Mr. Pat Ryan reports

UCORE ANNOUNCES STRATEGIC ALLIANCE WITH VACUUMSCHMELZE AND EVAC MAGNETICS LLC FOR THE SUPPLY OF RARE EARTH OXIDES

Ucore Rare Metals Inc. has signed memorandum of understanding with Vacuumschmelze GmbH & Co. KG (VAC) and eVAC Magnetics LLC (eVAC) to develop a collaborative supply agreement for high-purity rare earth oxides (REOs).

VAC is part of Vacuumschmelze (VAC Group) with operations beginning in the fall of 2025 in Sumter county, South Carolina, under eVAC Magnetics, and it has received strong federal and state support, including a Defense Production Act Title III grant from the Department of War and a $111.9-million qualified advanced energy project tax credit.

The eVAC facility and VAC's decades of experience in Europe with rare earth magnet technology and process intellectual property is a critical piece to securing stable Western-world supply. NdFeB (neodymium-iron-boron) permanent magnet solutions are critical to automotive, industrial automation and renewable energy applications, while samarium-cobalt magnets are essential to defence systems, including advanced radar, sonar and guidance systems. To ensure a sustainable and long-term supply of rare earth oxides, Ucore's RapidSX refining plans advancing in Alexandria, La., and Kingston, Ont., become a vital strategic input for unified market growth plans.

Under the contemplated framework, Ucore will supply VAC and eVAC with separated rare earth oxides -- including neodymium, praseodymium, terbium, dysprosium, samarium and gadolinium -- produced at Ucore's planned Louisiana strategic metals complex (SMC) in Alexandria, La., and its commercial demonstration facility (CDF) in Kingston, Ont.

Pat Ryan, PEng, chairman and chief executive officer of Ucore, stated: "It's known in critical industries of defense, EV [electric vehicle] automotive and renewable energy that VAC and eVAC represent an extensive supply network with decades of experience for rare earth permanent magnet production and magnetic solutions. As such, we are extremely pleased with our strategic alignment, which will allow Ucore to provide critical rare earth oxides produced using Ucore's RapidSX refining technology for VAC and eVAC's growing global markets. We anticipate that joining forces to provide a complete supply chain solution, in particular for Europe and North America, will support lasting growth for years to come."

VAC's chief executive officer, Dr. Erik Eschen, commented: "We are thrilled to announce our partnership with Ucore Rare Metals Inc., a Canadian company focused on the development of rare earth element projects and refining technologies. This collaboration strengthens VAC's and eVAC's strategic position in the global rare earth supply chain and ensures long-term access to critical raw materials for our permanent magnet products. Partnering with Ucore reflects our commitment to sustainable innovation and securing supply resilience."

Next steps

The parties will define the structure and commercial terms for a definitive long-term agreement within nine months, supported by regular progress reviews.

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 an $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.).

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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