Toronto, Ontario--(Newsfile Corp. - November 21, 2023) - Quebec Rare Earth Elements Corp. (CSE: QREE) (formerly, Metallica Metals Corp.) (the "Company") is pleased to announce that it has entered into an arm's length option agreement (the "Option Agreement") dated November 21, 2023, with Les Ressources Tectonic Inc. (the "Optionor") pursuant to which the Company has been granted an option (the "Option") to acquire a 100% beneficial and legal interest in the Lynx REE project located in Quebec, Canada (the "Property"). The Property is located 15 km north of Dolbeau-Mistassini and 90 km northwest of Saguenay, Quebec, and covers 2,034 Ha (20.3 sq. km).

The Saguenay area is located within the Grenville Gneiss Province of the Canadian Shield. The Property has direct access via well-maintained forestry roads from the near-by town of Dolbeau-Mistassini.

Option Agreement Summary

Under the terms of the Option Agreement, the Company may exercise the Option to acquire a 100% interest in the Property upon completion of the following option payments (the "Option Payments"):

• On or about November 28, 2023 (the "Effective Date"), the Company shall make a cash payment in the amount of $10,000 to the Optionor and issue the Optionor 100,000 common shares (each, a "Common Share") in the capital of the Company, at a deemed issue price of $0.155 per Common Share;
• On or before the first anniversary of the Effective Date, the Company shall make a cash payment in the amount of $20,000 to the Optionor and issue the Optionor 100,000 Common Shares;
• On or before the second anniversary of the Effective Date, the Company shall make a cash payment in the amount of $40,000 to the Optionor and issue the Optionor 150,000 Common Shares; and
• On or before the third anniversary of the Effective Date, the Company shall make a cash payment in the amount of $60,000 to the Optionor and issue the Optionor 200,000 Common Shares.

In addition, in the event that the Company obtains a preliminary economic assessment, study, pre-feasibility study or feasibility study prepared by an independent qualified person in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, the Company shall make a cash payment in the amount of $200,000 to the Optionor.

Pursuant to the policies of the Canadian Securities Exchange (the "CSE"), the Option Agreement and the issuance of the Common Shares remain subject to receipt of all necessary corporate and regulatory approvals, including the approval of the CSE. All Common Shares issued will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

FOR FURTHER INFORMATION PLEASE CONTACT:

QUEBEC RARE EARTH ELEMENTS CORP.
Benoit Desormeaux
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.

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