Canada Rare Earth : 31 August 2023

Canada Rare Earth Update - 3 Months Ending June 30^th, 2023

Vancouver, BC, August 31, 2023 - Canada Rare Earth Corp. ("Canada Rare Earth" or "the "Company") (TSX.V: LL) is pleased to provide highlights of the financial statements and management discussion and analysis for the three months ended June 30, 2023. Readers are encouraged to read both documents filed on SEDAR+ (www.sedarplus.ca)

Tracy A. Moore, CEO of Canada Rare Earth, explained, "We are maintaining our 'Speed to Revenues' strategy to increase sales, gross profits and positive cashflows as we simultaneously work to acquire and develop proprietary essential mineral properties which are either currently in production with expansion potential or are capable of near-term production. With increasing confidence in the Bom Futuro property, we have reached an agreement with our two partners that gives Canada Rare Earth the right to increase ownership in the project to a controlling 52% and become the operator."

Peter Shearing, COO of Canada Rare Earth, elaborated, "We are increasing trading volumes from third-party properties and acquiring/developing our own properties in parallel to create a robust trading base. We prioritize essential mineral opportunities with attractive near-term revenue potential in jurisdictions where we or our partners have good connections with the local communities. Currently, we are placing much of our efforts in Brazil and several African countries, focusing on rare earths, cassiterite/tin, zircon and ilmenite. The Bom Futuro property is a prime example of our targets."

Anthony Wong, CFO of Canada Rare Earth, emphasized, "We are pleased with our increasing revenues while maintaining the gross profit percentage and keeping our operating and development costs on budget."

About Canada Rare Earth Corp.

Canada Rare Earth Corp. is developing an international integrated business focusing on essential and critical minerals, including rare earths. Our strategy is to generate revenues and positive cash flow as we acquire and develop our own properties and establish value-add processing capabilities.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-looking statements in this release are made pursuant to the 'safe harbour' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.

For more information on the Company, interested parties should review the Company's filings that are available at www.sedarplus.ca.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Tracy A. Moore Chief Executive Officer [e-mail]	Peter Shearing Chief Operating Officer [e-mail]
Telephone: [phone] Website: www.canadarareearth.com