Mr. Tracy Moore reports

CANADA RARE EARTH UPDATE - 3 MONTHS ENDING JUNE 30TH, 2023

Canada Rare Earth Corp. has provided highlights of the financial statements and management discussion and analysis for the three months ended June 30, 2023. Readers are encouraged to read both documents filed on SEDAR+.

Tracy A. Moore, chief executive officer of Canada Rare Earth, explained: "We are maintaining our Speed to Revenues strategy to increase sales, gross profits and positive cash flows as we simultaneously work to acquire and develop proprietary essential mineral properties which are either currently in production with expansion potential or are capable of near-term production. With increasing confidence in the Bom Futuro property, we have reached an agreement with our two partners that gives Canada Rare Earth the right to increase ownership in the project to a controlling 52 per cent and become the operator."

Peter Shearing, chief operating officer of Canada Rare Earth, elaborated: "We are increasing trading volumes from third party properties and acquiring/developing our own properties in parallel to create a robust trading base. We prioritize essential mineral opportunities with attractive near-term revenue potential in jurisdictions where we or our partners have good connections with the local communities. Currently, we are placing much of our efforts in Brazil and several African countries, focusing on rare earths, cassiterite/tin, zircon and ilmenite. The Bom Futuro property is a prime example of our targets."

Anthony Wong, chief financial officer of Canada Rare Earth, emphasized, "We are pleased with our increasing revenues while maintaining the gross profit percentage and keeping our operating and development costs on budget."

About Canada Rare Earth Corp.

Canada Rare Earth is developing an international integrated business focusing on essential and critical minerals, including rare earths. The company's strategy is to generate revenues and positive cash flow as it acquires and develops its own properties and establishes value-add processing capabilities.

We seek Safe Harbor.