Mr. Michael Schrider reports

UCORE HOSTS U.S. EMBASSY OTTAWA STAFF AT RAPIDSX(TM) DEMONSTRATION PLANT

Ucore Rare Metals Inc. has hosted a visit of staff from the United States embassy in Canada at its RapidSX commercial demonstration facility (CDF) in Kingston, Ont. This visit underscores the strategic importance of Ucore's innovative technology in rare earth element (REE) processing and the potential for international collaboration in advancing sustainable resource solutions, and it builds on the company's recent cross-border announcement of a $4-million award from the U.S. Department of Defense's Industrial Base Analysis and Sustainment (IBAS) Program.

The U.S. embassy representatives were given an exclusive tour of Ucore's CDF, where they had the opportunity to see the company's cutting-edge 52-stage RapidSX demonstration plant capable of tonnes of REE separation and the company's conventional solvent extraction (SX) pilot plant -- built for the express purpose of technically and economically comparing the two technologies utilizing the same SX chemistry, stages and feedstock.

"We were thrilled to welcome the U.S. embassy staff to our Kingston demo plant," said Mike Schrider, PE, vice-president and chief operating officer of Ucore. "This visit underscores the significance of our work in the rare earth minerals sector and highlights our dedication to pioneering ecofriendly resource solutions. We believe that collaborations on an international level will play a pivotal role in shaping the future of sustainable technologies and strengthen our position of applying pioneering technological breakthroughs to bolster our forthcoming commercial rare earth separation facility in Alexandria, La."

During the visit, the parties discussed the company's technological advancements, supply chain transparency, and the pivotal role of rare earth elements in enabling the transition to a sustainable and green economy. The interaction highlighted the alignment between Ucore's mission to get to commercialization and international efforts to address environmental challenges through innovative solutions.

"We appreciate the opportunity to showcase our RapidSX commercial demonstration facility to the U.S. embassy's staff," said Dr. Ahmad Hussein, Ucore advisory board member and government liaison. "The company is working to raise awareness of our work in Kingston and Alexandria across the Canadian and United States governments and looks forward to other planned government entity visits as we strengthen the critical metals supply chain across North America."

Ucore's work in developing an REE supply chain aligns with the broader international agenda to secure reliable supplies of critical minerals essential for modern technologies, including clean energy and defence systems. The company's pioneering efforts in rare earth element separation are contributing to global efforts to enhance REE resource security and reduce environmental impacts.

The company is also pleased to announce that it has received the final acceptance of the TSX Venture Exchange for the issuance of bonus warrants in connection with a previously announced secured credit facility agreement (2023 facility) with Orca Holdings LLC in the amount of up to $1-million (U.S.).

In consideration for the granting of the 2023 facility, the company has issued one million non-transferable common share purchase warrants to Orca, with each bonus warrant entitling the holder to acquire one common share of the company at an exercise price of $1.20 per share. The bonus warrants will expire on May 9, 2024, and are subject to a hold period ending on Dec. 26, 2023. Orca is wholly owned by Randy Johnson, a member of Ucore's board of directors. The transaction is considered a related party transaction within Multilateral Instrument 61-01 Protection of Minority Security Holders in Special Transactions. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the transaction nor the consideration paid exceeds 25 per cent of the company's market capitalization.

For additional information regarding the 2023 facility and the bonus warrants, please see the company's press release dated May 10, 2023, also available on SEDAR+.

About Ucore Rare Metals Inc.

Ucore is focused on rare and critical metal resources, extraction, beneficiation and separation technologies with the potential for production, growth and scalability. 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.

We seek Safe Harbor.