Rare Element Resources Ltd. announced 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. The Company is preparing a Technical Report Summary (?TRS?) in accordance with Regulation S-K (CFR Title 17 Part 229 Items 601(b)(96) and 1300-1305), as well as an updated technical report compliant with Canadian National Instrument NI 43-101 ?

Standards of Disclosure for Mineral Projects (?NI 43-101?). The TRS will be filed on the date of this release on a current report on Form 8-K and will be available at www.sec.gov. The NI 43-101-compliant report will be filed on the Company?s SEDAR profile at www.sedarplus.ca within 45 days of the date of this press release.

The mineral resource work and technical reports are being undertaken by Alan C. Noble, P.E., principal engineer of Ore Reserves Engineering (ORE), based on his modeling work developed on the Bear Lodge Project over the past decade. The full list of economic assumptions and cut-off grade sensitivity for the evaluation will be fully discussed in both the TRS and the NI 43-101 compliant technical reports. 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.