On April 4, 2024, David I. Roberts resigned as a director of Rare Element Resources Ltd. and as a member of the Audit Committee and Nominating, Corporate Governance and Compensation Committee of the board of directors of the Company. Mr. Roberts, who served as a director since November 2017, was a Synchron designee to the Board pursuant to the terms of the Investment Agreement, dated October 2, 2017, between Synchron, a California corporation and the Company's majority shareholder, and the Company. His resignation was due to his retirement and was not the result of any disagreement with the Company on any matter related to the Company's operations, policies or practices.

Also on April 4, 2024, Synchron designee Craig S. Bartels was appointed to the Board to replace Mr. Roberts due to his retirement. Mr. Bartels is expected to enter into an indemnity agreement with the Company on the same or substantially similar terms as those contained in indemnity agreements with the Company's other directors. Mr. Bartels is the Senior Vice President and Chief Operating Officer of General Atomics Uranium Resources LLC, an affiliate of Synchron.