Innovation Metals Corp. Provides Update on RapidSX(TM) Commercialization Development for Near-Term Commercial Heavy and Light Rare-Earth Elements Separation in USA

Toronto, Ontario--(Newsfile Corp. - October 2, 2020) - Innovation Metals Corp. ("IMC") is pleased to provide the following update regarding the commercialization development program for IMC's RapidSX™ technology, at the RapidSX Commercialization and Development Facility ("CDF") in Kingston, Ontario, Canada.

IMC's proprietary RapidSX technology is being commercialized for the cost-effective bulk separation and purification of rare-earth elements ("REEs") - including both heavy REE ("HREEs") and light REEs ("LREEs") - for the production of REE oxides ("REOs"), in addition to other critical metals, such as lithium ("Li"), nickel ("Ni"), and cobalt ("Co") for lithium-ion ("Li-ion") battery materials.

RapidSX REE Development Program

The RapidSX commercialization program, currently underway, is being led by IMC CEO and Chairman, Dr. Gareth Hatch, and IMC COO, Dr. Kurt Forrester, in conjunction with Dr. Boyd Davis and Mr. Alain Roy, Principals of Kingston Process Metallurgy ("KPM"), supported by additional technical expertise that IMC engaged for the program. As announced on June 23, 2020, KPM is IMC's laboratory partner and will be supporting all aspects of IMC's technical work to commence the optimization and commercialization program to scale up the RapidSX technology.

In the first four months since IMC's corporate parent, Ucore Rare Metals Inc. ("Ucore") completed its acquisition of IMC, a significant amount of work has been undertaken to advance the RapidSX technology, including:

• Engaging KPM as IMC's long-term laboratory partner;
• Technical onboarding of Dr. Forrester and KPM with respect to the fundamentals of the RapidSX technology, and past work;
• Initiating the RapidSX technical-validation and optimization program;
• Relocating the entirety of IMC's laboratory and all RapidSX equipment to IMC's RapidSX CDF, including IMC's existing pilot-scale RapidSX circuit;
• Numerous ongoing meetings with multiple potential RapidSX REE end users and REE business partners;
• Providing ongoing REE expert advisory services to a leading U.S. Department of Defense contractor in support of its U.S. REE business initiatives;
• Working directly with J. A. Green & Company to support Ucore's and IMC's proposals to the U.S. federal government (Ucore's efforts in Washington D.C. are spearheaded by government-relations firm J.A. Green & Company, led by well-known strategic-materials advocate Jeff Green. Dr. Hatch is an advisor to J.A. Green & Company and has been working with Mr. Green for more than 10 years);
• Working directly with the Canadian Rare Earth Elements Network ("CREEN") regarding advancing various initiatives underway with the Canadian federal government; and
• Advancing multiple Ucore and IMC U.S.-based REE supply-chain business-development proposals with multiple potential partners concurrently.

The RapidSX project team continues to be focused on a comprehensive technical program to finalize the design, construction and configuration of the RapidSX demonstration-scale pilot plant ("Demonstration Plant") for both HREE and LREE separation. Expected to be completed in Q2 2021, the program is taking a systems-engineering approach - focused on platform engineering (hardware), applications engineering (separation chemistry), and computational process simulation - and will be completed in two Phases:

1) Laboratory-Scale Program (Q4 2020 - Q1 2021)

• Quantitative characterization and design optimization of physical RapidSX hardware, independent of the chemistry of the separation applications that will utilize the technology, using a new multi-column RapidSX research platform built for this specific purpose;
• Use of the new research platform to quantitatively characterize process kinetics, equilibrium isotherms and other parameters for various REE feedstocks; and
• Development, utilization and optimization of a state-of-the-art process simulation tool, combining empirical results from the research platform, with the thermodynamic and other mathematical equations required to effectively model applications using the RapidSX technology. (Once optimized, the tool will give IMC the ability to rapidly test and to simulate large numbers of different test conditions, to determine the optimum flowsheet parameters and equipment configurations for particular REE and other feeds, at various scales.)

2) Demonstration-Scale Program (Q1 - Q2 2021)

• Finalization of the Demonstration Plant design and configuration, based on the results of the laboratory-scale development program, including the process simulation tool;
• Construction and commissioning of the Demonstration Plant at the CDF; and
• Initial testing of separation flowsheets for specific REE feedstocks using the Demonstration Plant, to produce commercial evaluation and qualification samples for partners, potential REE end users and licensees.

