Critical Metals signs LOI for offtake agreement with Ucore Rare Metals

Critical Metals (CRML) has signed a letter of intent for an offtake agreement with Ucore Rare Metals. Under the terms of the multi-year offtake arrangement, Critical Metals Corp expects to supply up to 10,000 metric tons annually of rare earth concentrate from its Tanbreez Project, which represents approximately 10% of the project’s initial projected production. After hydro-metallurgical processing, the concentrate will be used as feedstock for Ucore’s rare earth element processing facility, which is focused on heavy rare earths and broke ground in May, in Alexandria, Louisiana and Ucore’s facility in Kingston, Ontario. The Louisiana facility, which received support and funding from the state government and the U.S. Department of Defense, will produce high-purity rare earth oxides from mixed rare earth carbonates or oxides, which Critical Metals Corp expects to produce at Tanbreez. The parties are working expeditiously toward definitive documentation. The execution of definitive agreements remains subject to customary conditions including completion of due diligence, finalization of commercial terms, and necessary approvals.