Critical Metals

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") announces that it has accepted notices of resignations from members of the senior management team of Innovation Metals Corp. ("IMC"), including, IMC Co-founder, Chairman and Chief Executive Officer, Dr. Gareth Hatch; President and Executive Director, Tyler Dinwoodie; and Chief Operating Officer and Vice President, Metallurgy, Dr. Kurt Forrester. The resignations will result in their departures from IMC later in 2022, which coincides with Ucore's planned transition to the commercialization phase for RapidSX™.

"Ucore is extremely grateful to the IMC technical team's efforts to progress the RapidSX™ technology platform towards commercial deployment," stated Ucore Chairman and CEO, Pat Ryan. "Since Ucore's acquisition of IMC in May of 2020, Gareth and his team have very systematically worked towards the completion and development of the technology platform and to ready it for commercial deployment. The Company is looking forward to a smooth transition from research & development to the commercial application of this transformative technology to North America's evolving rare earth element supply chain."

Ucore's ALASKA2023 business plan starts with the planned upcoming construction of the Alaska Strategic Metals Complex ("SMC") rare earth oxide production plant in Ketchikan, Alaska and then subsequent related facilities. Engineering plans for the Alaska SMC are currently underway with Mech-Chem Associates, Inc. of Norfolk, Massachusetts. IMC will continue to concurrently support this effort through the expected commissioning and then operation of IMC's RapidSX™commercial demonstration plant in Kingston, Ontario.

Per the voluntary resignation terms of their respective consulting and employment agreements, Dr. Hatch and Mr. Dinwoodie plan to continue in their respective roles with IMC until November 14, 2022. Dr. Forrester intends to continue in his role with IMC until May 14, 2022. Drs. Hatch and Forrester and Mr. Dinwoodie look forward to supporting a smooth, fulsome transition.

###

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has a 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. 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's vision includes disrupting the People's Republic of China's control of the US REE supply chain through the development of a heavy-rare-earth processing facility - the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of Ucore's heavy-rare-earth-element mineral-resource property located at Bokan Mountain on Prince of Wales Island, Alaska.

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.

About Innovation Metals Corp.

IMC has developed the proprietary RapidSX™ process, for the low-cost separation and purification of rare-earth elements, Ni, Co, Li and other technology metals, via an accelerated form of solvent extraction. IMC is commercializing this approach for a number of metals to help enable mining and metal-recycling companies to compete in today's global marketplace. IMC is a wholly owned subsidiary of Ucore Rare Metals Inc.

For more information, please visit www.innovationmetals.com.

About the RapidSX™ Technology

IMC developed the RapidSX separation technology with early-stage assistance from the United States Department of Defense ("US DoD"), later resulting in the production of commercial-grade, separated rare-earth oxides at the pilot scale. RapidSX combines the time-proven chemistry of conventional solvent extraction ("SX") with a new column-based platform, which significantly reduces time to completion and plant footprint, as well as potentially lowering capital and operating costs. SX is the international rare-earth-element ("REE") industry's standard commercial separation technology and is currently used by 100% of all REE producers worldwide for bulk commercial separation of both heavy and light REEs. Utilizing similar chemistry to conventional SX, RapidSX is not a "new" technology but represents a significant improvement on the well-established, well-understood, proven conventional SX separation technology preferred by REE producers.

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements" regarding, among other things, the Company's ALASKA2023 Business Plan as well as the upcoming prospective financing activities involving the Company and AIDEA. 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, litigation outcomes, events, or developments that the Company expects, 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. In regard to the disclosure in the "About Ucore Rare Metals Inc." section above, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to IMC, as suppliers for Ucore's expected future Alaska Strategic Metals Complex ("Alaska SMC"). Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Elements 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 develop the specific engineering plans for the Alaska SMC and its construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: Innovation Metals Corp. ("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 Alaska SMC; Ucore not being able to raise sufficient funds to fund the specific design and construction of the Alaska SMC 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 Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan and/or the Alaska SMC; 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.

