(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 ...

INVESTOR PRESENTATION Fourth Quarter 2025 Results 1 DISCLAIMER Forward Looking Statements: The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimat ...

Core Viewpoint - The West can protect its critical mineral producers from China's predatory pricing through existing antidumping laws, which can neutralize supply flooding that threatens domestic investment [1]. Group 1: China's Market Strategy - China employs a dual strategy of restricting exports to inflate prices and then flooding the market to undermine Western competitors once they mobilize capital [3]. - The historical example of Molycorp illustrates how China's export restrictions led to a temporary price surge, attracting significant investment, only for prices to collapse when China restored supply, resulting in Molycorp's bankruptcy [6]. Group 2: Antidumping Laws as a Solution - The antidumping duties under the Tariff Act of 1930 can effectively counteract China's pricing strategies by imposing levies that increase as export prices fall, making predatory pricing less advantageous for China [9]. - This approach can extend the protective benefits seen in the MP Materials floor-price agreement across the domestic sector without requiring the government to become a permanent buyer or take equity stakes in projects [10]. Group 3: Legal and Strategic Framework - The legal basis for implementing antidumping duties is strong, as they are explicitly authorized by Congress and align with international trade agreements, providing a robust framework for action against China's practices [11]. - The U.S. can also coordinate with allies to initiate parallel antidumping proceedings against Chinese imports, establishing effective price floors across multiple Western markets [13]. Group 4: Need for Structural Protection - While independent pricing benchmarks and strategic stockpiles are beneficial, they do not eliminate China's ability to manipulate the market; systematic use of antidumping duties is necessary for long-term supply chain stability [14].

Core Viewpoint - Mkango Rare Earths Limited (MKAR) is moving forward with a proposed business combination with Crown PropTech Acquisitions (CPTK), having submitted a draft registration statement to the SEC, which includes a proxy statement and prospectus for MKAR's common shares and warrants [1][2] Group 1: Proposed Business Combination - The proposed business combination was initially announced on July 3, 2025, and involves a merger between MKAR and CPTK [1] - MKAR's common shares and warrants are expected to be listed on the Nasdaq Stock Market under the symbols "MKAR" and "MKARW" upon closing of the transaction, subject to SEC review and shareholder approvals [2] Group 2: Company Overview - MKAR owns the advanced stage Songwe Hill rare earths development project in Malawi, along with uranium, tantalum, and niobium licenses, and a proposed rare earths separation project in Pulawy, Poland [3] - The Pulawy project is strategically located in a Special Economic Zone in Poland, adjacent to a major nitrogen fertilizer manufacturer, and benefits from established infrastructure [3] Group 3: Crown PropTech Acquisitions Overview - CPTK is a special purpose acquisition company (SPAC) incorporated in 2021, with approximately $5.79 million cash in trust, aimed at effecting a merger or similar business combination [4]

Core Viewpoint - MP Materials Corp may benefit from a government-backed price floor for rare earths, providing a unique earnings setup with potential upside [1] Group 1: Price Floor and Earnings Protection - The Department of Defense agreement establishes a $110/kg price floor for NdPr starting October 1, providing a safety net in a volatile market [2] - If NdPr prices stay above this level, MP retains full upside potential until its 10X magnet facility reaches capacity later this decade, creating an asymmetric risk-reward scenario [3] Group 2: Production and Financial Outlook - Investors are focused on midstream NdPr production and the initial commercial magnet ramp expected in the second half of 2026, despite a potentially quiet near-term quarter [4] - EBITDA is projected to turn positive in the fourth quarter due to DoD top-off payments, with a long-term EBITDA floor estimated at $650 million once the 10X facility is fully operational [4] Group 3: Strategic Importance of Rare Earths - MP shares have rebounded this year alongside rising NdPr prices, although market volatility persists due to trade policies and retail participation [5] - The strategic nature of rare earth security is viewed as structural rather than cyclical, positioning MP as a key player in building a strategic franchise in the industry [5]

