Core Insights - American Rare Earths (ARR) announced an updated Mineral Resource Estimate for the Cowboy State Mine area, increasing the estimate to approximately 547.5 million tonnes with a TREO cut-off grade of 1,000 ppm [2][3] - The update includes results from 102 channel samples collected in 2025, which allowed for the reclassification of approximately 63.9 million tonnes from inferred to indicated resources [3][8] - The company has secured two new exploration drilling permits, allowing for further drilling and sampling to support future geological data collection [5][19] Mineral Resource Update - The updated mineral resource estimate for the Cowboy State Mine area is approximately 547.5 million tonnes, with an increase of about 4.5 million tonnes due to additional mapping and channel sampling [3][8] - The channel samples collected in 2025 returned an average TREO grade of 5,471 ppm, with a standout sample showing a record high grade of 13,816 ppm [7][14] - The reclassification of resources enhances the potential for near-surface resources to be incorporated into mine plans for the pre-feasibility study [6][19] Drilling Permits and Future Plans - In October 2025, ARR received permits for 27 drill hole locations in the Cowboy State Mine area and 29 in the Bluegrass area, which could add significant tonnage to the Halleck Creek's current resource estimate of 2.6 billion tonnes [5][23] - The drilling aims to increase geological confidence levels and define substantial measured resources within the proposed pits [19][21] - The company is working on optimizing drilling access routes and plans to commence drilling by mid-next year [21][23] Strategic Importance - The Halleck Creek Project is positioned to reduce U.S. reliance on rare earth imports, particularly from China, while meeting the growing demand for critical minerals [28][29] - The project is committed to environmentally responsible mining practices and collaborates with U.S. Government-supported R&D programs for innovative extraction technologies [29]

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].

Core Viewpoint - The U.S. rare earths industry is at a critical juncture due to geopolitical tensions and export restrictions from China, prompting efforts to establish a domestic supply chain for rare earths [1][2]. Company Developments - American Rare Earths is advancing the Halleck Creek Rare Earths Project, which is seen as essential for reducing U.S. dependence on foreign minerals and enhancing national security [2]. - The company has made significant progress in FY2025, including a A$15 million capital raise and additional funding through options and repayments, resulting in a strong financial position of approximately A$8.8 million (US$5.6 million) available for future work [3]. - The updated JORC resource estimate for Halleck Creek confirmed 2.63 billion tonnes at 3,292 ppm TREO, positioning it among the largest rare earth deposits in the U.S. [4]. - Test mining at the Cowboy State Mine yielded 3,080 tonnes of ore, with successful leach tests demonstrating strong recoveries and low impurities [5][6]. - The company is engaged with U.S. federal and state agencies for project financing, with a non-binding letter of interest for up to US$456 million from the U.S. Export-Import Bank [4]. Technical and Permitting Progress - The permitting process for the Cowboy State Mine is underway, with a clear pathway expected to take two to three years, significantly shorter than federal approvals [4]. - Initial beneficiation optimization results from the Reflux Classifier Concentrator (RCC) showed potential for improved project economics [5]. - The company is committed to environmentally responsible mining practices and is collaborating with U.S. government-supported R&D programs for innovative extraction technologies [10]. Future Outlook - The focus for FY2026 includes completing the Pre-Feasibility Study (PFS), advancing engineering for a demonstration plant, and finalizing the permit-to-mine application [12]. - The Halleck Creek Project is positioned as a multi-generational resource that aligns with U.S. national priorities for critical mineral independence [11].

