Grant From Wyoming Energy Authority In Support Of Rare Earth Demonstration Plant Project

LITTLETON, CO - Rare Element Resources Ltd. has been awarded a $4.4 million grant from the Wyoming Energy Authority (WEA) to be utilized for the advancement of the rare earth element processing and separation demonstration plant project in Upton, Wyoming. The grant is a cost reimbursement award for future expenditures related to the project, which is also supported by the U.S. Department of Energy (DOE) through a previously announced financial award. The total project cost is approximately $44 million, with $21.9 million provided through the DOE.

Brent Berg, President and CEO, said, “We are very pleased that the WEA, upon the approval of the University of Wyoming Energy Resources Council, recognizes the critical importance of this timely project for the trajectory of the rare earth industry in the United States. Wyoming’s financial support exemplifies its commitment to critical materials, specifically rare earth element production. We cannot imagine a more favorable location for this important project and look forward to working with the WEA and others in the state of Wyoming, including the University of Wyoming School of Energy Resources, for many years to come. As we progress our demonstration plant through licensing, construction, and operations in the near-term, we will plan for the advancement of a commercial-scale plant to support the Bear Lodge deposit in the future.” Mr. Berg added, “We understand, as does Wyoming, that our project will serve as a cornerstone for the rare earth industry in Wyoming and America while providing a venue for worker training in rare earth processing and separation.”