American Rare Earths’ Shareholder Letter

Core Viewpoint - American Rare Earths is positioned to become a cornerstone of the U.S. rare earths supply chain, with a focus on the Halleck Creek project in Wyoming, which is recognized for its world-class rare earth deposit and favorable mining jurisdiction [1][2][3]. Company Overview - The company is advancing the Halleck Creek Project, which is a significant rare earth deposit located in Wyoming, a state ranked fourth globally for investment attractiveness according to the Fraser Institute's July 2025 survey [2][14]. - American Rare Earths aims to secure domestic supply of rare earths for the U.S. market, leveraging its processing capabilities demonstrated through successful production of rare earth oxides from Halleck Creek ore [3][14]. Strategic Focus - The company plans to complete the Halleck Creek Pre-Feasibility Study in 2026 and is preparing to submit its mining permit, benefiting from Wyoming's efficient permitting system [4][5]. - American Rare Earths is actively engaging with U.S. policy initiatives that support domestic critical minerals production, following an executive order by President Trump that emphasizes the importance of rare earth elements for national security [5][6]. Capital Markets and Growth Strategy - The company is considering a potential U.S. listing to enhance long-term value for shareholders and broaden investor reach, while maintaining a focus on funding and partnerships that strengthen its balance sheet [7]. - In addition to Halleck Creek, the company is evaluating other projects in Arizona, Nevada, and Wyoming to create a coherent growth pipeline, prioritizing investments that enhance scale and returns [8][9]. Commitment to Sustainability - American Rare Earths is dedicated to environmentally responsible mining practices and is collaborating with U.S. government-supported R&D programs to innovate extraction and processing technologies for rare earth elements [14].