Ucore announces:

• Ucore has produced 99.9% dysprosium ("Dy") oxide generated at its Commercialization and Demonstration Facility ("CDF") in Kingston, Ontario, for planned Japanese, South Korean, and US customer qualifications

• The shortage of heavy rare earth oxides, namely Dy and terbium ("Tb"), represents one of the most challenging requirements of forging a Western rare earth permanent magnet industry independent of geopolitical supply turbulence

• The qualification work is intended to support the development of structured definitive supply and offtake agreements aligned with Ucore's planned Louisiana Strategic Metals Complex ("SMC"), including downstream market development under the Company's previously announced strategic cooperation framework with Sumitomo Corporation of Americas

Halifax, Nova Scotia--(Newsfile Corp. - July 7, 2026) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that it has produced commercial-grade 99.9% dysprosium ("Dy") oxide for planned qualification samples to major rare earth permanent magnet and electronics manufacturers for technical evaluation.

The Dy qualification sample material represents a significant milestone in Ucore's strategy to connect its planned Louisiana Strategic Metals Complex's ("SMC") rare earth separation outputs directly with downstream magnet, metal, alloy, and advanced materials supply chains. Dy oxide is a critical heavy rare earth element ("REE") material used in high-performance electronics and rare earth permanent magnets, particularly where magnets must retain performance, coercivity, and stability at elevated operating temperatures. These requirements are essential across electric vehicles, robotics, industrial automation, renewable energy systems, aerospace, and defense applications.

Together with Ucore's previously announced NdPr oxide qualification samples, this Dy oxide production advances Ucore's broader product qualification strategy for the light and heavy rare earth oxides required by the Western oxide and permanent magnet industries.

Figure 1: 99.9% dysprosium (Dy) oxide generated at Ucore's Commercialization and Demonstration Facility (CDF) in Kingston, Ontario

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Heavy Rare Earths: The Critical Gap in Western Magnet Independence

Ucore believes that the Western rare earth supply chain challenge is defined by the ability to reliably separate, refine, qualify, and deliver the individual rare earth oxides required by downstream manufacturers.

This challenge is especially acute for heavy rare earths. NdPr provides the primary magnetic foundation for NdFeB permanent magnets, while Dy and Tb are used in smaller quantities but are essential for many high-temperature and high-performance magnet applications. Without qualified sources of Dy and Tb oxide outside of China, Western and Western-allied magnet producers remain exposed to supply concentration risk even when light rare earth supply and magnet manufacturing capacity are being expanded.

"The first-mover advantage in the Western market is not primarily about heavy rare earth production volume alone. It is about qualification status," stated Pat Ryan, P.Eng., Chairman and CEO of Ucore. "A proven modular and scalable processing platform, such as RapidSX™, can deliver high-purity material into customer qualification programs, begin to establish downstream customer relationships, defense and commercial industry confidence, and business alignment into 2030 and beyond.

"Dysprosium is one of the defining materials in the race to build an independent Western permanent magnet and oxide supply chain. Producing 99.9% Dy oxide and providing access to that material to major manufacturers is a significant step for Ucore. It demonstrates that our Kingston CDF is not simply validating a separation concept. It is generating the customer-specific materials required to move from technical demonstration toward commercial supply alignment."

Ucore's Commercialization and Demonstration Facility Technology Center

The work at Ucore's Commercialization and Demonstration Facility ("CDF") technology center in Kingston, Ontario, has focused on expanding the West's knowledge of heavy rare earth processing, through:

• Developing front-end leaching and impurity removal processes from real-world sources
• Constructing two conventional solvent-extraction ("CSX") pilot-scale circuits of 52 and 80 stages each
• Directly comparing over 16,000 samples produced from RapidSX™ vs. those produced from the CSX circuits and proving that the chemistry of CSX and RapidSX™ is identical
  • While proving RapidSX™ is faster and more efficient
• Adapting the modular and scalable RapidSX™ technology platform to suit the required solvent-extraction chemistry while noting that, for given chemical conditions, the purity achieved is simply a function of the number of functional group stages (i.e., extraction, scrub, strip, wash, and saponification)
• Optimizing the solvent-extraction chemistry to recover both light and heavy REEs, primarily from heavy REE feedstocks
• Demonstrating ESG standards for solids and liquids handling and reagent recoveries
• Developing the back-end oxalate and oxide production processes
• Scaling the RapidSX™ hardware for full-scale operation and factory acceptance testing

Customer Qualification: A Critical Step in Project Development

The evaluation work by major downstream prospective customers focuses on confirming that Ucore's Dy oxide meets the technical, quality, consistency, traceability, and compliance requirements for use in their manufacturing supply chains.

This qualification process is a key step toward elevating strategic relationships currently under discussion or toward forming the framework for structured commercial arrangements. It allows downstream manufacturers and advanced materials customers to evaluate whether Ucore's separated heavy rare earth oxide products meet their internal manufacturing and procurement specifications before finalizing larger-volume supply commitments.

