• Rising tension between the US and China requires the country to create new avenues of sourcing and processing REE for use in high-demand industries – increasingly pointing to a North American supply chain for REE facilitated by Ucore
• Ucore’s Unmatched RapidSX(TM) technology combines conventional solvent extraction (“SX”) with a new column-based platform to significantly reduce time-to-completion as well as plant footprint, along with operating costs
• The global REE market is currently around $10 billion – $15 billion per year, with REE being the most efficient form of material for EV motors, enabling $10 trillion to $15 trillion industry-wide for EV vehicles

Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF), a rising company engaged in the separation and scalable production of rare earth elements (“REE”) in the U.S. and Canada, is focused on becoming the leading advanced technology company providing best-in-class metal separation products and services to the mining and mineral extraction industries. To date, China has been the dominant leader in providing REE for industries, resulting in dangerous industrial leverage spanning military assets, electric vehicles, wind power generation, as well as mobile phones, and others. However, with the rising tensions between the U.S. and China, Ucore is now positioned to create a North American REE supply chain, allowing the U.S. to become self-sustainable in the industry.

Acquired in 2020 by Ucore, Innovation Metals Corp. developed the RapidSX(TM) separation technology platform with early-stage assistance from the United States Department of Defense, which has resulted in the production of commercial-grade, separated REE at a pilot scale. RapidSX(TM) combines the time-proven chemistry of conventional solvent extraction (“SX”) with a new column-based platform that significantly reduces time to completion and plant footprint, and potentially lowers the capital required and operational costs. SX is the commercial separation technology standard for the international REE industry, and is currently used by all REE producers worldwide for bulk commercial separation of both heavy and light REE.

The commissioning process is underway for Ucore’s RapidSX(TM) Demonstration Plant in Kingston, Ontario. RapidSX(TM) utilizes similar chemistry to traditional SX technology, but significantly improves the well-established and proven conventional SX separation technology. The demonstration plant is designed to highlight the commercial capabilities of the RapidSX(TM) technology platform, demonstrating the following:

• The techno-economic advantages of the RapidSX(TM) technology platform
• The processing of tens of tons of heavy and light mixed REE concentrates in a simulated production environment over thousands of semi-continuous run-time hours
• Production of high-purity NdPr, praseodymium, neodymium, terbium, and dysprosium REE for early OEM product qualification trials
• The scale-up engineering parameters to full scale production

Ucore’s demo plant is located within the company’s 5,000-square-foot RapidSX(TM) Commercialization and Demonstration Facility and is run by the company’s laboratory partner, Kingston Process Metallurgy Inc. (“KPM”).

According to S&P Global, the global REE market is currently around $10 billion – $15 billion per year, with REE being the most efficient form of material for EV motors. Its use has enabled between $10 trillion and $15 trillion of the EV industry. Because of this, REE prices are expected to remain strong over the coming years, since demand is set to increase faster than the supply available (https://ibn.fm/PYxsY).

Ucore is also developing its first full-scale Strategic Metals Complex (“SMC”) REE production plant with the help of KPM and its engineering partner Mech-Chem Associates Inc. in Louisiana with additional potential locations in Alaska and Canada. The Louisiana SMC is scheduled to commence construction in 2023. These SMCs are helping Ucore create a North American REE supply chain that will facilitate the company’s focus on the REE industry in North America without dependency on China.

For more information, visit the company’s website at www.Ucore.com.

NOTE TO INVESTORS: The latest news and updates relating to UURAF are available in the company’s newsroom at https://ibn.fm/UURAF

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