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Ucore announces:

Ucore has produced 99.9% dysprosium ("Dy") oxide generated at its Commercialization and Demonstration Facility ("CDF") in Kingston, Ontario, for planned Japanese, South Korean, and US customer qualifications

The shortage of heavy rare earth oxides, namely Dy and terbium ("Tb"), represents one of the most challenging requirements of forging a Western rare earth permanent magnet industry independent of geopolitical supply turbulence

The qualification work is intended to support the development of structured definitive supply and offtake agreements aligned with Ucore's planned Louisiana Strategic Metals Complex ("SMC"), including downstream market development under the Company's previously announced strategic cooperation framework with Sumitomo Corporation of Americas

Halifax, Nova Scotia--(Newsfile Corp. - July 7, 2026) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that it has produced commercial-grade 99.9% dysprosium ("Dy") oxide for planned qualification samples to major rare earth permanent magnet and electronics manufacturers for technical evaluation.

The Dy qualification sample material represents a significant milestone in Ucore's strategy to connect its planned Louisiana Strategic Metals Complex's ("SMC") rare earth separation outputs directly with downstream magnet, metal, alloy, and advanced materials supply chains. Dy oxide is a critical heavy rare earth element ("REE") material used in high-performance electronics and rare earth permanent magnets, particularly where magnets must retain performance, coercivity, and stability at elevated operating temperatures. These requirements are essential across electric vehicles, robotics, industrial automation, renewable energy systems, aerospace, and defense applications.

Together with Ucore's previously announced NdPr oxide qualification samples, this Dy oxide production advances Ucore's broader product qualification strategy for the light and heavy rare earth oxides required by the Western oxide and permanent magnet industries.

Figure 1: 99.9% dysprosium (Dy) oxide generated at Ucore's Commercialization and Demonstration Facility (CDF) in Kingston, Ontario

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1119/304231_330ae978e470c8cc_002full.jpg

Heavy Rare Earths: The Critical Gap in Western Magnet Independence

Ucore believes that the Western rare earth supply chain challenge is defined by the ability to reliably separate, refine, qualify, and deliver the individual rare earth oxides required by downstream manufacturers.

This challenge is especially acute for heavy rare earths. NdPr provides the primary magnetic foundation for NdFeB permanent magnets, while Dy and Tb are used in smaller quantities but are essential for many high-temperature and high-performance magnet applications. Without qualified sources of Dy and Tb oxide outside of China, Western and Western-allied magnet producers remain exposed to supply concentration risk even when light rare earth supply and magnet manufacturing capacity are being expanded.

"The first-mover advantage in the Western market is not primarily about heavy rare earth production volume alone. It is about qualification status," stated Pat Ryan, P.Eng., Chairman and CEO of Ucore. "A proven modular and scalable processing platform, such as RapidSX™, can deliver high-purity material into customer qualification programs, begin to establish downstream customer relationships, defense and commercial industry confidence, and business alignment into 2030 and beyond.

"Dysprosium is one of the defining materials in the race to build an independent Western permanent magnet and oxide supply chain. Producing 99.9% Dy oxide and providing access to that material to major manufacturers is a significant step for Ucore. It demonstrates that our Kingston CDF is not simply validating a separation concept. It is generating the customer-specific materials required to move from technical demonstration toward commercial supply alignment."

Ucore's Commercialization and Demonstration Facility Technology Center

The work at Ucore's Commercialization and Demonstration Facility ("CDF") technology center in Kingston, Ontario, has focused on expanding the West's knowledge of heavy rare earth processing, through:

Developing front-end leaching and impurity removal processes from real-world sourcesConstructing two conventional solvent-extraction ("CSX") pilot-scale circuits of 52 and 80 stages eachDirectly comparing over 16,000 samples produced from RapidSX™ vs. those produced from the CSX circuits and proving that the chemistry of CSX and RapidSX™ is identicalWhile proving RapidSX™ is faster and more efficientAdapting the modular and scalable RapidSX™ technology platform to suit the required solvent-extraction chemistry while noting that, for given chemical conditions, the purity achieved is simply a function of the number of functional group stages (i.e., extraction, scrub, strip, wash, and saponification)Optimizing the solvent-extraction chemistry to recover both light and heavy REEs, primarily from heavy REE feedstocksDemonstrating ESG standards for solids and liquids handling and reagent recoveriesDeveloping the back-end oxalate and oxide production processesScaling the RapidSX™ hardware for full-scale operation and factory acceptance testingCustomer Qualification: A Critical Step in Project Development

The evaluation work by major downstream prospective customers focuses on confirming that Ucore's Dy oxide meets the technical, quality, consistency, traceability, and compliance requirements for use in their manufacturing supply chains.

