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 # ...

Group 1 - Critical Metals Corp. (NASDAQ:CRML) has achieved a new all-time high, climbing to $32.15 during intra-day trading and closing up 28.74% at $29.97 [2] - The surge in CRML's stock price is attributed to investor interest in industries linked to JPMorgan's $1.5 trillion investment program over the next decade, with $10 billion earmarked for critical minerals mining and processing [2][3] - JPMorgan's investment strategy aims to enhance US economic security by reshoring key industries and building resilient supply networks, thereby reducing dependence on imports [3] Group 2 - Critical Metals Corp. has entered agreements with REalloys and Ucore Rare Metals to supply 15% and 10% of minerals produced from its Tanbreez project in Greenland, respectively [4]

Core Points - Stellantis announced a $13 billion investment in US manufacturing over the next four years, marking the largest investment in the company's history [1][2] - The investment aims to increase domestic production by 50%, launch five new vehicles, and create over 5,000 jobs across multiple states [1][2] Investment Details - Over $600 million will be allocated to reopen a plant in Belvidere, Illinois, creating 3,300 jobs by 2027 [6] - A $400 million investment will support the assembly of a new mid-size truck in Toledo, Ohio, expected to generate 900 jobs by 2028 [8] - Nearly $100 million will fund the production of a new electric vehicle and large SUV in Warren, Michigan, supporting 900 jobs by 2028 [9] - Approximately $130 million will be invested in the Detroit plant for the next-generation Dodge Durango, set to be manufactured by 2029 [9] - A $100 million investment will enable the production of new four-cylinder engines in Kokomo, Indiana, starting in 2026, creating over 100 jobs [11] Strategic Context - The investment aligns with President Trump's push for US companies to increase domestic manufacturing, responding to tariffs that have impacted supply chains [3][4] - Stellantis CEO Antonio Filosa emphasized the importance of accelerating growth in the US since taking over in June [3] - The company operates 34 factories across 14 states, employing over 48,000 workers, and aims to strengthen its manufacturing footprint in the US [13]

Core Viewpoint - The announcement by Stellantis to transfer production of the Jeep Compass from Canada to the US is seen as a significant loss for Canadian auto jobs, attributed to the impact of US tariffs and trade policies under Donald Trump [1][2][4]. Group 1: Stellantis Investment and Job Creation - Stellantis is making its largest investment in the US, amounting to $13 billion, which is expected to create 5,000 jobs in the Midwest [1]. - The decision to move the Jeep Compass production from Brampton, Ontario, to Illinois is part of this investment strategy [1]. Group 2: Impact on Canadian Auto Workers - Unifor, representing Canadian autoworkers, has criticized the move, stating that Canadian jobs are being sacrificed due to US trade policies [2]. - Ontario's Premier Doug Ford expressed disappointment, emphasizing the negative impact on the 157,000 workers in Ontario's auto sector [3]. Group 3: Trade Policy and Tariffs - The current US tariffs have created uncertainty for Canadian autoworkers, and the reshoring of auto jobs is a key aspect of Trump's trade policy [3][5]. - Mark Carney, who is involved in trade discussions, noted that Stellantis's decision is a direct consequence of these tariffs [4]. Group 4: Future Outlook for Canadian Auto Industry - Experts suggest that Canada should prepare for a gradual loss of auto assembly jobs, as US tariffs are unlikely to change [5]. - There is a recommendation for Canada to focus on becoming a key supplier of auto parts for US assembly plants [6].