CONTACT

Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
902.482.5214
mark@ucore.com

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UCU:CA,UURAF

Ucore Hosts 'Secure Supply Chains' Panel at PDAC 2022 - Rare Earths and other Critical Metals

  • Ucore Rare Metals Inc. will lead a diverse international panel covering:
    • the need for self-sufficient and sustainable new supply chains in the West
    • the role of Western technologies and superior environmental standards in the shift to an independent critical materials supply chain
  • Moderated by Tracy Weslosky on the InvestorIntel.com stage on June 14, 2022, at 3 p.m. at PDAC 2022

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that it will host a panel discussion on Tuesday, June 14, 2022, from 3-4 p.m. EDT on InvestorIntel Stage 1, Level 700 at the Metro Convention Centre in Toronto, Ontario as part of PDAC, the world's premier mineral exploration & mining convention. The topic is "Building the Rare Earths and Critical Materials' Supply Chain to Meet the EV Market Demand." Panelists with varied experiences will discuss the collective shift from high dependency to diversified, sustainable and socially responsible sourcing, circularity, and innovation. They include:

  • Byron W King, InvestorIntel.com
  • Pat Ryan. Ucore Rare Metals Inc.
  • Boyd Davis, Kingston Process Metallurgy (KPM)
  • Geoff Atkins, Vital Metals Ltd.
  • Jon Hykawy, Stormcrow Capital

The panel will be moderated by InvestorIntel Founder and CEO Tracy Weslosky and will be recorded for publication on InvestorIntel.com the following week on Monday, June 20, 2022.

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Ucore Comments on Uranium and Recent External Interest in Ucore's Ross-Adams Uranium Mine Property

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to comment on the recent increasing interest in uranium as an energy source and also current interest in Ucore's not-often-mentioned Ross-Adams mine property (the "Mine"), a former producing uranium mine located on the Ross-Adams portion of Ucore's Alaskan mineral property (the "Property"). The Property is located on Prince of Wales Island, approximately 38 miles southwest of Ketchikan, Alaska, USA, near the west arm of Kendrick Bay (within the Bokan Mountain Complex). At its closest point, the edge of the former Mine is located more than 500 m from Ucore's Bokan-Dotson Ridge Zone, which is Ucore's rare earth elements ("REEs") advanced property mineral resource as described in the Company's technical report (a preliminary economic assessment[i] ("PEA")) that was filed on SEDAR on March 14, 2013.

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Figure 1 - Ucore's Federal & State Mining Claims at the Bokan Mountain Complex

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1119/126852_a54972a334497aa2_001full.jpg

Historical uranium production occurred at the Mine from 1957 until 1971, with an estimated total of 1.3 million lbs of U3O8 produced. Although Ucore has performed no work at the Mine to date, the Company believes the Ross-Adams Zone may have the potential for the re-activation of mining production for uranium due to: (i) the recent price increases for uranium; (ii) geopolitical concerns regarding the security of supply chains and an emphasis on US domestic and allied sources of critical materials; and (iii) a recent increase in the public's perception that uranium and nuclear power can represent an excellent strategic choice for energy production in the present and coming decades as compared to fossil fuels. As a result of this recent interest in uranium, Ucore has been fielding unsolicited enquires with respect to the former Ross-Adams Mine.

Nevertheless, Ucore remains committed to its current business plan -- the development of an independent and comprehensive North American REE supply chain. This plan was recently detailed in the Company's press release dated January 20, 2022. The Company's business plan currently prioritizes the commercialization of Innovation Metals Corp.'s ("IMC") RapidSX™ REE separation technology and the development of the first modern commercial-scale rare earth separation plant in North America, the Strategic Metals Complex ("SMC"). The advancement of this REE supply chain remains Ucore's primary objective.

However, due to the recent enquiries about the status and availability of Ucore's uranium asset, the Company is pleased to provide the following information regarding its Ross-Adams property. Although Ucore will continue to consider potential transactions with respect to the former Mine, when Ucore is reviewing such proposals, the Company will be prioritizing: (i) its own REE business plan; (ii) ESG (Environmental, Social, and Governance) objectives; and (iii) the Company's stakeholders, including the United States Forest Service ("USFS"), the State of Alaska, Alaska Natives, Alaska residents, the Alaska Industrial Development and Export Authority ("AIDEA"), and the Company's shareholders.

The Nature of Ucore's Interest in the Property

Ucore acquired the Property pursuant to a series of option and purchase agreements, together with Ucore's own mineral-claim staking activities in 2006 and 2007. Due to recent inbound enquiries, the Company is exploring the possibility of a transaction involving only the Ross-Adams Zone,leaving the Company's Bokan-Dotson Ridge Heavy REE Project intact and the approximately seven other historical mineralization zones unaffected.