This qualification process is a key step toward elevating strategic relationships currently under discussion or toward forming the framework for structured commercial arrangements. It allows downstream manufacturers and advanced materials customers to evaluate whether Ucore's separated heavy rare earth oxide products meet their internal manufacturing and procurement specifications before finalizing larger-volume supply commitments.

"For downstream customers, dysprosium oxide quality is about much more than individual oxide parameters," stated Mike Schrider, P.E., Ucore's Vice President and Chief Operating Officer. "These samples will provide potential customers with the material they need to evaluate Ucore's Dy oxide against their own technical and compliance requirements. Customer feedback from this qualification work is being directly integrated to support the engineering and commercial planning of the Louisiana SMC.

"Once again, the Kingston CDF continues to serve as the bridge between RapidSX™ commercialization work and the product specifications, quality systems, and operating knowledge required for commercial deployment in Louisiana."

The Dy oxide qualification sample material was produced at Ucore's CDF technology center. As noted above, work at the CDF is integral to Ucore's commercial development plans and to understanding and exploiting solvent extraction chemistry. The noted Dy oxide sample material started with approximately 2 tonnes of mixed rare earth oxide ("MREO") derived from a third-party Western ionic clay source and was first processed through the Company's 52-stage RapidSX™ Demonstration Plant ("Demo Plant") through a multi-step separation campaign and then through a complementary solvent extraction circuit to provide additional polishing capacity through more available stages. As Ucore announced on May 28, 2026, at the Louisiana SMC the Company's initial Machine A (the first component within Production Line 1) will alone consist of ≈118 RapidSX™ stages.

Strategic Alignment with the Louisiana SMC and Allied REE Supply Chains

Ucore has previously announced strategic relationships with industry participants working to expand Western and allied rare earth supply chains. These relationships are intended to position Ucore as a midstream supplier of separated rare earth oxides to strategically important downstream manufacturers in Europe, Japan, North America, South Korea, and other allied markets.

On June 15, 2026, Ucore announced a strategic cooperation framework with Sumitomo Corporation of Americas to support the development of a diversified rare earth supply chain across North America and allied markets. Under that framework, the parties intend to collaborate on rare earth feedstock sourcing for Ucore's planned Louisiana SMC and downstream offtake development for selected middle and heavy rare earth elements critical to high-performance magnets and advanced materials applications.

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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.

Through strategic partnerships, Ucore aims to support the development of a more diversified and resilient North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA ("Bokan").

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."

For further information, please visit www.ucore.com.

Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements" within the meaning of applicable Canadian securities laws. All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, products to be produced at the Louisiana SMC, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

Forward-looking statements in this release include, without limitation, statements regarding the development or execution of definitive supply, offtake agreements or other commercial agreements; the acceptability of rare earth oxide samples to magnet makers and other end users of product; the ability to provide high-purity materials or on-spec product to customers on an on-going basis; and the acceptability of the referenced samples to potential customers.

For additional risks and uncertainties regarding the Company, its business activities, its ability to qualify for and receive any additional funding from any U.S. or Canadian government, the CDF and the aforementioned projects (generally), see the risk disclosure in the Company's MD&A for Q1-2026 (filed on SEDAR+ on May 29, 2026) (www.sedarplus.ca) as well as the risks described below.

Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future SMCs. Ucore has also assumed that sufficient external funding will be found to continue and complete the ongoing research and development work required at the CDF and also later prepare a new National Instrument 43-101 technical report that demonstrates that Bokan is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction and eventual commissioning and operations.

