Mr. Mike Schrider reports

UCORE ACQUIRES ALEXANDRIA, LOUISIANA, FACILITY FOR RARE EARTH ELEMENT PROCESSING PLANT

Ucore Rare Metals Inc. acquired on Jan. 1, 2024, an 80,800-square-foot brownfield facility on a 10.7-plus-acre industrial parcel for the development of its first commercial rare earth element (REE) processing facility in Alexandria, La. This selected site for the Louisiana strategic metals complex (LA-SMC) is secured through a multidecade lease with the England Economic and Industrial Development District (EEIDD) at its England Airpark complex. The England Airpark is a former 3,600-acre Air Force base dedicated to generating economic development in central Louisiana.

"Ucore is very pleased to announce the completion of this acquisition process and is extremely grateful to the City of Alexandria, England Airpark, GAEDA, the governor of Louisiana, Louisiana Central, Louisiana Economic Development, Rapides Parish, Louisiana's federal delegation and numerous other entities that helped us secure this long-term arrangement in Alexandria," stated Mike Schrider, PE, Ucore vice-president and chief operating officer. "This lease structure allows us time to get to a revenue position and to simultaneously cultivate developing opportunities for planned expansion and prospective joint ventures for the adjacent 50 acres of industrial property as we truly seek to establish a comprehensive and integrated rare earth supply chain in North America."

Ucore is developing the LA-SMC to process 2,000 tonnes per annum (tpa) of total rare earth oxides (TREO) by H1 2025, expanding to 5,000 tpa TREO by 2026, and 7,500 tpa TREO by 2027. The lease arrangement is designed to ensure the facility's long-term viability and employment opportunities for the residents of Rapides and the surrounding parishes. Additionally, the Greater Alexandria Economic Development Authority (GAEDA) has approved a $360,000 (U.S.) grant to England Airpark to support the project's development by providing lease assistance over the first two years.

The company expects to achieve numerous related milestones in Q1 2024 and looks forward to providing updates regarding enhanced RapidSX results and performance metrics from its U.S. Department of Defense and government of Canada demonstration programs and to further detail the financing and technical development pathway from its Kingston, Ont., commercialization and demonstration facility (CDF) to the LA-SMC in Alexandria, La.

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, U.S.

We seek Safe Harbor.