Canada Rare Earth Corporation

VANCOUVER, BRITISH COLUMBIA - Canada Rare Earth Corp. ("Canada Rare Earth" or the "Company") (TSX.V: LL) is pleased to announce  revenues of $5,375,513 and net income of $171,267 earned during the year ended March 31, 2023. Audited financial statements and the management discussion and analysis have been filed on SEDAR.

Anthony Wong, chief financial officer of the Company, highlighted, “revenues increased substantially this year (more than 10 times the 2022 revenues) as we were able to deliver more product volume  to our customer base which remains committed to buy from us on a long term basis. From a cost perspective, we were able to improve our sales/cost margins from the prior fiscal year while  holding our personnel, consulting and office and administration costs to an increase of 28%. Non-cash costs of share based compensation and depreciation decreased by 12% or $49,236  to $332,074 for the year.  As a result, we generated $394,482 of income from operations after adding back interest expenses and the non-cash expenses compared to a loss of $668,665 in the prior year calculated on a similar basis.

Additionally, Mr. Wong continued, “we earned $235,575 of other income comprised of a gain from the sale of a property, consulting services fees, foreign exchange gains and expense reimbursement,  offset by $23,474, being our share of the costs of development in Brazil, resulting in a net other income of $212,099 for the year. In the prior year, we earned other income of $71,231, comprised of expense recovery and foreign exchange gains, offset by $4,516 being our share of the costs of development in Brazil and an impairment loss of plant and equipment of $15,336, resulting in a net other income of $51,379.”

The net working capital position improved by nearly $500,000 to a deficiency of $406,354 at March 31, 2023 compared to a deficiency of $899,895 at the prior year end. Excluding amounts owing to related parties, our net working capital would have been a surplus of $182,273 as of March 31, 2023. Our cash position at March 31, 2023 was $220,630 compared to $76,982 at March 31, 2022 and our total assets were $2,274,797, an increase of 90% over last fiscal year.

About Canada Rare Earth Corp.

Canada Rare Earth Corp. is developing an international integrated business focusing on essential and critical minerals, including rare earths. Our strategy is to generate revenues and positive cash flow as we acquire and develop our own properties and establish value-add processing capabilities.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-looking statements in this release are made pursuant to the ‘safe harbour’ provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.

For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.