Forward-looking statements are based on a number of material assumptions, including, without limitation: the successful completion and accuracy of baseline, front-end-engineering design and detailed engineering studies; the ability to complete further engineering, procurement, and construction activities as currently contemplated; the availability, cost, and timely delivery of equipment, materials, utilities, labour and construction services; the Company's ability to secure sufficient financing on acceptable terms; the receipt and timing of all required permits and approvals; the successful scale-up and commercial deployment of RapidSX™ technology from demonstration to commercial operation; the availability of qualified feedstock from third-party suppliers; successful customer qualification and offtake discussions; continued support from governmental partners; and general economic, market, and industry conditions, including assumptions regarding rare earth oxide prices, which are subject to significant volatility..

Although the Company believes that the assumptions underlying the forward-looking information are reasonable, there can be no assurance that such assumptions will prove to be accurate or that the anticipated results, performance, or achievements will be realized. Actual results may differ materially from those expressed or implied by the forward-looking information.

Factors that could cause actual results to differ materially include, without limitation: risks associated with the development, scale-up, and commercialization of new or unproven technologies; the risk that RapidSX™ may not perform at commercial scale as expected; engineering design changes; inaccuracies in capital or operating cost estimates; cost escalation due to inflation, supply chain disruption, or market conditions; delays or failures in procurement, construction, or commissioning; the inability to obtain or maintain required permits, approvals, or regulatory authorizations; challenges in securing adequate financing; adverse capital market conditions; variability in feedstock supply, quality, or pricing; failure to secure or maintain commercial relationships, customer qualification, or offtake arrangements; fluctuations and uncertainty in rare earth oxide prices and demand; the risk that indicative or quoted market prices, including for ex-China markets, may not be realized; operational risks once in production, including equipment failures or lower-than-expected recoveries; geopolitical risk; changes in applicable laws or regulations; environmental or permitting challenges; loss of key personnel; and general economic, business, or competitive conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/304231

Source: Ucore Rare Metals Inc.

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Ucore announces:

Ucore has produced 99.5%+ neodymium-praseodymium oxide generated at its 52-stage RapidSX™ Demonstration Plant in Kingston, OntarioInitial NdPr oxide qualification samples were shipped to major rare earth permanent magnet manufacturers serving North American and European supply chainsTesting of the samples begin the process of confirming purity, phase composition, consistency, and compatibility with customer-compliant NdFeB permanent magnet manufacturing processesThe qualification work is intended to support the development of structured definitive supply agreements aligned with Ucore's planned Louisiana Strategic Metals Complex and its Commercialization and Demonstration Facility in Kingston, OntarioHalifax, Nova Scotia--(Newsfile Corp. - June 22, 2026) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that it has produced commercial-grade neodymium-praseodymium ("NdPr") oxide and shipped initial qualification samples to major rare earth permanent magnet manufacturers for technical evaluation.

The sample shipments mark an important step in Ucore's strategy to connect its RapidSX™ rare earth separation platform directly with downstream magnet, metal, alloy, and advanced materials supply chains. NdPr oxide is a critical midstream material that is converted into metal and alloy feedstock for neodymium-iron-boron ("NdFeB") permanent magnets, which are used across high-performance motors, robotics, electric vehicles, industrial automation, renewable energy systems, and defense applications.

The NdPr oxide qualification samples were produced as part of Ucore's ongoing demonstration and commercialization work. During this work, the Company's 52-stage RapidSX™ Demonstration Plant at its Commercialization and Demonstration Facility ("CDF") in Kingston, Ontario, processed a heavy mixed rare earth oxide ("MREO") feedstock derived from an ionic clay source and produced 99.5%+ NdPr chloride. Ucore subsequently converted a portion of this chloride solution into 99.5%+ NdPr oxide.

Strategic Alignment with Western Supply Chain Development

Ucore has previously announced strategic relationships with major rare earth permanent magnet manufacturers that are working to expand Western magnet production capacity. These relationships are intended to position Ucore as a midstream rare earth oxide supplier for strategically important downstream manufacturers focused on rebuilding North American and allied rare earth magnet supply chains. In addition to utilizing dysprosium ("Dy") and terbium ("Tb"), which Ucore plans to produce in Louisiana, these magnet manufacturers also utilize NdPr oxide, which is expected to be an important part of Ucore's product suite at its prospective Louisiana SMC.

