Mr. Peter Shearing reports

CANADA RARE EARTH ADOPTS NEW STOCK OPTION PLAN

At Canada Rare Earth Corp.'s annual meeting held Jan. 12, 2024, shareholders of the company approved the adoption of a new 10-per-cent rolling stock option plan. The new plan is in line with other TSX Venture Exchange issuers' option plans. Details of the annual meeting and of the new plan can be found under the company's profile on SEDAR+.

The company also announces that it has granted 2.85 million stock options to various officers, directors and consultants. These stock options are exercisable at five cents per share for a period of five years.

About Canada Rare Earth Corp.

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