X0306 4 2020-03-27 0 0001419806 RARE ELEMENT RESOURCES LTD REEMF 0001537008 Scott Randall John P.O. BOX 271049 LITTLETON CO 80127 1 1 0 0 President and CEO Common Shares 2020-03-27 4 M 0 100000 0.32 A 114000 D Common Shares 2020-03-27 4 F 0 59814 0.54 D 54186 D Stock Option (Right to Buy) 0.32 2020-03-27 4 M 0 100000 0 D 2020-01-22 Common Shares 100000 0 D The option vested and became exercisable as follows: 20,000 on 5/22/2015; 20,000 on 9/22/2015; 20,000 on 1/22/2016; 20,000 on 4/22/2016; and 20,000 on 7/22/2016. Pursuant to the Rare Element Resources Ltd. 10% Rolling Stock Option Plan, if an option expires during a trading blackout period imposed by the issuer, the option will continue to be exercisable until the tenth business day following the expiration of such trading blackout period. In this case, the reporting person's option expired during a trading blackout period pursuant to an insider trading policy of the issuer, and accordingly, the expiration date of such option was extended to April 1, 2020. /s/ Randall J. Scott 2020-03-31