Ucore Announces:

• It is the recipient of $4.28 million funding agreement from the Government of Canada for the demonstration of Ucore's RapidSX™ Rare Earth Element Separation Technology Capabilities (the "Project").
• Under the Project, the Company will produce high-purity NdPr, Pr and Nd over a 6-month period from 13-15 tonnes of Canadian and US feedstock sources.

Halifax, Nova Scotia--(Newsfile Corp. - November 20, 2023) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that the Company has executed a $4.28 million Non-Repayable Contribution Agreement with the Government of Canada ("Government") to demonstrate its RapidSX™ Rare Earth Element Separation Technology Capabilities (the "Project").

Figure 1 - Ucore's RapidSX™ Commercialization and Demonstration Facility (“CDF”)

The funding will be used to demonstrate the commercial efficacy of the Company's patent-pending RapidSX™ rare earth element ("REE") separation technology platform specifically for light REEs. The Company will produce nearly continuous high-purity samples of praseodymium (Pr), neodymium (Nd), and a praseodymium|neodymium compound (NdPr). The Company expects to process 13-15 tonnes of mixed rare earth carbonates and oxides from various Canadian and US feedstock sources at its RapidSX™ Commercialization and Demonstration Facility ("CDF") in Kingston, Ontario. The Project budget totals $8.31 million, with $4.28 million provided through the Government funding.

This non-dilutive funding will assist the company with qualifying these critical magnet materials (Pr, Nd and NdPr) with automotive, wind energy and consumer original equipment manufacturers ("OEMs"). This funding and its focus on the light REE magnet materials complements Ucore's recently announced US Department of Defense demonstration funding, which focuses on producing the heavy REE magnet materials, terbium (Tb) and dysprosium (Dy).

"We would like to thank the Government of Canada for this important funding," stated Pat Ryan, P.Eng., Ucore Chairman and CEO. "China's recent announcements of increased scrutiny over the export of rare earth elements have raised concerns regarding the ongoing availability of these critical materials. The development of an alternative North American rare earth supply chain is more important than ever as the world moves toward the electrification of its vehicle fleet and other green initiatives."

Information About the Funding and the Project:

The Project is to be completed by March 31, 2025, with reporting to be provided by the Company every quarter. Claims for eligible expenditures will be submitted quarterly within 60 days of the quarter's end. Total eligible expenditures to be reimbursed further to the funding are budgeted at $4,275,848 out of the total Project Budget of $8,308,441. The eligible expenditures period runs from September 22, 2023, to March 31, 2025.

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 development 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/corporateupdate.

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 Government of Canada Program and the expected successful progress of this project and the resulting milestone payments from the Government of Canada, the Company has assumed that the project (including each of its milestones) will be completed satisfactorily and by March 31, 2025. For additional risks and uncertainties regarding the Company, the CDF, the Demo Plant and the Project (generally), see the risk disclosure in the Company's MD&A for Q2 2023 (filed on SEDAR on August 28, 2023) (www.SEDAR.com) 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 commissioning and 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.

CONTACTS

Mr. Michael Schrider, P.E., Ucore Vice President and Chief Operating Officer is responsible for the content of this news release and may be contacted at 1.902.482.5214.

For additional information, please contact:

Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
1.902.482.5214
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