{ "projectionVersion": "smpt-investigation-1", "projectId": "prj-ca-ucore-kingston", "corpus": { "revision": "2026-11-03", "legalStatusCutoff": "2026-11-03", "view": "current_corpus_revision", "notice": "Curated corpus revision, not source freshness or historical known-as-of coverage. Financial histories retain their own status dates." }, "project": { "id": "prj-ca-ucore-kingston", "name": "Ucore commercial rare earth processing facility, Kingston", "sponsorOrgIds": [ "org-ucore-rare-metals" ], "locations": [ { "countryCode": "CA", "subnational": "Ontario", "asStated": "Kingston, Ontario" } ], "stages": [ "separation", "refining" ], "materialIds": [ "rare-earth-elements" ], "materialAttribution": "tracked_only", "untrackedMaterialsAsStated": [], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "name", "sponsors", "materials", "location" ], "evidence": "explicit", "locator": "Ucore paragraph", "note": null }, { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Ucore paragraph", "note": "\"refining two important rare earth elements — samarium and gadolinium\" with its RapidSX separation and processing technology: coded as separation and refining." } ], "notes": "Samarium and gadolinium have no material record of their own and fall under the grouped rare-earth-elements material." }, "organizations": [ { "id": "org-ca-feddev-ontario", "name": "Federal Economic Development Agency for Southern Ontario", "nameOriginal": null, "aliases": [ "FedDev Ontario" ], "kind": "government", "roles": [ { "role": "provider", "recordId": "fin-ca-g7-2025-ucore-feddev" } ], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "name", "kind", "country", "actor" ], "evidence": "explicit", "locator": "Ucore paragraph", "note": null } ] }, { "id": "org-ca-government", "name": "Government of Canada", "nameOriginal": null, "aliases": [], "kind": "government", "roles": [ { "role": "provider", "recordId": "fin-ca-g7-2025-ucore-package" } ], "evidence": [ { "sourceId": "src-nrcan-cms-2022", "supports": [ "name", "kind", "country", "actor" ], "evidence": "explicit", "locator": "Opening paragraph", "note": null } ] }, { "id": "org-ca-nrcan", "name": "Natural Resources Canada", "nameOriginal": null, "aliases": [ "NRCan" ], "kind": "government", "roles": [ { "role": "provider", "recordId": "fin-ca-g7-2025-ucore-nrcan" } ], "evidence": [ { "sourceId": "src-nrcan-cmrdd-2024", "supports": [ "name", "kind", "country", "actor" ], "evidence": "explicit", "locator": "Issuer; third and fourth paragraphs", "note": "\"Natural Resources Canada (NRCan) is providing $4.9 million to Cyclic Materials\"" } ] }, { "id": "org-ucore-rare-metals", "name": "Ucore Rare Metals Inc.", "nameOriginal": null, "aliases": [], "kind": "company", "roles": [ { "role": "registered_sponsor", "recordId": "prj-ca-ucore-kingston" }, { "role": "recipient", "recordId": "fin-ca-g7-2025-ucore-feddev" }, { "role": "recipient", "recordId": "fin-ca-g7-2025-ucore-nrcan" }, { "role": "recipient", "recordId": "fin-ca-g7-2025-ucore-package" } ], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "name", "kind" ], "evidence": "explicit", "locator": "Ucore paragraph", "note": null } ] } ], "financialInstruments": [ { "id": "fin-ca-g7-2025-ucore-feddev", "eventId": "evt-ca-g7-cmpa-2025", "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "projectRelationship": "directly_attributable", "projectId": "prj-ca-ucore-kingston", "associatedProjectIds": [], "amount": { "value": "10000000", "currency": "CAD", "qualifier": "up_to", "amountAsStated": "up to $10 million through the Federal Economic Development Agency for Southern Ontario", "currencyBasis": "issuer_context", "basisNote": null, "basisLabel": null }, "amountBasis": "current_recorded_terms_not_historical_totals", "provider": "Federal Economic Development Agency for Southern Ontario", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-feddev-ontario" ], "recipient": "Ucore Rare Metals Inc.", "recipientOrgIds": [ "org-ucore-rare-metals" ], "programmeId": null, "legalAuthority": null, "facility": null, "locations": [ { "countryCode": "CA", "subnational": "Ontario", "asStated": "Kingston, Ontario" } ], "materialIds": [ "rare-earth-elements" ], "stages": [ "separation", "refining" ], "currentFinancialStatus": "decided", "financialStatusHistory": [ { "status": "decided", "date": "2025-10-31", "sourceId": "src-nrcan-g7-cmpa-2025", "note": "Part of a \"conditionally approved investment\"." } ], "legacyPhysicalObservations": [ { "status": "announced", "date": "2025-10-31", "sourceId": "src-ucore-canada-conditional-20251031", "note": "Proposed first commercial samarium/gadolinium processing facility in Kingston. Existing demonstration-plant operations and Louisiana commercial-facility development are distinct projects; no later physical stage for this proposed Canadian commercial facility was established in the reviewed sources." } ], "terms": [], "statedOutcomes": [], "relationships": [ { "commitmentId": "fin-ca-g7-2025-ucore-package", "relationship": "part_of", "sourceId": "src-nrcan-g7-cmpa-2025", "locator": "Ucore paragraph", "note": null } ], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "location", "materials", "relationships" ], "evidence": "explicit", "locator": "Ucore paragraph", "note": null }, { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Ucore paragraph", "note": "Refining samarium and gadolinium with RapidSX separation technology, coded as separation and refining." }, { "sourceId": "src-ucore-canada-conditional-20251031", "supports": [ "status", "project" ], "evidence": "explicit", "locator": "Opening paragraphs and contribution-agreement conditions", "note": "Conditional funding for a proposed Canadian commercial facility, subject to due diligence and execution of a contribution agreement." }, { "sourceId": "src-ucore-mda-q2-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "Government of Canada Funding for a Samarium and Gadolinium Facility", "note": "The 26 August 2026 MD&A explicitly states that neither Canadian definitive agreement exists as of its date; demonstration and Louisiana work are described separately." }, { "sourceId": "src-ucore-us-ota-modification-20260914", "supports": [ "status" ], "evidence": "explicit", "locator": "Opening paragraphs and program scope", "note": "Executed US award modification concerns Kingston process development and Louisiana Enhanced Machine A. It does not establish execution or payment of this Canadian package or construction/operation of its proposed Canadian commercial facility." } ], "notes": "Lifecycle review on 2 October 2026: the 26 August 2026 MD&A states there was no definitive agreement for either Canadian component as of that filing. Reviewed later sources did not establish execution or disbursement of this funding, so the original conditional decision is retained. The proposed Canadian commercial facility is distinct from the operating Kingston commercialization/demonstration facility, its earlier CMRDD contribution agreement, the US-funded development program and the Louisiana commercial facility." }, { "id": "fin-ca-g7-2025-ucore-nrcan", "eventId": "evt-ca-g7-cmpa-2025", "instrument": "grant", "valueRole": "commitment", "capitalSource": "public", "projectRelationship": "directly_attributable", "projectId": "prj-ca-ucore-kingston", "associatedProjectIds": [], "amount": { "value": "26300000", "currency": "CAD", "qualifier": "up_to", "amountAsStated": "up to $26.3 million through Natural Resources Canada", "currencyBasis": "issuer_context", "basisNote": null, "basisLabel": null }, "amountBasis": "current_recorded_terms_not_historical_totals", "provider": "Natural Resources Canada", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-nrcan" ], "recipient": "Ucore Rare Metals Inc.", "recipientOrgIds": [ "org-ucore-rare-metals" ], "programmeId": null, "legalAuthority": null, "facility": null, "locations": [ { "countryCode": "CA", "subnational": "Ontario", "asStated": "Kingston, Ontario" } ], "materialIds": [ "rare-earth-elements" ], "stages": [ "separation", "refining" ], "currentFinancialStatus": "decided", "financialStatusHistory": [ { "status": "decided", "date": "2025-10-31", "sourceId": "src-nrcan-g7-cmpa-2025", "note": "Part of a \"conditionally approved investment\"." } ], "legacyPhysicalObservations": [ { "status": "announced", "date": "2025-10-31", "sourceId": "src-ucore-canada-conditional-20251031", "note": "Proposed