Ucore Rare Metals Inc. V.UCU

RE:This dude loves his Sunday pressers

[ausheds]

Appears you guys are the only one who haven't worked this out:

• However, by Ucore's own admission, the Bokan Mine resources are so speculative that they cannot be categorized as mineral reserves and thus do not have demonstrated economic viability.  Ucore's Management's Discussion and Analysis for the year ended December 31, 2018 affirms:
  
  "The PEA includes indicated and inferred mineral resources only, which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.  There is no certainty that the PEA will be realized.  Mineral resources that are not mineral reserves do not have demonstrated economic viability.  Most mineral exploration projects do not result in the discovery or development of commercially or profitably mineable ore deposits.  No assurance can be given that any particular level of recovery of ore reserves or resources will be realized or produced from the Company's Bokan Project." 
   

• Ucore's Chairman:  "[Ucore] is well positioned to satisfy the needs of U.S. defense and commercial markets by installing REE separation and processing capabilities in Alaska, secured by our prime critical minerals project at Bokan-Dotson Ridge." 
  
  However, over and above Ucore's admission as to the speculative nature of the Bokan Mine resources, the statement of Ucore's Chairman provides no assurance that Ucore has the technical and financial means to install "REE separation and processing capabilities in Alaska."  Ucore operates no separations or processing facilities, has abandoned the separations technology upon which its PEA was based and has no license from IBC for the separation and processing of REE's.  Furthermore, Ucore has never earned a profit.  In its financial statements for the period ending March 31, 2019, Ucore reported a retained deficit of CAD $48,305,314, cash of CAD $287,089, restricted cash of CAD $57,979 and stated:
  
  "The Company has no sources of revenue, experienced significant losses and negative cash flows from operations in previous years and has a deficit….The Company's current liquidity and capital resources raise significant doubt about the Company's ability to continue as a going concern for the next twelve months without any inflow or new funds during the first half of 2019."