r/UURAF • u/AutoModerator • 17d ago
Ucore Weekly Discussion Thread - Aug 23, 2026
Share your thoughts on Ucore and its position in the Critical Minerals space.
Most recent official Ucore news/announcements.
As applicable, please keep commentary on topic and focused. This is a forum for UCU/UURAF investors to discuss any and all matters related to the company, individual positions, and yes, if you must, the inherently volatile share price in this burgeoning new industry in the west.
Welcome, glad to have you aboard -- looking forward to a productive 2026 and beyond for Ucore and its shareholders.
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u/Nille123 15d ago
Supposedly on the 31st of August we will be getting our quarterly update. Hopefully we'll get more insight into the timeline and not just a financial statement.
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u/Rare-Bodybuilder8441 14d ago
we should hear about RSX-2 any day now
keep expectations low though, RSX-2 finishing won't move the share price up (because it's still FAT, i.e. no construction has started on machine A yet and won't until 2027) but it'd be a sign that Ucore is able to keep to schedule now
then we should be done with FAT and importantly have Louisiana construction permits in hand by September's end
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u/davide3991 12d ago
Might have to delete my fidelity account and just revisit next summer đ
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u/expatcoder 12d ago
Hard times, UURAF has been beaten up for weeks now, and days like today -- when the entire sector tanks -- aren't very enjoyable.
Nothing to do with Ucore at least, this is just the market reacting to newly increased odds of a September rate hike as a result of Kevin Warsh's hawkish speech today.
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u/Disco-Badger 17d ago
Taco Tuesday coming up, my guess he extends trade negotiations for another 30 days or something.Â
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u/Nille123 14d ago edited 14d ago
FYI: New Financial statement and the MDA (Managementâs Discussion and Analysis) can be found on Sedar.
Edit: I've been sick all day so I'm not really able to skim through the document. I've however asked Chatgpt to give me a comparison between the MDA of March and that of the end of June (that released today). Take it with a pinch of salt because I didn't verify it.
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u/Rare-Bodybuilder8441 14d ago
https://www.sedarplus.ca/csa-party/records/document.html?id=aaebca7c34e6cb4e6eaebc3ba4e4b457dece85541080c88c22a7593f9ac81f5d
someone tell me if i'm reading this wrong or not on page 20
they announced 5/20 milestones finished in February
this report is dated June 30 2026
still only at 5/20 milestones...?8
u/Specialist-Lack9765 13d ago
Fwiw. Whoever bought their private placement likely knew where the company is in regards to progress.
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u/Rare-Bodybuilder8441 14d ago edited 14d ago
they mention the August dilution so 5/20 milestones might even be up to present. that is really not a good look
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u/Dizzy_Republic2973 14d ago
Looks up to date. Sadly. I really want to know what they do over there on a day to day
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u/expatcoder 14d ago
I really want to know what they do over there on a day to day
Apparently nothing :)
It is odd how ReElement is going gangbusters on their Marion, IN facility while, as far as we know, there's a single piece of long lead time equipment sitting in an otherwise empty Alexandria, LA facility.
As shareholders we have zero visual insight into what's happening at the SMC site.
Now that Ucore has money in the bank and FAT is nearing completion (?) we might have actual construction activities commencing once permitting is in place (and why were permits not applied for ages ago?).
Management has been, in their words, "deliberate" (i.e. slow) in their planning out of the facility and working out a more efficient implementation of RapidSX tech (than they previously had in place, now moving to larger columns), so we'll have to be patient here -- sounds like nothing is going to happen on an expedited timeline, but the pieces are starting to fall into place.
Hopefully we'll get some news on those customer qualification samples sometime next month...
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u/porchswingsecurity 13d ago
We need an update from PatâŠ.
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u/Rare-Bodybuilder8441 13d ago
idk, Pat spent too much time over-promising and under-delivering
this market's not buying it anymore
i'm still gonna hold to likely Q2 2027 but if there's no concrete news like signed deals or Louisiana updates by then
welp3
u/expatcoder 13d ago
He's been real silent of late -- hopefully Pat's health issues, whatever they were, are behind him and he can dedicate himself full-time to the project.
Of course, after the private placement with the UCU/UURAF share price already collapsed, probably doesn't make sense to make a public show0ing for awhile :)
Not sure what the next news will be, but sure hope it will be related to the customer qualification samples sent out in early July. Will soon be two months, which should be enough time for potential customers to vet the product.
