Bokan Mountain, Alaska

Historical Developments

2007 – 2014

  • Airborne geophysical survey work, geological mapping, trenching and channel sampling
  • Drilling – 23,622 m of drill core
  • Approximately C $35M in exploration related expenditures

March 2011

  • Release of inferred resource estimate (IAW NI 43-101)

March 2013

  • Release of Preliminary Economic Assessment (PEA), an NI 43-101 Technical Report

May 2015

  • Release of an upgraded inferred and indicated mineral resource (IAW NI 43-101)

October 2019

  • Release of resource upgrade with co-products (IAW NI 43-101)

2020 – 2021

  • Conduct additional mineralogy & metallurgical studies to upgrade the Bokan mill flowsheet for REEs and co-products

1A PEA is preliminary in nature; it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

Bokan Drilling

Bokan-Dotson Ridge REE Deposit

  • Initial drilling is complete and an NI 43-101 PEA1 is issued. Next steps – feasibility study (to include the co-products of Be, Zr, Nb & Hf), detailed mine design, and permitting
  • Resource estimate remains open down-dip and on-strike with further drilling planned concurrent with initial mining
  • Can be “near shovel ready” for construction in less than 30 months after receipt of the next stage of development funding
  • US $145M State of Alaska authorized AIDEA bond financing for project infrastructure and construction costs under SB99(2014)
  • The highest grade NI 43-101 HREE resource in the US
  • Environmentally sensitive mining project planned to have no tailings stored on surface at mine closure and reduced GHG emissions
  • Established workforce and underground mining culture in southeast alaska
  • Low capital and operating cost estimates documented in the 2013 PEA
  • Ucore has invested over C $35M to establish and validate the Bokan-Dotson Ridge resource in preparation for mine design & permitting

Indicated Resource (May 2015)

TREO CutoffTonnesLREO (%)HREO (%)TREO (%)

Inferred Resource (May 2015)

TREO CutoffTonnesLREO (%)HREO (%)TREO (%)

Kendrick Bay, Alaska