Mr. Mark MacDonald reports

UCORE ACQUIRES A THIRD RARE EARTH ELEMENT FEEDSTOCK FOR COMMERCIAL DEMONSTRATION PLANT COMMISSIONING TRIALS

Ucore Rare Metals Inc. has acquired its third mixed rare earth element (REE) chemical concentrate at the company's RapidSX commercialization and demonstration facility (CDF) in Kingston, Ont. This light REE feedstock is from a United States mineralization source and will be incorporated into the commissioning process for the 52-stage RapidSX demonstration plant for the separation of mixed heavy and light REE chemical concentrates. It follows two other mixed chemical concentrates that are utilized in the commissioning process, a) a synthetic light mixed rare earth oxide blend modelled in a monazite source and b) a heavy mixed rare earth oxide acquired from a United States-friendly ionic clay mineralization source.

Ucore's RapidSX commissioning program is a first-of-a-kind in North America. It consists of processing all three light and heavy REE feedstocks through the same demo plant circuit and, in parallel, a corresponding 52-stage conventional solvent extraction (SX) mixer settler pilot plant to obtain direct comparative results between the two processes. Once the commissioning process is complete, Ucore will commence its heavy REE demonstration and qualification program with the United States Department of Defense (DoD). This $4-million (U.S.) project from the U.S. government was announced on June 6, 2023, and represents a significant stepping stone in Ucore's transition to the commercial deployment of its RapidSX REE separation technology platform in Alexandria, La.

"We believe that Ucore's Kingston, Ont., demo plant is currently the largest heavy REE separation plant in North America," stated Mike Schrider, Ucore vice-president and chief operating officer. "It is capable of processing tens of tonnes of light and heavy REEs utilizing the exact same equipment -- and represents a unique technological advantage as North America endeavours to compete on the global stage to produce individual rare earth oxides required to support the growing EV industry."

"The under way commissioning process at the CDF is the single most significant leap in the development of the RapidSX technology platform and, once completed, will open the pathway to direct commercialization and monetization of Ucore's business model."

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.

We seek Safe Harbor.