VAC ANNOUNCES STRATEGIC ALLIANCE BETWEEN VAC, eVAC, AND UCORE RARE METALS FOR RARE EARTH OXIDE SUPPLY AGREEMENT

TORONTO, CANADA (November 3, 2025) – VACUUMSCHMELZE GmbH & Co. KG (VAC), a global leader in magnetic materials and technologies, today announced the signing of a Memorandum of Understanding (MoU) with Ucore Rare Metals Inc. (Ucore) and e-VAC Magnetics LLC (eVAC) to evaluate a collaborative supply agreement for high-purity rare earth oxides (REOs).

The agreement is a significant step toward building a resilient North American and European supply chain for critical rare earth materials needed in the production of high-performance permanent magnets.

eVAC, a subsidiary of the VAC Group, has recently begun ramping up operations at its cutting-edge permanent magnet manufacturing facility in South Carolina, USA. Combined with VAC’s extensive permanent magnet operations in Europe, these facilities rely on rare earth oxides such as Neodymium (Nd), Praseodymium (Pr), Terbium (Tb), and Dysprosium (Dy) for the production of VACODYM^® neodymium-iron-boron (NdFeB) permanent magnets, and Samarium (Sm) and Gadolinium (Gd) for VACOMAX^® samarium-cobalt (SmCo) permanent magnets.

The MoU outlines the framework for a proposed collaboration in which Ucore will supply VAC and eVAC with rare earth oxides processed at Ucore’s Louisiana Strategic Metals Complex (Louisiana SMC) in Alexandria, Louisiana, USA, and/or its Commercial Demonstration Facility in Kingston, Ontario, Canada. These facilities will produce high-purity rare earth elements including Neodymium (Nd), Praseodymium (Pr), Terbium (Tb), Dysprosium (Dy), Samarium (Sm), and Gadolinium (Gd) – vital components in the production of advanced permanent magnets.

VAC’s CEO, Dr. Erik Eschen, commented:

“We are thrilled to announce our partnership with Ucore Rare Metals Inc., a Canadian company focused on the development of rare earth element projects and refining technologies. "This collaboration strengthens VAC’s and eVAC’s strategic position in the global rare earth supply chain and ensures long-term access to critical raw materials for our permanent magnet products. Partnering with Ucore reflects our commitment to sustainable innovation and securing supply resilience."

Ucore’s CEO, Pat Ryan, added:

"It's known in critical industries of defense, EV automotive and renewable energy that VAC and eVAC represent an extensive supply network with decades of experience for rare earth permanent magnet production and magnetic solutions. As such we are extremely pleased with our strategic alignment which will allow Ucore to provide critical rare earth oxides produced using Ucore's RapidSX refining technology for VAC and eVAC's growing global markets. We anticipate that joining forces to provide a complete supply chain solution, in particular for Europe and North America, will support lasting growth for years to come." 

About Vacuumschmelze (VAC)

VACUUMSCHMELZE (VAC) is a leading global producer of advanced magnetic solutions, rare earth permanent magnets, and inductive components. With extensive application know-how and 100 years of experience in material science and product development, VAC designs and manufactures mission critical solutions for a wide variety of industries, including renewable energy, e-mobility, automotive, industrial automation, medical, aerospace. VAC’s unique ability to develop and manufacture from base elements through final products enables us to provide customers optimal form factors and performance, generating best in class efficient solutions in an environmentally conscious manner. VAC is a portfolio company of Ara Partners, a global private equity and infrastructure firm that is decarbonizing the industrial economy.

More information at www.vacuumschmelze.com.

About Ara Partners

Ara Partners is a global private equity and infrastructure investment firm focused on industrial decarbonization. Founded in 2017, Ara Partners seeks to build and scale companies with significant decarbonization impact across the industrial and manufacturing, chemicals and materials, energy efficiency and green fuels, and food and agriculture sectors. The company operates from offices in Houston, Boston, Washington D.C., and Dublin. Ara Partners closed its third private equity fund in December 2023 with over $2.8 billion in capital commitments. As of June 30, 2025, Ara Partners had approximately $6.6 billion of assets under management.

For more information about Ara Partners, please visit www.arapartners.com.

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore’s vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry. 

Through strategic partnerships, this plan includes disrupting the People’s Republic of China’s control of the North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and the longer-term development of Ucore’s 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA (“Bokan”).

Ucore is listed on the TSXV under the trading symbol “UCU” and in the United States on the OTC Markets’ OTCQX® Best Market under the ticker symbol “UURAF.”

For further information, please visit www.ucore.com.

Media Contacts                                                                 

For VAC:                                                  

Dominik Kresslein
Team Lead Global Marketing       
pr@vacuumschmelze.com   

For Ucore Rare Metals Inc.:

Mark MacDonald
Vice President, Investor Relations
mark@ucore.com