Core Insights - American Rare Earths has released a preliminary updated mineral processing flowsheet for the Halleck Creek Rare Earths Project, marking a significant milestone towards establishing the next producing rare earths mine in the United States [1][4][28] Mineral Processing Flowsheet - The updated flowsheet incorporates recent hydrometallurgical test results, indicating progress in optimizing the mineral processing methods [4][12] - The ongoing optimization work is expected to enhance the recovery of rare earth elements (REEs) from the ore, with preliminary results showing promising outcomes [3][12] Beneficiation Optimization - Preliminary Reflux Classifier Concentrator (RCC) tests suggest a more efficient alternative to spirals as the primary beneficiation method, achieving a mass yield of 14.0% and a TREO recovery of 78.4% [5][15] - The RCC method demonstrated a 44% decrease in mass yield compared to spirals, with a significantly higher enrichment factor of 5.66 [17] Comminution Tests - Ongoing comminution optimization tests aim to reduce fines generated during ore processing, which could positively impact both beneficiation processing and overall REE recoveries [3][6][12] - The company is testing multiple conventional milling methods to optimize the front-end process [6][11] Future Steps - A bulk sample of Halleck Creek ore will be processed through the entire preliminary updated flowsheet, excluding the separation and finishing step, to complete the necessary datasets for the forthcoming Pre-Feasibility Study (PFS) [10][12] - The results from the ongoing optimization tests are expected to further validate the technical and economic viability of the Halleck Creek project [12][29]

For personal use only (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) October 2025 Investor Presentation A Wyoming Solution to Diversify and De -Risk the United States' Upstream Rare Earths Supply Chain Forward Looking Statements Disclaimers The information in this document is based on information compiled by personnel under the direction of Mr. Dwight Kinnes who is Chief Technical Officer of American Rare Earths. This geological work was reviewed and approved for release by Mr. Kinnes (Society of Mining Engineers # ...

Core Insights - The Halleck Creek Rare Earths Project in Wyoming aims to diversify and de-risk the U.S. upstream rare earths supply chain, which is currently vulnerable due to reliance on a single domestic mine [2][3][5] - American Rare Earths (ARR) reports significant advancements in the Halleck Creek project, including successful test mining and process optimization, moving closer to becoming the next producing rare earths mine in the U.S. [4][5][11] Industry Context - The U.S. rare earths industry is heavily reliant on imports, particularly from China, creating supply chain vulnerabilities for the growing domestic magnetics industry [2][3] - The Trump Administration has invested in reshoring the rare earths industry, but the current concentration of mining and refining capacity in China poses risks [2] Project Development - Halleck Creek's initial production could meet over 57% of the light rare earths (NdPr) and 30% of critical heavy rare earths (Dy and Tb) needed for the Independence Magnetics Facility [3] - Recent technical studies indicate strong leach recoveries for light rare earths, with Pr at 85% and Nd at 84%, and encouraging recoveries for heavy rare earths, with Tb at 52% and Dy at 46% [10] Technical Milestones - Successful completion of impurity removal tests marks a significant breakthrough in processing allanite-based rare earths, reducing operational challenges and costs [6][7][8] - The project has achieved key milestones in permitting and environmental monitoring, essential for advancing towards production [9][11] Financial Position - As of September 30, 2025, ARR reported a cash position of A$21.2 million, with additional funding secured for ongoing project activities [13][14] - The company has raised A$15 million through placements and A$1.465 million via option exercises, supporting the development of the Halleck Creek project [13][14] Future Outlook - ARR plans to integrate ongoing optimization results into the Halleck Creek Pre-Feasibility Study and continue environmental and permitting activities [11][12] - The company aims to strengthen engagement with U.S. Federal and State agencies to support critical minerals strategy and funding programs [12]

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]

