• Ucore Rare Metals Inc. is devoted to improving the supply chain for rare earth elements (“REEs”) through commercialization of its trademarked RapidSX(TM) technology
• REEs are in high demand for modern computer applications that use the metallic products in high-grade batteries, motors, speakers and hard drives
• China effectively dominates the industries that produce and process REEs, leading U.S. and Canadian governments to prioritize a China-independent supply chain for the critical technology
• Ucore has been demonstrating the advantages of its RapidSX(TM) technology over standard SX ore separation technology at the company’s Ontario, Canada test facility
• The company will present information on its achievements at this month’s Autotech CTA Fall 2023 Program and in a U.S. Department of Defense project
• Ucore is preparing to begin building a commercial facility in Louisiana, southern United States, that will build up to processing 7,500 metric tons per year of total rare earth oxides (“TREOs”) by 2027

Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF), a strategic metals supply chain-focused enterprise, has built a step-by-step series of achievements in its push toward commercializing its trademarked technology for the separation of heavy and light rare earth elements (“REEs”) in North America. The company will discuss those accomplishments with key automotive tech industry members and investors at this month’s Autotech CTA Fall 2023 Program (https://ibn.fm/RXOHv).

REE supply chains, vital to the production of high-grade batteries that supply power to a wide variety of modern computer technologies, are mostly dependent on industry in The People’s Republic of China, so revitalization of North America industry independence has been promoted not only by the business world but by government interests as well.

The U.S. Department of Defense (“DoD”) has awarded a $4 million grant to Ucore to help it demonstrate the importance of its REE separation technology, called RapidSX(TM), to sustaining national interests in the face of tech espionage concerns as well as concerns about an international supply chain subject to the whims of other countries’ policies (https://ibn.fm/sG6wv).

In August, Ucore welcomed U.S. Embassy staff members for a tour of the company’s demonstration facility in Ontario where RapidSX(TM) process output is being compared to REE output from the separation process standard used in the industry at large (https://ibn.fm/RY1NQ). On Oct. 5, the company further announced efforts to precisely quantify the advantages of RapidSX(TM) for the DoD’s Rare Earth Element Separation Technology Capabilities Prototype Project, which aims to develop solutions that advance and sustain both traditional and emerging defense manufacturing sectors, preserve critical and unique manufacturing and design skills, support and expand reliable sources, and identify and mitigate supply chain vulnerabilities.

“This arduous yet thorough process will soon enable us to discreetly quantify the previous qualitative attributes of the RapidSX(TM) technology platform and the resulting rare earth element products,” Ucore VP and COO Mike Schrider stated (https://ibn.fm/vdcXb).

Ucore’s participation in the Autotech CTA Program also shows cooperation between government and commercial industry partners to strengthen North American technological interests. The Program is organized by The Government of Canada’s Trade Commissioner Service in Palo Alto, Calif., and the Province of Ontario Trade & Investment Office in San Francisco, and Ucore was selected by the government’s Global Affairs Canada department to participate.

The event provides Canadian companies with an opportunity to broker connections with potential U.S. customers, strategic partners, and investors, as well as auto-tech exporters. Electric vehicles are one key technology end user for REEs — Neodymium is frequently used in EV motors and Dysprosium, Terbium and Praesodymium are commonly used in Neodymium magnets, all of which are among the REEs Ucore is processing.

Ucore is preparing to transition from production at its test demonstration facility in Canada to production at a commercial Strategic Metals Complex (“SMC”) facility in Louisiana that the company expects to begin building before the end of the year. The SMC will be central to Ucore’s supply chain plans, and the company plans to produce 2,000 metric tons per year of total rare earth oxides (“TREOs”) by early 2025, growing to 7,500 tons in 2027.

The company also owns an Alaskan rare earth mine prospect, which portends the possibility of Ucore onlining its own American-based REE feedstock at some future date.

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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