Ucore Rare Metals Announces a Share Consolidation

HALIFAX — October 20, 2020 — Ucore Rare Metals Inc. (“Ucore” or the “Company”) (TSXV:UCU) (OTCQX:UURAF) announces its intention to affect a consolidation of its outstanding common shares on the basis of one (1) post consolidation share for every ten (10) pre-consolidation shares outstanding. Based on the number of shares currently outstanding, the outstanding shares of the Company will be reduced from 410,499,826 to approximately 41,049,982 on a non-diluted basis. The percentage of the Company owned by each shareholder will not change. The Company’s name and ticker symbols will remain unchanged.