Ucore Updates on M³ Plan of Action & RO Funding Participation

Halifax, Nova Scotia – (October 17, 2019) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to provide the following progress updates with respect to the roll-out of its MINE to METAL to MARKET  plan of strategic actions ( the “M³ Plan” or ““) for its Bokan-Dotson Ridge Rare Earth Project (“Bokan” or the “Project“); further to the Company’s press release of September 10, 2019.

“Ucore is advancing its flagship U.S. mineral resource at Bokan Mountain to diminish America’s, and indeed the Western World’s, dependence on Chinese controlled critical elements required for the economy of the future,” stated Mike Schrider, Ucore COO.  “The Company has a deliberate plan in place and is strategically executing on that plan through the support of Federal and State governments, as well as our shareholder base, who collectively share our vision of mineral independence from China.”

“The Company anticipates that our current Rights Offering (“RO“),  exercisable exclusively by existing shareholders and at a remarkable discount to the Company’s recent rolling  average share price, will be tremendously successful for us,” said Jim McKenzie, President & CEO of Ucore. “Our largest shareholders have already indicated heavy participation in the RO, and broader interest has come from every facet of our very wide and diversified shareholder base. The opportunity for non-accredited shareholders to participate in a financing round of a public company is an extraordinary thing. We encourage those monitoring the exercise deadlines, to refer to the RO information page on the Ucore website.”

MINE  
 
Preparation of the Bokan HREE Mine to a “Shovel Ready” Status

The Company’s initial ramp-up has focused on the identification and quantification of rare earth element (“REE“) co-product metals present at the Bokan-Dotson Ridge Rare Earth Project.  These efforts have included:

1.    The identification of co-product metals which were not considered but physically present within the 2013 Preliminary Economic Assessment’s¹ (“PEA“) planned leach streams by metallurgist, Mr. Edwin Bentzen (see Ucore press release dated September 23, 2019);

2.    Quantifying these co-product metals and updating the National Instrument 43-101 (“NI 43-101“) 2015 mineral resource estimate to now include these co-product metals.  This 2019 mineral resource update was completed by Aurora Geoscience and disclosed by the Company on October 15, 2019.

With the inclusion of the co-product metals into the 2019 Bokan mineral resource, the 2013 PEA’s Project flowsheet is now under analysis to ensure the cost-effective recovery of these co-product metals, where practicable, within the context of the overall Project economics.  The Company is in discussions with SGS Canada Inc. (“SGS“) known at a world level for its mineral processing, metallurgy, and process design expertise to facilitate this review. In parallel with this, SGS is advising Ucore on the hydrometallurgical design of the Alaska Strategic Metals Complex (“Alaska SMC“) REE processing and separation facility.

METAL

Preparation of Detailed Planning, Engineering and IP Acquisition for the Alaska SMC

The Company has retained, Mech-Chem Associates, Inc. (“Mech-Chem“) of Norfolk, MA, as the principal process engineering firm for the initial engineering study of the Alaska SMC.  Mech-Chem is a full-service design-build firm specializing in the design, engineering fabrication, and construction of manufacturing facilities, operating processes, acid, chemical, and waste recovery systems, as well as environmental control systems.

Mech-Chem will work closely with the SGS  office in Lakefield during this initial engineering study to develop the preliminary capital cost estimate for the Alaska SMC with its solvent extraction (“SX“) processes based upon the reagent products  of Solvay (Euronext: SOLB) (“Solvay“) and its CYANEX 572 reagent and associated optimization analytics.

Upon completion of the initially planned engineering work and the associated capital cost estimates, the Company will re-engage with the Alaska Industrial and Export Authority (“AIDEA“) to resume Project financing discussions (see Ucore press release dated October 22, 2018).

MARKET

Strategic Development of the North American REE Market

The Company remains engaged on multiple fronts in its stated goal of alleviating North America’s dependency on China for rare earth and other critical elements through the development of a U.S. centric REE supply chain founded on U.S. sourced REE.  Ucore President & CEO, Jim McKenzie, and Ucore Chairman of the Board, Pat Ryan, are pleased to provide their unique perspectives on Ucore’s pursuit of this objective in the following two videos:

a)    M³ Plan of Action – Mine to Metal to Market – Jim McKenzie, President & CEO

b)    M³ Plan of Action – Mine to Metal to Market – Pat Ryan, Chairman of the Board

INITIAL M³ FUNDING

The Rights Offering Exercise Period of September 20, 2019, through October 23, 2019

Ucore is very pleased with initially received indications of insider (senior officers, directors and major shareholders) and outsider participation in the Rights Offering.  With the support of our shareholders, the Company anticipates the Rights Offering to be a mutually beneficial and successful initial source of funding for its M³ Plan of Action and the subsequent reduction of U.S. dependence on Chinese sourced rare earth elements.

Shareholders are encouraged to contact Mark MacDonald, Vice President Business Development at (902) 482-5214; or our Communications Agent, Shorecrest Group, at 1-888-637-5789 or email rightsoffering@ucore.com if any questions remain on how best to participate in this Rights Offering opportunity and are cautioned that finalization of their intended level of participation may take several days to finalize and must be completed by 5:00 p.m. EDT on October 23, 2019.