Reach Resources Limited(ASX: RR1) (“Reach” or “the Company”) is pleased to announce that is has made a strategic investment of $1.8M into REEgenerate Pty Ltd ("REEgenerate"), an Australian private company that owns 100% of the Coconut Club REE exploration project in Quebec, Canada.


REEgenerate has an option to acquire 100% of REEcycle Inc ("REEcycle"), a US based Rare Earth Element (REE) separation and technology Company.

  • Strategic investment of $1.8M into REEgenerate Pty Ltd, an Australian private company that owns 100% of the Coconut Club REE exploration project in Quebec, Canada and has an option to acquire 100% of REEcycle Inc, a US based Rare Earth Element (REE) separation and technology Company
  • REEcycle has developed a process that has the potential to reclaim nearly all rare earth elements in discarded NdFeB magnets with a recovery efficiency demonstrated in pilot testing in excess of 99%
  • The patented process developed at the University of Houston uses a proprietary solvent to safely and efficiently extract REEs from scrap with low temperatures, low pressures, and minimal energy needs and waste
  • In pilot testing, REEcycle's technology has demonstrated an ability to safely extract 15 of the 17 rare earth elements found in discarded permanent magnets in electronic waste from its pilot plant in Houston, Texas
  • NdFeB magnets will be sourced predominantly from end-of-life wind turbines, electric vehicles, electric bikes and electronic waste
  • REEcycle aims to provide an alternative option to traditional mined sources of rare earth metals as well as reduce supply chain uncertainty and geopolitical risk for companies reliant on these materials
  • REEcycle won top honours for the US Department of Energy's ("DOE") National Clean Energy Prize, and has received cash awards from the National Science Foundation ("NSF"), DOE, and top US universities
  • REEgenerate has established a high-powered Board comprising of leading industry experts Ashley Zumwalt-Forbes and Daniel Marmadou, and Advisory team including Mick McMullen, and founder Casey McNeil
  • The global permanent magnet market size was valued at USD$17.85 billion in 2018 and is projected to reach USD$34.70 billion by 2026, exhibiting a CAGR of 8.7% during the forecast period 1, with the rare earth metals component being valued at US$5.3 billion in 2021 with only 1% of REEs sourced from recycled end of life products 2
  • Shanghai Metals Market (SMM) forecast recycling of NdFeB magnets is likely to be the largest growth of neodymium and dysprosium supply from 2021 to 2025
  • Reach Resources raises $2.4M in new equity to fund its investment in REEgenerate and the development of its existing mineral resource exploration projects


Click here for the full ASX release

This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

Top News

Related News

×