11:09 AM EST, 12/13/2024 (MT Newswires) -- Ucore Rare Metals Inc. ( UURAF ) on Friday said the U.S. Department of Defense approved modifications to the company's existing Other Transaction (OT) Agreement and the corresponding payment of US$1.8 million for the completion of milestones under the award.

The company said it has now received payments to date under the OT Agreement to US$2.3 million. The payments are to support development of a rare-earths processing facility. Ucore subsidiary Innovation Metals will conduct rare earth element (REE) separation work at the RapidSX Commercial Demonstration Facility in Kingston, Ontario.

"The need for a domestic rare earth supply chain, as highlighted in the 2024 National Defense Authorization Act has never been higher. We look forward to continuing our work with the DoD and other industry participants to ensure domestic supply of these critical materials," chief executive Pat Ryan noted.

Ucore shares were last seen up $0.03 to $0.79 on the TSX Venture Exchange.

Price: 0.79, Change: +0.03, Percent Change: +3.95