Ucore Rare Metals and Sumitomo Corporation of Americas Announce Strategic Collaboration in Rare Earth Supply Chain

Halifax, Nova Scotia - Ucore Rare Metals Inc. (TSXV: UCU | OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to announce a strategic cooperation framework with Sumitomo Corporation of Americas (“SCOA”) to support the development of a diversified rare earth supply chain across North America and allied markets.

Under the Agreement, the companies will collaborate on sourcing rare earth feedstock for its Louisiana Strategic Metals Complex (SMC) and downstream offtake development for separated rare earth products. The focus is on selected middle and heavy rare earth elements critical to high-performance magnets and advanced materials applications primarily in Japan while preserving feedstock for additional processing for North American and allied markets.

The collaboration is intended to combine Ucore’s developing RapidSX™ technology platform rare earth separation capabilities at its Louisiana SMC rare earth refinery with SCOA’s global sourcing, logistics, and market access capabilities, including in Japan, as the parties work to support more diversified rare earth supply chains. Furthermore, the companies intend to formally cooperate as project partners in Ucore’s previously announced Global Partnership Initiative with the Government of Canada.

Ucore is advancing its rare earth processing platform in North America, including the development of its planned SMC in Louisiana and continued commercial demonstration with the Government of Canada. SCOA has longstanding experience in the global rare earth industry, including sourcing, trading, and supply chain development.

As part of the framework, SCOA will serve as Ucore’s distribution partner for designated separated rare earth products sold to selected customer segments in Japan and other mutually agreed industrial applications.

The companies will work together to explore opportunities for cooperation across the rare earth value chain, subject to mutually agreed commercial terms and existing business arrangements.

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About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore’s vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, Ucore aims to support the development of a more diversified and resilient North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and the longer-term development of Ucore’s 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA (“Bokan”).

Ucore is listed on the TSXV 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.

About Sumitomo Corporation of Americas

Established in 1952, Sumitomo Corporation of Americas (SCOA) is the largest subsidiary of Sumitomo Corporation, an integrated trading company with a strong global network comprising 125 offices in 63 countries and regions. The Sumitomo Corporation Group consists of approximately 500 companies and 80,000 employees on a consolidated basis. The Group's business activities are spread across nine groups: Steel, Automotive, Transportation & Construction Systems, Diverse Urban Development, Media & Digital, Lifestyle Business, Mineral Resources, Chemical Solutions and Energy Transformation Business. Sumitomo Corporation is committed to creating greater value for society under the corporate message of "Enriching lives and the world," based on Sumitomo's business philosophy passed down for over 400 years. For more information, go to https://www.sumitomocorp.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, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing 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.

For additional risks and uncertainties regarding the Company, its business activities, its ability to qualify for and receive any additional funding from any U.S. or Canadian government, the CDF and the aforementioned projects (generally), see the risk disclosure in the Company’s MD&A for Q4-2025 (filed on SEDAR+ on March 18, 2026) (www.sedarplus.ca) as well as the risks described below. 

Regarding the disclosure above in the “About Ucore Rare Metals Inc.” section, 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 SMCs. Ucore has also assumed that sufficient external funding will be found to continue and complete the ongoing research and development work required at the CDF and also later prepare a new National Instrument 43-101 technical report that demonstrates that Bokan is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction and eventual commissioning and operations. 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 SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; 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 Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority (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.

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