Mr. Jim McKenzie reports

UCORE AMENDS AND CLOSES PRIVATE PLACEMENT

Orca Holdings LLC, a company owned and controlled by Randy T. Johnson of Ketchikan, Alaska, has notified Ucore Rare Metals Inc. of a prospective desire to increase Orca's investment in the company such that Orca would control in excess of 20 per cent of the company's voting shares on a partially diluted basis. This would result in Orca becoming a control person as defined by TSX Venture Exchange Policy 1.1 and any such transaction may also result in a change of control as defined in TSX-V Policy 1.1, which would be subject to the approval of both the TSX-V and a majority of the company's disinterested shareholders (in accordance with TSX-V policies as well as Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions). However, no offer has been made by any party and no transaction is being contemplated by the company at this time. Orca currently owns or controls 36,188,032 common shares of the company (representing 13.1 per cent) and 11,408,772 warrants that are exercisable into that number of additional common shares of the company (representing an aggregate of 16.5 per cent on a partially diluted basis). Orca filed an early warning report on SEDAR on Jan. 19, 2016, when it completed a royalty conversion transaction with the company and then held approximately 15 per cent of the company's common shares. Orca also participated in the company's recent private placement. Details are available on SEDAR and on SEDI.

The board of directors of the company is considering Orca's request and has elected to end the previously announced private placement (see press releases on May 23, 2018, and June 11, 2018) and is not accepting any further investment at this time, pending a more detailed consideration and review of potential investment opportunities with potential control persons.

About Ucore Rare Metals Inc.

Ucore Rare Metals is a development-phase company focused on rare metal resources, extraction and beneficiation technologies. The company has a 100-per-cent ownership stake in the Bokan project.

We seek Safe Harbor.