Ucore Rare Metals Inc. announce the completion of the local approval process of the Industrial Tax Exemption Program ("ITEP") associated with its selection of an 80,800 square-foot brownfield facility within the England Airpark in Alexandria, Louisiana ("LA" or the "State"), as the location for its developing Louisiana Strategic Metals Complex ("LA-SMC") rare earth element ("REE") separation and oxide production facility. The USD 8.2 million ITEP incentive is part of the broader USD 15 million incentive package offered by Louisiana Economic Development and previously announced by Ucore on April 6, 2023. The Industrial Tax Exemption Program is administered by and subject to the contract between
the Company and the Louisiana Board of Commerce and Industry ("C&I Board") and requires additional approvals from the Rapides Parish's Police Jury, School Board, and Sheriff's
Office. These approvals were obtained within 60 days after the C&I Board voted to approve the project on July 14, 2023. Ucore and the England Authority have established a multi-decade lease arrangement to ensure the long-term viability of the LA-SMC and continued employment opportunities for the residents of Rapides and surrounding Parishes.