Rare Earth Demonstration Plant Update Following Comprehensive Review
The data gathered from the operation of the Demonstration Plant will be critical in advancing the design and economics of a commercial plant utilizing the Company's proprietary processing and separation technology. Once operational, the Demonstration Plant is planned to operate for up to 10 months and produce up to 10 tons of separated neodymium/praseodymium (Nd/Pr) oxide.
Ken Mushinski, the Company's President and Chief Executive Officer stated, 'As we focused the prior weeks on the full system connectivity and materials of construction, we are pleased to report that our team has now completed the updated Piping and Instrumentation Diagrams and are sourcing the necessary additional equipment and construction materials. Further, we have begun updating our system control narratives to align with the upgraded design.' Mr. Mushinski added, 'We believe our innovative technology, along with our world-class Bear Lodge mineral deposit, can become a cornerstone of America's rare earth needs at a time when the U.S. government recognizes China's market dominance must be addressed.'
As the Company continues to advance its Demonstration Plant project, the Company is participating in the continuing national conversation focused on securing a reliable domestic supply of critical rare earths to meet the nation's defense and high-tech needs. On June 24, 2025, Mr. Mushinski was invited to testify at the U.S. House Committee on Small Business' hearing on critical minerals titled ' Securing America's Mineral Future: Unlocking the Economic Value Beneath Our Feet.' Reflecting on this experience, Mr. Mushinski commented, 'I was gratified to provide RER's perspective on a sustainable rare earth supply chain and encourage the federal government to support the establishment of a diversified source of rare earths to meet our domestic and allied partners' needs, such that the China market dominance will no longer control America's technology future.'
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 Rare Earth Project in northeast Wyoming incorporating the Company's proprietary rare earth processing and separation technology. 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.
Forward-Looking Statements
This news release contains forward-looking statements and information within the meaning of securities legislation in the United States and Canada (collectively, 'forward-looking statements'). Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are usually identified by our use of certain terminology, including 'will,' 'believes,' 'may,' 'expects,' 'should,' 'seeks,' 'anticipates,' 'plans,' 'has potential to,' or 'intends' (including negative and grammatical variations thereof), or by discussions of strategy or intentions. Such forward-looking statements include statements regarding (i) expectations that the Demonstration Plant will generate the operational and economic data necessary for the design of a commercial-scale plant; (ii) the Company's ability to timely complete a design and equipment review at the Demonstration Plant, followed by implementation of upgrades and commence operations in the first quarter of 2026; (iii) anticipated delays and the expected timeline for shake-down activities and commencing operations of the Demonstration Plant in late 2025; (iv) the Company's ability to meet the demand for a secure and diversified domestic source of critical rare earths for U.S. defense and high-tech applications; and (v) expectations that the Demonstration Plant will operate for up to 10 months and produce up to 10 tons of Nd/Pr oxide, supporting discussions with potential strategic partners and offtake customers. Factors that could cause actual results to differ materially from those contemplated, expressed or implied by the forward-looking statements contained in this news release include, but are not limited to, the ability to operate the Demonstration Plant for a sufficient amount of time to ascertain commercialization decisions, the ability to maintain Demonstration Plant licensing and permits, the possible full impacts of inflation and supply chain issues, such as delays or further cost increases, tariffs or trade restrictions, and other matters discussed under the caption 'Risk Factors' in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and our other periodic and current reports filed with the U.S. Securities and Exchange Commission (the 'SEC') and available on www.sec.gov and with the Canadian securities commissions available on www.sedarplus.ca. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other uncertainties and risk factors set out in our filings made from time to time with the SEC and the Canadian regulators, including, without limitation, our reports on Form 10-K and Form 10-Q. Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. While we may elect to update our forward-looking statements at any time, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
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