Ucore Continues to Advance its US DoD Demonstration Project towards Louisiana REE Commercialization

Halifax, October 24, 2024 - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to update on its US$4 million Other Transaction Agreement (the "OTA") with the US Department of Defense (the "DoD"). The work is taking place at the Company's Commercialization and Demonstration Facility ("CDF") in Kingston, Ontario, utilizing its 52-Stage RapidSX™ Demonstration Plant ("Demo Plant") for the separation of mixed heavy and light rare earth elements ("REE") from a mixed rare earth oxide ("MREO").

Figure 1 - Ucore's 52-stage RapidSX™ Commercial Demo Plant in Kingston, Ontario (upper) and its Developing Louisiana SMC in Alexandria, Louisiana (lower)

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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 Republic of China's control of the North American REE supply chain through the near-term establishment of a heavy and light rare-earth processing facility in the U.S. State of Louisiana, subsequent Strategic Metal Complexes 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.

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 includes certain statements that may be deemed "forward-looking statements." 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, 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.

Regarding any disclosure in the press release above about the US Department of Defense or the Government of Canada Programs and the expected successful progress and resulting milestone payments from these Programs, the Company has assumed that the Programs (including each of their milestones) will be completed satisfactorily. For additional risks and uncertainties regarding the Company, the CDF, the Demo Plant and ongoing Programs (generally), see the risk disclosure in the Company's MD&A for Q3-2024 (filed on SEDAR on August 27, 2024) (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 Strategic Metals Complexes ("SMCs"). Ucore has also assumed that sufficient external funding will be found to complete the Demo Plant demonstration schedule and also later prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Element project ("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. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business 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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