Mr. Pat Ryan reports

DEFENSE METALS TO SHIP WICHEEDA MIXED RARE EARTH CARBONATE SAMPLE TO UCORE

In Q4 2023, Ucore Rare Metals Inc. executed a non-binding memorandum of understanding (MOU) with Defense Metals Corp. to explore collaborative opportunities as both companies move toward their respective commercialization efforts for a North American rare earth element (REE) supply chain. As one of the first projects under this MOU, Defense Metals will ship a mixed rare earth carbonate sample from its Wicheeda REE deposit to Ucore's Kingston, Ont., RapidSX commercialization and demonstration facility (CDF).

Craig Taylor, chief executive officer of Defense Metals, commented: "We expect to ship a mixed rare earth carbonate sample in the next few weeks to Ucore's demonstration plant for testing. The Wicheeda project is being developed as a viable source of REE from North America, and as more processing and separation facilities come on-line in the future, the demand for REE feedstock will be increasingly important. This MOU with Ucore is a further step in that direction, to be part of the Western world's REE supply chain."

SGS Canada Inc., in Lakefield, Ont., will ship the sample to Ucore's CDF on behalf of Defense Metals. This sample was generated during 2023 hydrometallurgical piloting test work performed on concentrate produced by earlier flotation pilot plant testing of a 26-tonne bulk sample from Defense Metal's wholly owned Wicheeda property in British Columbia.

Pat Ryan, PEng, chairman and CEO of Ucore, stated: "The opportunity to align closer with Defense Metals is strategically important. The MOU lays out the framework wherein Defense Metals' technically strong and readily accessible North American REE resource can be further processed and refined using Ucore's Canadian-founded technology, RapidSX. Receiving the sample mixed rare earth carbonate at our Kingston CDF will start the process of determining what may be possible between the companies as we collectively look to fuel the 21st century energy transition."

Ucore is working to transform how the West separates and purifies REEs with commercial demonstration projects at its CDF in Kingston, Ont., to separate heavy and light REEs. These projects, with the United States Department of Defense and the government of Canada, represent the final development step in Ucore's commercialization of its RapidSX technology platform, culminating in the development of the first modern technology commercial REE processing plant in Alexandria, La. -- the Louisiana strategic metals complex (SMC).

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, United States.

We seek Safe Harbor.