Ucore Rare Metals’ collaboration agreement with Australia’s Metallium, which has spurred sharp share-price rises for the two companies, is seen as strategically important for both firms.
Canadian investment firm Red Cloud Securities says Metallium’s proprietary Flash Joule Heating (FJH) process, developed at Rice University in Texas, USA, could be used to bolster the range of feedstocks for Ucore at its proposed initial commercial RapidSX rare earth element processing plant in Louisiana.
Australian Securities Exchange-listed Metallium, previously known as MTM Critical Metals, describes the plant, using Ucore’s proprietary RapidSX technology, as “one of the most advanced REE downstream separation facilities in North America”. Metallium also aims to start a commercial plant in Texas, producing high-purity mixed REE chlorides (MRECl) from REE concentrates.
“Commercialisation of Metallium’s process would help secure feedstock supply to keep Ucore’s phase-one, 2000 tonnes per annum plant in Louisiana running,” Red Cloud said in a note.
“Sulphate leaching of REE-ores used in traditional processes has the potential to release fluorine and sulphur dioxide creating environmental concerns. [But] Metallium’s process bypasses this leaching, making permitting and obtaining a social license easier. Additionally, e-waste, which may be uneconomic as an REE feedstock for traditional methods, may become economic with this FJH-based process.
“FJH bypasses traditional acid-leach methods. It intensely heats REE rich feeds for a very short time – in the order of fractions of seconds – to vapourise the REEs which are recovered as chlorides, eliminating the use of polluting reagents.
“Supplying a large amount of energy for just a short period of time also limits costs.
“The method expands the range of feedstocks that can be used for REE extraction, such as magnet scrap, e-waste, and lighting waste, while also offering potential to recover other critical and precious metals.”
Ucore and Metallium have mineral exploration assets but both are focused on commercialising processing technologies. Ucore’s share price is up more than 560% in 2025, capitalising the company at circa-US$330 million. Metallium has also climbed steeply this year: up 340% to cA$470 million.
Nova Scotia, Canada, based Ucore acquired Innovation Metals Corp and its RapidSX technology in 2020.
RapidSX processing is downstream from FJH’s MRECl production, “though FJH could also produce critical and precious metals beyond Ucore’s REE focus”, according to Red Cloud.
“Metallium’s planned commercial plant in Texas is expected to begin producing in H1 2026, complementing the start of commercial production at Ucore’s planned plant in neighbouring Louisiana,” it said.
Ucore says FJH provides a potential alternative to traditional approaches for generating mixed rare earth products.
“FJH has the potential to significantly expand potential feedstock sources for Ucore’s refining facility,” the company said.
“The focus of Ucore’s business is to restore rare earth refining which is a critical bottleneck in an evolving Western World integrated rare earth supply chain.”
Metallium CEO Michael Walshe said the strategic agreement with Ucore “positions us a key participant in that supply chain”.
“Our FJH platform can help unlock feedstocks that are currently stranded or heavily discounted, especially those rich in heavy REEs,” he said.
