Ucore Rare Metals Inc. (TSX-V: UCU) (OTCQX: UURAF) is pleased to announce that the Company has executed the definitive contract for its largest financing agreement to date, the US$18.4 million follow-on first-stage production award from the U.S. Department of Defense that was previously announced on May 14, 2025. This award brings total funding under the Company’s existing Other Transaction Agreement with U.S. Army Contracting Command-Orlando to US$22.4 million (approximately CA$30.7 million). The funding awards that the Company receives from the DoD pursuant to the OT Agreement are non-repayable by the Company.

The purpose of the additional US$18.4 million award from the DoD is to facilitate the construction of the Company’s first commercial RapidSX™ machine and supporting infrastructure at its Strategic Metals Complex in Alexandria, Louisiana. Specifically, the additional requirements of the project and the Company’s objectives pursuant to the amended OT Agreement are to:

• complete detailed design, engineering, construction, and confirmation testing of commercial-scale RapidSX™ columns at the Company’s Commercialization and Demonstration Facility in Kingston, Ontario;
• complete detailed design and engineering plans for the SMC in Alexandria, Louisiana;
• submit all required permit applications with respect to the SMC;
• construct the requisite RapidSX™ supporting infrastructure, which will initially be scaled to service three RapidSX™ machines within the SMC (with still capacity for additional machines within the 80,800 square foot facility); and
• construct one commercial-scale RapidSX™ machine within the SMC, including commissioning, demonstration, and achieving ‘Early Production’ readiness of salable individual rare-earth element products from the SMC in Louisiana in H2-2026.

White House Executive Actions

The Award is captured under the Industrial Base and Sustainability program, and although consistent with recent Executive Orders issued by the US Administration, it falls outside this special scope. In particular, the Company awaits further support opportunities which could result from the April 15^th Executive Order, which encompasses a Section 232 investigation headed by the Department of Commerce to identify critical mineral shortfalls and projects that will restore domestic capability. The Company applauds this recent executive action and awaits the results of reviews and further recommendations initiated by these recent orders.

Groundbreaking Ceremony

On May 29, 2025, the Company held a Groundbreaking Ceremony at the SMC in Alexandria, Louisiana. The ceremony was attended by numerous local, state, federal, and US DoD representatives. The Company wishes to thank those who attended and looks forward to updating all constituents and stakeholders as efforts to establish domestic heavy rare earth refining capabilities continue.

Figure 1 – Groundbreaking Ceremony (from left to right) – Jeff Robichaux, Ratcliff Construction; Donna Howe, Speaker Johnson’s Office; Ramona Martin, Representative Letlow’s Office; Tommie Seaton, Senator Cassidy’s Office; Lafe Jones, Louisiana Central; Peter Manuel, Pat Ryan, and Mike Schrider, Ucore; Brandy Ledet and Rachel Shields, LED; David Broussard and Ralph Hennessy, England Airpark; Mayor Jacques Roy, City of Alexandria; Jay Scott, Rapides Parish Police Jury; Mike Palko and Bryan Mitsdarffer, US DoD

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“We are most appreciative of the ongoing support we have received from the US Department of Defense,” said Pat Ryan, Chairman and CEO of Ucore. “We further reiterate our support for the Executive Actions executed by the Administration and await the results of this ongoing work. Our groundbreaking ceremony at the SMC was a pivotal moment for the Company as we move toward our goal of commencing with domestic commercial production of separated and salable rare earth oxides in 2026. We thank everyone who participated in this important event and look forward to continuing our work with all of the many participants in this important project.”

Initial OT Agreement

The initial agreement between the Company and the DoD was announced by the Company on June 6, 2023. That initial agreement in 2023 was a US$4 million award from the DoD in the form of a firm-fixed-price OT Agreement between the ACC-ORL and the Company. A copy of the initial OT Agreement was filed under Ucore’s profile on SEDAR+ on June 12, 2023. The primary objective of the initial OT Agreement was to demonstrate that the Company’s RapidSX™ technology capabilities, demonstrated, quantified, and qualified through the project, will enable industry to gain advancement and efficiency in REE separation processing methods. As was announced in the Company’s press release dated June 6, 2023, upon the successful completion of the objectives of the OT Agreement, a follow-on or amended OT Agreement may be issued by the DoD to further support Ucore’s REE separation capabilities in North America, led by the Company’s flagship SMC planned to be located in Alexandria, Louisiana.

Amended OT Agreement

On May 14, 2025, the Company announced that it had reached an agreement with the DoD regarding amending the OT Agreement whereby an additional fixed amount of US$18.4 million will be provided to the Company to facilitate the construction of a production-ready commercial RapidSX™ machine and supporting infrastructure at the SMC in Alexandria, Louisiana. This agreement is a definitive amendment to the OT Agreement and was signed by both the Company and ACC-ORL on May 22, 2025. A copy of the definitive amendment to the OT Agreement will be available under Ucore’s profile on SEDAR+.

Other Government Support

As announced by the Company on November 20, 2023, Ucore has also secured a CA$4.28 million funding agreement from the Government of Canada to demonstrate the commercial efficacy of the RapidSX™ technology. This funding supports the production of high-purity REEs from Canadian and U.S. feedstock sources. In addition to U.S. and Canadian federal government support, the Company has executed a non-binding Letter of Intent with Louisiana Economic Development with respect to State grants, tax incentives, payroll rebates, and other incentives with an estimated value of US$15 million. The Company has also been awarded CA$500,000 in partnership with Ontario’s Critical Minerals Innovation Fund. The non-dilutive funding contribution is for the advancement of the Continuous Improvement Process at the CDF.

Louisiana SMC

It is planned that the Company’s 80,800-square-foot SMC facility will eventually be in full commercial production, processing and refining individual rare earth oxides from rare earth concentrates sourced from U.S.-friendly countries around the world. The raw materials will arrive at the port of New Orleans and will then be shipped in one-ton supersacks to the SMC, which is located within the England Air Park (a designated Foreign Trade Zone) in Alexandria, Louisiana. Ucore will then refine the concentrates using its patent-pending RapidSX™ process and extract the various individual rare earth oxides. Foreign Trade Zones are designated geographic areas where commercial merchandise, both domestic and foreign, is treated as if it were located outside the U.S. for commerce and customs purposes. This structure can potentially provide tariff and tax relief, helping American businesses remain competitive in the import of foreign inputs and exports of finished products.

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.

Ucore is listed on the TSX-V 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.