The objectives of the current RapidSX development program include:

1) Validation of previous RapidSX REE technical work;

2) Optimization and validation of the physical design of the RapidSX platform at demonstration scale;

3) Validation of the specific process flowsheets developed for particular REEs, including multiple U.S.-allied-sourced commercial REE feedstocks currently under consideration;

4) Initial generation of REO qualification samples for potential customers and licensees for evaluation;

5) Creation of inputs required for the design of commercial-scale RapidSX HREE and LREE separation facilities; and

6) Initiation of a detailed techno-economic assessment of RapidSX-based separation, as part of the commercialization process.

Dr. Hatch stated, "We are grateful to Ucore for providing the financial backing required in 2020 for the continued advancement of RapidSX, and IMC is particularly pleased with the RapidSX development work completed since May 2020. The significant contributions of Dr. Kurt Forrester, the KPM technical team and others have been invaluable to the advancement of our RapidSX technology."

"Additionally, IMC continues to work extensively with US-allied commercial REE feedstock suppliers and several active and near-term REE producers outside of China, who have expressed interest in potentially incorporating the RapidSX technology into their operations," said Dr. Hatch.

IMC will evaluate and test multiple specific LREE and HREE commercially available, U.S.-allied-sourced feedstocks to develop a comprehensive dataset that will demonstrate the versatility of the RapidSX technology for REE separation, and the robustness of the mathematical process model used to accelerate optimization. Commissioning of the Demonstration Plant is targeted for Q2 2021. Following the operations to validate the flowsheets and hardware configurations, a comprehensive techno-economic study will be conducted and the design of a commercial-scale REE separation facility will be finalized and is presently targeted for completion in Q4 2021. It is at this point that IMC expects that RapidSX will be ready for commercial adoption and implementation by IMC's customers via revenue-producing licensing agreements.

IMC looks forward to providing further updates on the commercialization of the RapidSX technology for the separation of HREEs and LREEs in the coming months.

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About Innovation Metals Corp.

IMC has developed the proprietary RapidSX™ process, for the low-cost separation and purification of REEs, Ni, Co, Li and other technology metals, via an accelerated form of solvent extraction. IMC is commercializing this approach for a number of metals, to help enable mining and metal-recycling companies to compete in today's global marketplace. IMC is a wholly owned subsidiary of Ucore Rare Metals Inc.

For more information, please www.innovationmetals.com.

About the RapidSX™ Technology

IMC developed the RapidSX separation technology with the assistance of US$1.8 million in funding from the United States Department of Defense ("US DoD"), resulting in the production of commercial-grade, separated REOs at the pilot scale. RapidSX combines the time-proven chemistry of conventional solvent extraction ("SX") with a new column-based platform, which significantly reduces time to completion and plant footprint, as well as potentially lowering capital and operating costs. SX is the international REE industry's standard commercial separation technology and is currently used by 100% of all REE producers worldwide for bulk commercial separation of both HREEs and LREEs. Utilizing the same chemistry as conventional SX, RapidSX is not a "new" technology, but represents a significant improvement on the well-established, well-understood, proven conventional SX separation technology preferred by REE producers.

Forward-Looking Statements

This news release contains projections and statements that may constitute "forward-looking statements" within the meaning of applicable Canadian, United States and other laws. Forward-looking statements in this release may include, among others, statements regarding the future plans, costs, objectives or performance of Innovation Metals Corp. ("IMC"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "could", "would", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "goal", "estimate" and similar words and the negative forms thereof are used to identify forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that are beyond IMC's control, and which may cause the actual results, level of activity, performance or achievements of IMC to be materially different from those expressed or implied by such forward-looking statements. Such risks and uncertainties could cause actual results and IMC's plans and objectives to differ materially from those expressed in the forward-looking information. IMC can offer no assurance that its plans will be completed. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, IMC assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

CONTACT
Dr. Gareth Hatch, CEng, FRSA, FIMMM, FIET
Chief Executive Officer and Chairman

Innovation Metals Corp.
+1 416 218 2006
info@innovationmetals.com

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