Ucore recaps its 2021 rare earths supply chain baseline achievements and outlines direction for 2022

HalifaxUcore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to provide the following overview of the core business of its North American Rare Earth Element (“REE”) supply chain ”), its achievements and the continued direction planned for 2021 for 2022.

“Ucore has a very definitive vision and plan for an independent and comprehensive North American rare earth element supply chain,” said pat ryan, eng.., Chairman and CEO of Ucore. “To do this, the fundamental element is the ability to have, first and foremost, commercial-scale rare earth separation plants. The ability to separate rare earth elements into oxides does not exist in North America today and is therefore the central objective of Ucore.

“This advanced capability plan will then support the various downstream relationships that have been cultivated over the past year with potential OEMs and former ex-China producers of metals, alloys and magnets.

On Ucore Rare Metals Inc.

Ucore is focused on rare and critical metal resources, extraction, beneficiation and separation technologies with production, growth and scalability potential. Ucore holds a 100% interest in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. 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, Ucore’s vision includes disrupting the People’s Republic of China control of the REE supply chain in the United States through the development of a heavy rare earth processing facility – the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of Ucore’s heavy rare earth mineral resource property located at Mount Bokan to Prince of Wales Isle, Alaska.

Ucore is listed on the TSX Venture Exchange under the symbol “UCU” and in United States on the best OTCQX market of OTC Markets under the symbol “UURAF”.

On Innovation Metals Corp.

IMC has developed the proprietary RapidSX process, for the low cost separation and purification of rare earth elements, Ni, Co, Li and other engineering metals, via an accelerated form of solvent extraction. IMC is commercializing this approach for a number of metals to enable mining and metal recycling companies to compete in today’s global marketplace. IMC is a wholly owned subsidiary of Ucore Rare Metals Inc.

About RapidSX Technology

IMC developed the RapidSX separation technology with early-stage help from the United States Department of Defense (‘United States Department of Defense‘), later leading to the production of commercial grade separated rare earth oxides on a pilot scale. RapidSX combines the proven chemistry of conventional solvent extraction (‘SX’) with a new column-based platform, dramatically reducing completion time and plant footprint, as well as costs potential investment and operation. SX is the international rare earth industry standard (‘REE’) commercial separation technology and is currently used by 100% of all REE producers worldwide for commercial bulk separation of heavy and light REEs. Using similar chemistry to conventional SX, RapidSX is not a “new” technology, but represents a significant improvement over the well-established, well-understood and proven conventional SX separation technology preferred by REE producers.

Forward-looking statements

This press release contains certain statements that may be deemed “forward-looking statements” regarding, among other things, the Company’s ALASKA2023 business plan as well as upcoming forward-looking financing activities involving the Company and AIDEA. All statements in this release (other than statements of historical fact) that address future business development, technology development and/or acquisition activities (including any related required financing), timelines, results of litigation , events or developments that the Company anticipates, are forward-looking statements. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in the forward-looking statements. With respect to the disclosure in the “About Ucore Rare Metals Inc.‘ above, the Company assumed that it would be able to procure or retain additional partners and/or suppliers, in addition to IMC, as suppliers for Ucore’s anticipated future Alaska Strategic Metals Complex (“Alaska SMC”). Ucore also assumed that sufficient external funding would be found to prepare a new National Instrument 43-101 (“NI 43-101”) technical report that demonstrates that the Bokan Mountain Rare Earth Elements (“Bokan”) project is feasible. and economically viable. for the production of REE and metal co-products and the then prevailing market prices based on assumed purchase agreements with customers. Ucore also assumed that sufficient external funding would be obtained to develop the specific engineering plans for SMC Alaska and its construction. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: Innovation Metals Corp. (“IMC”) has not protected its intellectual property rights in RapidSX; RapidSX has failed to demonstrate commercial viability in large-scale applications; Ucore not being able to secure additional key partners or suppliers for SMC Alaska; Ucore not being able to raise sufficient funds to fund the specific design and construction of Alaska’s SMC and/or the continued development of RapidSX; adverse capital market conditions; unexpected results of due diligence; the emergence of new superior metallurgical and metal separation technologies; the inability of Ucore and/or IMC to retain key personnel; a change in the law in Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority (“AIDEA”) regarding the development of Bokan and/or Alaska SMC; the availability and receipt of any required interim and/or long-term financing; and general economic, market or business conditions.

Contact:

Marc MacDonald

Tel: 902.482.5214

Email: mark@ucore.com

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