The History of the Mine

The Ross-Adams uranium deposit was discovered in 1955 by prospectors Don Ross and Kelly Adams using airborne radiometrics. According to US Bureau of Mines records[ii], a total of 1.3 million pounds of uranium were produced at an average grade of 0.76% U3O8 during three separate production periods between 1957 and 1971 as follows:

Year

OperatorTons
Mined
Grade % of
U3O8
lbs of U3O8
Produced
1957

Climax Molybdenum15,0001.05315,000
1959-64

Standard Metals15,0001.0300,000
1971

Newmont Exploration55,6000.62687,000


Total/Weighted Average:85,6000.761,302,000

 

Table 1 - Historical Activity at the Former Ross-Adams Uranium Mine

The cut-off grade has been reported at 0.5% U3O8. Production was terminated each time when sales contracts with the US Atomic Energy Commission were fulfilled. Uranium ore from the Mine was mined from a steeply dipping pipe-like body of uranium with a combination of a small open pit mine (which looks like a trench) and an underground mine with two underground levels. While the uranium pipe (or vein) is known to extend below the lowest production level, the pipe has not yet been fully geologically explored in detail. The Ross-Adams deposit is interpreted by Ucore to remain open at depth.

The Property is located adjacent to deep water access. As a result, during the past operation of the Mine, no processing of the uranium ore into U3O8 took place on the Bokan Mountain property. Rather, the uranium ore from the Mine was shipped by barge for beneficiation and processing off-site at several locations in Spokane, Washington and Mexican Hat, Utah, USA. As a result, there is no former tailings facility on the Property.

However, some important environmental reclamation work is required on the Property. This is limited to the consolidation of some mine rock on the surface and any remaining previously mined material that exists in secondary transit areas. The environmental remediation plan involves depositing those materials into an on-site repository in the open pit portion of the Mine. In 2020, an agreement was reached between the United States Forest Service ("USFS"), Newmont USA Limited ("Newmont") and Dawn Mining Company ("Dawn") regarding this required environmental clean-up of the Property. Newmont and Dawn (who had past interests in the Mine) have assumed responsibility for the USD$7-million on-site environmental reclamation project and are currently coordinating this work through the USFS. Other remnants of past mining operations will also be removed by Newmont and Dawn.

Ucore has performed no exploration or development work at the Ross-Adams Zone. The Company's mineral exploration and development work to date has primarily involved Ucore's Bokan-Dotson Ridge Zone, which comprises the entirety of Ucore's REE mineral resource at the Bokan Mountain Complex. The Company does not have any current mineral resources or mineral reserves regarding uranium at the Ross-Adams Zone. The Company has not published any historical estimates regarding the mineral resources or mineral reserves that may be available at the former Mine.

# # #

Qualified Person

Ronald James (Jim) Robinson, B.Sc., P.Geo., an independent geologist and General Manager of Aurora Geosciences (Alaska) Ltd. of Juneau, Alaska, has prepared, reviewed and approved the technical data in this news release. He is the qualified person responsible for accurately summarizing this data from historic technical and production reports.

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has an effective 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. 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's vision includes disrupting the People's Republic of China's control of the US REE supply chain through the near-term development of a heavy and light rare-earth processing facility - the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of Ucore's heavy-rare-earth-element mineral-resource property located at Bokan Mountain on Prince of Wales Island, Alaska.

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 exploration drilling, exploration activities, mine re-opening, property transactions and events or developments that the Company expects, 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. The historic mineral production estimates described in this press release do not represent estimates of mineral resources or mineral reserves that may be present at the Property, and there is no assurance that any current uranium resources or reserves may be present at the Property. Uranium prices are subject to fluctuation, and a decrease in the price of uranium could drastically impact the likelihood of the Company entering into any potential transaction with respect to the former Ross-Adams Uranium Mine.

In regard to the disclosure in the "About Ucore Rare Metals Inc." section above, 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 Alaska Strategic Metals Complex ("Alaska SMC"). Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Elements 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 develop the specific engineering plans for the Alaska SMC and its 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 Alaska SMC; Ucore not being able to raise sufficient funds to fund the specific design and construction of the Alaska SMC 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 Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan and/or the Alaska SMC; 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.

