Mr. Benoit Desormeaux reports

QUEBEC RARE EARTH ELEMENTS ACQUIRES ADDITIONAL LAND SURROUNDING LYNX REE PROJECT IN QUEBEC, CANADA

Quebec Rare Earth Elements Corp. has acquired additional lands abutting the Lynx rare earth element project located in Quebec, Canada. The Lynx REE project is located 15 kilometres north of Dolbeau-Mistassini and 90 km northwest of Saguenay, Que., and covers 2,034 hectares (20.3 square km). The additional property abutting Lynx was acquired by staking and covers a further 2,543 ha (25.4 square km) for a total of 4,577 ha (45.7 square km).

Lynx REE project overview

The Lynx REE project covers a late mafic igneous intrusive plug covering an estimated area of six km by two km based on recent government geological mapping and airborne geophysical data. Sporadic outcropping exposures of the intrusive show a coarse-grained diopside-apatite-biotite mineralogy with minor amounts of carbonate, and titanite. The project has seen minimal historical work, limited to mapping and sampling.

The limited historical work was completed by Tectonic Resources Inc., the vendors of the project. Samples taken returned interesting results, including up to 4,925 parts per million of total rare earth oxides (TREO) with neodymium-praseodymium /TREO ratios of up to 0.3. In addition, a pegmatite dike near the intrusive has returned up to 3.8 per cent TREO.

Lynx project location

The Saguenay area is located within the Grenville gneiss province of the Canadian Shield. Two known carbonatite intrusives hosting niobium (Niobec) and rare earths elements (Crevier carbonatites) are located 80 km southeast and 70 km northwest, respectively, from the Lynx property. The Lynx property and intrusive have direct access via well-maintained forestry roads from the nearby town of Dolbeau-Mistassini.

Lynx has excellent potential for an REE discovery

Benoit Desormeaux, president and chief executive officer, states: "With the increasing need for green energy sources to reduce CO2 emissions, we believe that the need for REEs will significantly increase in the near term. The fundamental REE demand for permanent magnets and the need for customers and governments to seek REE supply chains outside of China will drive REE demand in mining jurisdictions like Quebec. The Saguenay area is a favourable area for REE mineralization as indicated by proximate known carbonatites and Nb-REE deposits. Despite this favourable setting, the Lynx project has never been drilled. We believe the Lynx project has excellent potential for a new REE discovery."

Strategy and 2024 plans

Quebec Rare is in the process of establishing a 2024 work program for Lynx. As the company continues to evaluate its existing preresource REE properties, Lynx and Carcajou, it is also evaluating external development projects (preliminary economic assessment or better) with published technical studies. The work plan for 2024 will be communicated when approved.

Qualified person (QP)

The technical information in this news release has been reviewed and approved by Richard Roy, PGeo, consulting geologist to Quebec Rare, who is a qualified person (as defined in National Instrument 43-101).

About Quebec Rare Earth Elements Corp.

Quebec Rare is a mining exploration and development company focused on rare earth elements (REE), primarily in the favourable mining jurisdiction of Quebec. The company is lead by a Quebec-based team that has decades of mining experience across all stages of development, from grassroots discoveries, resource development, economic studies, financing, construction, production and continuing operations. Local community engagement is a core principle on which the company seeks to build a sustainable, high-quality, high-integrity business for the benefit of all stakeholders. Quebec Rare is listed on the Canadian Securities Exchange under the symbol QREE.

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