Ann: Viridis Selected for BNDES & FINEP Strategic Mineral Funding, page-25

Hello. Anyway, i found some info on Uncore, which says they propose to upgrade a brownfields (existing industrial site) and spend $75M on a refinery than can hypothetically produce 7,500 tonnes of output. https://investornews.com/critical-minerals-rare-earths/ucore-awarded-4m-from-the-us-dod-to-support-rare-earths-separation-facility-in-north-america/?print=pdf

In comparison, the company American Rare Earths produced a scoping study which appears to say $68,039,697 for a refinery producing 4,169 tonnes (although the SEG and La/Le remain as concentrates) https://americanrareearths.com.au/wp-content/uploads/2025/03/HC_Scoping_Study_Update_2025_rev3c.pdf

Now, the major problem with this Uncore hypothetical technology is it appears to be only a Refinery, which is why Encore entered a MOU with MEI for MEI to supply Uncore with what appears obviously to be TREO concentrate.

In other words, before Uncore can process anything, the REE mines & concentrators must still be build. To use American Rare Earths as an example, their scoping study has total capex of $374,644,403 (plus $74,928,881 in contingency), which means they must spend $306,604,706 plus $5,423,976 on the mine site prior to any Refinery. At current REE prices, this proposal appears slightly profitable (around $37Mpa cash flow before tax) but on the total $449M CAPEX would have a payback of a minimum of 12 years, which looks unappealing to lenders & investors.

This would explain why neo-con war-monger bureaucrats in the USA are supporting the funding of hypothethical REE technology.









Obviously, this project appears uneconomic, which current