2025 AGM Chairman’s Address

Core Viewpoint - American Rare Earths is advancing its Halleck Creek Project to establish a domestic supply chain for rare earths, crucial for U.S. national security and reducing dependence on foreign minerals, particularly from China [1][2]. Financial Position - The company raised A$15 million through a placement at A$0.32 per share, along with A$5.784 million from option exercises and A$1 million from Cobalt Blue Holdings, strengthening its balance sheet [3]. - As of September 30, 2025, approximately A$8.8 million (US$5.6 million) remains available under the Wyoming State matching grant, providing a solid foundation for upcoming project phases [3]. Project Development - The updated JORC resource estimate for Halleck Creek confirmed 2.63 billion tonnes at 3,292 ppm TREO, making it one of the largest rare earth deposits in the U.S. [4]. - Test mining completed in September 2025 yielded 3,080 tonnes of ore, with bulk samples sent for optimization testing [5]. - Significant progress in ore beneficiation and hydrometallurgical processing has been achieved, including successful leach tests and impurity removal [5][6]. Permitting and Strategic Positioning - The Cowboy State Mine offers a clear permitting pathway, typically taking two to three years, compared to over ten years for federal approvals [4]. - Engagement with U.S. federal and state agencies has deepened, including a non-binding letter of interest from the U.S. Export-Import Bank for up to US$456 million in potential project finance [4]. Future Focus - The company aims to finalize the Pre-Feasibility Study (PFS) in 2026 and advance engineering and procurement for a demonstration plant [12]. - The Halleck Creek Project is positioned as a multi-generational resource that aligns with U.S. national priorities for critical mineral independence [13].