"Sample qualification is a critical step toward developing potential offtake arrangements," stated Pat Ryan, P.Eng., Ucore's Chairman and Chief Executive Officer. "The NdPr oxide shipped to major rare earth magnet manufacturers was not produced in a concept study. It was produced through Ucore's RapidSX™ demonstration platform, from real mixed rare earth feedstock, and is now in the hands of companies working to develop Western magnet manufacturing capacity."

Mike Schrider, P.E., Ucore's Vice President and Chief Operating Officer, commented: "For downstream customers, oxide quality matters. Purity, impurity control, physical form, consistency, conversion performance, and traceability all have to be understood before commercial supply can begin. These samples give potential customers the material they need to evaluate Ucore's rare earth oxides against their own technical and manufacturing requirements."

Schrider added: "This work also gives Ucore direct feedback from downstream customers as we continue to translate the learnings from our Kingston CDF into the design, construction, commissioning, and operational plans of the Louisiana Strategic Metals Complex."

Customer Qualification: Turning Separated Oxides into Supply Chain Inputs

The evaluation work by major downstream customers focuses on confirming that Ucore's rare earth oxides meet the technical, quality, and traceability requirements for use in Western magnet and advanced materials supply chains.

The qualification process is expected to include:

independent chemical assay work to confirm rare earth oxide purity and key impurity levels;confirmation of oxide characteristics, including phase composition, handling, moisture, and consistency;assessment of compatibility with magnet manufacturing requirements, including alloy formulation, process qualification, and finished magnet compliance expectations; anddevelopment of product specifications, quality assurance protocols, logistics requirements, and commercial terms to support definitive long-term supply agreements.This qualification process is a key step toward elevating strategic relationships currently at the MOU level and could contribute toward potential commercial offtake arrangements. It allows downstream manufacturers and advanced materials customers to certify that Ucore's separated rare earth oxide products meet their required technical specifications before larger-volume supply commitments are finalized.

# # #

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.

Through strategic partnerships, Ucore aims to support the development of a more diversified and resilient North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA ("Bokan").

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."

For further information, please visit www.ucore.com.

Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements" within the meaning of applicable Canadian securities laws. All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, products to be produced at the Louisiana SMC, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

For additional risks and uncertainties regarding the Company, its business activities, its ability to qualify for and receive any additional funding from any U.S. or Canadian government, the CDF and the aforementioned projects (generally), see the risk disclosure in the Company's MD&A for Q1-2026 (filed on SEDAR+ on May 29, 2026) (www.sedarplus.ca) as well as the risks described below.

Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future SMCs. Ucore has also assumed that sufficient external funding will be found to continue and complete the ongoing research and development work required at the CDF and also later prepare a new National Instrument 43-101 technical report that demonstrates that Bokan is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction and eventual commissioning and operations.

Forward-looking statements are based on a number of material assumptions, including, without limitation: the successful completion and accuracy of baseline, front-end-engineering design and detailed engineering studies; the ability to complete further engineering, procurement, and construction activities as currently contemplated; the availability, cost, and timely delivery of equipment, materials, utilities, labour and construction services; the Company's ability to secure sufficient financing on acceptable terms; the receipt and timing of all required permits and approvals; the successful scale-up and commercial deployment of RapidSX™ technology from demonstration to commercial operation; the availability of qualified feedstock from third-party suppliers; successful customer qualification and offtake discussions; continued support from governmental partners; and general economic, market, and industry conditions, including assumptions regarding rare earth oxide prices, which are subject to significant volatility..

Although the Company believes that the assumptions underlying the forward-looking information are reasonable, there can be no assurance that such assumptions will prove to be accurate or that the anticipated results, performance, or achievements will be realized. Actual results may differ materially from those expressed or implied by the forward-looking information.