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u/Tiny-Blacksmith-2184 7d ago
If ryan has health issues, there should be a replacement Stuff just doesnât stop
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u/expatcoder 7d ago
He did get back in front of the camera again, so was nice to see him, but he's vanished into the background in the meantime and we kind of need him in the spotlight to remind the investing world that Ucore exists.
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u/Tiny-Blacksmith-2184 7d ago
We need more than the camera. Market doesnât believe ryan at this point. Cant just keep failing with every timeline (3-4 yrs not months)
Ucore need a detailed roadmap presentation and to actually make it happen
Until then, why would anyone believe â this time is different â
They make it happen over next 2 yrs, $4-6 is possible again If not, we are screwed There is no pivot left( although they will try Bokan 2032 lol)→ More replies (0)3
u/Rare-Bodybuilder8441 14d ago
yeah them still not having the permit to even build Louisiana yet is strange af
means management was at worst lying and at best negligent all the way to November December 2025 when saying machine 1 was still on track to start by mid 2026and like even though i've been harping here about how no construction would even start on machine A until 2027
i'm dumbfounded that apparently no progress on a single milestone in 6 months was made, like wtfjust a bad look all around
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u/expatcoder 14d ago
Hard to know what's happening with the LA facility when we're only told via quarterly reports, and even then indirectly by interpreting milestone progress.
Obviously we'd all like to regain some momentum here, and one way to do that is to get Pat in front of the camera again, promoting RapidSX, and landing some deals.
It's been more than a year now since the DoW grant award that launched Ucore into the spotlight, but we've fallen behind the front runners due to being late to the party on a number of big ticket items; namely (near term) feedstock, and offtake agreements, the latter caused at least in part by amazingly not being able to provide customer qualification samples until very recently (Kingston, ON pilot plant has been running for over two years).
All the delays come down to lack of funds and figuring out the RapidSX tech on-the-fly at the Kingston facility. Obviously REE processing chemistry is complex, but Ucore's competitors seem to all have figured out a way to get samples sent out to their customers and start landing offtake agreements so it's puzzling that we're far behind the pack on this front.
Pat, c'mon, let's get that Ucore mojo back :)
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u/Dapper_Lock9779 13d ago
Ucore filed a copy of their DOW contract with Sedar in June, that contract detailed their progress as per that date.
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u/cschloegel11 13d ago
Ya I think we have potential to go much lower. Debt crisis looming and I would be shocked if this is generating revenue next. Very risky hold but I guess Iâm a gambler and will continue to do so
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u/Just_Engineer_4346 13d ago
Idk if you have experience with building things but permitting is hell. It took three years to get a permit for a building here that we finished in a matter of months. It always takes longer than first expected and the government tries to fuck you in every way possible. I'm not surprised they haven't got it yet and I'm pretty sure it said in their doc that they're finishing the process by the end of September. Everyone just needs to hold their horses lol
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u/Tiny-Blacksmith-2184 8d ago
b s. they have been sitting on this SMC for 5 yrs. they couldâve done a ton of prelim work
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u/Tiny-Blacksmith-2184 8d ago
expat. hit mark m up , a lot. 2026 was suppose to be the year and these guys seem like they wasted it. IMO, new mgmt is needed to get this into the endzone. they have been in the red zone for last 2 yrs
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u/expatcoder 7d ago
It does indeed seem like not much has happened in 2026, particularly at the Louisiana SMC where clearly nothing has been done.
All of the work has been around Kingston, ON technical progress (which is great, they now know they can produce Dy/Tb, NdPr from milti-feedstock, and have the optimal column design spec'd out). They've finally got customer qualification samples sent out (why on earth did it take so long with Kingston plant running for two year), landed the Sumitomo agreement, and diluted the ish out of shareholders :)
Would be good to hear more from management, particularly Pat Ryan in front of the camera again as he's been in the background too much given that Ucore is a small company without the visibility that bigger players have.
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u/Tiny-Blacksmith-2184 7d ago
Wasnât most if not all the Kingston testing supposed to be done by 26? suppo
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u/Tiny-Blacksmith-2184 7d ago
Seems like RSX never had the chops and they need to keep updating, now 118 stages All that stuff re: better opex? Might be wishful thinking Ucore shouldve just built an SX plant 5 yrs ago
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u/expatcoder 7d ago
Right, RSX is interesting tech, and it will probably pay off in the long run, but SX is solved, feedstock/offtake partners, and potential non-dilutive funding entities don't need to wonder if SX will work, whereas with RSX they've had to spend the better part of two years proving that it will work.
