Rare Element Resources Appoints Josef Bilant as Chief Operating Officer, Produces First Total Rare Earth Oxide and Advances Bear Lodge Permitting

FIRESTONE, Colo.--(BUSINESS WIRE)--Rare Element Resources Ltd. ("RER" or the "Company") (OTCQB: REEMF) is pleased to announce the appointment of Josef ("Joe") Bilant as Chief Operating Officer, effective October 5, 2026. The Company further announces production of its first total rare earth oxide (TREO) at its rare earth processing and separation demonstration plant in Upton, Wyoming (the "Demonstration Plant"), a key milestone as the Demonstration Plant advances toward producing a separated neodymium-praseodymium (NdPr) oxide. At the same time, the Company is advancing the permitting and licensing of its Bear Lodge Rare Earth Project (the "Project").

Josef Bilant Appointed Chief Operating Officer

Mr. Bilant brings more than 18 years of experience in mining, metallurgical processing and critical minerals, spanning project design, feasibility studies, financing, permitting, construction, commissioning and operations readiness. He most recently supported the advancement of Lithium Americas’ Thacker Pass Project in Nevada, following earlier leadership roles in operations, engineering, construction management and operational readiness. Mr. Bilant holds a Bachelor of Science in Metallurgical and Materials Engineering from Montana Tech and an MBA from Temple University’s Fox School of Business. He is a Registered Member of the Society for Mining, Metallurgy & Exploration (SME) and holds Qualified Person (QP) qualifications.

“We are pleased to welcome Joe to the RER team at such a transformative time for our Company,” said Ken Mushinski, RER’s President and CEO. “Joe brings deep technical expertise across every stage of a project’s life, from permitting and engineering to feasibility, development and operations, which is exactly the experience RER needs as we advance the permitting of the Bear Lodge Project and operations at our Demonstration Plant.”

"I am excited to join RER at such a pivotal time for the Company, where our goal is to safely and responsibly provide a domestic source of rare earth supply," said Mr. Bilant. "The progress in permitting and at the Demonstration Plant is tremendous and provides a foundation for the next phases of development. I look forward to working with the team and our local communities as we move the Bear Lodge Project forward."

Demonstration Plant Operations Update

Initial operations at the Demonstration Plant are progressing as the Company expands its team and continues to meet its safety and regulatory commitments. Commissioning continues to advance and in September 2026, the plant produced its first TREO, an intermediate product that will feed the separation circuits. The team is now focused on advancing commissioning of the separation processes to produce commercial-grade NdPr oxide. Funded in part by a U.S. Department of Energy award, the plant utilizes RER’s proprietary technology and is designed to generate the operational, economic and engineering data needed to build a full-scale commercial plant.

Mr. Mushinski added, “TREO production is a major milestone for our team as we complete the various stages of commissioning at the Demonstration Plant and move closer to our goal of producing commercial grade separated NdPr, while obtaining the valuable and necessary data for commercialization.”

The Demonstration Plant currently employs 28 people in Upton, with staffing managed in partnership with Wood PLC's Sheridan, Wyoming office. In parallel, the Company is also evaluating options to convert the Demonstration Plant into a heavy rare earth processing and separation plant once NdPr operations are complete.

Bear Lodge Permitting Advances

RER continues to advance federal and state permitting for the Project, including the mine and commercial plant. In March 2026, the Project was designated a Covered Project under the Federal Permitting Improvement Steering Council's FAST-41 program. The National Environmental Policy Act (NEPA) review, led by the U.S. Forest Service (USFS), is well underway, with scoping complete and environmental analysis in progress. The Company is also preparing state permit applications for submission in the fourth quarter of 2026 and expects to complete all federal and state permitting and licensing requirements in early 2028.

"The federal permitting process is progressing well under the coordinated, USFS-led effort, and we continue to engage with all stakeholders to ensure a transparent, thorough process on a realistic timeline," said Mr. Mushinski. "We appreciate the responsiveness of both federal and Wyoming state agencies as we work together to bring this important project into development for Wyoming and the nation."

About Rare Element Resources

Rare Element Resources Ltd. is a publicly traded strategic materials company focused on delivering rare earth products for technology, energy, and defense applications. The Company is advancing the Bear Lodge Rare Earth Project in northeastern Wyoming, which incorporates RER's proprietary processing and separation technology. Bear Lodge is a significant mineralized district containing many of the less common, higher-value critical rare earths essential for permanent magnets, electronics, fiber optics, medical and defense laser systems, electric vehicles, solar panels, and wind turbines.

Forward-Looking Statements

This news release contains forward-looking statements and information within the meaning of securities legislation in the United States and Canada (collectively, "forward-looking statements"). Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are usually identified by our use of certain terminology, including "will," "believes," "may," "expects," "should," "seeks," "anticipates," "plans," "has potential to," or "intends" (including negative and grammatical variations thereof), or by discussions of strategy or intentions. Such forward-looking statements include statements regarding (i) the continued ramp-up and optimization of Demonstration Plant operations and the production of TREO and the plans and timing of production of an NdPr oxide; (ii) expectations that the Demonstration Plant will generate the operational, economic, and engineering data necessary for the design of a commercial-scale plant; (iii) expectations that the Demonstration Plant will operate for up to 12 months; (iv) the potential conversion of the Demonstration Plant to a heavy rare earth processing and separation plant; (v) the Company's ability to progress the NEPA process and continue as a Covered Project in the FAST-41 program; (vi) the timing of submission of state permit applications and the anticipated completion of all federal and state permitting and licensing requirements in early 2028; and (vii) the Company's ability to meet the demand for a secure and diversified domestic source of critical rare earths for U.S. defense and high-tech applications. Factors that could cause actual results to differ materially from those contemplated, expressed or implied by the forward-looking statements contained in this news release include, but are not limited to, the ability to operate the Demonstration Plant for a sufficient amount of time to ascertain commercialization decisions, the ability to maintain Demonstration Plant licensing and permits, the continued availability of U.S. Department of Energy funding, delays or changes in federal or state permitting processes, the possible full impacts of inflation and supply chain issues, such as delays or further cost increases, tariffs or trade restrictions, and other matters discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and our other periodic and current reports filed with the U.S. Securities and Exchange Commission (the "SEC") and available on www.sec.gov and with the Canadian securities commissions available on www.sedarplus.ca. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other uncertainties and risk factors set out in our filings made from time to time with the SEC and the Canadian regulators, including, without limitation, our annual reports on Form 10-K and quarterly reports on Form 10-Q. Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. While we may elect to update our forward-looking statements at any time, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.