(ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) February 2026 Investor Presentation THE HOME GROWN LONG-TERM DOMESTIC RARE EARTHS SOLUTION Forward Looking Statement Disclaimers This presentation contains forward-looking statements that involve subjective judgement and analysis and accordingly, are subject to significant uncertainties and risks, many of which are outside the control of, and are unknown to, American Rare Earths ("ARR"). In such circumstances, the forward-looking statements can be identified by the use ...

Core Insights - President Trump announced "Project Vault," establishing a $12 billion U.S. critical mineral reserve, significantly impacting rare earth stocks, particularly Critical Metals Corp. (CRML), which surged 35% following the announcement [1][3][4] Group 1: Project Vault and Its Implications - Project Vault represents a strategic initiative to stockpile critical minerals, akin to a Strategic Petroleum Reserve, ensuring the U.S. government becomes a major buyer in the rare earth sector [4][5] - The program is financed with $10 billion from the Export-Import Bank and $2 billion in private capital, targeting materials essential for AI, electric vehicles, and defense systems [5][6] - The initiative guarantees federal purchases, providing demand certainty that is crucial for mining projects to secure financing and advance operations [5][11] Group 2: Market Dynamics and Geopolitical Context - China dominates the rare earth market, controlling approximately 70% of global mining and 90% of refining capacity, creating dependency for critical U.S. industries [6][7] - The U.S. has historically relied on China for these materials, which poses risks during trade disputes, highlighting the need for domestic production capabilities [6][12] Group 3: Companies Positioned to Benefit - MP Materials (MP) operates the only functioning rare earth mine in the U.S. and is expanding into refining [7][8] - USA Rare Earth (USAR) is developing the Round Top project in Texas, focusing on heavy rare earths for military applications [8] - Energy Fuels (UUUU) processes rare earths at its White Mesa Mill in Utah, one of the few U.S. facilities capable of producing separated oxides [8] - Critical Metals Corp. (CRML) controls the Tanbreez deposit in Greenland, aligning with U.S. efforts to diversify supply sources [8] - American Rare Earths (ARRN) is advancing the Halleck Creek project in Wyoming, responding to defense procurement rules that limit Chinese materials [8] Group 4: Broader Industrial Ecosystem - The development of domestic rare earth capacity necessitates significant industrial infrastructure, extending opportunities beyond mining companies [9][10] - Companies like Olin (OLN) provide specialized chemicals for processing, while Caterpillar (CAT) supplies heavy equipment for mine development [10] Group 5: Future Outlook and Investor Considerations - Analysts estimate a timeframe of three to seven years for meaningful domestic capacity to materialize, with federal backing reducing financing uncertainty [11][12] - The focus for investors should be on the U.S. rebuilding its domestic capacity for critical materials, which are essential for AI, EVs, renewable energy, and military applications [12][13]

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].

Core Insights - American Rare Earths, through its subsidiary Wyoming Rare, has been awarded a STAR Project grant in partnership with the University of Wyoming to assess potential byproducts from rare earth elements at the Halleck Creek Project [2][9] - The STAR Project is part of the NSF-funded ART initiative aimed at promoting applied research with high commercialization potential [3][7] Company Overview - American Rare Earths is a critical minerals company focused on reshaping the U.S. rare earths industry, particularly through the Halleck Creek Project, which is positioned to enhance U.S. critical mineral independence [10][11] - The Halleck Creek Project is located on Wyoming State land and utilizes cost-efficient open-pit mining methods, benefiting from streamlined permitting processes [10][11] Project Details - The STAR Project will involve examining tailings and byproducts from rare earth extraction, exploring their potential applications, and assessing their technical viability and economic implications [4][5] - Deliverables include a comprehensive database of material properties, evaluations of potential uses through computational modeling, and small-scale laboratory experiments [5] Research and Development - The project aims to create marketable innovations and solve real-world problems through applied, industry-sponsored research [6] - The collaboration with the University of Wyoming's School of Energy Resources emphasizes the importance of interdisciplinary research and outreach to support Wyoming's energy sector [8]