CONTACT

Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
902.482.5214
mark@ucore.com

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5 Top Weekly TSX Performers: NioCorp Gains on Elk Creek's Rare Earths Potential

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The index was on track for its best week in more than two months following the release of the US Federal Reserve's May meeting minutes earlier in the week, and ultimately closed higher at 20,752.46. The minutes eased fears of higher interest rate hikes, confirming 50 basis point increases in June and July.

"It's all flowed through from the (Federal Open Market Committee) minutes," said Giles Coghlan, chief currency analyst at HYCM. "Investors were relieved there wasn't a 75 basis points hint."

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Top 10 Countries for Rare Earth Metal Production (Updated 2022)

Rare earth metal production was on the rise again in 2021, jumping to 280,000 metric tons (MT) worldwide — that’s up significantly from 190,000 MT in 2018.

Demand for the metals is increasing as renewable energy becomes more important across the globe. Rare earths like neodymium and praseodymium, which are important in clean energy applications and high-tech industries, are in the spotlight, particularly as electric vehicles and hybrid cars gain popularity.

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Top 3 Canadian Rare Earths Stocks of 2022

Click here to read the previous top Canadian rare earths stocks article.

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The high-strength REE magnets found in much of today’s essential technology, including smartphones, wind turbines and electric vehicles, account for 29 percent of rare earths consumption. Analysts expect that demand for magnet rare earths ­— neodymium, praseodymium, dysprosium and terbium — will continue to rise alongside demand for these technologies over the next decade and beyond.

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Ucore Mobilizes Geological Crew to Bokan Mountain as Prices for Heavy Rare Earth Oxides Continue to Rise

  • Ucore's subcontracted geological team, Aurora Geosciences Ltd., is mobilizing for deployment to the Bokan Mountain Complex during the week of May 9, 2022, for Ucore's Summer 2022 Resource Upgrade Program, a program intended to:

    • upgrade the Bokan-Dotson Ridge Zone Mineral Resource estimate from the current ≈18% Indicated and ≈82% Inferred classifications to include a ≈17% to 20% Measured classification later in 2022 by:

      • obtaining ≈50 additional channel samples along the ≈2 km exposed vein outcroppings
      • extracting ≈50 tonnes of supplementary mineralized material from two new bulk sample locations for planned mill flowsheet pilot-scale testing
  • The Bokan-Dotson Ridge Zone is enriched with heavy rare earth elements, including terbium and dysprosium, the two heavy rare earth elements associated with electric vehicle permanent magnet synchronous motors.

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the planned mobilization of a geological crew to conduct Ucore's Summer 2022 fieldwork program (the "Program") at the Company's Bokan-Dotson Ridge Zone mineral deposit ("Bokan" or "Bokan Project") on Prince of Wales Island, Alaska, USA. The Program is a continuation of Ucore's 2007, 2008, 2009, 2010, 2011 & 2014 Bokan Mountain Complex exploration drill programs and is being undertaken by Aurora Geosciences (Alaska) Ltd. ("AGL" or "Aurora") of Juneau, Alaska. The Program is designed to improve the geological confidence of the mineral deposit in preparation for a forthcoming planned pre-feasibility study ("PFS"), as the rare earth oxide ("REO") market continues its favourable response to the increased electrification demands related to the electric vehicle ("EV") and renewable energy sectors.

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Figure 1 - Ucore's Vision of a North American REE Supply Chain:
Bokan Mountain, RapidSX™ Technology, Alaska SMC & North American Manufactured EVs

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1119/123292_f64b38cb54d66b1a_001full.jpg

The approximately 5-week Program consists of two primary planned objectives:

  1. Conduct a channel sampling program along the ≈2 km exposed vein outcroppings of the Dotson Ridge Zone and incorporate these results into the current deposit model[1]. Upgrade the Bokan-Dotson Ridge Zone Mineral Resource estimate from the current ≈18% Indicated and ≈82% Inferred classifications to include a ≈17% to 20% Measured classification later in 2022. The Measured resource will be drawn predominantly from the current Indicated resource, with over 90% of the new Measured material being drawn from the Indicated resource and 10% from the Inferred resource.

