Rare Element Resources enters cost-share agreement with General Atomics for DOE rare earth plant

RARE ELEMENT RESOURCES LTD

RER subsidiary assumes all non-DOE project costs for a $44M rare earth demonstration plant in Wyoming.
Agreement is conditional on parent raising at least $25M in a rights offering approved Oct 1, 2021.
Upon effectiveness, RER must prepay $2.7M to General Atomics for initial assumed costs.
General Atomics is a related party via its affiliate Synchron, which owns ~48% of RER Ltd.
DOE cooperative agreement provides up to $44M on a 50-50 cost share basis.

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