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Rare Element Resources Ltd. reports developments tied to the Bear Lodge rare earth project and its rare earth processing and separation demonstration plant in Upton, Wyoming. Company updates focus on proprietary processing technology for separated neodymium/praseodymium oxide, plant operations and design work, permitting and licensing activity, and plans for a potential commercial separation facility.
Recurring news also includes capital actions involving common shares, project funding sources and financing options, government-related support for critical minerals development, governance matters, and operating and financial results.
Rare Element Resources Ltd. (OTCQB: REEMF) has announced a rights offering aiming to raise approximately US$25 million. Shareholders as of October 19, 2021 will receive one non-transferable subscription right for each share owned, allowing them to purchase additional shares at US$0.24 each. The funds will support the establishment of a rare earth separation and processing demonstration plant near the Bear Lodge Project, with a US$21.9 million grant from the U.S. Department of Energy covering half of the total costs.
Rare Element Resources Ltd. (OTC-PINK: REEMF) has finalized an Assistance Agreement with the U.S. Department of Energy for $21.9 million to support the construction of a rare earth processing demonstration plant in Wyoming. This funding covers approximately half of the project cost, with the remainder to be secured by the company. The demonstration plant aims to produce high-purity neodymium/praseodymium oxide, crucial for manufacturing high-strength magnets used in electric vehicles and renewable energy technologies. The project timeline is set for 40 months from design to operation.
Rare Element Resources Ltd. (OTCQB: REEMF) is advancing pre-award negotiations with the U.S. Department of Energy for a potential $21.9 million award to fund a rare earth separation and processing demonstration plant. The plant will be located in Wyoming, near the Bear Lodge Project. The funding represents half of the project's estimated costs and is conditional upon finalizing documentation, expected by mid-2021. The Company is also working on proprietary processing tests to optimize plant operations and reduce costs.
Rare Element Resources Ltd. (OTCQB: REEMF) has received formal notice from the U.S. Department of Energy regarding negotiations for a financial award aimed at constructing a rare earth separation and processing demonstration plant. This funding, representing 50% of project costs, is a critical step in advancing a domestic rare earth supply chain. The plant will utilize high-grade ore from RER's Wyoming Bear Lodge Project and aims to be operational within 30 months after funding is secured.