Rare Element Resources Announces Updated Mineral Resource for the Bear Lodge Project Focused on Key Magnet Materials - Seite 3

Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resource estimates do not account for all modifying factors. These mineral resource estimates include measured, indicated, and inferred mineral resource categories. Inferred mineral resources have a high degree of geological uncertainty and cannot be included in mineral reserves. There is also no certainty that the inferred mineral resources will be converted to measured and indicated (M&I) mineral resource categories through further drilling and exploration.

Rare Element Resources Ltd. is a publicly traded, strategic materials company focused on delivering rare earth products for technology, energy, and defense applications by advancing the Bear Lodge REE Project in northeast Wyoming. Bear Lodge is a significant mineralized district containing many of the less common, more valuable, critical rare earths that are essential for high-strength permanent magnets, electronics, fiber optics, laser systems for medical technology and defense, as well as technologies like electric vehicles, solar panels, and wind turbines.

Technical Information

The technical contents of this press release have been reviewed and approved by Alan Noble of Ore Reserves Engineering, a Qualified Person pursuant to Regulation S-K (CFR Title 17 Part 229 Items 1300-1305) and NI 43-101.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of securities legislation in the United States and forward-looking information within the meaning of securities legislation in Canada (collectively, “forward-looking statements”). Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are usually identified by our use of certain terminology, including “will,” “believes,” “may,” “expects,” “should,” “seeks,” “anticipates,” “plans,” “has potential to,” or “intends” (including negative and grammatical variations thereof), or by discussions of strategy or intentions. Such forward-looking statements include statements regarding future demand for magnet materials, the national security interests and the decarbonization goals of the United States, projected rare earth demand growth, the upside potential of the Bear Lodge Project (including in the identified Carbon, Whitetail, and Taylor deposits) and the Company’s ability to preserve long-term upside, measured and indicated mineral resource estimates, and the timing for the preparation, completion, and filing of the TRS and the NI 43-101-compliant technical report. Factors that could cause actual results to differ materially include, but are not limited to, the prevailing market conditions for rare earth products and mining industry cost inputs, changes in interpretations of geological, metallurgical, mining or processing information, environmental and regulatory risks, the ability of the Company to raise sufficient capital in the previously announced and ongoing rights offering to fund the operation of the demonstration plant, successful further permitting activities for the Bear Lodge REE Project, the availability of sufficient capital for the future development and operations of the Company, and other matters discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, the prospectus for the rights offering, and our other periodic and current reports filed with the SEC and available on www.sec.gov and with the Canadian securities commissions available on www.sedarplus.ca. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other uncertainties and risk factors set out in our filings made from time to time with the SEC and the Canadian regulators, including, without limitation, our reports on Form 10-K and Form 10-Q. Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. While we may elect to update our forward-looking statements at any time, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.