The Bear Lodge Project area is a significant mineralized district that contains one of the largest disseminated rare earth deposits in North America. This deposit contains many of the less common, more valuable rare earths that are essential for the magnet materials used in electronics, fiber optics, laser systems for health and defense, and many evolving green technologies, such as hybrid cars, solar panels and wind turbines. Rare Element Resources owns 100% of the Project.
During the last few years, the Company, along with affiliates of its majority shareholder, General Atomics, have been advancing their proprietary extraction/separation technology and have successfully produced commercial-grade neodymium/praseodymium (Nd/Pr) oxide in pilot-plant testing. These materials are key components to the fast-growing, permanent magnet sector. The next step will be a demonstration plant that is expected to begin construction in Upton, WY, in the fourth quarter of 2023. With all the necessary licenses and permits received, the Company is awaiting final budget approval from the Department of Energy, who has agreed to provided funding of $21.9M towards the project. Results generated from operating this plant will be used for the design and economic evaluation of a commercial rare earth processing facility.