  2. Extract ≈50 tonnes of additional mineralized material from two 2021 selected bulk sample locations to support a follow-on mill flowsheet pilot-scale testing program as part of a PFS. This work will be derived from the current mill flowsheet development work that is ongoing at SGS Canada Inc. (Lakefield) ("SGS"). The produced mineral concentrate from this pilot-scale testing will then be processed at the RapidSX™ Commercialization and Development Facility's ("CDF") Demonstration Plant as part of Ucore's commercial technology deployment process. The Program is a prerequisite step in preparation for obtaining potential feedstock mineral concentrate from Bokan to supply the Company's planned Alaska Strategic Metals Complex ("SMC") targeted for Ketchikan, Alaska.

"Aurora Geosciences has been involved in exploration work at Bokan Mountain for over a decade," stated Ucore Vice President and COO Mike Schrider, P.E. "Jim Robinson and his team have put together a Mineral Resource upgrade program for 2022 that will enable us to finalize our exploration efforts towards developing the Bokan Project as we respond to Western electrification demands and the associated need for rare earth critical metals.

"Continued execution of the Company's long-term Bokan Mountain development plans, coupled with our near-term plan to construct the Alaska SMC 35-miles to the northeast of Bokan in Ketchikan, represents a unique opportunity for Ucore, the communities of Southeast Alaska and the State of Alaska. Working together as a team and with our stakeholders, we can help lead the United States' concerted effort to establish an independent REE supply chain to support the transformation to EVs and renewable energy sources and ensure that high-paying family-wage jobs are generated and maintained in Southeast Alaska for decades to come."

The Bokan-Dotson Ridge Zone is amongst the highest grade heavy rare earth element ("HREE") Mineral Resources in the United States[2]. The Bokan Project includes terbium (Tb) and dysprosium (Dy) oxides, the two HREEs oxides associated with EV permanent magnet synchronous motors. As shown in Table 1, the spot market price[3] of Tb and Dy oxides - HREEs used in most permanent magnet synchronous motors ("PMSM") - have dramatically increased since 2020. And most importantly, the forecasted demand for PMSM's REOs is expected to remain strong well into the next decade[4].

2020 Average Price $USD2022 YTD Average Price $USD
Terbium Oxide$646$2,117
A 227.7% Δ
Dysprosium Oxide$260$447
A 71.9% Δ

 

Table 1 - Tb & Dy Prices & % Change from 2020 to 2022

"As automakers shift to electrification, a totally new metallic supply chain must be created," commented Ucore Chairman and CEO Pat Ryan, P.Eng. "The historical automotive business was vertically integrated with rubber plants in South America to an array of steel manufacturing plants as a key part of their production strategy. Today automakers from Ford to GM to VW realize that controlling source raw materials right back to the mine could determine how many electric vehicles they will be able to make and at what cost. The further development of the Bokan Mountain Complex for long term security of rare earth oxides used in powerful electric motors presents an opportunity for deep integration of Western supply chains."

###

 

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has an effective 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. 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's vision includes disrupting the People's Republic of China's control of the US REE supply chain through the near-term development of a heavy and light rare-earth processing facility - the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of Ucore's heavy-rare-earth-element mineral-resource property located at Bokan Mountain on Prince of Wales Island, Alaska.

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.

Qualified Person

Ronald James (Jim) Robinson, B.Sc., P.Geo., an independent geologist and General Manager of Aurora Geosciences (Alaska) Ltd. of Juneau, Alaska, has prepared, reviewed and approved the technical data regarding the Bokan-Dotson Ridge Mineral Resource provided in this news release and is the qualified person responsible for its accuracy.

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements" regarding, among other things, the Company's ALASKA2023 Business Plan as well as the upcoming prospective financing activities involving the Company and AIDEA. 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 expects, 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. In regard to the disclosure in the "About Ucore Rare Metals Inc." section above, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to IMC, as suppliers for Ucore's expected future Alaska Strategic Metals Complex ("Alaska SMC"). Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Elements 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 to develop the specific engineering plans for the Alaska SMC and its construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: Innovation Metals Corp. ("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 Alaska SMC; Ucore not being able to raise sufficient funds to fund the specific design and construction of the Alaska SMC 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 Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan and/or the Alaska SMC; 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.

CONTACT

Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
902.482.5214
mark@ucore.com

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