Mr. Pat Ryan reports

UCORE AND US DOD AGREE ON US$18.4M INITIAL CONSTRUCTION FUNDING FOR RARE EARTH PROCESSING IN LOUISIANA

Ucore Rare Metals Inc. has reached a firm fixed-price agreement for an $18.4-million (U.S.) increase to its current $4-million (U.S.) other transaction agreement with the U.S. Army Contracting Command -- Orlando. The purpose of the additional financing is to facilitate the construction of a production-ready commercial RapidSX machine and supporting infrastructure in Alexandria, La.

Specifically, this involves the preplanned expansion of Ucore's existing rare earth element separation technology capability prototype project, soon to conclude at the RapidSX commercialization and demonstration facility in Kingston, Ont. The additional phase 2 scope of work will further scale up and commercialize Ucore's RapidSX technology for its developing Louisiana strategic metal complex rare earth element refinery in Alexandria, La. This will be achieved through the installation of a complete full-scale RapidSX separation machine capable of demonstrating commercial-scale production of Pr, Nd, Sm, Gd, Tb and/or Dy -- six of the seven REEs which are listed by the People's Republic of China's for export licensing restrictions.

The primary objectives of the phase 2 project are:

• Construct and demonstrate the full-scale RapidSX technology modules at the CDF;
• Conduct a system engineering approach to facilitate a knowledge transfer of the innovative RapidSX separation technology from the CDF to the SMC;
• Install production separation capacity at the SMC capable of processing hundreds of tonnes of heavy and/or light total rare earth oxide processing utilizing the same RapidSX technology equipment platform.

It is anticipated that, upon successful completion of the project, Ucore will continue to construct RapidSX machines to complete its planned 2,000-tonne-per-year TREO phase 1 construction project. The concurrent construction and production efforts are enabled through the unique modular and adaptable attributes of the RapidSX technology platform co-ordinated with the smart acquisition and deployment of investment capital.

"Ucore's business model is founded on: (1) collaboration with an array of like-minded upstream and downstream commercial and governmental partners; and (2) the implementation of the next logical leap in commercial critical metals separation technology resulting from Western innovation," stated Pat Ryan, Ucore chairman and chief executive officer. "Ucore is very appreciative to the U.S. DOD for the opportunity and potential future opportunities, which have now resulted in this dedicated expansion project to full-scale processing production.

"This U.S. DOD Louisiana SMC funding agreement is a critical step for Ucore's commercial advancements, but, more importantly, for the progression of a Western rare earth supply chain and North American critical metals security, which cannot exist without competitive critical metals processing on the world stage."

On May 10, 2025, Ucore executed a conditional advance agreement for premodification project costs and will formally execute the OTA modification by June 10, 2025.

About Ucore Rare Metals Inc.

Ucore is focused on rare and critical metal resource, extraction, beneficiation and separation technologies with the potential for production, growth and scalability. Ucore's vision and plan are 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 SMCs in Canada and Alaska, and the longer-term development of Ucore's 100-per-cent-controlled Bokan-Dotson Ridge rare heavy earth element project on Prince of Wales Island in southeastern Alaska, United States.

Ucore is listed on the TSX Venture Exchange under the trading symbol UCU and in the United States on the OTC Markets' OTCQX Best Market under the ticker symbol UURAF.

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