SRC Rare Earth Processing Facility Statement

April 20, 2023

In light of recent rare earth industry news related to a third-party company, and the volume of inquiries being received on this subject, SRC wants to clarify that its Rare Earth Processing Facility currently under construction is on schedule and on budget and will be fully operational by the end of 2024. To confirm, SRC is not connected in any way with that third-party company. 
SRC’s Rare Earth Processing Facility will produce high value rare earth elements (REEs) and magnet metals using REE minerals and will operate in the mid-stream supply chain. SRC is not a mining company, nor does it have commercial interests in mining operations. The REE Facility has been designed to be vertically integrated specifically to withstand short- and medium-term market volatility. By focusing on the three key REE components of the mid-stream supply chain, SRC will provide the most value to the REE industry and help create a sustainable REE hub in Saskatchewan.
We are proud of the significant progress already made at our REE Facility including the first large scale production of metal ingots (magnet metals) in Canada and the recent design and manufacture of proprietary, in-house separation technology which now makes Saskatchewan and Canada one of only a handful of jurisdictions worldwide with this capability.

Rare earth elements in vials