Mr. Mike Schrider reports

UCORE UPDATES ON ITS RAPIDSX RARE EARTH ELEMENT DEMO PLANT

Ucore Rare Metals Inc. has provided an update on the commissioning process for its RapidSx demonstration plant for the separation of heavy and light rare earth elements (REEs). The demo plant is located within Ucore's 5,000-square-foot RapidSX commercialization and demonstration facility (CDF) in Kingston, Ont., and is run by its laboratory partner, Kingston Process Metallurgy Inc. (KPM).

Commissioning of the demo plant is under way. Once commissioned, the demo plant is designed to demonstrate the techno-economic advantages, scale-up and commercial durability of the RapidSX technology platform by processing tens of tonnes of North American-friendly sources of mixed rare earth chemical concentrates in a simulated production environment. The planned output products are high-purity NdPr, praseodymium, neodymium, terbium and dysprosium REEs, to be incorporated into the early stages of original equipment manufacturers' (OEM) qualification trials.

Simultaneously, Ucore, its engineering partner Mech-Chem Associates Inc. and KPM are developing the full-scale engineering for the company's first strategic metals complex (SMC). The SMC is a planned REE separation and rare earth oxide production plant slated to commence construction in the U.S. state of Louisiana this year. It is scheduled to initially process 2,000 tonnes of total rare earth oxides (TREO) by the end of 2024, increasing to 5,000 tonnes in 2026.

"We are extremely pleased with the work at the CDF in concert with our partners, KPM, Mech-Chem, and a host of other supporting contractors and vendors as we work toward near-term commercial deployment of the RapidSX rare earth element separation technology in North America," stated Mike Schrider, PE, Ucore's vice-president and chief operating officer. "Implementing the demo plant commissioning process is a huge milestone for the team, and this is scheduled to be followed by a series of heavy and light rare earth element process demonstrations separating tens of tonnes of mixed rare earth concentrates over thousands of hours of facility runtime."

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 has an effective 100-per-cent ownership stake in the Bokan-Dotson Ridge rare earth element project in southeast Alaska, United States. 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.

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