Mr. Mark MacDonald reports

UCORE CLOSES BOOKS ON OVER-SUBSCRIBED BROKERED LIFE OFFERING

The order book for Ucore Rare Metals Inc.'s previously announced brokered private placement of units of the company has been oversubscribed and closed.

Red Cloud Securities Inc., as lead agent and sole bookrunner, together with Raymond James Ltd., are acting as agents in connection with the offering.

Pursuant to the offering, the company is issuing units at the previously announced price of $1.20 per unit. Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share for a period of 36 months following the closing date of the offering at an exercise price of $1.75.

As previously disclosed, the net proceeds of the offering are expected to be used for the following: (i) finalization of upstream mixed-rare-earth feedstock agreements and downstream customer offtake agreements for the company's planned strategic metals complex (SMC) in Louisiana, United States; (ii) completion of the company's existing obligations pursuant to its agreements with the U.S. Department of Defense and Natural Resources Canada; (iii) commercial-scale column confirmation testing; (iv) progressing engineering drawings and plans, which are currently continuing, for the company's planned SMC; and (v) general working capital requirements.

The company has granted the agents an option, exercisable in whole or in part prior to the closing of the offering, to offer and sell up to an additional 1.25 million units at the offering price for additional gross proceeds of up to $1.5-million. If the agents' option is exercised in full, the aggregate gross proceeds to the company will be $11.5-million.

It is anticipated that the offering will close on or about June 19, 2025, and is subject to certain closing conditions, including, but not limited to, the receipt of all necessary approvals, including the conditional approval of the TSX Venture Exchange.

The units to be issued under the offering have been offered to purchasers pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions, in all the provinces of Canada, except Quebec. The units will not be subject to resale restrictions pursuant to applicable Canadian securities laws.

For further details concerning the offering, please refer to the company's news release dated June 3, 2025, and the offering document relating to the offering, both of which can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read the offering document before making an investment decision.

About Ucore Rare Metals Inc.

Ucore is focused on rare metal and critical metal resources, 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 rare earth element supply chain through the near-term development of a heavy and light rare earth processing facility in the U.S. state of Louisiana and 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 southeastern Alaska, United States.

Ucore is listed on the TSX-V 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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