Core Viewpoint - The current market concerns are more focused on trade tensions, particularly between the US and China, rather than the government shutdown, with recent developments around rare earth mineral restrictions escalating tensions [1]. Trade Relations - China is attempting to frame its actions as a response to US provocations, despite claims that the US is not to blame for the current situation [2]. - The conflict is characterized as a broader issue of China versus the world, not just a US-China problem, with international allies coordinating a unified response [3]. Economic Impact - The US has various levers to counteract China's actions, indicating that both sides possess significant economic leverage over each other [4][6]. - There is a desire to avoid damaging either economy, but the US is committed to asserting its sovereignty in trade matters [5]. Strategic Industries - The investment boom in the US is partly driven by a need to reshore strategic industries, including pharmaceuticals, semiconductors, shipbuilding, steel, and rare earths, which have been neglected in past administrations [7][8]. - The COVID-19 pandemic served as a catalyst for bringing back these industries, highlighting the importance of self-sufficiency in critical sectors [7]. Diplomatic Engagement - High-level communications between US and Chinese officials are ongoing, with efforts to maintain dialogue and prevent escalation [9][10]. - The relationship between the leaders of the US and China is seen as a stabilizing factor, contributing to the avoidance of further escalation in trade tensions [11]. Market Reactions - The stock market's performance is linked to economic policies rather than solely to trade negotiations, with the implication that strong measures against China will be taken if deemed necessary for economic health [12].

Market Overview - The infrastructure sector delivered positive returns in Q3, although it lagged behind global equities due to a risk-on market environment driven by animal spirits [3] - U.S. utilities, renewables, and North American natural gas and pipelines performed well, supported by high demand for power from AI-focused data centers [4][12] - European utilities faced challenges, particularly U.K. water utilities, which were negatively impacted by rising interest rates [4] Sector Performance - North American rails showed strong performance following news of a proposed merger, which could unlock significant value [5] - French toll roads declined due to political uncertainty and rising sovereign risk linked to the French budget fallout [6] - Communication towers were the weakest performers, experiencing slower growth in carrier capital expenditures during the current 5G cycle [6] Regional Highlights - The U.S. and Canada were the top contributors for the quarter, with Entergy and TC Energy leading the performance [7] - Entergy, a regulated electric utility, saw its share price increase due to ongoing data center deals [7] - TC Energy manages extensive natural gas pipelines and power assets, benefiting from stable cash flows and favorable project origination conditions [8] Detractors - Severn Trent and Vinci were the largest detractors, with Severn Trent facing concerns over U.K. fiscal policy [9] - Vinci operates a significant portion of France's toll road network and was affected by political uncertainty, although its operations remained stable [10] Future Outlook - Strong opportunities are anticipated in the infrastructure sector driven by decarbonization and energy transition, particularly in electric utilities across the U.S., EU, and U.K. [11] - Investments in electric and water utilities are expected to enhance grid resiliency and accommodate increased load growth due to reshoring and AI-focused data centers [12] Portfolio Highlights - The infrastructure strategy saw positive contributions from four out of seven sectors, with electric and gas utilities and airports being the top contributors [15] - The strategy underperformed relative to the FTSE Global Core Infrastructure 50/50 Index, primarily due to stock selection issues in the electric and water utility sectors [16] - Top contributors to absolute returns included Entergy, TC Energy, and WEC Energy, while Vinci and Severn Trent were the main detractors [17] Investment Actions - A new position was initiated in Spanish electric utility Iberdrola, while positions in Eletrobras, United Utilities, and Pembina Pipeline were exited [18]

Core Viewpoint - Amkor Technology Inc (NASDAQ:AMKR) is viewed positively due to its involvement in the AI sector and the reshoring of manufacturing in the U.S., particularly its role as a supplier for advanced packaging needed for sophisticated chips and data centers [2]. Group 1: Company Overview - Amkor Technology is recognized as a significant player in outsourced assembly and test manufacturing, with a notable presence in the United States and overseas [2]. - The company is currently constructing a large facility in Arizona, which highlights its commitment to expanding domestic operations [2]. Group 2: Industry Context - The semiconductor industry is identified as the backbone of technology, essential for advancements in various fields such as quantum computing, space exploration, robotics, and AI [2]. - The ongoing trends of AI development and reshoring manufacturing are seen as tailwinds that could benefit Amkor Technology [2].

