Mr. Benoit Desormeaux reports

QUEBEC RARE EARTH ELEMENTS ANNOUNCES ELECTION OF DIRECTORS

At Quebec Rare Earth Elements Corp.'s annual general and special shareholder meeting held on Jan. 24, 2024, Benoit Desormeaux, Martin Milette and Richard Roy were elected as directors of the company.

Brief biographies of the elected directors are as follows.

Mr. Desormeaux

Mr. Desormeaux is the current president and chief executive officer of the company. Mr. Desormeaux is a proven mining CEO, having risen through the ranks of Semafo Inc. from 1997 to 2020, including as CEO, chief operating officer and chief financial officer. He also has over 12 years of board experience, including as audit committee chair, with public and private companies and charitable organizations. During his career, Mr. Desormeaux established a reputation for value creation, respecting guidance and timelines, and delivering on commitments. He has a strong operations background, having operated four mines in three West African countries, and a proven ability to take exploration and development projects through the full cycle of technical studies, permitting, financing, construction and operations. Mr. Desormeaux has excellent mining capital markets experience, having participated in multiple equity and debt financings, and various merger and acquisition transactions. He is also a chartered professional accountant (CPA).

Mr. Milette

Mr. Milette is the current chief financial officer of the company. Mr. Milette held the position of chief financial officer of Semafo, a gold mining company which was sold for $1.6-billion in 2020, for 15 years. During his career at Semafo, Mr. Milette oversaw all aspects of the finance and IT (information technology) functions of the company, including multiple equity and debt financings, and M&A transactions. Previously, he worked as senior manager, assurance and advisory services, at PricewaterhouseCoopers LLP, where he was principally active in the high-tech and mining sectors. He is also a chartered professional accountant (CPA).

Mr. Roy

Mr. Roy brings over 30 years of experience in the mineral resource industry across three continents, including extensive experience with underground and open-pit mine geology. Mr. Roy has held the position of vice-president, new ventures, with Endeavour Mining Corp. upon the completion of the acquisition of Semafo in March, 2020. Mr. Roy spent almost 11 years with Semafo (as the exploration manager and subsequently holding the position of vice-president, exploration), where he focused on target selection and prioritization, and was part of the acquisition team looking at opportunities of a variety of grassroots to late-stage-level projects. Mr. Roy has designed and implemented successful exploration programs and mine feasibility programs in Mexico and North America, working for companies such as Aur Resources, Placer Dome and several other junior companies. He has been involved in the discovery of several gold deposits that ultimately reached the mining stage. Mr. Roy has worked with various geological environments and commodities, including precious and base metals located in diverse challenging environments such as the Canadian Arctic and African desert. Mr. Roy holds a BSc in geology from Concordia University in Montreal and is a member of the Ordre des Geologues du Quebec.

Trumbull Fisher did not stand for re-election at the meeting. The company would like to thank Mr. Fisher for his contributions to the company and wishes him success in future endeavours.

About Quebec Rare Earth Elements Corp.

Quebec Rare Earth Elements is a mining exploration and development company focused on rare earth elements (REE), primarily in the favourable mining jurisdiction of Quebec. Quebec Rare Earth Elements is led 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 Earth Elements is listed on the Canadian Securities Exchange under the symbol QREE.

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