American Rare Earths (ARR) investor relations material

Project highlights and strategic advantages

• Halleck Creek and Cowboy State Mine in Wyoming offer a vast, scalable rare earth resource with a JORC estimate of 2.63 billion tonnes at 3,292 ppm TREO, supporting a 100+ year supply potential for the U.S. market, with only a fraction included in current studies.

• The project is structured in two phases: Phase 1 (Cowboy State Mine) on state land for expedited permitting and a 20-year mine life, and Phase 2 on federal land for long-term expansion.

• State-level support includes a $7.1 million grant and a non-binding $456 million EXIM Bank financing letter, validating the project's jurisdictional advantages and mining-friendly environment.

• The project is uniquely positioned on state-owned Wyoming land, enabling a streamlined permitting process of 2–3 years, compared to federal timelines.

• The resource is heavily weighted toward key magnet elements, with ~26% of TREO as magnet rare earths and ~11% as heavy rare earths.

Technical and economic feasibility

• The ore is upgraded 10x through conventional beneficiation, making it competitive with other projects, and flow-sheet development leverages proven mineral processing.

• Unique allanite ore requires less reagent for leaching due to natural natriphilization, reducing costs and operating temperatures.

• Extensive testing shows effective impurity removal without problematic byproducts, supporting a robust flow sheet.

• The updated mineral processing flowsheet is nearing completion, with ongoing optimization to maximize recoveries and solvent extraction simulation planned.

• Demonstration plant and pilot facility are planned to validate large-scale production and secure offtake agreements.

Market positioning and supply chain impact

• The project could supply up to 57% of U.S. light rare earth (NdPr) and 30% of heavy rare earth (Dy, Tb) requirements for a 10,000 tpa magnetics facility.

• Halleck Creek is positioned as a long-term solution to diversify and de-risk the U.S. rare earths supply chain, supporting both light and heavy rare earth needs for over 100 years.

• Only one other rare earth mine is currently producing in the U.S.; this project addresses upstream supply diversification and aligns with the ramp-up of U.S. magnet manufacturing capacity.

• The base case is designed to avoid flooding the market, with scalability to meet rising domestic demand and a strategic focus on reducing reliance on imports.