Desk · Development / financing · Processing / separation
TSXV:UCU · UURAF · OTCQX
Ucore Rare Metals
RapidSX separation in Louisiana plus Bokan Mountain (Alaska) HREE. A processor story with a DoD-shaped address, still pre-revenue.
Building
Pulse Timeline
Isoelectric line is the baseline Pulse. Spike height is catalyst strength. Wide gaps or a flat line = stalled progress / life support.
- 1) 03-06 Beat
- 2) 12-01 Listing
- 3) 12-01 Beat
Lead II · 25 mm/s · Pulse 10 mm/mV · snapshot 2026-08-22
Building
Cadence is real, not yet a cluster. Next print has to land.
- Last beat
- 169d
- Beats / 90d
- 0
- Recent gap
- —
1 beats in 180d
- — Last material beat 169d ago — Sm/Gd commercial planning vs defense shortage.
- — Next: Commercial RapidSX train (101d).
- — Government / strategic paper is on the tape.
Trading
- Last
- C$1.85
- 1d
- +4.1%
- Mkt cap
- $210M
- Volume
- 380k
- 52-week
- C$0.55 – C$3.10
- 1m
- —
- 3m
- —
- 1y
- —
Shares — · snapshot, not a live tape
Company & people
HQ
Halifax, Nova Scotia
Focus
Processing / separation · Processor / no mine
CEO Pat Ryan
- Pat Ryan, Chair & CEO
Mine / project
Flagship
Louisiana SMC (RapidSX) + Bokan-Dotson Ridge
Location
Alexandria / Louisiana; Prince of Wales Island, Alaska · United States
Deposit
Solvent extraction (RapidSX); Bokan is granite-hosted HREE
Resource
Bokan historical HREE resource — not the near-term pulse. SMC demonstration and commercial train is the pulse.
Radioactivity
Moderate — typical monazite / carbonatite
Capital, loans, grants & support
US DoD / DoW grant
Demonstration and planning support around US separation, including Sm/Gd attention in 2026
- Feedstock MOUs — commercial offtake still the missing print
The Pulse
Louisiana is the right zip code. RapidSX has to graduate from demo to tonnes. Bokan is a long-dated HREE option, not the 2026 trade.
OTCQX. A commercial SMC train plus US feedstock would make a Nasdaq conversation legitimate.
Next: 1 Dec 2026 — Commercial RapidSX train / feedstock binding
Nasdaq path
Home listing is not Nasdaq. Bid price, registration, and a real asset gate are.
- 01 · DoneTSXV listing
Primary listing UCU. Processor with a Louisiana address, still pre-revenue.
- 02 · DoneOTCQX (UURAF)
Best-market OTC, not Pink. 12g3-2(b) exemption — reporting-lite, not Exchange Act registered.
- 03 · LiveDTC eligibility
OTCQX names at this level usually settle DTC. Treat as live until a broker fails a ticket.
- 04 · LiveUS holder tape
OTCQX Best 50 circuit, B. Riley on the Aug 2026 C$60m bought deal. US bankers are in the room.
- 05 · NextCommercial RapidSX train1 Dec 2026
Demo-to-tonnes in Louisiana plus binding feedstock. Bokan is not the 2026 trade.
- 06 · GapSEC registration
12g3-2(b) is the opposite of a 20-F/40-F. Nasdaq wants the registration, not the exemption.
- 07 · GapNasdaq $4 bid
Last ~C$1.85 / ~US$1.35. Below $4. The raise helps equity; it does not print a $4 bid.
- 08 · GapNasdaq application
Legitimate after a commercial SMC train and US feedstock. A Louisiana zip code is not a listing.
Catalysts
- 6 Mar 2026Sm/Gd commercial planning vs defense shortage other
Desk note
Stays on this device. Not the press release.
Pulse = Catalyst proximity + government/strategic support + Nasdaq-path / listing signals + valuation & execution + stage progress. Method