REEMF · Rare Element Resources Ltd

The Common Shares are held of record by Synchron, a wholly-owned subsidiary of General Atomic Technologies Corporation ("GATC"), which is a wholly-owned subsidiary of Tenaya Corporation ("Tenaya").

On March 6, 2026, the reporting person filed a Form 4 reporting the acquisition of common shares of Rare Element Resources Ltd. ("Rare Element") in connection with Rare Element's rights offering. As noted in the original Form 4, the number of shares reported therein was preliminary and subject to final determination. This amendment reflects the final number of shares acquired in the rights offering. The reporting person acquired 6,940 common shares directly (rather than the 6,250 previously reported) and 277 common shares indirectly through the reporting person's spouse (rather than the 250 previously reported). Accordingly, as of March 4, 2026, the reporting person owned 31,940 common shares of Rare Element directly and 1,277 common shares indirectly through the reporting person's spouse.

On March 6, 2026, the reporting person filed a Form 4 reporting the acquisition of common shares of Rare Element Resources Ltd. ("Rare Element") in connection with Rare Element's rights offering. As noted in the original Form 4, the number of shares reported therein was preliminary and subject to final determination. This amendment reflects the final number of shares acquired in the rights offering. The reporting person acquired 6,940 common shares directly (rather than the 6,250 previously reported) and 277 common shares indirectly through the reporting person's spouse (rather than the 250 previously reported). Accordingly, as of March 4, 2026, the reporting person owned 31,940 common shares of Rare Element directly and 1,277 common shares indirectly through the reporting person's spouse.

Represents the number of shares withheld by the Company to satisfy the exercise price in connection with the net settlement of options, and does not represent a sale of any shares by Mr. Grandey.

The option vested and became exercisable as follows: 75,000 on 02/13/2021 and 75,000 on 02/13/2022.

Represents common shares of Rare Element Resources Ltd. ("Rare Element") acquired on March 15, 2024 pursuant to Rare Element's rights offering.

Represents common shares of Rare Element Resources Ltd. ("Rare Element") acquired on March 15, 2024 pursuant to Rare Element's rights offering.

Represents common shares of Rare Element Resources Ltd. ("Rare Element") acquired on March 15, 2024 pursuant to Rare Element's rights offering.

The option will vest and become exercisable as follows: 62,500 on July 4, 2023 and 62,500 on January 4, 2024.

The option will vest and become exercisable as follows: 112,500 on July 4, 2023 and 112,500 on January 4, 2024.

The option will vest and become exercisable as follows: 100,000 on July 4, 2023 and 100,000 on January 4, 2024.

The option will vest and become exercisable as follows: 150,000 on July 4, 2023 and 150,000 on January 4, 2024.

The options will vest and become exercisable as follows: 83,333 on 11/1/2023, 83,333 on 11/1/2024, and 83,334 on 11/1/2025.

The options will vest and become exercisable as follows: 41,666 on March 28, 2023, 41,667 on March 28, 2024, and 41,667 on March 28, 2025.

The option will vest and become exercisable as follows: 250,000 on July 5, 2022 and 250,000 on January 5, 2023.

The option will vest and become exercisable as follows: 150,000 on July 5, 2022 and 150,000 on January 5, 2023.

The option will vest and become exercisable as follows: 100,000 on July 5, 2022 and 100,000 on January 5, 2023.

The option will vest and become exercisable as follows: 100,000 on July 5, 2022 and 100,000 on January 5, 2023.

On December 13, 2021, the Reporting Person filed a Form 4 that inadvertently reported that 75,000 Common Shares were acquired pursuant to Rare Element Resources Ltd. ("Rare Element")'s rights offering. In fact, 85,000 shares were acquired pursuant to Rare Element's rights offering. The number of Common Shares reported in Column 4 of Table I of this Form 4/A reflects the corrected amount.

On April 12, 2021 the Reporting Person filed a Form 4 that inadvertently reported that 24,999 Common Shares were sold. In fact, 25,000 Common Shares were sold. The holdings reported in Column 5 of Table I of this Form 4/A reflect the corrected amount.

Represents common shares of Rare Element Resources Ltd. ("Rare Element") acquired by the Reporting Person on December 13, 2021 pursuant to Rare Element's rights offering.

The number of shares is unknown at the time of filing and will be revised in an amendment to this Form 4 when a final determination is made.

On December 13, 2021, the Reporting Person filed a Form 4 that inadvertently reported that 644,680 Common Shares were acquired pursuant to the Rare Element Resources Ltd. ("Rare Element") rights offering. In fact, 722,040 shares were acquired pursuant to Rare Element's rights offering. The number of Common Shares reported in Column 4 of Table I of this Form 4/A reflects the corrected amount.

The option vested and became exercisable as follows: 125,000 on 11/17/2018 and 125,000 on 11/17/2019.

The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.00 to $1.24, inclusive. The Reporting Person undertakes to provide to Rare Element Resources Ltd. ("Rare Element"), any security holder of Rare Element, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this Footnote 1 to this Form 4.

The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.87 to $1.00, inclusive. The Reporting Person undertakes to provide to Rare Element Resources Ltd. ("Rare Element"), any security holder of Rare Element, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this Footnote 1 to this Form 4.

The option vested and became exercisable as follows: 100,000 on 3/31/2017 and 100,000 on 6/30/2017.

The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.05 to $1.16, inclusive. The Reporting Person undertakes to provide to Rare Element, any security holder of Rare Element, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this Footnote 3 to this Form 4.

The option vested and became exercisable as follows: 100,000 on 3/31/2017 and 100,000 on 6/30/2017.

The option vested and became exercisable as follows: 100,000 on 3/31/2017 and 100,000 on 6/30/2017.

The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.15 to $1.31, inclusive. The Reporting Person undertakes to provide to Rare Element Resources Ltd. ("Rare Element"), any security holder of Rare Element, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price within the range set forth in this Footnote 1 to this Form 4.

The option vested and became exercisable as follows: 25,000 on 12/13/2016, 12,500 on 3/31/2017, and 12,500 on 6/30/2017.

The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.13 to $1.20, inclusive. The Reporting Person undertakes to provide to Rare Element, any security holder of Rare Element, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this Footnote 2 to this Form 4.

The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.28 to $1.48, inclusive. The Reporting Person undertakes to provide to Rare Element Resources Ltd. ("Rare Element"), any security holder of Rare Element, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this Footnote 1 to this Form 4.