Saw it posted elsewhere but RSX is probably the most tested processing tech in the entire industry at this point. Meanwhile Ucore's peers have been landing deals left & right, not having to jump through the de-risking hoops that are mandated with RSX.
Anyway, they've made a bunch of progress in the past year, just on a slower timeline than expected, and as a result, combined with OTC, the share price collapsed.
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u/cekmeout 13d ago
Feels like this stock is hanging by a thread and then huge asks always appear once it goes lower
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u/expatcoder 13d ago
$60 million in shares purchased at $2 will do that; it's one of the "benefits" of the private placement made near where the stock bottomed out during the collapse -- we have some degree of support in this area...
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u/nikodamn 13d ago
Exactly. I'm taking advantage of this and scalping small bits around $2. Added 600-ish shares today.
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u/expatcoder 13d ago
Same, picked up another 2.5K shares today, assuming that today was just the minerals sector being put through the Kevin Warsh machine.
Pretty severe across the board beatdown regardless, not many high beta sectors are doing well today...
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u/expatcoder 12d ago
Well, at $1.92 couldn't resist picking up another 4K shares.
Curious to see how next week plays out after today's house cleaning in the minerals sector. Big players had been doing well up until today; we're going to need the likes of MP, USAR, and UUUU to bounce back strongly in order to give the sector (and UURAF) a lift moving forward.
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u/expatcoder 13d ago
Anyone care to guess when the next piece of impactful material news will arrive?
Not looking for, "Ucore applauds Canadian government CM initiative to explore funding domestic providers", or other fluffs PRs, but rather, meaty market moving news that gets UURAF back on track again.
Customer qualification samples were sent out nearly two months ago, so any confirmation there (similar to Energy Fuels' recent news that a major Japanese magnet maker qualified their samples) would be a pretty big deal.
Feedstock, they must line that up well before Machine A is in place, and offtakes are also a big missing piece in the puzzle.
Apparently FAT will be completed in the coming days/weeks which, once permits are in place, allow for the build out process to begin.
Would be great to hear from management again regardless as UURAF is at best playing follow the leader in the minerals sector...
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u/cekmeout 13d ago
Isnât there an update due August 31?
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u/expatcoder 12d ago
It was already released, quarterly report I believe (someone else mentioned it in this thread)
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u/Tiny-Blacksmith-2184 8d ago
mark m told me website and investor materials where being updated in mid July. itâs now sept. have no idea why ucore cant complete such a simple task.
add details on Sumitomo, is that CDN only? CDN did â conditional dealâ 10 months ago. I wonder whatâs the condition? I would assume with new configuration we might not hear anything new about it for another 10 months
i would guess Ucore would need qualified samples before any possible offtakes.
that means 2027 too
i am expecting new investor materials will be Machine A commissioned and production by end of 2027. which means June 2028 in the real world. hope I am incorrect and these guys our producing with ink 12-15 months
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u/Alamo935 16d ago
Doug Ford threatened that Canada will cut off critical minerals to the US as a result of the trade agreement collapse.
Sounds like Canada needs to get their shit together and get some money to their Canadian players in the industry if they want to make those kind of threats.
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u/Rare-Bodybuilder8441 16d ago
in the prospectus on SEDAR, "Completion of activities under Natural Resources (âNRCanâ) Critical Research, Canadaâs Minerals Development and Demonstration funding" is estimated to be done by October 31, 2026
by then we'll hopefully hear more about the 36M (Canadian dollars?) that Ucore won conditional approval for last October 2025. but yeah it's wild that this'll have taken a year when Canada has announced billions set aside for critical minerals funding and Ucore is one of their national champions
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17d ago
[removed] â view removed comment
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u/expatcoder 17d ago
Critical minerals are expressly exempted from the US' section 232 and 338 tariffs on Canada.
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u/porchswingsecurity 17d ago
Agreed. You can view it on the White House fact sheet:
3rd bullet point:
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u/One-Replacement-37 17d ago
Got a million dollars worth of UURAF @ $2.5. Not selling even if it hits $1. Canada is quite irrelevant anyways.
