Item 7.01Regulation FD Disclosure.

On January 21, 2021, Rare Element Resources Ltd. (the "Company") issued a news release regarding a potential financial award from the U.S. Department of Energy ("DoE") for the engineering, construction and operation of a rare earth separation and processing demonstration plant. A copy of the news release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information set forth in this Item 7.01 (including the information set forth in Exhibit 99.1) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 8.01Other Events.

On January 21, 2021, the Company announced that it received formal notice from the DoE that General Atomics, an affiliate of Synchron (the Company's largest shareholder), and Rare Element Resources, Inc., a wholly-owned subsidiary of the Company ("RER"), have been selected to enter negotiations in relation to a financial award under the Critical Materials Funding Opportunity Announcement ("FOA") for the engineering, construction and operation of a rare earth separation and processing demonstration plant.

RER, along with partners General Atomics and certain of its affiliates, and LNV, an Ardurra Group, Inc. company, as engineering and construction subcontractor, submitted a formal proposal to the DoE in response to a published FOA in mid-2020 for the construction and operation of a rare earth separation and processing plant utilizing proprietary technology to produce commercial grade products. The DoE funding represents one-half of the total estimated costs for the project and is contingent upon the negotiation of definitive documents. It is the Company's intent that the demonstration plant will process the already stockpiled high-grade ore from RER's Wyoming Bear Lodge rare earth elements project.

Item 9.01Financial Statements and Exhibits.



(d)Exhibits.

Exhibit
  No.     Description
 99.1       Press release,     dated as of     January         21    ,
          20    2    1

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