Interview with Pat Ryan, Chairman & CEO of UCore Rare Metals Inc.

Recording date: 2nd August 2025

Ucore Rare Metals (TSXV:UCU) is positioning itself at the forefront of Western efforts to challenge China's overwhelming dominance in rare earth processing, a sector where the Asian giant controls 95% of global refining capacity. Led by automotive industry veteran Pat Ryan, the Canadian company has developed proprietary technology to process the critical materials that form the backbone of modern technology, from electric vehicle motors to defense systems.

The strategic imperative driving Ucore's mission has never been more urgent. China's recent restrictions on rare earth exports and reports of authorities confiscating passports of processing experts underscore the weaponization of supply chain control. "We're bringing the mid-market of the rare earth stream, the supply chain, and making sure that those building blocks of technology connect the mine upstream and the magnet makers downstream," Ryan explains.

Ucore's technological breakthrough centers on their RapidSX system, which revolutionizes traditional rare earth processing. Unlike massive Chinese solvent extraction plants that span football fields, RapidSX uses column-based technology requiring only one-third the space and operating as a closed system. This innovation translates to dramatic capital efficiency – their Louisiana facility will cost $65 million compared to $300 million for conventional plants.

The company has secured substantial validation through $18.4 million in U.S. Department of Defense grants, complemented by $15.5 million CAD raised from institutional investors in a funding round that closed within 24 hours. This backing supports their Louisiana commercial facility targeting mid-2026 production, focusing on heavy rare earths like dysprosium and terbium that China has restricted and Western defense applications desperately need.

With permanent magnet demand projected to grow 200% by decade's end, driven increasingly by robotics and artificial intelligence applications, Ucore's timing appears optimal. Their modular, scalable approach allows incremental capacity additions while serving diverse customer requirements across the Western supply chain that governments are now prioritizing for national security reasons.

View Ucore Rare Metals' company profile: https://www.cruxinvestor.com/companies/ucore-rare-metals-inc

Sign up for Crux Investor: https://cruxinvestor.com