Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) is pleased to announce 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 the Agreement, signed on June 10, 2026, the companies will collaborate on sourcing rare earth feedstock for Ucore’s Louisiana Strategic Metals Complex and downstream offtake development for separated rare earth products. The focus is on selected middle and heavy rare earth elements critical to high-performance magnets and advanced materials applications primarily in Japan while preserving feedstock for additional processing for North American and allied markets.

The collaboration is intended to combine Ucore’s developing RapidSX™ technology platform at its Louisiana rare earth refinery with SCOA’s global sourcing, logistics, and market access capabilities, including in Japan, as the parties work to support more diversified rare earth supply chains. Furthermore, the companies intend to formally cooperate as project partners in Ucore’s previously announced Global Partnership Initiative with the Government of Canada.

Ucore is advancing its rare earth processing platform in North America, including the development of its planned SMC in Louisiana and continued commercial demonstration with the Government of Canada. SCOA has longstanding experience in the global rare earth industry, including sourcing, trading, and supply chain development.

As part of the framework, SCOA will serve as Ucore’s distribution partner for designated separated rare earth products sold to selected customer segments in Japan and other mutually agreed industrial applications.

The companies will work together to explore opportunities for cooperation across the rare earth value chain, subject to mutually agreed commercial terms and existing business arrangements.

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.