Ucore Accepts Invitation to Join US Critical Materials Institute

Halifax, October 11, 2018 - Ucore Rare Metals Inc. ("Ucore" or the "Company) is pleased to announce that it has accepted an invitation to join the Critical Materials Institute (CMI).

Established in 2013, CMI is an operating unit of Ames Laboratory, a US Department of Energy national laboratory located in Ames, Iowa. The mission of CMI is to develop solutions to domestic shortages of Rare Earth Elements (REE) and other materials critical for U.S. energy security. Recognizing the increasing importance of the security of strategic metals to the US, CMI operates under a five-year mandate, with funding of USD $120 million, and with numerous projects underway. The initiatives comprise four national laboratories, seven university partners, 11 industrial partners and approximately 350 researchers. For more information, see: https://cmi.ameslab.gov/.

"The Critical Metals Institute is actively working to ensure a secure Rare Earth supply to the United States," said Jim McKenzie, President and CEO of Ucore. "The CMI team includes access to some of the brightest minds and the highest-ranking metallurgical research facilities now operating in America. We're excited to avail ourselves of these resources and to contribute to this important and highly time sensitive issue."

CMI is working to address the issue of criticality with certain REE and other elements that it believes might hinder the development and commercialization of clean energy technologies within the United States. Long-term goals include the elimination of supply chain fragilities of select REE and diversifying the sources of critical materials.

Senator Lisa Murkowski of Alaska and the Senate Committee on Energy and Natural Resources recently held a hearing on improved critical minerals production, at which Ucore's REE separation platform was hailed as "potentially very revolutionary" by Dr. Roderick Eggert, the Deputy Director of the Critical Minerals Institute. The acknowledgment of molecular recognition technology (MRT) as an important tool in the development of supply chain resiliency for critical elements in the US has provided a catalyst for the collaboration with CMI. See Critical Minerals Hearing: https://youtu.be/ucrME90y3m4?t=5m40s,

White House Defense Industrial Base Report

On Friday October 5, 2018, the White House released the Defense Industrial Base Report (the "Report"), which provides an in-depth look at the REE supply chain to identify single points of failure and actionable ways to mitigate risk, a significant step towards the reestablishment of domestic REE production as part of a reenergized U.S. defense industrial base.

The Report analyzes seven layers of the REE supply chain and found over 280 vulnerabilities. One of the key findings in the document is a growing overreliance of the US military upon China for strategic and critical materials. Ucore has announced multiple initiatives this year to create rare earth production

capabilities in the U.S., including plans for the Alaska Strategic Metals Complex, as well as processing facilities in the Central Appalachians, one of the largest untapped REE development zones in America. For more information, see https://www.whitehouse.gov/briefings-statements/president-donald-j-trump-taking-important-measures-strengthen-defense-industrial-base/.

About Ucore

Ucore Rare Metals is a development-phase company focused on rare metals resources, extraction and beneficiation technologies. The Company has a 100% ownership stake in the Bokan project in South East Alaska. On March 31, 2014, Ucore announced the unanimous support of the Alaska State Legislature for the investment of up to USD $145 Million in the Bokan project at the discretion of the Alaska Import Development and Export Agency ("AIDEA"). On January 30, 2018, the Company announced the selection of a location for a Strategic Metals Complex in Ketchikan, AK, a site which features an industrial base, deep water port, and proximity to the Bokan HREE project. The Alaska based SMC will be utilized for the processing of REE feedstock originating from domestic and non-Chinese international locations.

For further information, please contact Mr. Randy MacGillivray, V.P. Project Development of Ucore Rare Metals Inc. at: (604) 842-9802 or visit 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 exploration drilling, exploration activities, research and development timelines, and 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 and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes or setbacks, research and develop successes or setbacks, continued availability of financing, and general economic, market or business conditions.

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