Mr. Pat Ryan reports

UCORE COMMENTS ON CHINA'S BAN ON THE EXPORT OF RARE EARTH TECHNOLOGY

Ucore Rare Metals Inc. is commenting on recent announcements out of China regarding the export of technology for the processing of rare earth elements (REEs).

On Thursday, Dec. 21, 2023, China announced a ban on the export of technology to produce rare earth permanent magnets and confirmed its existing ban on technology associated with the separation of REEs.

China currently dominates the supply of rare earth components, particularly those containing terbium and dysprosium, accounting for nearly 90 per cent of the world's rare earth permanent magnets. REEs are critical components to a host of modern technologies, including electric vehicle engines, offshore wind turbines and many military applications. Both the Canadian and U.S. governments have recently implemented initiatives aimed at fostering domestic supply chains of a variety of critical materials among growing concerns over potential shortfalls.

Ucore recently announced the completion of its planned commissioning procedures for the company's RapidSX commercial demonstration plant for the separation of heavy and light REEs in Kingston, Ont., and the commencement of its U.S. Department of Defense demonstration program.

"Recent events in China are a remarkable development," stated Pat Ryan, Ucore chairman and chief executive officer. "Ucore's focus on the separation and refining of these critical materials is of increasing strategic importance to the burgeoning North American rare earth supply chain. Our recently commenced U.S. DoD demonstration program could not come at a more important time."

On April 6, 2023, Ucore announced the selection of an 80,800-square-foot brownfield facility in Alexandria, La., as the location for its first planned REE separation and oxide production facility with an estimated throughput of 7,500 tons total rare earth oxides (TREO) per annum (ex cerium and ex yttrium).

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 is 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 establishment 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, Untied States.

We seek Safe Harbor.