Mr. Peter Manuel reports

UCORE ANNOUNCES CLOSING OF FINAL TRANCHE OF UPSIZED DEBENTURE OFFERING

Ucore Rare Metals Inc. has closed a second and final tranche of its previously announced non-brokered private placement of convertible debentures in the amount of $480,000 for cumulative gross proceeds of $1.99-million. The net proceeds from the offering are to be used for general working capital purposes.

Pursuant to the second closing, the company has issued 480 debentures, in addition to the 1,510 debentures issued pursuant to the previous closing, for a cumulative total of 1,990 debentures at a price of $1,000 per debenture. The debentures bear interest at a rate of 7.5 per cent, payable semi-annually on the last day of June and December of each year, commencing on June 30, 2024. The debentures have an approximately two-year term with the principal amount being due to be repaid in full by the company on Jan. 31, 2026. The debentures are unsecured. At any time during the term of the debentures, a holder may elect to convert the outstanding net principal amount, or any portion thereof, into units at a conversion price of 75 cents per unit. Each unit shall consist of one common share of the company and one-half of a warrant, with each whole warrant entitling the holder to acquire a common share at an exercise price of $1.05 for a period ending on the maturity date of the debentures. The issuance of the debentures, the units and any underlying common shares has been completed on a private placement and prospectus exempt basis such that the issuances shall be exempt from any applicable prospectus and securities registration requirements. Pursuant to the second closing, the company paid a total of $21,500 finders' fees and issued a total of 57,333 finders' warrants. Each finder's warrant entitles the holder to acquire one common share of the company at a price of 75 cents for a period of 24 months from the date of issuance. This brings total finders' fees for the offering to $89,250 and total finders' warrants issued to 231,000.

Pursuant to National Instrument 45-102, the debentures and any underlying units or common shares to be issued upon conversion or exchange of these securities will be subject to a four-month hold period commencing on the closing date of the offering. Additional hold periods and/or trading or resale restrictions may also apply in the United States. The offering remains subject to the final approval of the TSX Venture Exchange.

About Ucore Rare Metals Inc.

Ucore is focused on rare and critical metal resource, 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 rare earth element 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 heavy rare earth element project on Prince of Wales Island in southeastern Alaska, United States.

Ucore is listed on the TSX Venture Exchange under the trading symbol UCU and in the United States on the OTC Markets' OTCQX Best Market under the ticker symbol UURAF.

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