Ucore Rare Metals and Vulcan Elements Partner to Develop Domestic Rare Earth Magnet Supply Chain

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) announced the execution of a memorandum of understanding with Vulcan Elements Inc. dated March 16, 2026, to collaborate on developing a domestic rare earth magnet supply chain for defense and commercial applications. This partnership is significant as it represents a strategic move to establish North American independence in the production of critical materials essential for modern technologies, including defense systems, electric vehicles, and renewable energy infrastructure. The memorandum outlines plans for Ucore to supply neodymium-praseodymium (NdPr) oxide and dysprosium (Dy) oxides at commercial scale beginning in 2027, linking Ucore's separation platform in Ontario and planned Louisiana Strategic Metals Complex with Vulcan's manufacturing operations in North Carolina.

The collaboration aims to advance production capabilities, technical specifications, and work toward a longer-term commercial supply agreement. This initiative addresses growing concerns over supply chain security, particularly given the current dominance of the People's Republic of China in the global rare earth element (REE) market. By developing a domestic supply chain, the partnership seeks to mitigate risks associated with geopolitical tensions and trade disruptions that could impact critical industries. The strategic alignment of Ucore's processing facilities with Vulcan's manufacturing expertise creates an integrated approach from raw material separation to finished magnet production, enhancing efficiency and reliability for end-users in defense and commercial sectors.

Ucore's broader corporate strategy involves disrupting China's control of the North American REE supply chain through the development of processing facilities in Louisiana, with subsequent Strategic Metals Complexes planned for Canada and Alaska. The company's long-term vision includes leveraging its 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska. This project, combined with the Vulcan Elements partnership, positions Ucore as a potential key player in securing a sustainable and resilient supply of rare earth materials. The importance of this development extends beyond corporate growth, touching on national security interests and economic competitiveness, as rare earth magnets are indispensable components in advanced military equipment, electric motors, and various high-tech applications.

The memorandum of understanding signifies a proactive step toward reducing dependency on foreign sources, aligning with broader governmental and industrial efforts to reshore critical manufacturing capabilities. For further information on Ucore Rare Metals Inc., visit https://www.ucore.com. Additional updates relating to UURAF are available in the company's newsroom at https://ibn.fm/UURAF. This collaboration underscores the strategic importance of rare earth elements in modern economies and highlights ongoing efforts to build secure, domestic supply chains that support technological innovation and national defense priorities.