Mr. Pat Ryan reports

RECENT RARE EARTH PRICE INCREASES CONTINUE TO ENHANCE UCORE'S REFINING STRATEGY

Ucore Rare Metals Inc. has commented on recent price increases for a number of rare earth elements, in addition to the significant bifurcation of pricing inside of China versus outside of pricing.

On April 4, 2025, China imposed export controls on seven heavy rare earth elements -- including dysprosium, terbium, samarium and gadolinium -- with related oxides, metals and permanent magnets. These restrictions, aimed at strengthening oversight of critical, dual-use materials, require exporters to obtain licences, impacting global supply chains in electronics, defence and electric vehicle industries, and remain in place today.

As a result, dysprosium oxide prices in China recently increased to over $200 per kilogram, with ex-China pricing more than five times that, at $1,000 per kg. Terbium oxide has increased to $900 per kg in China, with prices over $4,500 per kg outside of China. The significant price discrepancies for rare earths inside China versus the rest of the world are most pronounced for these heavy rare earths, reflecting the lack of supply of these critical materials.

With respect to light rare earth oxides, praseodymium-neodymium oxide recently increased to the $120 per kg range in China and as high as $140 per kg in North America.

"These price differentials, particularly for the heavy rare earth elements, on which the U.S. Department of War has funded Ucore to focus, underscore the importance of the developing North American supply chain," said Pat Ryan, chairman and chief executive officer of Ucore. "While markets remain dynamic, the emergence of premium pricing for secure, Western-aligned supply supports the long-term fundamentals underlying our commercial strategy. Capturing the margin upside with a first mover refining strategy centred on the Louisiana SMC at this early stage is a smart approach."

Ucore is advancing its RapidSX separation technology platform and planned commercial processing facilities in North America with a focus on both heavy (terbium and dysprosium) and light (praseodymium-neodymium) rare earths, as well as samarium and gadolinium, for with there is currently negligible supply outside of China. The company's strategy targets the mid-stream processing and refining segment of the rare earth supply chain -- a critical stage that has historically been concentrated in China.

TSX Venture 50

The company is further pleased to announce that it has been ranked second over all on the 2026 TSX Venture 50, the TSX Venture Exchange's annual ranking of the top-performing companies listed on the exchange.

The TSX Venture 50 recognizes the top 50 TSX-V-listed companies based on three equally weighted performance metrics over the previous year: (i) one-year share price appreciation; (ii) market capitalization growth; and (iii) Canadian consolidated trading value. Ucore's second-place ranking was supported by a 1,109-per-cent increase in market capitalization, reflecting heightened investor recognition of the company's progress in advancing rare earth separation and refining capacity in North America.

OTCQX Best 50

The OTCQX recently announced that Ucore ranked No. 1 on its list of top-50-performing companies on the OTCQX Best Market based on 2025 total return and average daily dollar volume growth. Ucore's ranking on these platforms, supported by significantly increased trading activity and market capitalization growth, reflects enhanced liquidity that improves access, price discovery and flexibility for shareholders.

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 rare heavy earth element project on Prince of Wales Island in southeastern Alaska, United States.

Ucore is listed on the TSX-V 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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