Mr. Pat Ryan reports

UCORE AND VULCAN ELEMENTS JOIN FORCES TO BUILD DOMESTIC RARE EARTH MAGNET SUPPLY CHAIN FOR DEFENSE AND COMMERCIAL APPLICATIONS

Ucore Rare Metals Inc. has executed a memorandum of understanding dated March 16, 2026, with Vulcan Elements Inc., to collaborate on the development of a domestic rare earth magnet supply chain for defence and commercial applications. Under the agreement, the parties intend to finalize a full commercial supply partnership whereby Ucore would supply Vulcan with NdPr oxide and Dy oxides at commercial scale beginning in 2027.

The collaboration aligns Ucore's demonstrated separation platform at its commercial demonstration facility in Kingston, Ont., and its planned Louisiana strategic metal complex in Alexandria, La., with a leading American magnet manufacturer. Vulcan currently operates a commercial magnet manufacturing facility in Durham, N.C., and is expanding to a 10,000-tonne magnet manufacturing facility in Benson, N.C. The facility is enabled by a $1.4-billion partnership with the U.S. government, including the Department of War and the Department of Commerce. In May, 2025, Ucore announced an $18.4-million award by the Department of War to develop its rare earth processing capabilities in Louisiana.

Ucore intends to make a portion of its planned Louisiana SMC capacity available to Vulcan beginning in 2027. The collaboration would create a direct commercial bridge from Ucore's demonstration-scale separation work in Kingston to commercial-scale production in Louisiana while supporting Vulcan's manufacturing in North Carolina.

Pat Ryan, PEng, chairman and chief executive officer of Ucore, stated: "Vulcan is building exactly the kind of downstream magnet platform that the United States needs, and this partnership creates a winning commercial partnership that aligns Ucore's separation capability with an industry-leading U.S. manufacturer. Our collaboration will anchor a resilient allied rare earth magnet supply chain in the United States."

John Maslin, chief executive officer of Vulcan Elements, commented: "Since its inception, Vulcan Elements' mission has been to build a domestic rare earth magnet supply chain that can propel America into the 21st century and enable the next era of innovation and national security. Vulcan's partnership with Ucore is a milestone for both companies and for the United States of America. Together, we're rebuilding a core industry that is critical for economic growth and national security."

This year, Ucore and Vulcan intend to advance initial production, testing protocols, purity targets, acceptance criteria and other technical specifications in support of Vulcan's magnet manufacturing capability -- leading to a longer-term commercial supply agreement."

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 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 rare earth element project on Prince of Wales Island in southeastern 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.

About Vulcan Elements Inc.

Vulcan Elements manufactures sintered permanent neodymium iron boron magnets in the United States for critical defence and commercial applications. NdFeB magnets convert electricity into motion. They are essential components in almost every advanced machine and electronic device -- from artificial intelligence data centres and semiconductor fabrication equipment to satellites, drones, robotics, electric motors and virtually all military platforms. Vulcan remains committed to advancing technological innovations, galvanizing America's manufacturing work force, and collaborating with both public and private sector stakeholders to strengthen the domestic rare earth magnet supply chain.

We seek Safe Harbor.