Mr. Pat Ryan reports

UCORE ANNOUNCES GROUNDBREAKING CEREMONY FOR LOUISIANA RARE EARTH ELEMENT PROCESSING FACILITY

Ucore Rare Metals Inc. will hold a formal ground-breaking ceremony on Thursday, May 29, for its Louisiana strategic metals complex (SMC), the company's first commercial rare-earth element (REE) refining facility, located at the England Airpark in Alexandria, La.

The Louisiana SMC will produce high-purity rare-earth oxides from mixed rare-earth chemical concentrates obtained from multiple global feedstock sources. The 80,800-square-foot brownfield facility is under a long-term lease agreement with the England Authority, the entity that manages England Airpark, a repurposed United States Air Force base transformed into a regional economic hub.

Pat Ryan, PEng, chairman and chief executive officer, commented: "Breaking ground on the SMC is a pivotal moment -- for Ucore and for North American critical mineral processing. We are very fortunate to have a host of strong partners at the local, regional, state and federal levels. This includes the England Authority, Louisiana Central, the State of Louisiana and the U.S. Department of Defense. We thank all of our supporters as we continue our work to develop a secure, domestic rare-earth element supply chain."

Strategic metals complex (SMC) overview

The Louisiana SMC is the first step in Ucore's commercial deployment of the RapidSX technology platform, a patent-pending advanced solvent extraction process that aims to reshape the rare-earth industry with faster, more efficient and more environmentally sound separation methods. Once operational, the SMC will produce commercial quantities of critical rare-earth elements, such as neodymium, praseodymium, dysprosium and terbium, which are essential to produce rare-earth permanent magnets for electric vehicles, wind turbines and national defence applications.

Federal and state support

U.S. Department of Defense funding

Ucore recently agreed on a $18.4-million (U.S.) project extension from the U.S. Department of Defense (DoD) under the Industrial Base Analysis and Sustainment (IBAS) program. This grant funding will be used to initiate construction and equipment procurement for the Louisiana SMC. The DoD support reflects the strategic importance of securing a domestic supply chain for rare-earth materials critical to national defence.

England Airpark

England Airpark has been a critical partner in supporting Ucore's vision for the strategic metals complex. As the operator of the former England Air Force Base, the England Authority has transformed the site into a thriving commercial and industrial hub. England Airpark has provided Ucore with a strategically located, infrastructure-ready site -- within a federally designated Foreign Trade Zone (FTZ). This designation allows Ucore to benefit from potential duty deferrals, reductions or eliminations on imported feedstock materials, enhancing the global competitiveness of its rare-earth processing operations. Combined with collaborative local support and expedited permitting, the partnership underscores England Airpark's role in advancing U.S. critical mineral independence.

Louisiana incentive package

In addition to federal funding, the State of Louisiana and local partners have assembled a $15-million (U.S.) plus incentive package for the company, including:

• Industrial Tax Exemption Program (ITEP): up to $8.2-million (U.S.) in ad-valorem tax savings over 10 years;
• Infrastructure grant: $900,000 (U.S.) for facility upgrades;
• Facility offset: $360,000 (U.S.) over 24 months to reduce initial lease costs;
• Additional support includes: payroll rebates, LED FastStart work force training and expedited state permitting.

These incentives underscore Louisiana's commitment to establishing Alexandria as a key node in North America's emerging critical mineral supply chain.

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 SMCs in Canada and Alaska and the longer-term development of Ucore's 100-per-cent-controlled Bokan-Dotson Ridge rare heavy REE project on Prince of Wales Island in southeast Alaska, United States.

We seek Safe Harbor.