Mr. Michael Schrider reports

UCORE UPDATES ON ITS US HEAVY RARE EARTH PRODUCTION AND DPAS STATUS

Ucore Rare Metals Inc. has provided progress updates regarding its $22.4-million (U.S.) modified funding agreement with the U.S. Army Contracting Command-Orlando. The purpose of the May, 2025, phase II modification project is to facilitate the construction of a production-ready commercial RapidSX machine and supporting infrastructure in Alexandria, La.

Ucore announces:

• Under its $22.4-million (U.S.) funding agreement with the U.S. Army Contracting Command-Orlando to launch its RapidSX rare-earth element separation technology operations in Alexandria, La., the following progress updates:
  • Completion of initial Alexandria fieldwork activities;
  • The application of Defense Priorities & Allocations System (DPAS) status to work being performed on the project;
  • RapidSX full commercial scale-up engineering and testing program;
  • Continued execution toward feedstock partnerships;
  • Long lead time material identification and sourcing.

Defence priorities and allocations system (DPAS) rating

The company is also pleased to report on the recent application of a DPAS DO-B8 rating to purchase orders related to the project.

A DPAS rating imposes legal obligations on suppliers of equipment to the Louisiana SMC such that the fulfilment of any order for the SMC must be afforded preferential treatment over unrated orders in order to meet national defense and emergency preparedness requirements.

The DPAS is a regulation administered by the Department of Commerce that implements the priorities and allocations authority contained in Title 1 of the Defense Production Act (DPA) of 1950 with respect to industrial resources, essentially prioritizing DPA's rated orders over all others in order to meet national defence and emergency preparedness requirements.

The company's contract with U.S. Army Contracting Command-Orlando was modified on July 9, 2025, to afford the contract DPAS status.

Louisiana SMC

Current updates include:

• Completion of initial Alexandria fieldwork activities for acquired and, as applicable, properties over which the company has a right of first refusal (ROFR), including:
  • Boundary surveys;
  • Final Level II environmental site assessment;
  • Topographical surveys;
  • Utility surveys;
  • Revit model of the original building design with a confirming dimensional 3-D building scan;
  • Existing building slab engineering analysis.
• RapidSX full commercial scale-up engineering and confirmation testing program, including:
  • Design engineering, material sourcing and initial commencement of full-scale RapidSX equipment confirmation testing;
  • Exceeding the 50-per-cent progress milestone for system engineering transition planning from the commercialization and demonstration facility (CDF) to the SMC based on projected Louisiana SMC feedstocks
• Continued execution toward feedstock partnerships:
  • August, 2025, in-country due diligence meetings at multiple prospective partners' sites and continued definitive agreement discussions.
• Long lead time material (LLTM) identification and sourcing:
  • Exceeding the 75-per-cent milestone toward finalization of the bill of materials and sourcing for all primary and supporting LLTM equipment to support planned H2 2026 U.S. government demonstrations of a single RapidSX machine.

The primary objectives of the phase II project are:

1. Construct and demonstrate optimized full-scale RapidSX technology modules at the CDF;
2. Conduct a systems engineering approach to facilitate a knowledge transfer of the innovative RapidSX separation technology from the CDF to the SMC based on selected Louisiana SMC feedstocks;
3. Install production separation capacity at the SMC capable of processing hundreds of tonnes of heavy and/or light total rare-earth oxide (TREO) processing utilizing the RapidSX technology equipment platform.

It is anticipated that upon the successful completion of the project, Ucore will continue to construct and install its RapidSX machines in succession to complete its planned 2,000-tonne-per-annum (tpa) TREO Stage 1 construction and simultaneous production project. The concurrent construction and production efforts are enabled by the unique modular and adaptable attributes of the RapidSX technology platform, co-ordinated with a prudent capitalization plan.

"During the phase I government demonstration program, Ucore made significant strides in the validation and commercialization of its RapidSX separation technology platform," stated Mike Schrider, PE, Ucore's vice-president and chief operating officer. "The phase II full-scale under way assembly and engineering transition work simply builds upon the approximately 5,500 hours of demonstration plant run time in a simulated commercial environment, and allows us to truly optimize the scaled-up equipment against the millions of collected system data points assembled throughout the collection and analysis of nearly 11,000 process samples.

"Ucore has established a decisive pathway to heavy rare-earth processing in the United States based on a technology that significantly modernizes and improves the fundamentally sound and well-proven chemistry of solvent extraction."

Further, Ucore Rare Metals is pleased to announce that it has engaged the services of ImpactDeck, a leading investor relations firm specializing in metals and mining companies. ImpactDeck will assist Ucore Rare Metals in increasing its visibility within the investment community and enhancing engagement with key investors.

In consideration of the services provided, Ucore Rare Metals will pay ImpactDeck a prepaid cash consideration of $25,000 for an initial six-month term, starting Sept. 15, 2025, and ending on March 15, 2026. Upon completion of the initial term, the company may elect to continue services on a month-to-month basis or under a renewed six-month agreement. ImpactDeck, led by James McFarland and based in Montreal, Que., does not directly or indirectly have an interest in the securities of the company.

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 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 rare heavy REE project on Prince of Wales Island in southeast 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.