RANDY JOHNSON PROVIDES UPDATE ABOUT HOLDINGS OF UCORE RARE METALS INC.

This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

KETCHIKAN, Alaska, Sept. 10, 2026 /CNW/ -- This release is being made by Randy Johnson ("Mr. Johnson") to report information concerning holdings of Mr. Johnson and Orca Holdings, LLC ("Orca" and together with Mr. Johnson, the "Acquiror") in Ucore Rare Metals Inc. (the "Issuer" or "Ucore"). Orca is wholly owned by Mr. Johnson, serving as a holding company for Mr. Johnson's securities holdings. Mr. Johnson has been a director of Ucore since October 6, 2020.

On September 9, 2026, the Acquiror exercised an aggregate of 10,268,165 warrants and, as a result, acquired an aggregate of 10,268,165 common shares of the Issuer ("Common Shares") in accordance with the following and at the following exercise prices:

Expiry Date of Exercised Warrants	Exercise Price per Common Share	Number of Common Shares Resulting From Exercise of Warrants
October 1, 2026	CAD$0.89	1,500,000
October 1, 2026	CAD$0.75	3,300,000
October 1, 2026	CAD$0.89	2,900,000
November 14, 2026	CAD$0.75	1,368,165
January 31, 2027	CAD$0.89	1,200,000
Total:		10,268,165

As a result of the warrant exercises summarized above, Mr. Johnson now beneficially owns, or has control or direction over, 20,279,901 Common Shares, representing approximately 13.30% of the issued and outstanding Common Shares, as of the date hereof.

As at the date of this press release, following the exercise of the warrants summarized above, the Issuer reports having 152,497,451 Common Shares issued and outstanding.

Immediately prior to the completion of the warrant exercises summarized above, Mr. Johnson (being the sole and controlling shareholder of Orca) directly or indirectly held beneficial ownership of, and control and direction over, 10,011,736 Common Shares, 10,268,165 Common Share purchase warrants and 490,000 stock options of the Issuer, representing approximately 7.04% of the issued and outstanding Common Shares (on a non-diluted basis) or approximately 13.58% upon exercise of the warrants and the stock options (on a partially diluted basis, in the absence of the Condition Precedent (as defined below)). A number of the above-referenced Common Share purchase warrants were subject to a condition precedent to their exercise such that no such warrants could be exercised if the exercise thereof would cause Mr. Johnson's direct or indirect ownership of the Issuer, as calculated on a partially diluted basis, to exceed 19.99% of the aggregate of the issued and outstanding Common Shares, unless the Issuer had obtained prior shareholder approval in accordance with the applicable requirements of the TSXV (the "Condition Precedent").

Immediately following the completion of the warrant exercises summarized above, Mr. Johnson directly or indirectly held beneficial ownership of, and control and direction over, a total of 20,279,901 Common Shares and 490,000 stock options of the Issuer, representing approximately 13.30% of the issued and outstanding Common Shares (on a non-diluted basis) or approximately 13.58% upon the exercise of the stock options (on a partially diluted basis).

Previous Lending Arrangements with Ucore

A total of 8,900,000 exercised warrants were originally issued by Ucore in connection with three secured loans provided by Orca.

On September 4, 2026, the Issuer repaid all of its outstanding indebtedness owing to Orca by repaying in full all outstanding principal and accrued interest owing under: (i) a secured line of credit facility with a maturity date of October 1, 2026 and bearing interest at a rate of 10.0% per annum (the "Orca 2023 Facility"); and (ii) a secured term loan with a maturity date of January 31, 2027 and bearing interest at a rate of 9.0% per annum (the "Orca Term Loan").

For additional information regarding the Orca 2023 Facility and the Orca Term Loan, see Note 6 (Loans Payable) to the Issuer's unaudited interim condensed consolidated financial statements for the three- and six-month periods ended June 30, 2026, available under the Issuer's profile on SEDAR+ and filed on August 26, 2026. Copies of the related loan agreements were also filed under the Issuer's profile on SEDAR+ as material contracts.

The Orca 2023 Facility, the Orca Term Loan and the other secured loan previously provided by Orca (which has also been repaid in full) had no impact on Mr. Johnson's beneficial ownership of, or control or direction over, voting securities of the Issuer.

Other Information

Mr. Johnson may, from time to time, directly or indirectly (through Orca) increase or decrease his shareholdings or continue to hold the Issuer's securities as Mr. Johnson may determine appropriate in the normal course of investment activities.

The Issuer is located at 210 Waterfront Drive, Suite 106, Bedford, Nova Scotia, Canada, B4A 0H3, and Mr. Johnson is located at P.O. Box 8158, Ketchikan, Alaska, USA, 99901.

For further information and to obtain a copy of the early warning report filed under applicable Canadian securities laws by Mr. Johnson in connection with the transactions referred to in this press release, please see Ucore's profile on SEDAR+ at www.sedarplus.ca. A copy of the report may also be obtained from Mr. Johnson via email ([email protected]) or telephone [phone]).

SOURCE Randy Johnson