Mr. Pat Ryan reports

UCORE ANNOUNCES BROKERED OFFERING OF UNITS FOR UP TO $5.35 MILLION

Ucore Rare Metals Inc. has entered into an engagement letter with Research Capital Corp., on behalf of a syndicate of agents, including Canaccord Genuity Corp. and Echelon Wealth Partners Inc., in connection with a best-efforts agency basis private placement of units of the company at a price of $1.00 per unit for minimum gross proceeds of $4-million and maximum gross proceeds of $5.35-million. Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one common share for a period of 36 months following the closing date of the offering at an exercise price of $1.25.

The company has granted the agents an option, exercisable in whole or in part prior to the closing of the offering, to offer and sell up to an additional 802,500 units at the offering price, for additional gross proceeds of up to approximately $800,000. If the agents' option is exercised in full, the aggregate gross proceeds to the company will be approximately $6.15-million.

"Having recently participated in the Critical Minerals Institute Summit in Toronto, we are more confident than ever that Ucore's planned rare earth separation facility in Louisiana will be a critical component of a North American rare earth supply chain," stated Pat Ryan, Ucore chairman and chief executive officer. "This offering, together with the recent $4-million (U.S.) award from the U.S. Department of Defense, positions the company strongly as end-users seek a western rare earth element supply chain."

The units to be issued under the offering will be offered to purchasers pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 -- Prospectus Exemptions, in all the provinces of Canada, except Quebec. The units will not be subject to resale restrictions pursuant to applicable Canadian securities laws.

The agents will also be entitled to offer the units for sale in the United States, pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and in those other jurisdictions outside of Canada and the United States, provided it is understood that no prospectus filing or comparable obligation arises in such other jurisdiction.

The net proceeds of the offering will be used for the following: (i) completing the commission trials at the company's RapidSX rare earth element (REE) commercial demonstration plant located in Kingston, Ont.; and (ii) working capital purposes.

There is an offering document relating to the offering that can be accessed under the company's profile at SEDAR and on the company's website. Prospective investors should read this offering document before making an investment decision.

The offering is scheduled to close on or about July 6, 2023, or such date as the lead agent and the company may agree upon, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the conditional approval of the TSX Venture Exchange. Completion of the offering remains subject to the receipt of all necessary regulatory approvals, including the approval of the TSX-V.

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 Louisiana, 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.

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