first commercial samarium/gadolinium processing facility in Kingston. Existing demonstration-plant operations and Louisiana commercial-facility development are distinct projects; no later physical stage for this proposed Canadian commercial facility was established in the reviewed sources." } ], "terms": [], "statedOutcomes": [], "relationships": [ { "commitmentId": "fin-ca-g7-2025-ucore-package", "relationship": "part_of", "sourceId": "src-nrcan-g7-cmpa-2025", "locator": "Ucore paragraph", "note": null } ], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "location", "materials", "relationships" ], "evidence": "explicit", "locator": "Ucore paragraph", "note": null }, { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Ucore paragraph", "note": "Refining samarium and gadolinium with RapidSX separation technology, coded as separation and refining." }, { "sourceId": "src-ucore-canada-conditional-20251031", "supports": [ "status", "project" ], "evidence": "explicit", "locator": "Opening paragraphs and contribution-agreement conditions", "note": "Conditional funding for a proposed Canadian commercial facility, subject to due diligence and execution of a contribution agreement." }, { "sourceId": "src-ucore-mda-q2-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "Government of Canada Funding for a Samarium and Gadolinium Facility", "note": "The 26 August 2026 MD&A explicitly states that neither Canadian definitive agreement exists as of its date; demonstration and Louisiana work are described separately." }, { "sourceId": "src-ucore-us-ota-modification-20260914", "supports": [ "status" ], "evidence": "explicit", "locator": "Opening paragraphs and program scope", "note": "Executed US award modification concerns Kingston process development and Louisiana Enhanced Machine A. It does not establish execution or payment of this Canadian package or construction/operation of its proposed Canadian commercial facility." }, { "sourceId": "src-ucore-canada-conditional-20251031", "supports": [ "instrument" ], "evidence": "explicit", "locator": "Opening funding paragraph", "note": "NRCan component is expressly a non-repayable contribution, coded as grant. FedDev and the aggregate package are not assigned that instrument." } ], "notes": "Lifecycle review on 2 October 2026: the 26 August 2026 MD&A states there was no definitive agreement for either Canadian component as of that filing. Reviewed later sources did not establish execution or disbursement of this funding, so the original conditional decision is retained. The proposed Canadian commercial facility is distinct from the operating Kingston commercialization/demonstration facility, its earlier CMRDD contribution agreement, the US-funded development program and the Louisiana commercial facility." }, { "id": "fin-ca-g7-2025-ucore-package", "eventId": "evt-ca-g7-cmpa-2025", "instrument": "unspecified", "valueRole": "commitment", "capitalSource": "public", "projectRelationship": "directly_attributable", "projectId": "prj-ca-ucore-kingston", "associatedProjectIds": [], "amount": { "value": "36300000", "currency": "CAD", "qualifier": "up_to", "amountAsStated": "a conditionally approved investment of up to $36.3 million from the Government of Canada", "currencyBasis": "issuer_context", "basisNote": null, "basisLabel": null }, "amountBasis": "current_recorded_terms_not_historical_totals", "provider": "Government of Canada", "providerJurisdiction": "canada", "providerOrgIds": [ "org-ca-government" ], "recipient": "Ucore Rare Metals Inc.", "recipientOrgIds": [ "org-ucore-rare-metals" ], "programmeId": null, "legalAuthority": null, "facility": null, "locations": [ { "countryCode": "CA", "subnational": "Ontario", "asStated": "Kingston, Ontario" } ], "materialIds": [ "rare-earth-elements" ], "stages": [ "separation", "refining" ], "currentFinancialStatus": "decided", "financialStatusHistory": [ { "status": "decided", "date": "2025-10-31", "sourceId": "src-nrcan-g7-cmpa-2025", "note": "\"conditionally approved\"; recorded as decided and not yet binding, like the OSC conditional loan commitments." } ], "legacyPhysicalObservations": [ { "status": "announced", "date": "2025-10-31", "sourceId": "src-ucore-canada-conditional-20251031", "note": "Proposed first commercial samarium/gadolinium processing facility in Kingston. Existing demonstration-plant operations and Louisiana commercial-facility development are distinct projects; no later physical stage for this proposed Canadian commercial facility was established in the reviewed sources." } ], "terms": [], "statedOutcomes": [], "relationships": [], "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "instrument", "value_role", "capital_source", "amount", "provider", "recipient", "status", "project", "location", "materials" ], "evidence": "explicit", "locator": "Ucore paragraph", "note": null }, { "sourceId": "src-nrcan-g7-cmpa-2025", "supports": [ "stages" ], "evidence": "ambiguous", "locator": "Ucore paragraph", "note": "Refining samarium and gadolinium with RapidSX separation technology, coded as separation and refining." }, { "sourceId": "src-ucore-canada-conditional-20251031", "supports": [ "status", "project" ], "evidence": "explicit", "locator": "Opening paragraphs and contribution-agreement conditions", "note": "Conditional funding for a proposed Canadian commercial facility, subject to due diligence and execution of a contribution agreement." }, { "sourceId": "src-ucore-mda-q2-2026", "supports": [ "status" ], "evidence": "explicit", "locator": "Government of Canada Funding for a Samarium and Gadolinium Facility", "note": "The 26 August 2026 MD&A explicitly states that neither Canadian definitive agreement exists as of its date; demonstration and Louisiana work are described separately." }, { "sourceId": "src-ucore-us-ota-modification-20260914", "supports": [ "status" ], "evidence": "explicit", "locator": "Opening paragraphs and program scope", "note": "Executed US award modification concerns Kingston process development and Louisiana Enhanced Machine A. It does not establish execution or payment of this Canadian package or construction/operation of its proposed Canadian commercial facility." } ], "notes": "The package total; its NRCan and FedDev Ontario parts remain recorded as parts of it. NRCan is identified as a non-repayable contribution; the package instrument is not fully specified. Lifecycle review on 2 October 2026: the 26 August 2026 MD&A states there was no definitive agreement for either Canadian component as of that filing. Reviewed later sources did not establish execution or disbursement of this funding, so the original conditional decision is retained. The proposed Canadian commercial facility is distinct from the operating Kingston commercialization/demonstration facility, its earlier CMRDD contribution agreement, the US-funded development program and the Louisiana commercial facility." } ], "nonallocativeAssociations": [], "designations": [], "nativeMilestones": [], "policyContexts": [ { "id": "evt-ca-g7-cmpa-2025", "relationship": "finance_or_designation_parent", "jurisdiction": "canada", "issuingBody": "Natural Resources Canada", "titleEn": "Canada unlocks 26 new investments and partnerships with 9 allied countries to secure critical minerals supply chains (G7 Critical Minerals Production Alliance, first round)", "titleOriginal": "Canada unlocks 26 new investments and partnerships with 9 allied countries to secure critical minerals supply chains", "documentNumber": null, "date": "2025-10-31", "policyStatus": "active", "sourceIds": [ "src-nrcan-g7-cmpa-2025" ] } ], "coannouncedControls": [], "financePackageReferences": [ { "childFinanceId": "fin-ca-g7-2025-ucore-feddev", "parentFinanceId": "fin-ca-g7-2025-ucore-package", "relation": "part_of", "projectMoneyAllocation": "not_asserted", "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "locator": "Ucore paragraph" } ] }, { "childFinanceId": "fin-ca-g7-2025-ucore-nrcan", "parentFinanceId": "fin-ca-g7-2025-ucore-package", "relation": "part_of", "projectMoneyAllocation": "not_asserted", "evidence": [ { "sourceId": "src-nrcan-g7-cmpa-2025", "locator": "Ucore paragraph" } ] } ], "unknowns": [ "No project-native source-reviewed industrial milestone is published. Attributed activity in financing histories remains a separate evidence class; no exact milestone date or