Mr. Pat Ryan reports

UCORE RECEIVES A $4.28 MILLION FUNDING AGREEMENT FROM THE GOVERNMENT OF CANADA

Ucore Rare Metals Inc. has executed a $4.28-million non-repayable contribution agreement with the government of Canada to demonstrate its RapidSX rare earth element separation technology capabilities.

The funding will be used to demonstrate the commercial efficacy of the company's patent-pending RapidSX rare earth element (REE) separation technology platform specifically for light REEs. The company will produce nearly continuous high-purity samples of praseodymium (Pr), neodymium (Nd) and a praseodymium/neodymium compound (NdPr). The company expects to process 13 to 15 tonnes of mixed rare earth carbonates and oxides from various Canadian and U.S. feedstock sources at its RapidSX commercialization and demonstration facility (CDF) in Kingston, Ont. The project budget totals $8.31-million, with $4.28-million provided through the government funding.

This non-dilutive funding will assist the company with qualifying these critical magnet materials (Pr, Nd and NdPr) with automotive, wind energy and consumer original equipment manufacturers (OEMs). This funding and its focus on the light REE magnet materials complements Ucore's recently announced U.S. Department of Defense demonstration funding, which focuses on producing the heavy REE magnet materials, terbium (Tb) and dysprosium (Dy).

"We would like to thank the government of Canada for this important funding," stated Pat Ryan, PEng, Ucore chairman and chief executive officer. "China's recent announcements of increased scrutiny over the export of rare earth elements have raised concerns regarding the ongoing availability of these critical materials. The development of an alternative North American rare earth supply chain is more important than ever as the world moves toward the electrification of its vehicle fleet and other green initiatives."

Information about the funding and the project

The project is to be completed by March 31, 2025, with reporting to be provided by the company every quarter. Claims for eligible expenditures will be submitted quarterly within 60 days of the quarter's end. Total eligible expenditures to be reimbursed further to the funding are budgeted at $4,275,848 out of the total project budget of $8,308,441. The eligible expenditures period runs from Sept. 22, 2023, to March 31, 2025.

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.

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 and light rare-earth processing facility in the U.S. state of Louisiana, subsequent strategic metal complexes in Canada and Alaska, and the longer-term development of Ucore's 100-per-cent-controlled Bokan-Dotson Ridge rare heavy REE project on Prince of Wales Island in southeast Alaska, U.S.

We seek Safe Harbor.