Prospech secures funding for Korsnäs REE exploration

Prospech Limited (ASX:PRS) has announced that its subsidiary, Bambra Oy, has been granted up to €432,250 (~A$718,000) in funding for the Korsnäs rare earth elements (REE) exploration project. Additionally, the Company has been approved as a joint participant in the €16.0 million REMHub project, aimed at developing the REE value chain in Europe.

Executive Commentary on REMHub Project Funding

Bambra's selection as a participant in the REMHub project demonstrates the merit of the Korsnäs project, one of the most prospective REE assets in Finland, in the EU's objective of enhancing supply security of critical minerals in Europe. The grant funding will support Bambra's ongoing work at Korsnäs, further integrating it into Europe's future critical minerals supply chain. The European Commission has recognized the need to raise awareness about the importance of REEs and funding the REMHub project aims to build essential REE production capacities within the EU.

Summary of EU Funding for Korsnäs REE Exploration

Prospech Limited's subsidiary, Bambra Oy, has secured up to €432,250 in grant funding for the Korsnäs REE exploration project, in addition to being approved as a joint participant in the €16.0 million REMHub project. The REMHub project aims to develop, test, and pilot novel technologies for the exploration and primary production of REEs, as well as to enhance supply security of REEs and rare magnets in the EU. This funding signifies a significant step towards developing European expertise and establishing more sustainable extraction processes for REEs within the EU, aligning with the European Commission's objective of enhancing supply security of critical minerals in Europe.