Mr. Pat Ryan reports

UCORE COMMENTS ON CHINA'S EXPANDED RARE EARTH EXPORT CONTROLS

Ucore Rare Metals Inc. has commented on recent reports of China's expanded rare-earth export restrictions, including the addition of refining technology and equipment to the export control list.

The company confirms that it does not require or intend to use equipment sourced from the People's Republic of China for its U.S. heavy rare-earth separation operations. Ucore's equipment strategy for the Louisiana strategic metals complex (LA-SMC), utilizing RapidSX technology, relies on North American and allied-nation suppliers, insulating the project from the newly announced controls on China-origin equipment and technology.

"Today's expansion of Chinese export controls underscores why Ucore built its plan around North American and allied supply chains from day 1," said Pat Ryan, PEng, chairman and chief executive officer of Ucore. "Our RapidSX refining technology not only produces the same rare-earth products, at the same quality, as legacy solvent extraction, but does so with a faster throughput in a much reduced floor space, resulting in a number of economic and environmental advantages. The majority of the components required for the RapidSX technology, including positive displacement pumps, columns, control valves and piping, are sourced from well-established North American industrial supply chains. Automation of the system is achieved with PLC's and industrial-grade computers that are sourced within the United States."

DPAS status and supply chain assurance

Equipment and material sourcing is further protected by the project's Defense Priorities & Allocations System (DPAS) status, as previously reported by the company. Under DPAS, rated purchase orders must be prioritized by participating suppliers to meet national defense and emergency preparedness requirements. This priority treatment helps derisk long-lead equipment deliveries such as electrical switch gear for LA-SMC in light of evolving global trade controls.

China's new export controls

China's new measures expand export controls to five more rare-earth elements, as well as some processing equipment and technologies, tightening Beijing's grip on the sector. Holmium, erbium, thulium, europium and ytterbium have been added to the list, in addition to critical magnet materials samarium, gadolinium, terbium and dysprosium which were added to the list in April of this year along with yttrium, scandium and lutetium. Export control licences will now be required by foreign companies if they are producing products utilizing Chinese equipment or materials.

Ucore's ex-China sourcing plan, the ability to build sequential and modular RapidSX machines that target specific rare-earth oxides for production, and DPAS-rating are expected to neutralize sourcing risks that could arise from these actions.

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.

We seek Safe Harbor.