Rare Element Resources Announces Completion of Funding Agreement for $4.4 Million Wyoming Energy Authority Grant - Seite 2

The rare earth processing and separation demonstration plant project, led by General Atomics, has completed the final design and is progressing licensing and permitting, with the final significant license expected this summer. Procurement of equipment has been underway for the last several months. The total 40-month timeline, which commenced in October 2021, includes commencement of construction in the second half of 2023 with operations expected to start in mid-2024.

“Rare earth elements are of the utmost importance to our country’s energy security and something we must continue to advance in order to achieve equal footing in this global market,” said Rob Creager, Executive Director of the Wyoming Energy Authority. “Wyoming has an opportunity to be a leader in providing these critical resources to our country. We are committed to the continued support of projects like these that will propel not only our own communities but our entire nation forward.”

The demonstration plant will utilize the Company’s proprietary recovery and separation technology and is expected to produce high-purity neodymium/praseodymium (Nd/Pr) oxide that is key in producing high-strength permanent magnets. These magnets are the driving technology in numerous defense, medical and green technologies, including the manufacture of electric vehicles and wind turbines. Data generated from the demonstration plant will be used in the design and completion of an economic evaluation for a full-size commercial plant and Bear Lodge Project, as well as validate the cost and environmental benefits of the process over traditional recovery methods.

Rare Element Resources Ltd. is a publicly traded, strategic materials company focused on delivering rare earth products for technology, energy, and defense applications by advancing the Bear Lodge Critical Rare Earth Project in northeast Wyoming. Bear Lodge is a significant mineralized district containing many of the less common, more valuable, critical rare earths that are essential for high-strength permanent magnets, electronics, fiber optics, laser systems for medical technology and defense, as well as technologies like electric vehicles, solar panels, and wind turbines.