Canada Rare Earth Corporation

Canada Rare Earth Commences Shipments under a Five Year  Contract for Rare Earth Concentrates

April 5, 2022

VANCOUVER, BRITISH COLUMBIA - Canada Rare Earth Corp. ("Canada Rare Earth" or the "Company") (TSX.V: LL) is pleased to announce the first shipment of rare earth concentrate from a new supplier is in transit to its customer base.  This is the initial shipment of a minimum of 60 shipments anticipated over the five-year period.  The contract, signed 3 September 2021, calls for a total quantity of 18,000 metric tons over a five year period, however, the Company and the supplier are working together to increase this quantity through larger and more frequent shipments.

Peter Shearing, COO of Canada Rare Earth commented, “We are very excited about this initial shipment as the start of a multi-year successful relationship. We are confident that together with the supplier we will build the shipments up to much higher quantities to help satisfy our customer demand.”

Canada Rare Earth’s strategy calls for growing its supply base of rare earth and critical minerals through proprietary properties and various third-party arrangements. The Company views this particular contract as an important component of our efforts to diversify our concentrate sources as it will augment supply from our proprietary properties such as the Bom Futuro tailings stockpile in Brazil which is presently under development.

ABOUT CANADA RARE EARTH CORP.

Canada Rare Earth Corp. is developing an international vertically integrated business within the global rare earth industry. Our key focus is to generate revenues and positive cash flow from a variety of profit centres in the rare earth production and sales chain by sourcing, adding value and selling rare earths in all stages and forms. We are in the process of establishing our own mining, concentrating and refinery capabilities in addition to working with affiliated and third party organizations.

On behalf of the Board

Tracy A. Moore, CEO and Peter Shearing, COO 

Neither 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.
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