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Canada Rare Earth establishes rare earth supply chain operations in DRC

Canada Rare Earth Corp. has established rare earth supply operations in the Democratic Republic of Congo (DRC) marking a significant milestone in its expansion strategy. The proprietary operations in the DRC will be conducted through its wholly-owned subsidiary, Simba Essential Minerals S.A.S., incorporated in December 2023.

By establishing our proprietary operations, we are simultaneously expanding Canada Rare Earth's supply capabilities while instituting a more controlled and secure source of rare earth minerals from the Kivu Provinces, a region well known for its rich mineral resources. We are dedicated to harnessing these resources responsibly, bringing benefits not only to our shareholders but also to the local communities that are integral to our operation.

—Steve Sadiki, CEO and President of Simba Essential Minerals

The initial startup supply will be sourced from local artisanal mining cooperatives, promoting responsible sourcing and empowering local miners. Rare earth concentrate supply is expected to ramp up from 100 to 500 tons per month by mid-2024, signifying substantial growth in production capacity.

Canada Rare Earth is actively exploring mineral concessions for acquisition, intending to secure 2-3 exclusive sources of rare earth concentrate and other minerals for purchase and operation by the end of 2024. These proprietary concessions will significantly boost supply and reduce costs, complementing the artisanal supply chain.

The company is progressing in finalizing the acquisition of a majority stake in Privco—a private company that owns and operates a mining quarry with accessible material containing attractive grades of rare earth and essential minerals which will provide a substantial and reliable supply of essential minerals.

Concurrent with this expansion, Canada Rare Earth's trading operations have demonstrated strong performance, with transactions exceeding $7,500,000 since the commencement of the fiscal year on 1 April 2023. The Company has also acquired $1.5 million of trade-focused capital to facilitate increased supply volumes of essential mineral concentrates for its customers.

Our company’s trading infrastructure has made rapid strides, and the volumes we’ve secured are substantial. We’re optimistic about the growth ahead. With the Privco acquisition nearing completion, we expect to see a tangible increase in near-term revenue and cash flow. Following the acquisition, we’re set to begin direct shipping rare earth minerals to our established customer base from the ready-to-operate Privco site

—Peter Shearing, CEO Canada Rare Earth


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