Toronto, Ontario--(Newsfile Corp. - June 25, 2024) - Quebec Rare Earth Elements Corp. (CSE: QREE) (the "Company") is pleased to announce its 2024 REE exploration program on its Lynx and Carcajou REE projects in the Saguenay area (Figure 1) of Quebec, Canada. The 2024 exploration budget is $400,000, split $270,000 Lynx and $130,000 Carcajou.

The Lynx & Carcajou REE projects are located 90km NW of Saguenay, Quebec (near Lac St-Jean). Saguenay is a major regional hub of 150,000 people with a Regional Airport offering daily flights to Montreal and Quebec City. The Lynx & Carcajou REE projects are accessed via a network of well-maintained gravel and forestry roads which cross both properties.

Figure 1 - Lynx and Carcajou REE projects, Saguenay Area, QC

Lynx REE Project

The Lynx REE project covers an area of 48.8 km2 and includes the Riviere Noire alkaline intrusive plug which hosts TREO (Total Rare Earth Oxide) values of up to 0.49% within the 6km by 2km plug (Figure 2). In addition, high-grade values have been obtained from neighbouring dykes up to 3.8% TREO. The disseminated TREO values appear to be associated with a late ultramafic alkaline intrusive containing diopside and apatite, with minor amounts of biotite, titanite, and carbonate.

The 2024 Lynx program will consist of mapping and prospecting of the entire property with the objective of identifying and understand any compositional variations within the intrusive and correlate these variations with TREO content and distribution. In addition, an effort will be made to characterize the mineralization within the peripheral high-grade dykes and establish their relationship with the Riviere Noire Intrusive.

Figure 3 - Lynx REE Project, including 6km by 2km plug in white outline

Carcajou REE Project

The Carcajou REE Project covers an area of 77 km2 and is located 20km SW of the Crevier Carbonatite (Figure 3). The Carcajou REE Project hosts significant TREO values of up to 1.1%. The objective of the 2024 Carcajou Program is to map and prospect both showings and surrounding areas in order to characterize the style of mineralization and identify new showings within the property and better understand the exact nature of the mineralization.

Figure 3 - Carcajou REE Project

Conclusion & Next Steps

The exploration work on these properties was awarded to Laurentia Exploration Inc., a geological consulting firm based in the Saguenay area. Their proximity and knowledge of the area, along with their extensive experience will contribute significantly to the understanding of both projects. The field work is expected to be completed over the summer and samples will be sent for assay to ALS in Val d'Or, Quebec.

The Company will announce results of the programs once all assay results have been received and interpreted, expected in the fourth quarter.

Qualifed Person

The technical contents of this release were reviewed and approved by Richard Roy, PGeo, a director of Quebec Rare Earth Elements Corp., and a qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

FOR FURTHER INFORMATION PLEASE CONTACT:

QUEBEC RARE EARTH ELEMENTS CORP.
Benoit Desormeaux, CPA
President and Chief Executive Officer
Email: info@QREE.ca
Tel: 1-833-572-2333

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

About Quebec Rare Earth Elements Inc.

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".

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.