Canada Rare Earth Corporation

October 8, 2020

Canada Rare Earth Expands Rare Earth Supply

Vancouver, British Columbia: Canada Rare Earth Corp.  (“Canada Rare Earth” or the “Company”) (TSX.V: LL) is developing an international supply chain business based on our commodity-trading platform and existing, developing and planned processing facilities.

The current global geo-political situation is driving increased efforts to supply rare earths directly to businesses and government entities situated in the United States and elsewhere thereby reducing reliance on China for supply of these critical materials.

We are actively addressing this trend by aggressively expanding our supply channel. For example, over the past two months we purchased in excess of 250,000 kilograms of concentrate from multiple suppliers spanning two continents. We are also in advanced negotiations with additional suppliers who have a ready supply of rare earths and associated minerals.

We recently reconfirmed that our existing customer base will purchase in excess of 750,000 kilograms of rare earths from us each month which drives our continued efforts to increase our supply.

Canada Rare Earth COO Peter Shearing explained: “Over the past six months our team successfully focused on enhancing our in-country relationships which has allowed us to solidify existing supply arrangements and open new avenues. Our success with international purchases has created increased credibility and momentum with the result of an increasing number of new supply opportunities.”

Canada Rare Earth CEO Tracy A. Moore elaborated: “We are designing our rare earth supply channel to be flexible and expandable in terms of sourcing from proprietary properties and third parties and in our ability to direct rare earths to our existing customer base and proprietary refineries, once established.”

About Canada Rare Earth Corp.

Canada Rare Earth is developing an international supply network based on proprietary, affiliated and third-party mineral sources and existing, developing and planned processing facilities. We are generating revenues and gross profits from the sale of rare earths and connected mineral products.

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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