Ucore/IMC Video, page-50

Here is Ucore's Mgt description of the IMC proposition beyond the glossies, the very same one HXG proposes to fund 49% at US$2M + $4M:

UCORE RARE METALS INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE PERIOD ENDED MARCH 31, 2020

Innovation Metals Corp.’s (“IMC’s” RapidSXTM mineral processing and purification technology is only at advanced testing stages utilizing a pilot facility in Mississauga, Ontario, Canada and has yet to be proven at a commercial scale in a large REE purification and processing facility. Ucore has not yet prepared or released an economic assessment or feasibility study that utilizes MRT for the separation and production of REEs from the Bokan Property. The following risks are specific to IMC and RapidSXTM:

• The commercial effectiveness of RapidSXTM is subject to uncertainty and risk, and may be affected by many factors, some of which are beyond the Company’s control, including the emergence of newer, more competitive technologies and processes, the cost of building and operating a commercial-scale RapidSXTM facility, regulatory and environmental requirements, unknown profitability performance and financial metrics, the existence, knowledge and cooperation of key individuals of IMC, and the ability to attract customers and sources of feedstock.

You can find this "Come to Jesus" as required by Canadian regulations:

https://www.sedar.com/GetFile.do?la...e=03&projectNo=03064797&docId=4733839

Normally anti-reg but ASX should definitely look at this format for its more exotic listings as a guide for SH's behind the gloss.

Remembering Ucore & HXG have NO feedstock, NO customers & NO commercial funding, basically just a science experiment, one that couldn't progress commercially from DoD funded trials five years ago.