"For downstream customers, dysprosium oxide quality is about much more than individual oxide parameters," stated Mike Schrider, P.E., Ucore's Vice President and Chief Operating Officer. "These samples will provide potential customers with the material they need to evaluate Ucore's Dy oxide against their own technical and compliance requirements. Customer feedback from this qualification work is being directly integrated to support the engineering and commercial planning of the Louisiana SMC.

"Once again, the Kingston CDF continues to serve as the bridge between RapidSX™ commercialization work and the product specifications, quality systems, and operating knowledge required for commercial deployment in Louisiana."

The Dy oxide qualification sample material was produced at Ucore's CDF technology center. As noted above, work at the CDF is integral to Ucore's commercial development plans and to understanding and exploiting solvent extraction chemistry. The noted Dy oxide sample material started with approximately 2 tonnes of mixed rare earth oxide ("MREO") derived from a third-party Western ionic clay source and was first processed through the Company's 52-stage RapidSX™ Demonstration Plant ("Demo Plant") through a multi-step separation campaign and then through a complementary solvent extraction circuit to provide additional polishing capacity through more available stages. As Ucore announced on May 28, 2026, at the Louisiana SMC the Company's initial Machine A (the first component within Production Line 1) will alone consist of ≈118 RapidSX™ stages.

Strategic Alignment with the Louisiana SMC and Allied REE Supply Chains

Ucore has previously announced strategic relationships with industry participants working to expand Western and allied rare earth supply chains. These relationships are intended to position Ucore as a midstream supplier of separated rare earth oxides to strategically important downstream manufacturers in Europe, Japan, North America, South Korea, and other allied markets.

On June 15, 2026, Ucore announced a strategic cooperation framework with Sumitomo Corporation of Americas to support the development of a diversified rare earth supply chain across North America and allied markets. Under that framework, the parties intend to collaborate on rare earth feedstock sourcing for Ucore's planned Louisiana SMC and downstream offtake development for selected middle and heavy rare earth elements critical to high-performance magnets and advanced materials applications.

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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, Ucore aims to support the development of a more diversified and resilient North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA ("Bokan").

Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

For further information, please visit www.ucore.com.

Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements" within the meaning of applicable Canadian securities laws. All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, products to be produced at the Louisiana SMC, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

Forward-looking statements in this release include, without limitation, statements regarding the development or execution of definitive supply, offtake agreements or other commercial agreements; the acceptability of rare earth oxide samples to magnet makers and other end users of product; the ability to provide high-purity materials or on-spec product to customers on an on-going basis; and the acceptability of the referenced samples to potential customers.

For additional risks and uncertainties regarding the Company, its business activities, its ability to qualify for and receive any additional funding from any U.S. or Canadian government, the CDF and the aforementioned projects (generally), see the risk disclosure in the Company's MD&A for Q1-2026 (filed on SEDAR+ on May 29, 2026) (www.sedarplus.ca) as well as the risks described below.

Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future SMCs. Ucore has also assumed that sufficient external funding will be found to continue and complete the ongoing research and development work required at the CDF and also later prepare a new National Instrument 43-101 technical report that demonstrates that Bokan is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction and eventual commissioning and operations.

Forward-looking statements are based on a number of material assumptions, including, without limitation: the successful completion and accuracy of baseline, front-end-engineering design and detailed engineering studies; the ability to complete further engineering, procurement, and construction activities as currently contemplated; the availability, cost, and timely delivery of equipment, materials, utilities, labour and construction services; the Company's ability to secure sufficient financing on acceptable terms; the receipt and timing of all required permits and approvals; the successful scale-up and commercial deployment of RapidSX™ technology from demonstration to commercial operation; the availability of qualified feedstock from third-party suppliers; successful customer qualification and offtake discussions; continued support from governmental partners; and general economic, market, and industry conditions, including assumptions regarding rare earth oxide prices, which are subject to significant volatility..

Although the Company believes that the assumptions underlying the forward-looking information are reasonable, there can be no assurance that such assumptions will prove to be accurate or that the anticipated results, performance, or achievements will be realized. Actual results may differ materially from those expressed or implied by the forward-looking information.

Factors that could cause actual results to differ materially include, without limitation: risks associated with the development, scale-up, and commercialization of new or unproven technologies; the risk that RapidSX™ may not perform at commercial scale as expected; engineering design changes; inaccuracies in capital or operating cost estimates; cost escalation due to inflation, supply chain disruption, or market conditions; delays or failures in procurement, construction, or commissioning; the inability to obtain or maintain required permits, approvals, or regulatory authorizations; challenges in securing adequate financing; adverse capital market conditions; variability in feedstock supply, quality, or pricing; failure to secure or maintain commercial relationships, customer qualification, or offtake arrangements; fluctuations and uncertainty in rare earth oxide prices and demand; the risk that indicative or quoted market prices, including for ex-China markets, may not be realized; operational risks once in production, including equipment failures or lower-than-expected recoveries; geopolitical risk; changes in applicable laws or regulations; environmental or permitting challenges; loss of key personnel; and general economic, business, or competitive conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

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