Press Release

AK Governor Nominates Ucore’s Bokan
as a High Priority Infrastructure Project

Halifax, Nova Scotia – (August 29, 2019) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to announce that on August 9, 2019, Alaska Governor Michael J. Dunleavy submitted a nomination letter to the White House Council of Environmental Quality (“CEQ”) recommending that the Chairman of the CEQ designate the Bokan-Dotson Ridge Rare Earth Project (“Bokan”) as a High Priority Infrastructure Project (“HPIP”).

The HPIP program was instituted by the Trump Administration in 2017 as a means of expediting the permitting approval process for projects of key strategic importance to the United States (see HPIP Background, below). An HPIP designation will facilitate an abbreviated permitting turnaround timeline for Bokan, as the Company prepares for a near term Environmental Impact Statement (EIS) review, and transitions the project to a ‘shovel-ready’ development state.

Governor Dunleavy’s nomination letter is available for public review at the following link: https://ucore.com/4514_001_HPIP.pdf

“The support from Governor Dunleavy and his staff underscores the importance of immediately developing a domestic rare earth element natural resource project and separation plant,” stated Jim McKenzie, President & CEO of Ucore. “This nomination could not come at a better time considering our strategic planning related to the development of the Bokan mine and its Alaska SMC separation plant to contribute to the forthcoming and necessary re-establishment of a U.S. rare earth supply chain, independent of China. Our sincere thanks to Governor Dunleavy for spearheading this important initiative.”

“A High Priority Infrastructure Project designation will greatly assist in our planned permitting related activities for the Bokan project,” explained Mike Schrider, COO of Ucore. “An HPIP designation would shave significant lead time off of the development of a fully permitted project, prospectively delivering us to construction commencement in just over two years. Our fundamental objective is to establish the Bokan – Dotson Ridge resource as a shovel-ready critical mineral reserve for the rapidly expanding domestic technology and defense industry sectors that are dependent on rare earth metals.”

“The Bokan-Dotson Ridge REE site is an excellent resource to support U.S. REE supply chain needs,” said Jeff Green, president of J.A. Green & Company, a Washington DC based government relations firm with specialized knowledge of defense contracting. “With its unique mineralization, especially for the heavy rare earths, it has high potential value in any effort to rebuild a domestic REE supply chain to meet both commercial and military requirements.”

HPIP Background

On January 24, 2017, President Donald J. Trump signed an Executive Order Expediting Environmental Reviews and Approvals For High Priority Infrastructure Projects. All Federal departments and agencies expected to be involved with the permitting of the Bokan project are members of the Federal Permitting Improvement Steering Council (“FPISC”). The FPISC is a new entity tasked with improving timeliness, predictability, and transparency of the Federal environmental review and authorization process for covered infrastructure projects. The FPISC is composed of agency Deputy Secretary-level members and chaired by an Executive Director appointed by the President.

About Ucore

Ucore Rare Metals is a development-phase company focused on rare and critical metal resources, extraction and beneficiation technologies with near term potential for production, growth and scalability. The Company has a 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Project. On March 31, 2014, Ucore announced the unanimous support of the Alaska State Legislature for Senate Bill 99 (2014), which authorized the AIDEA to issue up to USD $145 Million in bonds for the infrastructure and construction costs of the Bokan-Dotson Ridge Rare Earth Project.

Ucore’s vision and plan is to transition to become a leading advanced technology company that provides mineral separation products and services to the mining and mineral extraction industry. This vision includes the development of the Company’s rare earth minerals property located at Bokan Mountain in Alaska (an NI-43-101 technical report was filed on SEDAR on March 14, 2013) and its Alaska SMC individual rare earth element processing & separation plant.

For further information, please contact Mr. Jim McKenzie, President & CEO of Ucore Rare Metals Inc. at: +1 (902) 482-5214 or visit <http://www.ucore.com>.

Cautionary Notes

This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release (other than statements of historical facts) that address future business acquisition activities (including any related required financings), timelines, litigation outcomes, events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results and actual results or developments may differ materially from those in forward-looking statements. Ucore has assumed that it will in the near future be able to obtain interim financing and sufficient additional financing to acquire IBC in compliance with the terms contemplated in the existing agreements with IBC and its shareholders holding a majority of its shares. Ucore has also assumed that there will be no material adverse findings in its upcoming expected comprehensive due diligence review of IBC. Factors that could cause actual results to differ materially from those in forward-looking statements include: Ucore not being able to raise sufficient funds to acquire IBC (including the non-acquisition payments owed under the previous and existing agreements); adverse capital market conditions; unexpected due diligence findings; unexpected or adverse outcomes in the currently outstanding litigation matters between Ucore and IBC; resistance to or noncompliance by IBC or its key shareholders with the existing agreements; the emergence of alternative superior metallurgy and mineral separation technologies; the inability of IBC to retain its key staff members and clients; the inability of IBC to protect its intellectual property; unexpected transaction costs or other deal completion setbacks; the availability and procurement of any required interim financing that may be required; and general economic, market or business conditions.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined by the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.