Mr. Mark MacDonald reports

UCORE ANNOUNCES CLOSING OF BROKERED OFFERING FOR GROSS PROCEEDS OF C$15.5 MILLION

Ucore Rare Metals Inc. has closed its previously announced best effort private placement for aggregate gross proceeds of $15.5-million, which includes the full exercise of the agent option. In aggregate pursuant to the offering, the company sold 12,916,667 units of the company at a price of $1.20 per unit. Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at any time on or before June 19, 2028, at an exercise price of $1.75.

Red Cloud Securities Inc., as lead agent and sole bookrunner, together with Raymond James Ltd., acted as agents in connection with the offering. As consideration for their services, the agents received cash commissions and advisory fees totalling $855,000 and were issued an aggregate of 712,500 non-transferable common share purchase warrants. Each broker warrant is exercisable into one common share at the offering price at any time on or before June 19, 2028.

The units were issued to Canadian purchasers pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 (Prospectus Exemptions), as amended by co-ordinated blanket order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption). The units and the securities underlying the units are not subject to resale restrictions pursuant to applicable Canadian securities laws.

The net proceeds of the offering are expected to be used for the following: (i) finalization of upstream mixed rare earth feedstock agreements and downstream customer offtake agreements for the company's planned strategic metals complex in Louisiana, United States; (ii) completion of the company's existing obligations pursuant to its agreements with the U.S. Department of Defence and Natural Resources Canada; (iii) commercial-scale column confirmation testing; (iv) progressing engineering drawings and plans, which are currently in progress, for the company's planned SMC; and (v) general working capital requirements.

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 development of a heavy and light rare earth processing facility in the U.S. state of Louisiana, subsequent SMCs 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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