Core Viewpoint - The U.S. trade proclamation issued on January 14, 2026, aims to adjust imports of processed critical minerals to strengthen domestic supply chains and reduce vulnerabilities in national defense and advanced manufacturing [1][2]. Group 1: U.S. Trade Proclamation - The proclamation highlights the national security risks associated with heavy reliance on foreign sources for processed critical minerals, including rare earths [2]. - It outlines measures to mitigate these risks through negotiated trade measures and increased domestic production [2]. Group 2: American Rare Earths' Role - American Rare Earths announced in December 2025 the production of mixed rare earth oxide (MREO) from its Halleck Creek ore, marking a significant technical milestone for the company [3]. - The production of MREO is essential for downstream separation and the creation of value-added rare earth products, aligning with U.S. policy objectives to enhance domestic processing capacity [4]. Group 3: Halleck Creek Project - The Halleck Creek Project in Wyoming is a world-class rare earth deposit that could secure America's critical mineral independence [5]. - The project is strategically positioned to reduce U.S. reliance on imports, particularly from China, while addressing the growing demand for rare earth elements crucial for defense and advanced technologies [6]. - American Rare Earths is committed to environmentally responsible mining practices and collaborates with U.S. Government-supported R&D programs to innovate extraction and processing technologies [6].

Core Insights - The US is focusing on MP Materials' Mountain Pass mine, the largest REE mine in the US, which has started producing various rare earth elements (REEs) since late 2023, selling exclusively to customers outside of China due to tariffs [1][3] - A multi-billion-dollar pipeline of rare earth projects is expected to reduce US dependence on Chinese REEs, with projections indicating that by 2030, the US could meet about 95% of its own demand domestically, although China will still supply around 60% of the world's key magnet-making REEs [3][5] - The Trump administration has become the largest shareholder of MP Materials, investing $134 million in domestic projects and enhancing supply chains through partnerships in Australia, Japan, Malaysia, and Thailand [4] Industry Developments - The US government is increasingly motivated to reduce reliance on Chinese REEs, spurred by trade tensions and the need for critical minerals for the economy and defense [5][6] - New projects in the US include significant finds such as American Rare Earths' Halleck Creek in Wyoming and US Critical Materials' Sheep Creek in Montana, which have confirmed high-grade REE deposits [9] - Permitting reforms are seen as crucial for the development of new mines in the US, with industry leaders expressing optimism about recent improvements in the permitting process [11][12] Challenges and Concerns - Experts express skepticism about the timely realization of the current pipeline of projects, indicating that many may not meet the necessary standards or timelines [2][15] - The processing and refining of REEs present significant challenges, as the US lacks the advanced chemical engineering capabilities that China has developed, leading to a cost disadvantage [20][21] - There are concerns that many proposed projects may not yield high-grade REEs, with some deposits being low-grade or containing less desirable types of rare earths [15][18] Government Support and Investments - The Trump administration has provided substantial financial support for expanding processing facilities, including a $150 million loan to MP Materials and a $620 million loan to VulcanElements for a magnet facility in North Carolina [24][25] - The US government is also considering measures to encourage local consumption of REEs, potentially using tariffs once domestic capacity is established [26][27]

Core Viewpoint - American Rare Earths has achieved a significant technical milestone by producing mixed rare earths oxide (MREO) from Halleck Creek ore using an updated preliminary PFS mineral processing flowsheet, confirming the feasibility of extracting rare earths into metallic oxides [2][3][7]. Group 1: Technical Achievements - The MREO was produced from a pregnant leach solution (PLS) through a two-step process involving precipitation with oxalic acid and subsequent calcining at 1,000°C [4][16]. - The production of MREO is considered the most challenging step in the manufacturing of separated rare earth oxides, with the subsequent solvent extraction process being more straightforward [8][9]. - The average recovery of rare earth elements (REE) during precipitation tests reached approximately 97%, with magnet REE recovery at about 98% under optimal conditions [11]. Group 2: Next Steps and Process Development - Future steps in the development of the mineral processing flowsheet include additional technical details, optimization of the solvent extraction simulation, and further testing for uranium removal, achieving a 97% reduction in uranium content [10][12]. - Ongoing process optimization will utilize bulk samples and aim to replicate and validate all hydrometallurgical test results completed to date [12]. Group 3: Strategic Importance - The Halleck Creek Project is positioned to enhance U.S. independence in critical minerals, reducing reliance on imports, particularly from China, while addressing the growing demand for rare earth elements essential for defense and advanced technologies [19]. - The project is committed to environmentally responsible mining practices and collaborates with U.S. Government-supported R&D programs to innovate extraction and processing technologies [19].