Factors that could cause actual results to differ materially include, without limitation: risks associated with the development, scale-up, and commercialization of new or unproven technologies; the risk that RapidSX™ may not perform at commercial scale as expected; engineering design changes; inaccuracies in capital or operating cost estimates; cost escalation due to inflation, supply chain disruption, or market conditions; delays or failures in procurement, construction, or commissioning; the inability to obtain or maintain required permits, approvals, or regulatory authorizations; challenges in securing adequate financing; adverse capital market conditions; variability in feedstock supply, quality, or pricing; failure to secure or maintain commercial relationships, customer qualification, or offtake arrangements; fluctuations and uncertainty in rare earth oxide prices and demand; the risk that indicative or quoted market prices, including for ex-China markets, may not be realized; operational risks once in production, including equipment failures or lower-than-expected recoveries; geopolitical risk; changes in applicable laws or regulations; environmental or permitting challenges; loss of key personnel; and general economic, business, or competitive conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302334

Source: Ucore Rare Metals Inc.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

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Ucore Rare Metals Inc. (OTCMKTS:UURAF - Get Free Report)'s stock price passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $4.79 and traded as high as $5.05. Ucore Rare Metals shares last traded at $4.8780, with a volume of 103,633 shares changing hands. Analyst Upgrades

Halifax, Nova Scotia--(Newsfile Corp. - March 31, 2026) -   Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to acknowledge the recent announcement by it's partner, Hastings Technology Metals Limited ("Hastings"), in partnership with Wyloo , regarding the acquisition of a fully-permitted hydrometallurgical mixed rare earth chloride ("MREC") production facility in Thailand. Ucore congratulates Hastings and Wyloo ("the Yangibana Joint Venture Partners") on this strategic acquisition, which is expected to accelerate their ability to process third-party monazite feedstock prior to development of the Yangibana Project.

Halifax, Nova Scotia--(Newsfile Corp. - April 14, 2026) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the completion of an upgraded mineral resource estimate ("Resource" or "Mineral Resource") for the Bokan Dotson-Ridge rare earth element project in Southeast Alaska ("Bokan"), together with the associated Technical Report (the "Technical Report"). The Technical Report has been prepared in accordance with both National Instrument 43-101 and SEC Regulation S-K 1300.

Halifax, Nova Scotia--(Newsfile Corp. - April 27, 2026) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") advises that an aggregate of 2,775,000 options have been granted to directors, officers, employees and consultants of the Company, subject to the approval of the TSX Venture Exchange. The options are exercisable into common shares at a price of $5.33 per share and the options expire five years from April 27, 2026, the date of grant. One third of the options will vest after six months, with one third vesting every six months thereafter until fully vested.

# # #

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.

Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA ("Bokan").

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."

For further information, please visit www.ucore.com.

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

For additional risks and uncertainties regarding the Company, its business activities, its ability to qualify for and receive any additional funding from any U.S. or Canadian government, the CDF and the aforementioned projects (generally), see the risk disclosure in the Company's MD&A for Q4-2025 (filed on SEDAR+ on March 18, 2026) (www.sedarplus.ca) as well as the risks described below.

Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future SMCs. Ucore has also assumed that sufficient external funding will be found to continue and complete the ongoing research and development work required at the CDF and also later prepare a new National Instrument 43-101 technical report that demonstrates that Bokan is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction and eventual commissioning and operations. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority (AIDEA) regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/294386

Source: Ucore Rare Metals Inc.

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Orbital Engineering, Inc.'s Louisiana SMC report supports:

a three production-line RapidSX™ configuration targeted to process up to ≈9,000 tpa of TREO contained in qualified rare earth feedstocks, eliminating the fourth production line as originally considered.

the production of a full rare earth product suite, including NdPr, Pr, Nd, Sm, Gd, Tb and Dy, noted by the U.S. DoW as most crucial under their Defense Production Act and IBAS Programs.

incorporating the principles of lean manufacturing with fewer parallel production lines, yielding fewer individual column stages, resulting in reduced maintenance points, less operator time, and other operating cost efficiencies, yet with similar processing throughput.

the creation of an additional ≈600 tpa TREO capacity, multi-purpose RapidSX™ Machine "A" to be constructed first under the DoW Phase 2 Project, allowing for broader product flexibility, production line integration, and simplified execution.

