Mr. Michael Schrider reports

UCORE WELCOMES CANADIAN GOVERNMENT OFFICIALS TO ITS KINGSTON ONTARIO CDF FOR AN NRCAN FUNDING ANNOUNCEMENT

Ucore Rare Metals Inc. has hosted Canadian government officials at its RapidSX commercialization and demonstration facility (CDF) in Kingston, Ont., for the formal announcement of $4.2-million of financing through Natural Resources Canada's (NRCan) Critical Minerals Research, Development and Demonstration (CMRDD) program. This financing program was originally announced by Ucore on Nov. 20, 2023.

Today, Mark Gerretsen, member of parliament for Kingston and the Islands, on behalf of the honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, announced a $4.2-million investment to Ucore Rare Metals. This investment will help scale up and demonstrate the commercial efficacy of Ucore's pending patent and Canadian-developed RapidSX rare earth element separation technology platform under rigorously simulated commercial conditions.

The honourable Mr. Wilkinson, Minister of Energy and Natural Resources, stated: "Critical metals like rare earth elements are an integral part of many clean technologies and energy sources. Demand for these resources will only grow. That is why we are taking action to build resilient and secure supply chains that provide the materials we need and the good jobs Canadian workers deserve right here in Canada. Investments like today's, help to support these goals and will help us to build a prosperous and sustainable low-carbon economy that works for everyone."

Funded through the CMRDD program, Ucore's project will support Canada in increasing the supply of metals that are essential to the development of electric vehicle motors and wind turbines. This is a critical step in the development of a domestic electric vehicle value chain.

Mike Schrider, PE, vice-president and chief operating officer of Ucore, noted: "This NRCan demonstration project shines a light on the lesser known but equally important aspect of the critical metals supply chain in North America -- rare earth elements. A rare earth permanent magnet motor is by far the most efficient means of converting electrical energy from batteries to mechanical energy for electric vehicles and, in reverse, wind turbines. Ucore is very appreciative of this NRCan opportunity to demonstrate our transformative RapidSX technology for the separation of rare earth elements with our Canadian project partners, Cyclic Materials, Defense Metals and Kingston Process Metallurgy. Through this project, we are moving Canada closer to fully incorporating these critical supply chain metals on a significant commercial scale."

Primary NRCan objectives for the project

Instead of shipping Canada's concentrates overseas for foreign separation, Ucore's project will support Canada's direct participation in the growing market of heavy and light rare earth elements. This financing will also provide employment opportunities for skilled trades and professional occupations, including indigenous communities. Importantly, the investment supports the development of Canadian expertise and deploys a new, more sustainable technology to the benefit of other domestic companies. In addition to electric vehicles, rare earth elements are also required for wind turbines and a variety of electronics.

Canada is committed to reducing greenhouse gas emissions and building a cleaner and more prosperous economy. Creating domestic processing streams and developing expertise in the critical minerals space will create good jobs, build more competitive value chains, and ensure investment and economic growth in communities across Canada.

Information about the financing 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 financing 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 is 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.