Ucore announces:

• The execution of a multi-decade lease for an 80,800 square foot brownfield facility on a 10.7+ acre industrial parcel for its developing rare earth element processing facility in Alexandria, Louisiana

Halifax, Nova Scotia--(Newsfile Corp. - January 4, 2024) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the January 1, 2024, acquisition of an 80,800 square foot brownfield facility on a 10.7+ acre industrial parcel for the development of its first commercial rare earth element ("REE") processing facility in Alexandria, Louisiana. This selected site for the Louisiana Strategic Metals Complex ("LA-SMC") is secured through a multi-decade lease with the England Economic and Industrial Development District ("EEIDD") at their England Airpark complex. The England Airpark is a former 3,600-acre Air Force base dedicated to generating economic development in Central Louisiana.

"Ucore is very pleased to announce the completion of this acquisition process and is extremely grateful to the City of Alexandria, England Airpark, GAEDA, the Governor of Louisiana, Louisiana Central, Louisiana Economic Development, Rapides Parish, Louisiana's federal delegation and numerous other entities that helped us secure this long-term arrangement in Alexandria," stated Mike Schrider, P.E., Ucore Vice President and Chief Operating Officer. "This lease structure allows us time to get to a revenue position and to simultaneously cultivate developing opportunities for planned expansion and prospective joint ventures for the adjacent 50 acres of industrial property[i] as we truly seek to establish a comprehensive and integrated rare earth supply chain in North America."

Ucore is developing the LA-SMC to process 2,000 tonnes per annum ("tpa") of total rare earth oxides[ii] ("TREO") by H1-2025, expanding to 5,000 tpa TREO by 2026, and 7,500 tpa TREO by 2027. The lease arrangement is designed to ensure the facility's long-term viability and employment opportunities for the residents[iii] of Rapides and the surrounding Parishes. Additionally, the Greater Alexandria Economic Development Authority ("GAEDA") has approved a US$360,000 grant to England Airpark to support the project's development by providing lease assistance over the first two years.

The Company expects to achieve numerous related milestones in Q1-2024 and looks forward to providing updates regarding enhanced RapidSX results and performance metrics from its US DoD and Government of Canada demonstration programs and to further detail the funding and technical development pathway from its Kingston, Ontario, Commercialization and Demonstration Facility ("CDF") to the LA-SMC in Alexandria, Louisiana.

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.

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."