Click or tap here to enter text. Ucore and Vulcan Elements Join Forces to Build DomesƟc Rare Earth Magnet Supply Chain for Defense and Commercial ApplicaƟons Ucore highlights:  Ucore and Vulcan Elements executed a Memorandum of Understanding to build a domes Ɵc,

• Ucore and Vulcan Elements executed a Memorandum of Understanding to build a domes�c, secure rare earth magnet supply chain for defense and commercial applica�ons.
• Ucore will provide ini�al NdPr and Dy oxide samples to Vulcan this year, leading to a long-term commercial supply agreement beginning in 2027.
• Together, Ucore and Vulcan Elements are onshoring an integrated rare earth magnet supply chain. Ucore’s Louisiana Strategic Metals Complex will directly feed Vulcan’s North Carolina manufacturing facili�es.
• Vulcan announced a $1.4 billion partnership with the United States Government to build the largest rare earth magnet factory in the world outside of China, with 10,000 metric tonnes of magnet manufacturing capacity.

Halifax, Nova Sco�a - March 24, 2026 - Ucore Rare Metals Inc. (TSXV: UCU | OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the execu�on of a Memorandum of Understanding dated March 16, 2026 with Vulcan Elements Inc. ("Vulcan") to collaborate on the development of a domes�c rare earth magnet supply chain for defense and commercial applica�ons. Under the agreement, the par�es intend to finalize a full commercial supply partnership whereby Ucore would supply Vulcan with NdPr oxide and Dy oxides at commercial scale beginning in 2027.

The collabora�on aligns Ucore’s demonstrated separa�on pla�orm at its Commercial Demonstra�on Facility ("CDF") in Kingston, Ontario, and its planned Louisiana Strategic Metals Complex ("SMC") in Alexandria, Louisiana, with a leading American magnet manufacturer. Vulcan currently operates a commercial magnet manufacturing facility in Durham, North Carolina, and is expanding to a 10,000 tonne magnet manufacturing facility in Benson, North Carolina. The facility is enabled by a $1.4 billion partnership with the United States Government, including the Department of War and the Department of Commerce. In May 2025, Ucore announced an $18.4 million Award by the Department of War to develop its rare earth processing capabili�es in Louisiana.

Ucore intends to make a por�on of its planned Louisiana SMC capacity available to Vulcan beginning in 2027. The collabora�on would create a direct commercial bridge from Ucore’s demonstra�on-scale separa�on work in Kingston to commercial-scale produc�on in Louisiana, while suppor�ng Vulcan’s manufacturing in North Carolina.

Pat Ryan, P.Eng., Chairman & Chief Execu�ve Officer of Ucore, stated:

"Vulcan is building exactly the kind of downstream magnet pla�orm that the United States needs, and this partnership creates a winning commercial partnership that aligns Ucore’s separa�on capability with an industry-leading U.S. manufacturer. Our collabora�on will anchor a resilient allied rare earth magnet supply chain in the United States."

John Maslin, Chief Execu�ve Officer of Vulcan Elements, commented:

"Since its inception, Vulcan Elements’ mission has been to build a domestic rare earth magnet supply chain that can propel America into the 21st century and enable the next era of innovation and national security. Vulcan’s partnership with Ucore is a milestone for both companies, and for the United States of America. Together, we’re rebuilding a core industry that is cri�cal for economic growth and na�onal security."

This year, Ucore and Vulcan intend to advance ini�al produc�on, tes�ng protocols, purity targets, acceptance criteria, and other technical specifica�ons in support of Vulcan’s magnet manufacturing capability—leading to a longer-term commercial supply agreement.

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About Ucore Rare Metals Inc.

Ucore is focused on rare- and cri�cal-metal resources, extrac�on, beneficia�on, and separa�on technologies with the poten�al for produc�on, growth, and scalability. Ucore’s vision and plan is to become a leading advanced technology company, providing best-in-class metal separa�on products and services to the mining and mineral extrac�on industry.

Through strategic partnerships, this plan includes disrup�ng the People’s Republic of China’s control of the 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 �cker symbol “UURAF.”

For further informa�on, please visit www.ucore.com.

About Vulcan Elements

Vulcan Elements manufactures sintered permanent neodymium iron boron (NdFeB) magnets in the United States for critical defense and commercial applications. NdFeB magnets convert electricity into motion. They are essential components in almost every advanced machine and electronic device—from AI data centers and semiconductor fabrication equipment to satellites, drones, robotics, electric motors, and virtually all military platforms. Vulcan remains committed to advancing technological innovations, galvanizing America’s manufacturing workforce, and collaborating with both public and private sector stakeholders to strengthen the domestic rare earth magnet supply chain.

For further informa�on, please visit www.vulcanelements.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 acquisi�on ac�vi�es (including any related required financings), �melines, events, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expecta�ons expressed in such forward-looking statements are based on reasonable assump�ons, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

Regarding the disclosure in the press release above about government support for Ucore, the Company has assumed that the applicable projects (including each of the associated milestones) will be completed sa�sfactorily and in accordance with the respec�ve agreements or le�ers of intent (as applicable) for such government support. For addi�onal risks and uncertain�es regarding the Company, its business ac�vi�es, its ability to qualify for and receive any addi�onal funding from any U.S. or Canadian government, the CDF and the aforemen�oned projects (generally), see the risk disclosure in the Company’s MD&A for Q4-2025 (filed on SEDAR+ on May 18, 2025) (www.sedarplus.ca) as well as the risks described below.

Regarding the disclosure above in the “About Ucore Rare Metals Inc.” sec�on, the Company has assumed that it will be able to procure or retain addi�onal partners and/or suppliers, in addi�on to Innova�on Metals Corp. (“IMC”), as suppliers for Ucore’s expected future SMCs. Ucore has also assumed that sufficient external funding will be found to con�nue and complete the ongoing research and development work required at the CDF and also later prepare a new Na�onal Instrument 43-101 technical report that demonstrates that Bokan is feasible and economically viable for the produc�on of both REE and co-product metals and the then prevailing market prices based upon assumed customer o�ake agreements. Ucore has also assumed that sufficient external funding will be secured to con�nue the development of the specific engineering plans for the SMCs and their construc�on and eventual commissioning and opera�ons. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limita�on: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applica�ons; Ucore not being able to procure addi�onal key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construc�on of the SMCs and/or the con�nued development of RapidSX™; adverse capital-market condi�ons; unexpected due-diligence findings; the emergence of alterna�ve superior metallurgy and metal- separa�on technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legisla�on 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 condi�ons.

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

CONTACTS

Ucore:

Mark MacDonald Vice President, Investor Rela�ons Ucore Rare Metals Inc.

1.902.482.5214 [email protected]

Vulcan Elements:

Jonah Glick-Unterman Chief of Staff

Vulcan Elements [email protected]