Core Viewpoint - American Rare Earths has appointed Mark Wall as the new CEO, effective January 5, 2026, to lead the company in its transition from an explorer to a U.S. producer of rare earth elements [1][2]. Company Developments - Mark Wall brings over 30 years of global mining experience, including senior leadership roles in major mining companies, which aligns with the company's goals [2]. - The company has achieved significant milestones, including an upgraded mineral resource estimate for the Cowboy State Mine and advancements in impurity removal processes [3]. - American Rare Earths is advancing a pre-feasibility study and planning a demonstration plant to validate its processing flowsheet [4][5]. Strategic Focus - Under Wall's leadership, the company will focus on completing the Halleck Creek prefeasibility study, advancing the demonstration plant, and leveraging relationships for non-dilutive funding opportunities [5][6]. - The company is also preparing for a potential U.S. listing to broaden its investor base and reflect its U.S. project footprint [5][6]. Project Significance - The Halleck Creek project is positioned to reduce U.S. reliance on rare earth imports, particularly from China, and is essential for national defense and economic security [9]. - The project benefits from cost-efficient open-pit mining methods and streamlined permitting processes in Wyoming, enhancing its potential for securing America's critical mineral independence [8][9].

Core Insights - American Rare Earths (ARR) has expanded its partnership with Tetra Tech to explore U.S. Government funding opportunities for the Halleck Creek project [1][2][4] - Tetra Tech has been involved in Halleck Creek's mineral processing testing and engineering since 2023, and will continue to provide technical support [2][3] - The collaboration aims to enhance the project's visibility and secure funding to support the U.S. critical minerals supply chain [4][5] Company Overview - American Rare Earths is focused on reshaping the U.S. rare earths industry through its Halleck Creek project in Wyoming, which is a significant rare earth deposit [7][8] - The project is strategically located on Wyoming State land, allowing for cost-efficient open-pit mining and streamlined permitting processes [7][8] - Halleck Creek aims to reduce U.S. reliance on rare earth imports, particularly from China, while addressing the growing demand for these critical elements [8] Industry Context - The U.S. Federal Government is prioritizing the development of critical minerals supply chains to enhance national security and reduce dependence on foreign sources [4][5] - The current U.S. rare earth supply chain is vulnerable due to reliance on a single producing mine, highlighting the need for diversification [5] - Tetra Tech's expertise in securing government contracts and grants will be instrumental in advancing the Halleck Creek project [7]

Summary of American Rare Earths Conference Call Company Overview - **Company**: American Rare Earths - **Stock Symbols**: OTCQX: AMRRY, ASX: ARR - **Focus**: Development of the Halleck Creek project and Cowboy State Mine in Wyoming, U.S. Key Points Industry Context - The U.S. is heavily reliant on China for rare earth elements, with only one producing rare earth mine currently operational in the country [11][12] - Significant magnet capacity is planned to be developed in the U.S. over the next decade, including facilities by MP Materials and USA Rare Earth [11] Project Highlights - **Halleck Creek Project**: - Contains over **2 billion tons** of JORC resource, with a potential lifespan exceeding **100 years** [3][10] - The Cowboy State Mine is the first phase of this project, expected to supply **57%** of light rare earth needs and **30%** of heavy rare earth needs for a **10,000-ton per annum** facility [12] - The mine is located entirely on state-owned land in Wyoming, allowing for a more streamlined permitting process compared to federal land [4][5] Permitting and Regulatory Advantages - The permitting process in Wyoming is expected to take **2-3 years**, significantly faster than the federal permitting process which can take decades [5][21] - The company has received government funding from the state of Wyoming, indicating strong local support [6] Technical and Economic Feasibility - The ore from Halleck Creek is unique, primarily consisting of allanite, which has historically been difficult to process [15] - The company has developed a flow sheet that utilizes conventional technology to achieve a **10-fold upgrade** in ore quality before leaching [14][17] - The leaching process is optimized to use approximately **400-500 kilos** of sulfuric acid per ton of concentrate, significantly lower than other allanite projects [15][16] Upcoming Milestones - Key upcoming milestones include: - Completion of the Pre-Feasibility Study (PFS) - Application for the mining permit - Development of a pilot facility [19][33] Strategic Positioning - The company aims to diversify the U.S. rare earth supply chain and reduce reliance on foreign sources, particularly China [29][31] - The project is designed to scale up production efficiently to meet increasing domestic demand without flooding the market [32][36] Market Outlook - Production is anticipated to begin by the start of the next decade, aligning with the ramp-up of domestic magnet capacity [33] - The company is currently engaging in discussions with potential offtake partners, although no binding agreements have been finalized yet [26][27] Conclusion - American Rare Earths believes it has a generational asset with the Halleck Creek project, positioning itself as a key player in the U.S. rare earth supply chain [38][39]