Mr. Benoit Desormeaux reports

QUEBEC RARE EARTH ELEMENTS ANNOUNCES ACQUISITION OF MINERAL ASSETS

Further to Quebec Rare Earth Elements Corp.'s press release of Feb. 28, 2024, the company has acquired certain mineral claims in the province of Quebec. The acquisition was completed in accordance with a purchase agreement dated Feb. 28, 2024, with an arm's-length party (the seller). The property consists of 45 claims representing approximately 2,430 hectares north of Lake Manitou in a known REE (rare-earth element) area which is located approximately 130 kilometres northeast of the city of Sept-Iles in Quebec.

As consideration for the property, the company issued the seller an aggregate of three million common shares in the capital of the company at a deemed price of 15 cents per common share. All securities issued pursuant to the acquisition are subject to a statutory hold period of four months and one day from the issuance thereof, as applicable, in accordance with applicable securities laws.

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. 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 it seeks to build a sustainable, high-quality, high-integrity business for the benefit of all stakeholders. The company is listed on the Canadian Securities Exchange under the symbol QREE.

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