Quebec Rare Earth Elements Announces Change in Management and REE Opportunity

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Toronto, Ontario--(Newsfile Corp. - November 23, 2023) - Quebec Rare Earth Elements Corp. (CSE: QREE) (the "Company") is pleased to announce a change in management and focus that positions the Company to capitalize on the significant opportunity in the rare earth element (REE) market.

Management Change, Martin Milette, CFO

Martin Milette has been appointed chief financial officer, replacing Arvin Ramos. The Company thanks Mr. Ramos for his service and wishes him well in his future endeavours. Mr. Milette has over 25 years of financial experience, with the last 15 years as chief financial officer at SEMAFO, a West African gold producer. Mr. Milette is based in Montreal.

Benoit Desormeaux, CEO, states, "I have worked with Martin for over 15 years and look forward to working with him again. His financial acumen is complemented well by his knowledge of the mining industry and general management skills. Together, with a small but focused team we look forward to capitalizing on the REE opportunity for the benefit of all stakeholders."

New Leadership, New Name, New Focus

QREE's founders are Benoit Desormeaux, John Jentz, Martin Milette and Richard Roy who are all substantial shareholders of QREE. All four have worked together at SEMAFO for many years and together, they have almost 100 years of mining experience throughout all stages of exploration, development, financing, construction and operations.

QREE was formed to develop REE projects, primarily in Quebec. The need for REE supply chains outside of China is clear and when combined with fundamental REE demand presents a significant opportunity. The province of Quebec is a premier, stable mining jurisdiction with vast REE exploration potential and has the required infrastructure for all stages of REE development.

REE Overview

Rare earth elements (REEs) are a group of 17 elements composed of scandium, yttrium, and the 15 lanthanides. REEs impart special properties of magnetism, luminescence, and strength. Although substitutes for REEs are available, they are generally less effective.

REE Opportunity, Permanent Magnets

Permanent magnets are the single largest and most important end use for REEs. Permanent magnets are an essential component of modern electronics used in automobiles, cell phones, televisions, computers, wind turbines, jet aircrafts and many other products. The strongest known magnet is an alloy of neodymium with iron and boron. Adding other REEs such as dysprosium and praseodymium can improve the performance and properties of magnets.

Although the amount of REE used in a product may not be a significant part by weight, value, or volume, the REE can be necessary for the device to function. Magnets made of REE often represent only a small fraction of the total weight, but without them, the spindle motors and voice coils of desktops and laptops would not be possible.

REE Opportunity, Mitigating China's Control

Although REE's have a wide variety of commercial applications, they also have advanced military applications. REEs role in technology and defense makes their mining and refinement a point of concern for many nations. Depending on the reporting source, China accounts for 60+% of the mining of REEs, 85+% of REE processing and 92+% of magnet production.

Although China is expected to continue to be a significant player in the global market for REE compounds and metal alloys in the short/medium term, businesses and governments have no choice but to seek alternate supply.

QREE is Well Positioned to Capitalize on REE Opportunity

QREE is well positioned to capitalize on the REE opportunity, given Quebec's rich mineral endowment and favourable mining jurisdiction. Further, the Quebec based team has the full complement of skills to add value to any stage REE project.

Visit our website at www.QREE.ca.

Qualified Person (QP)

The technical information in this news release has been reviewed and approved by Richard Roy, P.Geo, consulting geologist to QREE, who is a "Qualified Person" (as defined in NI 43-101).

About QREE

Quebec Rare Earth Elements Corp. (QREE) is a mining exploration and development company focused on Rare Earth Elements (REE), primarily in the favourable mining jurisdiction of Quebec. QREE is lead by a Quebec based team that has decades of mining experience across all stages of development, from grass roots discoveries, resource development, economic studies, financing, construction, production and on-going operations. Local community engagement is a core principle on which we seek to build a sustainable, high quality, high integrity business for the benefit of all stakeholders. QREE is listed on the Canadian Securities Exchange under the symbol "QREE".

For More Information, Please Contact:

QUEBEC RARE EARTH ELEMENTS CORP.
Benoit Desormeaux
Chief Executive Officer
Email: [email protected]
Tel: 1-833-572-2333

Toronto Office:
Suite 401 - 217 Queen Street West
Toronto, ON M5V 0R2 Canada

Cautionary Statement Regarding "Forward-Looking" Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws. "Forward-looking information" includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future including, but not limited to, the Company's ongoing business plan. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.

Forward-looking information and statements are based on our current expectations, beliefs, assumptions, estimates and forecasts about QREE's business and the industry and markets in which it operates. Such forward information and statements are based on numerous assumptions, including among others, that general business and economic conditions will not change in a material adverse manner, that locations of historical mineral resources estimates and showings could lead to new mineralization discoveries and potentially be verified as current mineral resource estimates, that financing will be available if and when needed and on reasonable terms to conduct further exploration and operational activities, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct QREE's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by QREE in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of QREE to differ materially from any projections of results, performances and achievements of QREE expressed or implied by such forward-looking information or statements, including, among others: limited operating history, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, delays or failure to obtain required permits and regulatory approvals, no known mineral resources/reserves, aboriginal title and consultation issues, reliance on key management and other personnel; potential downturns in economic conditions; availability of third party contractors; availability of equipment and supplies; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; changes in laws and regulation, competition, and uninsurable risks, community relations, delays in obtaining governmental or other approvals and the risk factors with respect to QREE set out in QREE's public disclosures filed with the Canadian securities regulators and available under QREE's profile on SEDAR at www.sedar.com.

Although QREE has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. QREE undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188557

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