United States Department of War to expand their samarium and gadolinium refining
Why it matters:
- This is the third time that the United States Department of War has directly provided funding to Ucore Rare Metals
Going deeper:
- Samarium and gadolinium are both critical rare earth elements used in defense applications, including high-temperature samarium-cobalt magnets, speciality electronics and nuclear reactor control
- The new grant funding from the United States Department of War will be used by Ucore Rare Metals to develop samarium and gadolinium separation processes at their Kingston, Ontario based facility and apply that work to their first commercial RapidSX machine at their planned Louisiana Strategic Metals Complex located in Alexandria, Louisiana
- Ucore Rare Metals has publicly stated that they have received heightened interest from the American government around both samarium and gadolinium
The intrigue:
- Ucore Rare Metals previously made major waves when they formed a supply deal with Critical Metals (NASDAQ: CRML) for heavy rare earth element feedstock from their flagship Tanbreez project located in Greenland
