Ucore Rare Metals Inc. announced the January 1, 2024, acquisition of an 80,800 square foot brownfield facility on a 10.7+ acre industrial parcel for the development of its first commercial rare earth element processing facility in Alexandria, Louisiana. This selected site for the Louisiana Strategic Metals Complex ("LA-SMC") is secured through a multi-decade lease with the England Economic and Industrial Development District ("EEIDD") at their England Airpark complex. The England Airpark is a former 3,600-acre Air Force base dedicated to generating economic development in Central Louisiana.

Ucore is developing the LA-SMC to process 2,000 tonnes per annum ("tpa") of total rare earth oxidesii ("TREO") by H1-2025, expanding to 5,000 tpa TREO by 2026, and 7,500 tpa TREO by 2027. The lease arrangement is designed to ensure the facility's long-term viability and employment opportunities for the residentsiii of Rapides and the surrounding Parishes. Additionally, the Greater Alexandria Economic Development Authority ("GAEDA") has approved a USD 360,000 grant to England Airpark to support the project's development by providing lease assistance over the first two years.

The Company expects to achieve numerous related milestones in First Quarter-2024 and looks forward to providing updates regarding enhanced RapidSX?? results and performance metrics from its US DoD and Government of Canada demonstration programs and to further detail the funding and technical development pathway from its Kingston, Ontario, Commercialization and Demonstration Facility (" CDF") to the LA-SMC in Alexandria, Louisiana.