On November 16, 2017, Frank Steven Mooney resigned as a director of Rare Element Resources Ltd., effective as of November 17, 2017. On November 17, 2017, pursuant to the terms of the previously announced Investment Agreement, dated October 2, 2017, between Synchron, a California corporation (‘Synchron’), and the company, Synchron designees David I. Roberts and Kenneth J. Mushinski were appointed to the Company’s board of directors (the ‘Board’) and entered into indemnification agreements with the company on the same terms as those contained in the company’s indemnification agreements with its other directors. Both Mr. Roberts and Mr. Mushinski are directors of Synchron, with Mr. Mushinski also being President of Synchron. Mr. Roberts was named a member of the Nominating, Corporate Governance and Compensation Committee of the Board, and Mr. Mushinski was named a member of the Audit Committee of the Board.