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LITTLETON, Colo. – Rare Element Resources Ltd. (OTCQB: REEMF), a strategic materials company, announced the upcoming resignation of its President and CEO, Berg, who will be leaving the company effective April 2, 2024. Berg has been at the helm since November 1, 2022, and will also step down from the Board of Directors on the same date.
In a statement released by the company, Chairman of the Board Gerald Grandey expressed gratitude for Berg’s contributions, particularly in advancing the company’s rare earth demonstration plant. Grandey highlighted key achievements under Berg’s leadership, including the issuance of the U.S. Nuclear Regulatory Commission Source Material License and the completion of the U.S. Department of Energy’s National Environmental Policy Act review, both in 2023 with a Finding of No Significant Impact.
These milestones have paved the way for the Department of Energy’s budget approval in December, allowing the construction of the onsite rare earth extraction and separation plant to begin. The plant, which is a collaboration with General Atomics-led project team, is anticipated to commence operations in the third quarter of this year.
The Board has initiated the process to find a successor to Berg, who will continue his duties until his departure. Rare Element Resources Ltd. is focused on developing the Bear Lodge Rare Earth Project in northeast Wyoming, known for its significant mineralized district with critical rare earths used in various high-tech applications.
The company’s majority shareholder, Synchron, is affiliated with General Atomics, a developer of technology products for the energy and defense sectors.
This announcement is based on a press release statement.
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