Market Overview - The XJO index remains up 10% year-to-date, despite fluctuations around the 9,000 points level, with a recent climb attributed to a strong performance in the real estate sector following weak jobs data [1] - Speculation of a potential RBA rate cut in November is influencing investor sentiment, although inflation concerns were also highlighted by the RBA [2] Sector Performance - The private data centre sector saw a significant $70 billion deal, contributing to positive market sentiment, particularly benefiting Goodman Group, which experienced a more than 3% increase [2] - Rare earth stocks saw a surge earlier in the week but experienced a pullback as traders took profits, indicating a volatile trading environment [3] Company Highlights - Meeka Metals reported higher-than-expected gold production for the September quarter and discovered gold in a new drilling area, leading to a rise in its stock price [4] - Bougainville Copper continued to gain momentum following a positive quarterly production update, with recent legal challenges potentially resolved [4] - FireFly Metals also saw gains due to favorable drilling results in its copper-gold project in Canada [5] Declining Stocks - American Rare Earths experienced a decline as the excitement from recent critical mineral news from China faded, prompting traders to cash in [5] - Iluka Resources faced a pullback, but the decline was less severe due to its ongoing production activities [6] - Dateline Resources also fell back, reflecting volatility linked to its previous mention by a high-profile figure [6]

Core Insights - American Rare Earths has achieved a significant milestone in its mineral processing program by successfully completing the first phase of impurity removal testing, confirming the effective removal of key contaminants from Halleck Creek ore [2][6][9] Impurity Removal Testing - The impurity removal tests demonstrated that contaminants such as iron, aluminum, silica, thorium, and titanium can be effectively removed from leachate solutions, with minimal formation of problematic by-products like gypsum and silica gel [2][5][9] - The primary neutralization process using 15% magnesium oxide (MgO) at a pH of 3.15 removed 99.8% of iron, 89.0% of silica, 92.9% of thorium, and 99.4% of titanium, with average rare earth element (REE) losses of only 0.6% for light rare earth elements (LREE) and 0.8% for heavy rare earth elements (HREE) [6][9][32] - Secondary neutralization tests further removed 99.4% of iron, 96.3% of aluminum, and 71.0% of silica, with average REE losses of 7.6% for LREE and 16.7% for HREE [7][32] Reagent Selection and Cost Efficiency - Magnesium oxide was selected as the optimal neutralizing reagent due to its cost-effectiveness and superior performance in impurity removal compared to other tested reagents [4][25][26] - The testing program indicated that using MgO minimizes the formation of unwanted by-products, which historically posed technical and economic challenges in processing allanite-based rare earths [5][25] Future Steps in Processing - The successful completion of impurity removal testing is a major metallurgical processing milestone that will inform the design of the mineral processing flow-sheet for the upcoming Pre-Feasibility Study [9][11] - The next steps include creating a mixed rare earth oxide, which is essential for solvent extraction and the production of separated rare earth oxides used in permanent magnets [3][16] Project Significance - The Halleck Creek Project is positioned to enhance U.S. critical mineral independence by reducing reliance on imports, particularly from China, while meeting the growing demand for rare earth elements essential for defense and advanced technologies [39][40]

Core Insights - American Rare Earths has successfully completed excavation and primary crushing of approximately 3,080 tonnes of rare earth ore from the Cowboy State Mine, part of the Halleck Creek deposit [2][7] - The company aims to optimize the milling process through comminution testing, which will enhance rare earth recoveries and improve the economic outcomes of the Pre-Feasibility Study [4][6] Company Operations - The test mining campaign involved blasting, excavating, and stockpiling both weathered and non-weathered ore, with 13.7 tonnes of bulk samples sent for comminution testing [3][7] - Local contractors are engaged in backfilling the excavated area and will perform preliminary seeding to reclaim the site [5] Technical Development - Comminution testing will assess various milling methods to minimize fines, thereby enhancing overall recoveries in the mineral processing circuit [4][6] - The demonstration plant will validate processing methods and generate end-product samples, supporting future technical studies and increasing stakeholder confidence [8] Strategic Importance - The initiatives reinforce American Rare Earths' position in the emerging domestic permanent magnet industry and its commitment to establishing a 100% domestic supply chain for critical minerals [9][12] - The Halleck Creek Project is strategically positioned to reduce U.S. reliance on rare earth imports, particularly from China, while addressing the growing demand for these essential elements [12]