Mr. Peter Shearing reports

CANADA RARE EARTH STRENGTHENS MANAGEMENT TEAM ISSUES SHARES FOR DEBT

Canada Rare Earth Corp. has appointed Janet Meiklejohn as chief financial officer of the company.

"The company is extremely pleased to welcome Janet to Canada Rare Earth as chief financial officer," stated Peter Shearing, chief executive officer and president of Canada Rare Earth. "Her 25 years of capital markets experience and her public company experience as a CFO will be a key contribution to our renewed commitment to aggressive growth, including acquiring and developing proprietary projects, resources and facilities by leveraging our near-term cash flow opportunities."

Janet Meiklejohn, CPA, CA, MBA, former CBV, is a highly accomplished senior financial executive with over 25 years of experience in corporate finance and institutional equity sales. Most recently, she worked as a chief financial officer and as a member of the executive leadership team for several high-growth companies, both public and private. As an institutional equity sales vice-president with leading Canadian investment banks, including Desjardins Securities, National Bank, Salman Partners and Macquarie Capital, Ms. Meiklejohn has an established network of renowned institutional investors which focuses on the mining sector. She brings further expertise in financial reporting, strategy, valuation, governance and capital markets to Canada Rare Earth.

She replaces Anthony Wong as the company's CFO. The management and board of directors would like to thank Mr. Wong for his dedication and support of Canada Rare Earth.

Further to the Oct. 30, 2023, news release, the company announces that it has received TSX Venture Exchange approval to issue 1.68 million shares at a deemed price of three cents per share as payment of $50,400 of fees to Moneta Advisory Partners (Vancouver) Corp. for the provision of investment banking services in support of the company's acquisition, development and operational plans for its mining, processing and supply chain. Moneta is an arm's-length party to the company.

Per the March 1, 2023, investment banking service agreement with Moneta (previously disclosed in the company's April 11, 2023, news release), Moneta is being paid $15,000 in cash per month in addition to the $8,000 per month in shares. The company has the option to replace the share payment with a cash payment of $5,000 per month.

Erin Campbell, ICD.D and founder and investment banking partner at Moneta, commented: "At Moneta, we value the close relationship with Canada Rare Earth. We are very confident in their business plans, and are glad to assist in and be a part of their future success as their investment banking partners."

About Canada Rare Earth Corp.

Canada Rare Earth operates a rapidly growing global essential mineral business built from over a decade of success in rare earth minerals and products. Its strategy leverages near-term positive cash flow opportunities supporting its business growth, including acquiring and developing proprietary projects, resources, and processing capabilities and facilities.

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