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Ucore Updates on M(3) Plan of Action& RO Funding Participation

Newsfile Corp.

Halifax, Nova Scotia--(Newsfile Corp. - October 17, 2019) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to provide the following progress updates with respect to the roll-out of its MINE to METAL to MARKET plan of strategic actions ( the "M3 Plan" or "M3") for its Bokan-Dotson Ridge Rare Earth Project ("Bokan" or the "Project"); further to the Company's press release of September 10, 2019.

"Ucore is advancing its flagship U.S. mineral resource at Bokan Mountain to diminish America's, and indeed the Western World's, dependence on Chinese controlled critical elements required for the economy of the future," stated Mike Schrider, Ucore COO. "The Company has a deliberate plan in place and is strategically executing on that plan through the support of Federal and State governments, as well as our shareholder base, who collectively share our vision of mineral independence from China."

"The Company anticipates that our current Rights Offering ("RO"), exercisable exclusively by existing shareholders and at a remarkable discount to the Company's recent rolling average share price, will be tremendously successful for us," said Jim McKenzie, President & CEO of Ucore. "Our largest shareholders have already indicated heavy participation in the RO, and broader interest has come from every facet of our very wide and diversified shareholder base. The opportunity for non-accredited shareholders to participate in a financing round of a public company is an extraordinary thing. We encourage those monitoring the exercise deadlines, to refer to the RO information page on the Ucore website."

MINE

Preparation of the Bokan HREE Mine to a "Shovel Ready" Status

The Company's initial ramp-up has focused on the identification and quantification of rare earth element ("REE") co-product metals present at the Bokan-Dotson Ridge Rare Earth Project. These efforts have included:

  1. The identification of co-product metals which were not considered but physically present within the 2013 Preliminary Economic Assessment's[1] ("PEA") planned leach streams by metallurgist, Mr. Edwin Bentzen (see Ucore press release dated September 23, 2019);

  2. Quantifying these co-product metals and updating the National Instrument 43-101 ("NI 43-101") 2015 mineral resource estimate to now include these co-product metals. This 2019 mineral resource update was completed by Aurora Geoscience and disclosed by the Company on October 15, 2019.

With the inclusion of the co-product metals into the 2019 Bokan mineral resource, the 2013 PEA's Project flowsheet is now under analysis to ensure the cost-effective recovery of these co-product metals, where practicable, within the context of the overall Project economics. The Company is in discussions with SGS Canada Inc. ("SGS") known at a world level for its mineral processing, metallurgy, and process design expertise to facilitate this review. In parallel with this, SGS is advising Ucore on the hydrometallurgical design of the Alaska Strategic Metals Complex ("Alaska SMC") REE processing and separation facility.

METAL

Preparation of Detailed Planning, Engineering and IP Acquisition for the Alaska SMC

The Company has retained, Mech-Chem Associates, Inc. ("Mech-Chem") of Norfolk, MA, as the principal process engineering firm for the initial engineering study of the Alaska SMC. Mech-Chem is a full-service design-build firm specializing in the design, engineering fabrication, and construction of manufacturing facilities, operating processes, acid, chemical, and waste recovery systems, as well as environmental control systems.

Mech-Chem will work closely with the SGS office in Lakefield during this initial engineering study to develop the preliminary capital cost estimate for the Alaska SMC with its solvent extraction ("SX") processes based upon the reagent products of Solvay ("Solvay") and its CYANEX 572 reagent and associated optimization analytics.

Upon completion of the initially planned engineering work and the associated capital cost estimates, the Company will re-engage with the Alaska Industrial and Export Authority ("AIDEA") to resume Project financing discussions (see Ucore press release dated October 22, 2018).

MARKET

Strategic Development of the North American REE Market

The Company remains engaged on multiple fronts in its stated goal of alleviating North America's dependency on China for rare earth and other critical elements through the development of a U.S. centric REE supply chain founded on U.S. sourced REE. Ucore President & CEO, Jim McKenzie, and Ucore Chairman of the Board, Pat Ryan, are pleased to provide their unique perspectives on Ucore's pursuit of this objective in the following two videos:

a) M³ Plan of Action - Mine to Metal to Market - Jim McKenzie, President & CEO

b) M³ Plan of Action - Mine to Metal to Market - Pat Ryan, Chairman of the Board

INITIAL M3 FUNDING

The Rights Offering Exercise Period of September 20, 2019, through October 23, 2019

Ucore is very pleased with initially received indications of insider (senior officers, directors and major shareholders) and outsider participation in the Rights Offering. With the support of our shareholders, the Company anticipates the Rights Offering to be a mutually beneficial and successful initial source of funding for its M3 Plan of Action and the subsequent reduction of U.S. dependence on Chinese sourced rare earth elements.

Shareholders are encouraged to contact Mark MacDonald, Vice President Business Development at (902) 482-5214; or our Communications Agent, Shorecrest Group, at 1-888-637-5789 or email rightsoffering@ucore.com if any questions remain on how best to participate in this Rights Offering opportunity and are cautioned that finalization of their intended level of participation may take several days to finalize and must be completed by 5:00 p.m. EDT on October 23, 2019.


About Ucore

Ucore Rare Metals is a company focused on rare and critical metals 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 Alaska SMC in Southeast Alaska and 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).

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>.

Qualified Person

Michael Schrider, P.E., COO of Ucore, has approved the scientific and technical content of this news release and is the Qualified Person responsible for its accuracy. Mr. Schrider, is a registered professional engineer in the State of Louisiana, holds a B.S. degree in engineering from the University of New Orleans and an M.Eng. degree in mining engineering (mineral processing emphasis) from The University of Arizona.

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 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. Ucore has assumed that it will be able to procure or retain geometallurgy partners and/or suppliers, including a solvent extraction ("SX") partner or SX supplier for the Alaska Strategic Metals Complex ("Alaska SMC"). Ucore has also assumed that sufficient external funding will be found to prepare a new NI 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. Ucore has also assumed that it will in the near future be able to obtain interim financing and sufficient additional financing to acquire IBC Advanced Technologies, Inc. ("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 procure an SX partner or supplier for the Alaska SMC; Ucore not being able to raise sufficient funds to fund the specific design and construction of the Alaska SMC and/or acquire IBC (including the non-acquisition payments owed under the previous and existing agreements with IBC); 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 metal 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; a change in the legislation in Alaska and/or in the support expressed by AIDEA regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

No new drilling or assaying was required in order for the Company's external experts to develop an updated mineral resource for Bokan that includes REE and the numerous critical co-product metals.

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.

[1]Disclosure of the nature of a PEA in compliance with NI 43-101 Guidelines: A 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.

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