Mr. Jim McKenzie reports

UCORE ACCEPTS ADDITIONAL PROCEEDS FOR A TOTAL OF CAD $1.24 M

Further to its news release dated June 20, 2018, Ucore Rare Metals Inc. has accepted additional proceeds in relation to the company's previously announced non-brokered private placement by issuing an additional 555,555 units at a subscription price of 18 cents per unit for gross proceeds of approximately $100,000.

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to acquire an additional common share at an exercise price of 25 cents until June 28, 2021.

The company announced on June 20, 2018, that it was not accepting any further investment at that time; however, due to further shareholder interest in addition to the potential control person discussed in that press release, the company decided to accepted this investment opportunity as part of the previously announced private placement (see press releases on May 23, 2018, and June 11, 2018).

In total, the private placement has generated aggregate proceeds of approximately $1,242,000 and resulted in the issue of an aggregate of 6,899,629 units. The company can now confirm that this private placement is fully closed and will not be accepting any additional proceeds at this time.

"This was a very limited bridge financing to underwrite advanced engineering work on our Alaska-based SMC facility," said Jim McKenzie, president and chief executive officer of Ucore. "Demand has exceeded the proceeds accepted, and we're busying ourselves with the application of funding towards a very aggressive design/build process in Ketchikan."

Pursuant to applicable Canadian securities laws, all securities issued pursuant to this final tranche are subject to, among other things, a statutory hold period of four months and one day, which expires on Oct. 28, 2018. The private placement remains subject to the final approval of the TSX Venture Exchange.

About Ucore Rare Metals Inc.

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

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