Core Insights - MP Materials has seen a significant stock increase of 358% from the end of 2024 through October 3, 2025, driven by the U.S. Government's push to reshore manufacturing and the demand for rare earth magnets in various industries [1][3] - China is the leading supplier of refined rare earth metals, and its recent export halt to the U.S. has prompted American companies to seek a more secure supply chain [2] Company Positioning - As the only operational rare earth mine operator in the U.S., MP Materials is well-positioned to benefit from the reshoring initiative [3][4] - The company has partnered with the U.S. Department of Defense (DoD) to enhance the domestic rare earth magnet supply chain, which includes plans for a new manufacturing facility called the 10x Facility [4][5] Production and Agreements - The 10x Facility is expected to produce 10,000 kilograms of magnets annually, with the DoD guaranteeing the purchase of all produced magnets for 10 years at a minimum price of $110 per kilogram [5][11] - MP Materials has also secured an agreement to supply magnets to Apple, with shipments expected to begin in 2027 [6] Supply Chain Challenges - The company currently lacks large-scale refining facilities necessary for producing new magnets from ore, relying instead on recycling old magnets for the Apple deal [7][8] - The planned improvements at the Mountain Pass facility are unlikely to provide significant independence from Chinese imports due to the complexities and environmental regulations associated with rare earth metal refining [9][10] Market Valuation and Risks - MP Materials is trading at a high valuation, with a market cap exceeding $12.6 billion and a price-to-sales ratio of 48 times trailing 12-month sales, which may pose risks for investors [10] - The success of MP Materials is contingent on the execution of its partnerships and new initiatives, including the battery recycling program with Apple [13]

Core Viewpoint - The American economy shows resilience despite some emerging weaknesses, with consumer spending remaining strong according to Union Pacific CEO Jim Vena [1][2]. Economic Conditions - Certain segments of the economy, such as the housing market, are experiencing a slowdown, while other areas continue to perform well [2]. - Vena acknowledges that while there are signs of weakness, the overall economic strength persists [1]. Employment and Workforce - Union Pacific employs over 32,000 people and has a robust hiring strategy, attracting a diverse workforce including veterans, who make up 18% of its employees [3][4]. - The company does not face significant hiring challenges due to the nature of its jobs, which appeal to individuals seeking autonomy in their work [2]. Impact of Policies - Vena views the Trump administration's reshoring and tariff policies positively, believing they will enhance domestic manufacturing and expand the workforce [4]. - He emphasizes that there is still potential for growth in the American workforce [4]. Technological Advancements - Technology is highlighted as a crucial factor for productivity improvements within the railroad industry, with a focus on continuous innovation [5]. Industry Outlook - Despite Union Pacific's strong network performance, there are concerns about industry-wide earnings being pressured by cost inflation and declining volumes, as noted by analyst Jonathan Chappell [5][6]. - The earnings outlook for the sector has become more subdued, with third-quarter volumes not maintaining the positive trend seen in the first half of the year [6].

Core Viewpoint - The company is optimistic about its business outlook, particularly in the infrastructure sector, driven by ongoing funding and the need for re-industrialization in the U.S. economy [2][5][36] Infrastructure Outlook - The company identifies itself as the number one player in U.S. infrastructure, focusing on roads, water, and re-industrialization, with a positive outlook due to significant funding opportunities [2][5] - Currently, only about 40% of the capital from the bipartisan infrastructure bill has been deployed, indicating a long runway for future investments [3][4] - The company emphasizes the need for infrastructure to support reshoring and re-industrialization efforts, addressing decades of underinvestment [5][10] Revenue Streams - The U.S. road materials market is valued at approximately $45 billion, with 90% of the company's revenue coming from public sector customers, providing a stable revenue stream [6][7] - The water infrastructure market presents a $100 billion opportunity, with a focus on stormwater and water storage, which is expected to grow alongside the roads business [8][9] Economic Factors - The company anticipates that tax and spending policies, including bonus depreciation, will stimulate capital expenditure spending, benefiting its business [11][12] - Early signs of increased capital spending are being observed, particularly in the re-industrialization sector, as companies gain certainty around economic policies [13][14] Project Involvement - The company is involved in significant projects related to AI buildout, including large chip manufacturing plants and data centers, indicating a strong position in emerging technology sectors [21][22][23] - The company differentiates itself by providing a holistic product offering, including essential infrastructure components for major projects [23][35] Future Opportunities - The company sees potential in nuclear energy projects, leveraging its expertise from international operations, which could enhance its product demand [29][30] - The company plans to highlight the quality and reliability of its roads and water infrastructure businesses during its upcoming investor day, emphasizing their low capital intensity and strong cash profiles [37][38]