facility-wide conclusion is inferred.", "Historical amount review is incomplete. Current amounts cannot be read as a time series of earlier commitments.", "Structural links and shared materials do not demonstrate that a government measure caused an industrial outcome." ], "sources": [ { "id": "src-nrcan-cmrdd-2024", "title": "Government of Canada Supporting Critical Minerals Processing in Kingston", "publisher": "Natural Resources Canada", "url": "https://www.canada.ca/en/natural-resources-canada/news/2024/09/government-of-canada-supporting-critical-minerals-processing-in-kingston.html", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2024-09-04", "accessedOn": "2026-09-23" }, { "id": "src-nrcan-cms-2022", "title": "Minister Wilkinson Releases Canada's $3.8-billion Critical Minerals Strategy to Seize Generational Opportunity for Clean, Inclusive Growth", "publisher": "Natural Resources Canada", "url": "https://www.canada.ca/en/natural-resources-canada/news/2022/12/minister-wilkinson-releases-canadas-38-billion-critical-minerals-strategy-to-seize-generational-opportunity-for-clean-inclusive-growth.html", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2022-12-09", "accessedOn": "2026-09-23" }, { "id": "src-nrcan-g7-cmpa-2025", "title": "Backgrounder: Canada unlocks 26 new investments and partnerships with 9 allied countries to secure critical minerals supply chains", "publisher": "Natural Resources Canada", "url": "https://www.canada.ca/en/natural-resources-canada/news/2025/10/backgrounder-canada-unlocks-25-new-investments-and-partnerships-with-9-allied-countries-to-secure-critical-minerals-supply-chains.html", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2025-10-31", "accessedOn": "2026-09-23" }, { "id": "src-ucore-canada-conditional-20251031", "title": "Ucore Receives Conditional Approval from the Government of Canada for up to $36.3M for Canadian Rare Earth Processing", "publisher": "Ucore Rare Metals Inc.", "url": "https://ucore.com/ucore-receives-conditional-approval-from-the-government-of-canada-for-up-to-36-3m-for-canadian-rare-earth-processing/", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2025-10-31", "accessedOn": "2026-10-02" }, { "id": "src-ucore-mda-q2-2026", "title": "Ucore Rare Metals Inc. Management Discussion and Analysis for the three-month and six-month periods ended June 30, 2026", "publisher": "Ucore Rare Metals Inc.", "url": "https://ucore.com/FinancialStatements/Ucore_MDA_Q2_2026.pdf", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2026-08-26", "accessedOn": "2026-10-02" }, { "id": "src-ucore-us-ota-modification-20260914", "title": "Ucore Secures Additional US$4.6 Million from U.S. Department of War to Advance Samarium and Gadolinium Refining", "publisher": "Ucore Rare Metals Inc.", "url": "https://ucore.com/ucore-secures-additional-us4-6-million-from-u-s-department-of-war-to-advance-samarium-and-gadolinium-refining/", "language": "en", "sourceType": "official", "confidence": "primary", "publishedOn": "2026-09-14", "accessedOn": "2026-10-02" } ], "limitations": [ "Policy contexts here parent existing finance or designation records; a shared material or date never creates a causal edge.", "Coannounced controls are announcement siblings only, not project-specific restrictions or effects.", "Direct project attribution and nonallocative association are different. No individual monetary allocation, financial sum or payment conclusion is authorized.", "Financing statuses describe the current corpus revision. Legacy implementation observations require scoped review and are not project-native milestones.", "A milestone's event/target date, publication/access horizon and reviewer date are separate. A planned target is not automatically occurred.", "An absent reviewed milestone means no approved entry in SMPT, not that the facility is inactive or failed.", "Amounts retain current source-stated terms, original currency and exact decimal strings. This packet computes no historical financial totals or project-wide monetary allocation.", "Published source review does not establish independent on-site verification. Source, financial-status, occurrence, target and review dates remain distinct." ] }