Ucore Rare Metals Inc. reported that it has entered into a new Secured Credit Facility Agreement with Orca Holdings, LLC in the amount of up to USD 1 million (the 2023 Facility). Proceeds from the 2023 Facility will primarily be used to continue commission trials at the Company's RapidSXTM Rare Earth Element (REE) Commercial Demonstration Plant located in Kingston, Ontario. Drawdowns on the 2023 Facility will be available in multiples of USD 100,000 and will carry interest at a rate of 10% per annum.

All amounts owing under the 2023 Facility will be repayable by December 31, 2023. An administrative loan origination fee equal to 1.5% of the available 2023 Facility will be paid at maturity. A total of 1 million bonus warrants will be issued as consideration for the granting of the 2023 Facility.

The warrants will contain a condition precedent to their exercise such that no warrant shall be exercisable if such exercise would cause the lender's ownership of the Company, as calculated on a partially diluted basis, to exceed 19.99%. The warrants will have an exercise price of $1.20 and a term of 12 months from the date of issue. Each warrant, and underlying share, shall be subject to a restricted period such that the holder must not trade the security before the date that is four months and one day after the date of issue.

The issuance of the warrants will be conditional upon the approval of the TSX Venture Exchange (the TSXV).