Canada Rare Earth Corporation

Canada Rare Earth Appoints Peter Shearing as Chief Executive Officer

Vancouver, BC, October 16, 2023 - Canada Rare Earth Corp. ("Canada Rare Earth" or "the "Company") (TSX.V: LL) is pleased to announce the appointment of Mr. Peter Shearing as Chief Executive Officer (“CEO”), reflecting the acceleration of the Company’s business.  Mr. Shearing previously held the position of Chief Operating Officer (“COO”).

As COO, Mr. Shearing was directly responsible for accomplishing significant Company milestones with the Company’s core assets. He has focused heavily on managing and accelerating the Bom Futuro tailings asset development as a crucial part of the foundation of a large-scale essential minerals business in western Brazil. Concurrent with the Bom Futuro development, Mr. Shearing has been and continues to develop complementary opportunities in the region for essential mineral resource properties. Beyond Brazil, he has expanded and grown the Company’s mineral concentrate supply base in other countries with a large focus on Africa, providing significant growth in Canada Rare Earth’s trading business. Peter has accomplished these foundational milestones for Canada Rare Earth while delivering on the Company’s “Speed to Revenues” goal, resulting in a tenfold revenue increase in the past fiscal year. 

After serving as CEO, President and Director for over a decade while maintaining the principal contact role with the Company’s customer base, Tracy A. Moore has resigned as CEO and President of the Company.  Mr. Moore will continue working closely with Peter as Director of Corporate Development and will remain a member of the Board. Immediate collaborations will include participating in negotiations and closing on acquisitions of complementary essential mineral businesses and properties. The Company wishes to thank Mr. Moore for his significant contributions to the Company as CEO and President and looks forward to working with him in his new role.

Peter Shearing, CEO of Canada Rare Earth, stated, “Tracy has been the lead of Canada Rare Earth for over a decade. He has guided the Company successfully through both calm and rough waters. I, and the Company, greatly appreciate his dedication to the business and thank him for the foundation he has built upon which we are building our future success.  I look forward to continuing working with Tracy to accelerate the Company’s business development together.” 

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.sedarplus.ca.   

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