Halifax, Nova Scotia--(Newsfile Corp. - May 28, 2026) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the results of a CAPEX and Capacity Engineering Report, dated May 27, 2026, prepared by the Company's engineering consortium and led by Orbital Engineering, Inc. ("Orbital"). This report reflects the efforts to move from the Company's Kingston, Ontario, Commercialization and Demonstration Facility ("CDF") to Production Line 1 at the Louisiana Strategic Metals Complex ("SMC"). Details include engineered capital expenditure ("CAPEX") and capacity projections for the initial standalone Machine A, and its planned integration into the first multi-machine RapidSX™ Production Line[1] ("Production Line 1") at the Louisiana SMC.

Optimized Louisiana SMC Configuration

As a result of efficiencies identified through engineering, demonstration, and scale-up work testing, Ucore is designing the Louisiana SMC to consist of the initial ≈600 tonnes per annum ("tpa") total rare earth oxide ("TREO") Machine A plus three RapidSX™ Production Lines (or "Trains"), each capable of processing up to ≈3,000 tpa of TREO. This optimized configuration reduces the planned number of production lines from four to three, while targeting an overall Louisiana SMC throughput capacity of ≈9,600 tpa of TREO. This configuration better balances capital intensity, reliability, maintainability, commercial flexibility, and operating cost per unit of production.

Each machine will use optimized RapidSX™ columns and supporting equipment throughout, increasing upfront capital costs but improving long-term operating economics by reducing the number of parallel processing lines, individual columns, pumps, valves, instruments, and maintenance points, and lowering operator time per unit of production.

"After approximately 6,500+ run-time hours in Ucore's RapidSX™ Commercialization and Demonstration Facility, our engineering team has developed a commercial configuration that is expected to lower unit operating costs and improve reliability over the life of the plant with expanded initial investment," stated Pat Ryan, P.Eng., Chairman and CEO of Ucore. "This is an important evolution in the Louisiana SMC plan. We are moving from a lowest initial build-cost concept toward a more robust commercial operating configuration designed for higher throughput per production line, fewer production lines, fewer maintenance points, and better long-term operating performance."

Mike Schrider, P.E., Vice President and Chief Operating Officer of Ucore, commented: "The engineering objective has been to translate RapidSX™ demonstration work into a commercial configuration that is practical to build, practical to operate, and scalable for North American rare earth supply chain requirements. The optimized design is intended to reduce process complexity while retaining Ucore's ability to process qualified feedstocks from multiple independent rare earth sources."

Pending construction completion, commissioning, qualification, and receipt of all required funding and permits, Ucore's Louisiana SMC shall be capable of accepting mixed rare earth carbonate ("MREC") and mixed rare earth oxide ("MREO") from Western-friendly feedstock sources and processing up to ≈9,600 tpa of contained TREOs. The SMC is designed to take advantage of the inherent flexibility and modularity of the RapidSX™ technical platform and capable of producing NdPr, Pr, Nd, Sm, Gd, SmEuGd ("SEG"), Tb, Dy, rare earth oxide products, and intermediates.

Enhancements to Standalone Machine A

The first RapidSX™ machine to be deployed in Louisiana, Machine A, is to be partially funded through the Company's previously announced US$18.4 million funding agreement with the US Department of War (see Ucore Press Release dated July 14, 2025). Originally contemplated as a single machine with 64 RapidSX™ stages and designed to replicate the 'any split' methodology demonstrated at the CDF through intermediate product storage and machine reuse, the now enhanced Machine A will consist of ≈118 RapidSX™ stages. This will allow for the direct production of neodymium-praseodymium ("NdPr") from conventional MREC or MREO feedstocks, as well as praseodymium ("Pr"), neodymium ("Nd"), samarium ("Sm"), gadolinium ("Gd"), terbium ("Tb"), and/or dysprosium ("Dy") from select partial MREC product groups without the use of interim product holding tanks for successive separations. This important strategic adjustment was in direct response to feedback from North American defense contractors regarding their urgent need to secure Western sources of these critical oxides.

