Mr. Randy Johnson reports

UCORE HOSTS TWO U.S. SENATORS, SUBMITS PROPOSITION TO US DEPARTMENT OF DEFENSE

Ucore Rare Metals Inc. recently hosted senators Lisa Murkowski (R-AK) and Dan Sullivan (R-AK) in separate visits to Ketchikan, Alaska, to discuss Ucore's promise as a secure domestic supply source for rare earth elements (REE) crucial to United States defence, manufacturing and industrial base needs.

"We're delighted to be working with two influential federal senators, both of whom recognize the importance of secure domestic supply chains for critical materials," said Ucore advisory board member Randy Johnson. "Senator Murkowski has established a long record of interest in critical materials legislation, most recently sponsoring the bipartisan American Mineral Security Act, along with senator Sullivan, and is actively engaged in the development of a critical REE supply chain in Alaska. We're also thrilled that senator Sullivan, a decorated member of the U.S. Marine Corps and an active member of the Armed Services Committee, expressed an interest in Ucore's activities, especially with the Defense Production Act Title III program opportunities."

Ucore is also pleased to announce that the company has recently submitted a response to a request for information (RFI) from the Defense Production Act (DPA) Title III Office. The RFI response proposed the advancement of the Bokan-Dotson Ridge rare earth project's mine and REE processing and separation plant in southeast Alaska. The DPA Title III program authorizes the federal government to procure and install equipment within plants, factories and other industrial facilities which are owned by private entities.

Typical DPA Title III actions are designed to stimulate private investment in production resources, by reducing the risks associated with project capitalization. They are also to spur investments required to establish critically needed production capacity to meet the near-term needs of national defence requirements.

"The Bokan-Dotson Ridge rare earth project shows promise in delivering the mineral resources that the Department of Defense needs immediately and needs most," said Jim McKenzie, president and chief executive officer of Ucore. "These include heavy REE, such as dysprosium, terbium and yttrium, metals critically required by the U.S. DOD, which Ucore has at a higher grade than any other NI 43-101-compliant resource on U.S. soil. We'd like to thank senators Murkowski and Sullivan for taking such an active interest in the Bokan project and look forward to working with both them and U.S. DOD decision makers to make it a reality."

"We continue to believe that Alaska and, in particular, Bokan Mountain, is an essential component of any solution to mitigate America's escalating foreign dependence for rare earth elements," said Pat Ryan, chairman of Ucore. "Ucore is working actively with the State of Alaska, the Alaskan congressional delegation and the Department of Defense to unlock the value of the Bokan project for the emerging North American REE supply chain. This includes the advancement of shovel-ready initiatives associated with final engineering and permitting for the mine and continued progress of the first physical component of the Bokan project -- the individual rare earth elements processing and separation plant."

About Ucore Rare Metals Inc.

Ucore Rare Metals is a development-phase company focused on rare metals resources, extraction and beneficiation technologies with near-term potential for production, growth and scalability. The company has a 100-per-cent ownership stake in the Bokan-Dotson Ridge rare earth project.

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