Ucore Rare Metals Inc. (TSX-V: UCU) (OTCQX: UURAF) is pleased to announce the closing of its previously announced “best efforts” private placement for aggregate gross proceeds of C$15.5 million, which includes the full exercise of the agents’ option. In aggregate pursuant to the Offering, the Company sold 12,916,667 units of the Company at a price of $1.20 per Unit. Each Unit consists of one common share in the capital of the Company and one-half of one Common Share purchase warrant. Each Warrant entitles the holder thereof to purchase one Common Share at any time on or before June 19, 2028 at an exercise price of $1.75.

Red Cloud Securities Inc., as lead agent and sole bookrunner, together with Raymond James Ltd. acted as agents in connection with the Offering. As consideration for their services, the Agents received cash commissions and advisory fees totaling $855,000 and were issued an aggregate of 712,500 non-transferable Common Share purchase warrants. Each Broker Warrant is exercisable into one Common Share at the Offering Price at any time on or before June 19, 2028.

The Units were issued to Canadian purchasers pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The Units and the securities underlying the Units are not subject to resale restrictions pursuant to applicable Canadian securities laws.

The net proceeds of the Offering are expected to be used for the following: (i) finalization of upstream mixed-rare-earth feedstock agreements and downstream customer offtake agreements for the Company’s planned strategic metals complex in Louisiana, USA; (ii) completion of the Company’s existing obligations pursuant to its agreements with the U.S. Department of Defense and Natural Resources Canada; (iii) commercial scale column confirmation testing; (iv) progressing engineering drawings and plans, which are currently ongoing, for the Company’s planned SMC; and (v) general working capital requirements.

The Offering remains subject to the final approval of the TSX Venture Exchange (the “TSXV“).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been, nor will they be, registered under the U.S. Securities Act or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act, as amended, and applicable state securities laws.

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.