Rare Element Resources Ltd.
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 Critical Rare Earth Project in northeast Wyoming. Bear Lodge is a significant mineralized district containing many of the less common, more valuable, critical rare earths elements (REEs) 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.
The proprietary technology for REE extraction/separation, developed by the Company and being advanced by affiliates of the Company’s majority shareholder, General Atomics (GA), has successfully separated REE oxides into commercial-grade, saleable products, such as neodymium/praseodymium (Nd/Pr) oxide. Indications are that it will do so with greater efficiency and lower environmental impact than current industry methods.
Rare Element Resources was incorporated in 1999. Its common shares are traded on the OTCQB Venture Marketplace (“OTCQB”) under the symbol “REEMF.”
Currently, the Company’s primary focus is advancing the rare earth extraction/separate technology it developed and that has been refined by its technology partners. In 2020, the first high-grade, separated REE product was produced from Bear Lodge sample material.
In pilot plant testing, the first two steps of the process upgraded the sample material to 92-97% concentrated REEs. Next the radionuclides, naturally occurring with REEs, were reduced to below regulatory standards and cerium was removed. In the final stage, a high-efficiency solvent extraction process, a >99.5% pure, commercial-grade Nd/Pr oxide was produced, as well as additional REE oxides amenable to further processing.
Advancing Rare Earth Demonstration Plant Plans
Because of the success of this testing, the decision was made to proceed to demonstration-scale production. Design is complete and long-lead time items are being secured. All major permits and licenses are in hand. The plant will be located in Upton, WY, and construction is expected to begin before the end of 2023. Funding from both the Department of Energy and the Wyoming Energy Authority is expected to cover a majority of the Project costs. Over the life of operation, the plant is projected to produce up to 15 tons of high-purity Nd/Pr oxide and other REE products.
Bear Lodge Project
The Company owns a 100% interest in a group of 499 unpatented mining claims. The mine site is located approximately 12 miles northwest of the town of Sundance, Wyoming. In 2011, the US Geological Survey determined that the Bear Lodge Project contains one of the largest disseminated REE deposits in North America. Extensive geological work, including drilling, geophysical and geochemical sampling and assaying, has determined the Project has an excellent concentration of the REEs deems critical for green technologies. These include neodymium (Nd), europium (Eu), dysprosium (Dy), terbium (Tb), yttrium (Y) as well as praseodymium (Pr), which can be used as a replacement for Nd in high strength permanent magnets, the fastest growing sector of the rare earth market.