Core Insights - The company 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 described as a world-class rare earth deposit [1][2][3] Company Overview - American Rare Earths is advancing the Halleck Creek Project, which is located in Wyoming, a jurisdiction ranked fourth globally for investment attractiveness according to the Fraser Institute's July 2025 survey [2] - The company aims to secure America's critical mineral independence through its operations, which include plans for onsite mineral processing and separation facilities [14] Project Development - The Halleck Creek project is the cornerstone asset for the company, with successful production of rare earth oxides from ore and a pivotal milestone achieved in December 2025 [3][4] - The company is targeting the completion of the Pre-Feasibility Study during 2026 and is preparing to submit a mining permit [4] Policy Environment - U.S. policy support for domestic critical minerals is increasing, with an executive order signed in March 2025 framing rare earth elements as a national security imperative [5] - The company intends to actively participate in the policy landscape to secure funding and partnerships that enhance its balance sheet [6] Capital Markets Strategy - The company is considering a potential U.S. listing to broaden its investor reach and better reflect its asset base [7] - Capital allocation will prioritize investments that enhance scale and returns while maintaining financial flexibility [9] Broader Portfolio - In addition to Halleck Creek, the company is assessing other projects in Arizona, Nevada, and Wyoming as part of a coherent U.S. growth pipeline [8] Commitment to Stakeholders - The company emphasizes its commitment to environmentally responsible mining practices and collaboration with U.S. government-supported R&D programs [14] - Ongoing communication with shareholders is planned as the company advances its projects and navigates the evolving policy and capital markets environment [12]

Core Insights - Brazilian Rare Earths Limited (BRE) reported significant progress in the quarter ending December 31, 2025, highlighting advancements in its Amargosa Bauxite project and partnerships in the rare earth sector [1]. Group 1: Amargosa Bauxite Project - The Amargosa Bauxite project is a large-scale, low-cost direct-ship-bauxite operation with a JORC Resource estimate of 568 million tons, including 98 million tons of direct-ship-bauxite [4]. - The project is expected to generate an average EBITDA of US$102 million per annum and free cash flow of US$84 million per annum over a 17-year mine life, with an after-tax NPV8 of US$630 million and a payback period of approximately 1.2 years [4]. - The project is positioned in the lowest-cost first quartile on the global seaborne bauxite cost curve, with permitting timelines of approximately 2-3 years for comparable operations, aiming for potential development by 2028 [4]. Group 2: Strategic Partnerships - BRE has entered a long-term partnership with Carester, a specialist in rare earth processing, to support the engineering, construction, and commissioning of a rare earth separation refinery at the Camaçari Petrochemical Complex in Bahia [2][4]. - Carester will purchase BRE's heavy rare earth concentrate under a binding 10-year offtake agreement, supporting the production of approximately 150 tons per annum of separated dysprosium and terbium oxides [4]. Group 3: Financial Position and Leadership - BRE appointed John Vander Ploeg as Chief Financial Officer, bringing over 20 years of experience in finance and corporate transactions [3][4]. - As of December 31, 2025, BRE held A$162.4 million in cash, following a successful placement of 25.6 million shares at A$4.68 per share, raising A$120 million to accelerate the development of its rare earth projects [4].

