RapidSX Agreement Signed with US Rare Earth Development Company Ucore Rare Metals - Seite 2

Chairman and CEO of IMC, Dr. Gareth Hatch stated, “The lack of US-based operational REE separation capacity presents a serious vulnerability to U.S. national and economic security and the security of its allies, as REEs are critical for defence technologies, electrification and U.S. economic growth plans. Without the downstream capacity to separate and purify REEs, the USA and its allies are vulnerable to potential supply disruptions, price spikes and trade disagreements related to REEs. It is our intention to remedy this situation with the successful commercialization of the RapidSX technology for processing and purifying REEs. IMC, with Hexagon, is very pleased to work with Ucore in its efforts to establish commercial REE separation capabilities on U.S. soil.”

Hexagon regards IMC’s TSA with Ucore as a strong, industry endorsement of the RapidSX REE-separation technology and its potential to enable emerging producers to capture extra value in the REE supply chain on a highly cost-effective and competitive basis with the Chinese REE industry. This is the first of a planned series of agreements with both existing and emerging REE concentrate producers to commercialise RapidSX.

Per Hexagon’s December 18, 2019 ASX Announcement (HXG Commences Funding the Commercialisation of RapidSX Rare-Earth Elements Separation Technology)⁴, the Company looks forward to reporting IMC’s filing of a provisional patent application on RapidSX in the United States, in addition to awarding the Front-End Engineering Design study contract for the RapidSX Commercial Demonstration Plant (“CDP”) to an independent engineering firm.

On behalf of the Board of Directors,

Mike Rosenstreich
Managing Director

About Hexagon Energy Materials Limited
Hexagon Energy Material Limited’s (Hexagon) focus is on the commercialization of RapidSX — a novel rare-earth elements (REEs) separation technology for the downstream processing and transformation of REEs into commercial-grade REE oxides (REOs) in North America, with the objective of licensing the RapidSX REE-separation technology to end users around the world. With its Canadian partner and the inventor of RapidSX, Innovation Metals Corp. (IMC), Hexagon is developing a Commercial Demonstration Plant to commercialise the RapidSX REE separation technology. RapidSX was developed and successfully piloted by IMC with more than US$1.8 million in assistance from the U.S. Department of Defense.