Combining Machine A with Production Line #1

Upon successful operation and completion of gating items associated with Machine A, the Company intends to construct RapidSX™ Machines #1 and #2 of Production Line 1, dedicated to processing up to 3,000 tpa of TREO to produce an NdPr product. At the same time, Machine A will have the ability to work independently or attach to the back end of Production Line 1 to produce a SEG[2] product, while subsequent Production Lines 2 and 3 will be installed to eventually broaden the SMC's multi-product suite of offerings.

Planned Production Scale-Up

Ucore's Louisiana SMC facility scale-up is proceeding under a defined execution plan:

Deployment stepScope
ProductsEnhanced Machine AThe first RapidSX™ commercial machine capable of up to ≈600 tpa TREO of bespoke processingNdPr at an estimated throughput of ≈600 tpa TREO, with the ability to also produce Pr, Nd, Sm, Gd, Tb, and/or Dy, depending on feedstock and sub-products availabilityProduction Line 1Two RapidSX™ machines of ≈3,000 tpa TREO throughputNdPr production with the remaining products feeding Production Line 2Enhanced Machine A - IntegrationMachine A can be integrated into Production Line 1 Capable of producing a SEG product sub-groupProduction Line 2Five RapidSX™ machines ≈3,000 tpa TREO throughputNdPr, Tb, Dy, and SEG. Machines #3, #4 and #5 will be sized to accept intermediate streams from Production Lines 1 and 3Production Line 3Two RapidSX™ machines ≈3,000 tpa TREO throughputNdPr production with the remaining products feeding Production Line 2Engineered Capital Cost Estimates

Orbital's engineered capital cost estimate for the Enhanced Machine A and Production Line 1 is as follows:

Item
Engineered Capital Cost EstimateEnhanced Machine A
US$60MProduction Line 1US$44MOxide Production and PackagingUS$31MMachine A and Production Line 1 - Cumulative CostUS$135MThe updated capital plan reflects the Company's move from a lower initial build-cost configuration to a more robust configuration designed to lower long-term unit operating costs, improve process reliability, and increase maintainability as the Louisiana SMC scales toward commercial operations. The updated estimates also reflect inflation and market-cost escalation since the prior pre-engineering estimates, as well as the expansion of commercial-scale oxide production and packaging equipment with more substantive supporting infrastructure and higher-capacity systems.

As mentioned above, the US$60 million estimated capital cost of Enhanced Machine A will be partially funded by the previously announced US$18.4 million funding agreement with the US Department of War. The amounts in the table above do not include the cost of the first-fill of prospective feedstocks. The estimated timeline for completing the installation, testing, and commissioning of Machine A remains H1-2027.

Rare Earth Market Conditions

Market prices for rare earth oxides sold outside of China continue to reflect constrained Western supply chains and strong demand for critical magnet materials. According to Benchmark Mineral Intelligence's Rare Earths Price Assessment (30th April 2026), selected rare earth oxide prices were as follows:

ProductChina priceIndicative ex-China priceNdPr oxideUS$116 / kgUS$119 / kgTb oxideUS$890 / kgUpwards of 5x DDP ChinaDy oxideUS$200 / kgUpwards of 7x DDP ChinaThe markets for samarium and gadolinium remain more opaque, with fewer published data points available. However, the Company's trading partners have anecdotally observed samarium and gadolinium each trading outside of China at more than US$300 per kg. The Company cautions that these indicative and anecdotal pricing observations may not be representative of realized sales prices, which will depend on product specification, jurisdiction, customer qualification, contract terms, volume, delivery timing, and other commercial factors.

Canadian SMC Update

The Company remains engaged with Canadian federal government officials regarding the Company's proposed Canadian rare earth processing facility and the conditional funding package of up to C$36.3 million announced by Ucore on October 31, 2025. Ucore looks forward to providing further details to stakeholders as they become available in the coming months.

About Ucore Rare Metals Inc.

