Mr. Pat Ryan reports

UCORE SIGNS HEADS OF AGREEMENT WITH WYLOO AND HASTINGS TO SECURE YANGIBANA FEEDSTOCK

Ucore Rare Metals Inc. has entered into a non-binding heads of agreement (HoA) with Wyloo Gascoyne Pty. Ltd. and Hastings Technology Metals Ltd. to:

• Establish a long-term supply pathway for Yangibana rare-earth concentrate;
• Evaluate hydrometallurgical (hydromet) processing options in the United States, with Louisiana as the priority location.

The HoA links Australian feedstock from the Yangibana rare-earths and niobium project (Western Australia) with United States mid-stream processing and separation at Ucore's Louisiana strategic metals complex (SMC) -- aligning with Ucore's objective to establish a North American, ex-China rare-earth supply chain and leverage the critical materials frameworks amid unprecedented policy convergence with allied jurisdictions, notably the United States, Canada and Australia.

"This HoA represents another key step in building the mine-to-oxide pathway between allied nations," stated Pat Ryan, PEng, Ucore's chairman and chief executive officer. "By partnering with Wyloo and Hastings, we are securing potential feedstock for our Louisiana SMC and exploring U.S. hydromet options that add flexibility and scale to our DoD-backed RapidSX separation program."

Chief executive officer Vince Catania said: "We are delighted to partner with Ucore on this strategically significant HoA. This agreement represents a major step forward in derisking the Yangibana project by securing a pathway to a long-term offtake partner in the key North American market. More importantly, the joint evaluation of a downstream hyrdromet plant in the U.S. demonstrates the efforts by Wyloo, Ucore and Hastings to access the financing and commercial opportunities arising from the recently announced rare-earth deal by the U.S. and Australian governments to jointly support 'ready to go' projects."

Geoff Atkins, vice-president of business development at Ucore, added: "Yangibana is one of the world's most advanced, shovel-ready rare-earth projects, with amongst the highest distributions of NdPr of any known deposit. This agreement is an important step in Ucore securing a fully aligned mine-to-oxide supply chain across trusted jurisdictions."

Expanded details on the HoA

• Under the HoA, Wyloo and Hastings (through their 60:40 Yangibana joint venture) and Ucore will work collaboratively to advance a potential long-term offtake and hydromet partnership.
• Feedstock framework: The HoA contemplates up to 37,000 tonnes per annum of Yangibana rare-earth concentrate, sourced from the stage 1 mine and beneficiation circuit of the Yangibana project. Pricing is to be based on a per-DMT formula or fixed structure to be defined in the definitive offtake agreement.
• U.S. hydromet evaluation: The parties will jointly complete a gap analysis and techno-economic assessment of a new hydromet facility in Louisiana, or a qualified third party U.S. facility, to convert concentrate into mixed rare-earth carbonate (MREC) suitable for downstream separation at Ucore's SMC.
• Strategic alignment: The project supports the United States-Australia Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths (U.S.-Australia framework) announced on Oct. 20, 2025, which aims to build integrated supply chains across allied jurisdictions. The HoA directly responds to this initiative by linking Australian concentrate production with U.S. mid-stream processing and separation.
• Timeline and governance: The HoA is non-binding (except for clauses related to confidentiality and governing law, which is Australian), has a 24-month term, and may be extended by mutual consent.

Strategic benefits

• For Ucore: Anchors an allied feedstock source for Ucore's DoD-funded Louisiana SMC, supporting commissioning in H2 2026 (second half of 2026) and establishing one of the first U.S. facilities capable of producing separated rare-earth oxides at commercial scale.
• For Wyloo and Hastings: Opens a U.S. downstream channel into the magnet materials market through a government-supported separation platform, strengthening financing and offtake options during the Yangibana project's ramp-up.
• For Allied supply chains: Reinforces U.S.-Australia cooperation on critical minerals and expands ex-China sources of NdPr, Sm, Gd, Dy and Tb, key to defence, electric vehicle, and clean energy manufacturing.
• For policy makers: Demonstrates practical progress under the U.S.-Australia framework through a tangible mine-to-oxide collaboration designed to deliver diversified, secure and transparent rare-earth supply chains.

About Ucore Rare Metals Inc.

Ucore is advancing North American rare-earth separation and refining through its Louisiana strategic metals complex and commercialization of RapidSX separation technology. In 2025, Ucore received a $18.4-million (U.S.) follow-on award from the U.S. Department of Defense, bringing total funding under its current OT agreement to $22.4-million (U.S.).

About Hastings Technology Metals Ltd.

Hastings is a Perth-based rare-earths company focused on the development of the Yangibana joint venture.

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