Mr. Mark MacDonald reports

UCORE CLOSES PRIVATE PLACEMENT FINANCING

Ucore Rare Metals Inc. has closed a non-brokered private placement of 1,955,800 units at a price of 60 cents per unit.

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share for a period of 36 months following the date of closing of the offering at an exercise price of 75 cents.

Proceeds from the offering, totalling $1,173,480, are expected to be used for general corporate working capital purposes.

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 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.

Ucore is listed on the TSX-V 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.