Ucore Reports USD $7M Fund in Support of Renewed Bokan Ross Adams Mine Site

Halifax, Nova Scotia--(Newsfile Corp. - August 18, 2020) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that the United States Forest Service ("USFS") has reached an agreement (the "Agreement") with Newmont USA Limited and Dawn Mining Company to finance the environmental renewal of the former Ross Adams uranium mine site at Bokan Mountain, Alaska (the "Ross Adams Site"). The on-site environmental reclamation project (the "Project") will be highly useful in setting a clean slate for the permitting and commencement of planned mining activities at the Bokan-Dotson Ridge Rare Earth Element Project (the "Bokan Project") planned by Ucore.

The Ross Adams Site, located about a mile away from the head of Kendrick Bay, has a storied history^[i] and was a significant source of uranium for the United States. From 1957 through 1971 it produced in excess of 85 thousand tons of uranium laden material yielding over 1.3 million pounds^[ii] of U3O8 for the U.S.

The Project will include the consolidation of mine rock and any remaining previously mined uranium laden material from the Ross Adams Site (and secondary transit areas) and place those materials in an on-site repository at the mine's open pit location. The repository for the hazardous materials will be covered with clean soil and engineered to protect human health and the environment. Additionally, non-hazardous remnants of the former mining operation will be removed. As part of the Agreement, the USFS has concluded a 30-day public comment period as of August 7, 2020, and may withdraw or withhold its consent to the Project based on the review of public feedback. Otherwise, cleanup activities are expected to move forward later this year, administered by the USFS.

"This is a highly encouraging advancement, both for the Bokan Project and Ucore as the current developer of Bokan Mountain," said Mike Schrider, P.E., Vice President & COO of Ucore. "This USFS initiative ensures a clean slate for renewed development at Bokan, and a reset of the environmental baseline measurements will undoubtedly facilitate go-forward permitting for Ucore. We couldn't ask for a better conclusion to the activities of prior operators, as Ucore continues to execute several initiatives leading towards the development of its Bokan Project and assumes stewardship of this historically significant American asset."

"We commend the USFS for this initiative," said Ucore Chairman and Interim CEO, Pat Ryan, P.Eng. "We're also especially grateful to U.S. Senator Lisa Murkowski [R - Alaska] and staff in advocating for this action with the USFS over the last several years. Senator Murkowski has long recognized that such an initiative is the first hurdle to the ignition of renewed mining activities at Bokan. The unrelenting advocacy of her Senatorial office for a revitalized U.S. rare earth supply chain centered in Alaska has been instrumental in Ucore's continued success."

Further information regarding the Ross Adams project documents and the public comments received may be viewed on the USFS website:

https://www.fs.usda.gov/detail/tongass/landmanagement/projects/?cid=fseprd574452

###

About Ucore Rare Metals Inc.
Ucore is focused on rare and critical metals resources, extraction, beneficiation and separation technologies with potential for production, growth, and scalability. The Company has a 100% ownership stake in 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 Alaska Strategic Metals Complex (the "Alaska SMC") in Southeast Alaska and the development of the Company's rare earth minerals property located at Bokan Mountain in Alaska.

Ucore is listed on the TSX Venture Exchange under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX^® Best Market under the ticker symbol "UURAF". For further information, please visit www.ucore.com.

Forward-Looking Statements
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 development and/or 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. In regard to Ucore's M3 Plan of Action and the disclosure in the "About Ucore" section above, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future Alaska SMC. Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 technical report that demonstrates that the Bokan Project is feasible and economically viable for the production of both REE and co-product mineral materials and metals and the then prevailing market prices based upon assumed customer off-take agreements. Ucore has also assumed that sufficient external funding will be found to develop the specific engineering plans for the Alaska SMC and its construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the Alaska SMC; Ucore not being able to raise sufficient funds to fund the specific design and construction of the Alaska SMC; adverse capital-market conditions; unexpected due-diligence findings; unexpected or adverse outcomes in the currently outstanding litigation matters between Ucore and IBC Advanced Technologies, Inc.; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Alaska and/or in the support expressed by AIDEA regarding the development of Bokan and/or the Alaska SMC; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

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

CONTACT

Ty Dinwoodie
President
Ucore Rare Metals Inc.
+1 902 482 5214
ty@ucore.com

^{_______________________}

^[i] Kiffer, D. (2005, July 10). There's Giegers [sic] in them thar hills Bokan Mountain and the Alaska uranium "Boom". Retrieved from Stories In the News
^[ii] Long, K. R., Van Gosen, B. S., Foley, N. K., & Cordier, D. (2010). The Principal Rare Earth Elements Deposits of the United States-A Summary of Domestic Deposits and a Global Perspective. U.S. Department of the Interior / U.S. Geological Survey.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62032