Best Intersection – 67m @ 3,074 ppm TREO from Latest Jupiter Drilling

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During an October 2024 CDF visit by the DoD, the Company reported that it has completed 60% of the stated objectives in the Project’s Statement of Work, including:

• Establishment of an enhanced on-site analytical laboratory to support 120 hours a week of scheduled shift work

• Institution of a Continuous Improvement Program to ensure a “copy and paste” RapidSX™ technology transfer from Kingston, Ontario, to Ucore’s developing commercial REE separation plant in Alexandria, Louisiana – the Louisiana Strategic Metals Complex (“SMC“)

• Completion of over 2,600 hours of Demo Plant runtime

• Processing over 3 tonnes of REE derived from a heavy rare earth element ionic clay sourced MREO

• Producing over 57,000 liters of rare earth chloride raffinates and 57,000 liters of rare earth chloride strip liquors

• Direct comparisons of the RapidSX™ Demo Plant against the smaller scale conventional SX Pilot Plant for purity and recovery – with every result to date indicating that RapidSX™ is equal to or superior

• Working towards the establishment of a commercial REE Western supply chain:

  • Conducting approximately thirty CDF tours since the Project kickoff with US and Canadian government entities, REE resource companies, REE magnet and metal makers, automotive OEMs, rare earth oxide (“REO“) consumers, international trading companies, financiers, and other current and prospective SMC partners

  • Resulting in several preliminary agreements for MREC or MREO supply and developing oxide offtake arrangements for the Louisiana SMC

“The DoD work that Ucore is performing in Kingston is essential to the commercial deployment of our RapidSX™ separation technology in Louisiana,” stated Mike Schrider, P.E., Vice President and Chief Operating Officer of Ucore. “The operation of our demonstration-scale plant de-risks the commercial scale-up and allows Ucore the opportunity to attract like-minded Western partners as the Company works to assist in establishing an alternative rare earth supply chain – particularly for heavy rare elements which are essential to the operation of rare earth permanent magnets at elevated temperatures in military, commercial and consumer vehicles and robots.”

The Company will continue the execution of its DoD heavy REE Project through the first half of 2025 and then transition to the completion of its previously announced C$4.28M light REE demonstration project with the Government of Canada.

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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, this plan includes disrupting the People’s…