USCM Announces Closing Of Acquisition Of 70% Interest In The Polymetallic Long Canyon Uranium And Vanadium Project In Idaho

Vancouver, British Columbia (Newsfile Corp. – December 15, 2022) – US Critical Metals Corp. (“USCM”) (TSXV: USCM, OTCQB: USCMF; FSE: 0IU0) announces that further to the Company’s press release dated November 17, 2022, the Company has closed the acquisition of a 70% interest in the Long Canyon Uranium and Vanadium project (the “Property”) in Idaho (the “Transaction”).

The Company acquired the 70% interest in the Property by acquiring 70% of the issued and outstanding common shares of 1212242 B.C. Ltd. (“B.C. Ltd.”), a private company existing under the laws of British Columbia, which is the sole owner and shareholder of Long Canyon Resources Inc. (“Long Canyon Resources”), an Idaho corporation, which is the holder of the Property. The remaining 30% of the issued and outstanding common shares of B.C. Ltd. remain with Idaho Silver Corp. (“Idaho Silver”), a private company existing under the laws of British Columbia.

Idaho Silver is a British Columbia based property generator focused on identifying, staking, and sampling mineral exploration properties in the resource rich state of Idaho, United States (“US”). Projects within the company’s portfolio are diversified across various commodities and geological settings located around past producing mines from the late 19th and early 20th centuries. Idaho Silver seeks to establish collaborative exploration arrangements, with the ultimate goal of assembling a large, diversified portfolio of exploration and development projects with royalty interests.

In consideration for 45% of the issued and outstanding shares of B.C. Ltd., USCM paid $50,000 in cash to Idaho Silver and issued 1,000,000 common shares (“Consideration Shares”) to Idaho Silver at a deemed price of $0.31 per Consideration Share. In consideration for 25% of the issued and outstanding shares of B.C. Ltd., USCM subscribed for 25 common shares of B.C. Ltd. for a total subscription amount of $200,000. In addition, Long Canyon Resources, entered into a net smelter return royalty agreement with Idaho Silver granting a perpetual 3.5% net smelter returns royalty to Idaho Silver relating to all production from the Property.

The Consideration Shares are subject to a statutory four month hold period under applicable Canadian securities laws.

About US Critical Metals Corp.

US Critical Metals Corp. is focused on mining projects that will further secure the US supply of critical metals and rare earth elements, which are essential to fueling the new age economy. Pursuant to option agreements with private Canadian and American companies, USCM’s assets consist of three agreements, each providing USCM with the right to acquire interests in four discovery focused projects in the US. These projects include the Clayton Ridge Lithium Property located in Nevada, the Haynes Cobalt Property located in Idaho, the Sheep Creek located in Montana, and Lemhi Pass located in Idaho. A significant percentage of the world’s critical metal and rare earth supply comes from nations with interests that are contrary to those of the US. USCM intends to explore and develop critical metals and rare earth assets with near- and long-term strategic value to the advancement of US interests.

For further information please contact:

Darren Collins

Chief Executive Officer & Director
Telephone: +1 (786) 633-1756

Disclaimer for Forward-Looking Information

This news release contains certain information that may be deemed “forward-looking information” with respect to USCM within the meaning of applicable securities laws. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking information in this press release may include, without limitation, statement and information regarding the future operating or financial performance of the USCM.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of USCM, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although USCM has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. USCM disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.