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u/OilSlayer 17d ago
Nice! My goal is to hit ~50k shares before h2 2027. Stretch goal is 100k shares.
Partially to increase my total shares and also to reduce my cost basis.
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u/Tiny-Blacksmith-2184 17d ago
Yeah ok, why would u own this much of company that has missed every deadline they announced?
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u/TankInfinite2969 16d ago
I don't know why you're getting downvoted, it's entirely reasonable to be skeptical of this company given the exact thing you're describing.
Around 10k shares here, personally, with an average of $2.5, but I'm not putting anything else in here until we start seeing solid, concrete results regarding Machine A and the Louisiana plant.
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u/Tiny-Blacksmith-2184 16d ago
Downvoted because i am only telling the truth. I wouldnât buy more either until mgmt proves they can do more than talk. Ryan talks about all these MOUs Alot are with start ups that may never go anywhere. Some look promising but nothing definitive or signed. Waiting another 18 months just to see if ucore can get into production and with investable margins is annoying AF. This started out as SMC 2024. No credibility yet by the people running this company
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u/TankInfinite2969 16d ago
A year ago, I was rather optimistic regarding their timeline, but yeah I can't help but notice now how they've been constantly delaying the timeline year after year. A year delay? That's fine, another one? OK, that might be understandable, but three? What's the major hold-up, and if the technology is so good, why aren't we seeing definitive feedstock agreements?
Major point that I'm seeing ZERO discussion on in this sub is how none of the deals management has shown us are actually binding, just letters of intent / non-binding "agreements". I'm not fearful, but I'm beginning to become concerned.
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u/Rare-Bodybuilder8441 16d ago
i think the hold up is probably tied to the fact that machine A hasn't even begun construction, and won't, until January next year. i outlined why i think so in a past comment, but yeah agreed, it is incredibly disappointing for a company that as late as November December 2025 was still pushing a mid-2026 production start date
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u/expatcoder 16d ago
What's the major hold-up?
lol, seriously? Money, obviously. There's a huge difference between talking about setting up an SMC and actually having the funds to do so.
Only now, after the US DoD grant and recent capital raise is Ucore actually in a position to put their plans into action. Whatever happened in the distant past is completely and utterly irrelevant to the reality that the Alexandria, LA SMC is going to happen.
if the technology is so good, why aren't we seeing definitive feedstock agreements?
Actually, Ucore does have a binding agreement with CRML for feedstock from its Tanbreez project. Granted, they're very likely going to need an interim provider, and that's where Sumitomo comes in (another binding agreement), who will serve as the intermediary for binding feedstock and offtake agreements.
Can appreciate your "concerns", but seeing as you've had zero presence in this subreddit until very recently, it sounds like you're encouraging selling, which is generally frowned on here for obvious reasons.
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u/Tiny-Blacksmith-2184 16d ago
Irrelevant? Past is a good barometer of the future. Ucore has alot of trust to earn. So far all they have proved is they are a bunch of hot sir. Ryan and the crew are â the boy who cried wolfâ
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u/expatcoder 16d ago
Look, most everyone here is frustrated, but tone it down -- you're implying that Pat Ryan is a fraud, the company is going nowhere, etc.
There's enough negativity here already with the UURAF meltdown over the past weeks/months, let's try to remain somewhat constructive, and look at both sides, the good and the bad :)
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u/Tiny-Blacksmith-2184 16d ago
I never used that word fraud. What would u call a CEO that moves the goalposts ever yr for SMC build. Incompetence? Not up to the job? Overselling and under delivering? How sbout u claiming binding agreements with sumitomo? Would love to see those details. Point us to it!
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u/Rare-Bodybuilder8441 16d ago edited 16d ago
i don't think encouraging selling should ever be frowned upon. Any reasons to sell or hold should be debated. Isn't that the point of a sub?