Core Insights - The article discusses investment opportunities in the context of the "AI Endgame," emphasizing the potential for significant economic disruption due to advancements in artificial intelligence and the importance of investing in AI-related companies to avoid being left behind [3][4]. Group 1: AI Cybersecurity - The first recommended stock is a cybersecurity company that has developed an AI-powered platform with a 99.8% effectiveness score in detecting cyber threats, positioning it as a leader in the cybersecurity space [6][7]. - This company has established contracts with over 890,000 clients, including 63% of Fortune 500 companies and government agencies like NASA and the Department of Defense [7]. - The company has shown strong financial performance, with an average revenue growth of 22% and earnings growth of 35% over the past five years, and is expected to continue growing earnings at approximately 14% per year [9]. Group 2: Identity Verification - The second stock focuses on identity verification, leveraging AI to confirm individual identities in real-time, which is increasingly critical due to the rise of AI-generated deepfakes leading to significant financial theft [14][15]. - This company has 19,000 organizations relying on its technology, including the U.S. Department of Defense, indicating its strong market position [16]. - The company has recently become profitable and is experiencing revenue growth, trading at about 24 times forward earnings, which reflects a recovery from previous performance issues [16][17]. Group 3: Rare Earth Materials - A third stock mentioned is a rare-earth permanent magnet producer that has secured a $500 million supply deal with Apple and is expected to significantly increase production by 2028 [20]. - The company is positioned as a critical alternative to Chinese suppliers, which could lead to substantial growth as demand for rare-earth materials increases in the AI sector [20]. - Analysts expect this company to report a profit this year, although it currently has a high forward PE ratio of about 120, indicating potential volatility in its financial performance [21]. Group 4: Semiconductor Manufacturing - The fourth stock is a semiconductor manufacturer that produces advanced chips essential for AI systems, with major clients including Google, Amazon, and Microsoft [23][24]. - This company is recognized for its significant market share and is growing earnings at over 20% annually, trading at about 20 times forward earnings estimates [25]. - The company faces political risks due to its operations in Taiwan, but it is also expanding capacity in the U.S. to mitigate these concerns [25]. Group 5: Data Center Communication - The final stock discussed is involved in high-speed data communication technology crucial for AI operations, having secured deals with major tech players like Microsoft and Amazon [28][29]. - This company plays a vital role in ensuring efficient data processing within data centers, which is essential for the performance of AI applications [27][28]. - The competitive landscape in this sector is diverse, with several companies providing similar technologies, indicating a robust market opportunity [30].

Group 1 - The stock market experienced a decline due to President Trump's threats regarding Greenland, but certain sectors, particularly those related to rare earths, have rebounded as military action appeared unlikely [1] - Critical Metals (CRML) is involved in the Tanbreez rare earths project in Greenland, which is significant due to the region's abundant rare earth resources and the company's unique on-the-ground experience [2] - The U.S. government has been actively investing in rare earth companies, including a recent $1.6 billion deal with USA Rare Earth, indicating a strong focus on securing rare earth supplies outside of China [3] Group 2 - CRML's stock price has seen significant volatility, rising from below $7 to nearly $21 earlier this month, suggesting strong market interest and potential for further gains if a government deal is reached [4] - The company is currently pre-revenue with limited estimates on its potential, reporting $7.3 million in cash and $171.7 million in total assets in Q3 2025, while having a market capitalization of approximately $2.2 billion [5] - Historical trends in rare earth deals suggest that the government is willing to pay above market prices for rare earths, which could make investments in companies like Critical Metals worthwhile [6]

Market Overview - Market breadth is expanding with significant participation, with only one sector initially in the red [2] - Positive momentum observed, particularly in the MAG 7 stocks, with Microsoft and Nvidia showing strong performance [4][5] Nvidia and Core Weave Investment - Nvidia plans to invest approximately $2 billion into Core Weave at a share price of $87.20, which will enhance Core Weave's production capacity using Nvidia's technology [8] - This investment is expected to generate long-term revenue for Nvidia and keep the AI narrative active in the market [6][8] Rare Earths and Critical Minerals - The U.S. is acquiring a 10% stake in USA Rare Earth for around $1.6 billion, alongside an additional $1 billion in private investment [12][13] - This move is aimed at boosting domestic production capabilities in the rare earth sector, which is crucial for national security and reducing reliance on China [16] Commodities Market - Gold prices have surged, surpassing $5,000, while silver and copper are also experiencing significant increases due to geopolitical risks and supply disruptions [17][19] - The U.S. dollar has weakened, impacting commodity prices positively as the dollar declines [22]