Mr. Mark MacDonald reports

UCORE GRANTS INCENTIVE STOCK OPTIONS

Ucore Rare Metals Inc. has granted an aggregate of 1,425,000 options to directors, officers, employees and consultants of the company, subject to the approval of the TSX Venture Exchange. The options are exercisable into common shares at a price of $1.30 per share and the options expire five years from April 11, 2023, the date of grant. One-third of the options will vest after six months, with one-third vesting every six months thereafter until fully vested.

About Ucore Rare Metals Inc.

Ucore is focused on rare metal and critical metal resources, extraction, beneficiation and separation technologies with the potential for production, growth and scalability. Ucore has an effective 100-per-cent ownership stake in the Bokan/Dotson Ridge rare earth element (REE) project in southeast Alaska, United States. Ucore's vision and plan are to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term development of a heavy rare earth and light rare earth processing facility in Alexandria, La., subsequent SMCs (strategic metal complexes) in Alaska and Canada, and the longer-term development of Ucore's heavy rare earth element/mineral resource property at Bokan Mountain on Prince of Wales Island, Alaska. Ucore is listed on the TSX-V under the trading symbol UCU and in the United States on the OTC Markets' OTCQX Best Market under the ticker symbol UURAF.

We seek Safe Harbor.