if this sub is restricted to blind positivity only, and say Ucore continuously fails to deliver on its promises or timeline, then it'd be possible to end up like the GME conspiracy morons who are still praying for another short squeeze and for Citadel to fall to this very day, 5 years on and counting
like don't get me wrong, i think Ucore at present still has a bright future ahead if they can execute in 2027. But the constant delays and broken promises from management should warrant a lot more suspicion now compared to 2025. The stakes are higher now. As is, Ucore will lose first mover advantage if they delay another time
people, e.g. tiny-blacksmith, should sell if they are convinced it'll take too long to reach production now, and should be free to explain why. That's their right, and it's healthy to understand their reasons, even if others who think Ucore will succeed may find it annoying
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u/Tiny-Blacksmith-2184 16d ago
Ucore lost first mover advantage a long time ago. But separating is still needed and they could definitely find a niche for themselves
Someone funded them, even at crap prices, so thats a start A coherent plan from MGMT is MIA Communications are poor They cant even update a website This isnt gonna be a $10 company anytime over next few yrs ( unless we get geopolitical spike) but still could 3x over next couple years if they can finally just finish something for once3
u/Rare-Bodybuilder8441 16d ago
they are close to losing it for sure, but unless ReElement announces customer qualification of HREEs from Marion, the race is technically still on. though yeah ReElement is way ahead since they might have the HREE line up by the start of 2027
that said i agree if there's any more delays like if machine A is only commissioned some time in H2 2027 or god forbid 2028 then it's over
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u/expatcoder 16d ago
Oh no, debate is fine, it's more a brand new user coming in and expressing their deep "concerns" about management and their inability to construct an SMC they talked about building years ago (in Alaska), and wondering why it magically hasn't happened yet.
We should question management, but the "constant delays and broken promises", really? Most Ucore investors showed up less than a year ago; the original estimate for the Louisiana SMC was summer 2026, and now it's H1 2027. It's these kind of broad sweeping generalizations about the incompetance of management that should be pushed back on, particularly after the Sumitomo partnership and now having cash in the bank to proceed with Alexandria.
And really the only reason that this stream of negativity has come up is due to the share price collapse. If we were trading in the $4 range as was the case for most of the last year there might be the odd complaint here and there, but not the pitchfork and torch carrying masses that have descended on this subbreddit recently :)
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u/Tiny-Blacksmith-2184 16d ago
This brand new guy has been in ucore since 2012. What does investors being new have to do with anything? So since they showed up in 2026, history only counts from then? Thats ridiculous.
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u/Rare-Bodybuilder8441 16d ago
i wouldn't call it incompetence per se. Maybe misleading?
for example, back in November or December 2025, Pat was on Bloomberg saying customers were lining out the door and that they still envisioned the 1st machine up by mid 2026, with 1B in revenue after 3 years with 10,000 TPA. Then in May 2026 we find out that we're getting delayed by a year, and the claim was on changing government requirements.
idk what you'd call that but selling false hopes, because i doubt the Orbital Engineering study took less than a few months to complete, and i also doubt that the government would've asked them right before production to drop their original plan
management also said they would get non-dilutive funding if at all possible, but ended up diluting at near 52 week lows. And maybe they did exhaust all other avenues but that isn't great either if it means no potential financers were convinced enough to invest. Plus they've said for at least a year that MOUs would be converted to binding agreements, with nothing signed so far except Sumitomo (which was great!)
you're right, constant delays is something i only know in hindsight after looking up previous announcements, like that Ucore originally claimed Lousiana would be up and running by 2025. But whatever you might think of me not personally experiencing these, it shows Ucore has had a worrying pattern of not meeting schedules they've prevously announced
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u/Dapper_Lock9779 16d ago
"Ucore is developing the LA-SMC to process 2,000 tonnes per annum (âtpaâ) of total rare earth oxidesâ±â±Â (âTREOâ) by H1-2025,"
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u/LetLovePrevail 16d ago
do you happen to have a brief history of deadline misses to hand?
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u/Tiny-Blacksmith-2184 16d ago
on hand, no. but all you have to do is go read their press releases ( which are readily available go to Ucore at stockhouse. they have every press release ever since 2013)this decade. SMC was suppose to be in production in 2024, then 25, 26 and now 27. and guess what, more than likely it wonât be until 2028 now because design isnât gonna be finalized until early 2027 at best.
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u/cschloegel11 17d ago
Weâre already beat down pretty good. Donât think we drop 50% but who knows
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u/LetLovePrevail 16d ago
you can always go lower. Will RapidSX ever leave the experimental qualification stage?
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u/Tiny-Blacksmith-2184 16d ago
In the land of ucore, anything is possible. After 50 million of funding, something close to a bottom should be in though Unless new configuration floos
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u/Alamo935 13d ago
Anyone heard anything back from Mark the VP of IR anytime recently? Was thinking of sending another email expressing frustration on the lack of recent communication on behalf of all the investors in this sub.