Mr. Michael Schrider reports

UCORE PROGRESSES THROUGH HEAVY RARE EARTH PROCESSING AS IT COMPLETES SECOND MILESTONE OF STRATEGIC US DOD CONTRACT

Ucore Rare Metals Inc. has completed the second milestone outlined in its $4-million (U.S.) other transaction agreement (the OTA) with the U.S. Department of Defense (the DoD) at the company's commercialization and demonstration facility (CDF) in Kingston, Ont., utilizing its 52-stage RapidSX demonstration plant for the separation of mixed heavy and light rare-earth elements (REE) chemical concentrate feedstocks -- in example, mixed rare-earth oxides (MREOs) and carbonates (MRECs).

The OTA is focused on the ultimate individual separation of the rare-earth permanent magnet (REPM) elements praseodymium (Pr), neodymium (Nd), terbium (Tb) and dysprosium (Dy) plus yttrium (Y) from United States-friendly heavy MREO sources. Since completion of demo plant commissioning work in December, 2023, the company has been processing MREO under the OTA. Work under the agreement is broken down into 10 milestones, with the completion of each milestone representing a significant step in unlocking the four primary REEs required to produce rare-earth permanent magnets from a single MREO source -- including highly sought after Dy which enables REPMs to operate in a high-temperature environment and is nearly exclusively processed in China.

Ucore is working to change this narrative -- the company recently completed the second OTA milestone by successfully separating holmium through lutetium from lanthanum through dysprosium on a scale of 1000s of litres of separated raffinate and strip liquor products above the targeted purity of 99 per cent.

Rare-earth separation and refining within the CDF is achieved through a series of separations utilizing the single RapidSX 52-stage demo plant (or RapidSX Machine) for each separation to isolate and purify individual rare earth REEs in combination with each of the six 17,400-litre tanks. Each of the 10 OTA milestones correlates to a project payment and seven of these relate to completion of specific separations with the two different heavy MREOs, with the remainder relating to the sourcing of feedstocks and further reporting of results. The company expects to complete work under the OTA in Q3 2024 to be immediately followed by a similar demonstration with light MRECs through its recently announced $4.28-million Natural Resources Canada program.

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.

We seek Safe Harbor.