Rare Element Resources Announces Updated Mineral Resource for the Bear Lodge Project Focused on Key Magnet Materials

Rare Element Resources Ltd. (the “Company” or “RER”) (OTCQB: REEMF) is pleased to announce that it has completed a new mineral resource estimate based on maximizing the recovery of the key magnet materials of neodymium (Nd), praseodymium (Pr), terbium (Tb) and dysprosium (Dy), as well as other critical rare earths such as lanthanum (La). The estimate is focused on the Bull Hill deposit at the Bear Lodge Project, located in northeastern Wyoming, with long-term upside existing in the Carbon, Whitetail, and Taylor deposits located within the Company’s mineral claims.

The mineral resource was estimated using data from 252 core holes drilled between 2009 and 2013, including 20,491 assay intervals that totaled 186,712.5 feet (56,910 meters) of drilling from the Company’s drill hole database. The full database includes approximately 500 drill holes, totaling over 285,000 feet (86,868 meters) of core. Additionally, it incorporates recovery data generated from the 2021 pilot plant testing of the Company’s proprietary recovery and separation technology, which is now being utilized in the demonstration plant project being constructed by RER in Upton, Wyoming. The mineral resource estimate, utilizing a cut-off grade of 2.18% total rare earth oxide (“TREO”), focuses on the oxide and oxide-carbonate zones, which are considered the optimum feed yielding the best recoveries and costs from the Company’s proprietary recovery and separation technology.

Bull Hill TREO Mineral Resource Summary for the Total Oxide @ 2.18% TREO Cutoff

Resource Class	Metric Tonnes	%TREO	Contained TREO Metric Tonnes	Recovered NdPr Metric Tonnes
	(millions)		(1000’s)	(1000’s)
Measured	2.04	4.53	92.4	18.4
Indicated	3.98	3.85	153.1	31.3
Measured & Indicated (M&I)	6.02