American Rare Earths' Quarterly Activities Report for the Period Ending September 30, 2025

Core Insights - The Halleck Creek Rare Earths Project in Wyoming aims to diversify and de-risk the U.S. rare earths supply chain, addressing the current reliance on a single domestic source [1][2][4] - American Rare Earths (ARR) reports significant advancements in the Halleck Creek project, including successful test mining and process optimization, which are crucial for its development [3][4] - The project is expected to supply a substantial portion of the necessary light and heavy rare earths for the Independence Magnetics Facility, potentially fulfilling 57% of light rare earths and 30% of critical heavy rare earths [2] Project Development and Technical Milestones - The company achieved key technical milestones, including the successful completion of impurity removal tests, which reduce processing challenges and costs associated with allanite-based rare earths [5][6][7] - Strong leach recoveries were reported, with Praseodymium and Neodymium recoveries at 85% and 84% respectively, indicating efficient extraction processes [10] - The project has a robust cash position, with A$21.2 million available as of September 30, 2025, supporting ongoing development and permitting activities [13] Environmental and Permitting Activities - Environmental monitoring and hydrological modeling are ongoing as part of the permitting requirements for the project [11] - The company is preparing to submit the permit-to-mine application to the Wyoming Department of Environmental Quality, which is a critical step for project advancement [11][12] Strategic Importance - The Halleck Creek project is positioned to reduce U.S. reliance on rare earth imports, particularly from China, while supporting the growing demand for these critical minerals essential for defense and advanced technologies [18] - The project is seen as a cornerstone for U.S. supply chain security, with plans for onsite mineral processing and separation facilities [18]