Ucore Rare Metals Inc. provide the following update regarding Innovation Metals Corp., and its ongoing commercialization development program for its RapidSXTM separation technology which is principally occurring at the RapidSX Commercialization and Development Facility ("CDF") in Kingston, Ontario, Canada. IMC's proprietary RapidSX technology is being commercialized for the intended cost-effective bulk separation and purification of rare-earth elements ("REEs") -- including both heavy REEs ("HREEs") and light REEs ("LREEs") -- for the production of REE oxides ("REOs"), in addition to other critical metals, such as lithium ("Li"), nickel ("Ni"), and cobalt ("Co") for lithium-ion battery materials. IMC's proprietary RapidSX technology is being commercialized for the intended cost-effective bulk separation and purification of rare-earth elements ("REEs") -- including both heavy REEs ("HREEs") and light REEs ("LREEs") -- for the production of REE oxides ("REOs"), in addition to other critical metals, such as lithium ("Li"), nickel ("Ni"), and cobalt ("Co") for lithium-ion battery materials. Commissioning of the RapidSX demonstration-scale pilot plant ("RapidSX Demonstration Plant") is scheduled to start in Third Quarter 2021 with a comprehensive, independent techno-economic study and the design of a commercial-scale REE separation facility, both planned for completion in First Quarter 2022. With the anticipated ability to demonstrate the effectiveness of the RapidSX Demonstration Plant on REE feedstocks, IMC expects RapidSX to be ready for commercial adoption and implementation in approximately 15 months from now, via revenue-producing licensing agreements with IMC customers. RapidSX Test Program Agreements with Multiple US-Allied REE Producers: The response by potential end users/licensees of the RapidSX technology for commercial REE separation has been excellent. IMC is in numerous advanced-stage negotiations for RapidSX Test Program Agreements ("TPAs") with current and near-term REE producers in US-allied jurisdictions who desire testing regarding the utilization of the RapidSX technology for the separation of specific end-user mixed REE concentrates ("MRECs"). Ucore looks forward to providing further updates on IMC's executed TPAs in First Quarter 2021. IMC has been actively evaluating various already commercially available US-allied-sourced LREE and HREE MRECs from existing mining operations (rather than from exploration properties) to develop a comprehensive dataset that will demonstrate the versatility of the RapidSX technology for REE separation. The evaluation process will lead to the final selection of one such MREC to serve as the initial REE feedstock for the forthcoming RapidSX Demonstration Plant. Ucore expects to provide further updates on the MREC feedstock options being explored by IMC in First Quarter 2021.