Ucore Rare Metals Inc. provided an update on its RapidSXTM rare earth element separation technology platform and the Company's Louisiana Strategic Metals Complex technology deployment process. The work is taking place at the Company's RapidSXTM Commercialization and Demonstration Facility in Kingston, Ontario, which is operated by its laboratory partner Kingston Process Metallurgy Inc. The Ucore, IMC, KPM, and Mech-Chem Associates Inc. commercialization team continues to make significant strides in the procurement and construction process for the RapidSXTM REE demonstration-scale plant. The final engineered layout of the Demo Plant takes up nearly all of the 5,000 square foot CDF.

And the concept of building a plant within an existing building is the go-forward engineering process that the Team will replicate to create the first full-scale SMC within one of three designated Louisiana brownfield siteii facilities once the selection process is finalized. As Ucore announced on October 17, 2022, the Louisiana SMC is scheduled to initially produce 2,000 tonnes of total rare earth oxides by the end of 2024, increasing to 5,000 tonnes by 2026. The Company is engaged in numerous discussions for the required development funding for its first SMC.

The project is expected to be funded with CAD 15+ million from the State of Louisiana, prepurchase and supply offtake agreements, various debt financing programs, government grants, and other means. Since acquiring IMC in May of 2020, Ucore's 2-1/2 year RapidSXTM development program has allowed the Company to position itself as a first-mover toward the commercial production of heavy and light REOs in North America. The assembled commercialization team is fully integrated into all CDF activities and is aligned to develop the full-scale SMC techno- economic assessment and engineering data transfer.

The efficiencies and environmental advantages resulting from the CDF demonstration processes are, and will continue to be, directly incorporated into the full-scale SMC engineering design packages. This integrated process rapidly positions Ucore to meet the demanding schedule requirements for developing the first SMC and corresponding REO production for the Company's emerging list of prospective downstream partners. Ucore's REE separation Demo Plant is designed to: Have the ability to process tens of tonnes of mixed rare earth concentrates on a per annum basis: from multiple feedstock sources, including the heavy REE and light REE feedstocks planned for the full-scale SMCs.

Be capable of processing all RapidSXTM splits required to produce individual praseodymium, neodymium, terbium, and dysprosium. Have a parallel 51-stage conventional solvent extraction mixer/settler circuit that will match the RapidSXTM process' configuration and enable direct head-to-head comparison of the performance of RapidSXTM vs. CSX.