Ucore is advancing North American rare earth separation and refining through its Louisiana Strategic Metals Complex and the commercialization of its RapidSX™ separation technology. Ucore's vision is to become a leading advanced technology company providing metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, Ucore's plan includes the development of a heavy and light rare earth processing facility in the United States, subsequent Strategic Metals Complexes in Canada and Alaska, and the longer-term development of Ucore's 100%-controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA.

Ucore is listed on the TSX Venture Exchange under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements in this release, other than statements of historical fact, that address future business development, technological development, engineering, procurement, construction, commissioning, commercial production, operating costs, capital costs, project timelines, throughput, product mix, feedstock processing, government funding, customer qualification, offtake, market prices, or other future events or developments are forward-looking statements.

Forward-looking statements in this release includes, without limitation, statements regarding: the design, configuration and development of the Louisiana SMC; the expected number of RapidSX™ production lines and machines; expected throughput of 9,600 tonnes per annum of TREO; expected production of NdPr, Nd, Pr, Sm, Gd, Tb, and Dy; the expected sequencing and timing of t Machine A, Production Line 1, Production Line 2, and Production Line 3; estimated capital costs for Machine A and Production Line 1 and related infrastructure; expected operating characteristics, including potential reductions in unit operating costs and improvements in reliability; targeted milestones for engineering, construction, commissioning and commercial production; availability and sourcing of feedstock; customer engagement and potential product demand; rare earth market conditions and pricing; and the potential receipt of government funding and other financing..

Forward-looking statements are based on a number of material assumptions, including, without limitation: the successful completion and accuracy of baseline, front-end-engineering design and detailed engineering studies; the ability to complete further engineering, procurement, and construction activities as currently contemplated; the availability, cost, and timely delivery of equipment, materials, utilities, labour and construction services; the Company's ability to secure sufficient financing on acceptable terms; the receipt and timing of all required permits and approvals; the successful scale-up and commercial deployment of RapidSX™ technology from demonstration to commercial operation; the availability of qualified feedstock from third-party suppliers; successful customer qualification and offtake discussions; continued support from governmental partners; and general economic, market, and industry conditions, including assumptions regarding rare earth oxide prices, which are subject to significant volatility..

Forward-looking information relating to capital cost estimates and project design is based on a baseline engineering report and remains subject to refinement through further engineering and project development. Such estimates may not be directly comparable to previously disclosed estimates, which were prepared at an earlier stage of project development and may have included different scope elements, assumptions, or cost categories, including feedstock, working capital, or other non-capital items.

In addition, statements regarding expected operating efficiencies, cost reductions, reliability, and commercial performance are based on current engineering assumptions and preliminary analyses and are subject to validation through commissioning and commercial operations. There can be no assurance that such expectations will be achieved in whole or in part.

Although the Company believes that the assumptions underlying the forward-looking information are reasonable, there can be no assurance that such assumptions will prove to be accurate or that the anticipated results, performance, or achievements will be realized. Actual results may differ materially from those expressed or implied by the forward-looking information.

Factors that could cause actual results to differ materially include, without limitation: risks associated with the development, scale-up, and commercialization of new or unproven technologies; the risk that RapidSX™ may not perform at commercial scale as expected; engineering design changes; inaccuracies in capital or operating cost estimates; cost escalation due to inflation, supply chain disruption, or market conditions; delays or failures in procurement, construction, or commissioning; the inability to obtain or maintain required permits, approvals, or regulatory authorizations; challenges in securing adequate financing; adverse capital market conditions; variability in feedstock supply, quality, or pricing; failure to secure or maintain commercial relationships, customer qualification, or offtake arrangements; fluctuations and uncertainty in rare earth oxide prices and demand; the risk that indicative or quoted market prices, including for ex-China markets, may not be realized; operational risks once in production, including equipment failures or lower-than-expected recoveries; geopolitical risk; changes in applicable laws or regulations; environmental or permitting challenges; loss of key personnel; and general economic, business, or competitive conditions.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update forward-looking statements except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

[1] A RapidSX™ Production line is a series of RapidSX™ Machines (each machine conducts a specific solvent extraction chemistry split) working together to produce multiple separated products.

[2] Samarium, Europium and Gadolinium.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299208

Source: Ucore Rare Metals Inc.

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