American Rare Earths (ARR) H2 2024 earnings summary

Executive summary

• Achieved significant milestones at Halleck Creek, including a successful scoping study confirming commercial viability, low costs, and a scalable production plan with a projected mine life exceeding 20 years.

• Secured A$10.7 million non-dilutive grant from the State of Wyoming and completed a A$13.5 million institutional placement, strengthening financial position.

• Advanced environmentally friendly extraction methods, achieving up to 80% REE recovery and identifying zircon as a valuable co-product.

• Continued focus on ESG, stakeholder engagement, and sustainable development at Halleck Creek.

Financial highlights

• Net loss for FY2024 was A$6,257,487, compared to a loss of A$4,846,560 in FY2023.

• Cash balance at 30 June 2024 was A$16,299,350, up from A$12,485,220 the previous year.

• Total assets increased to A$34,019,733 from A$25,914,657 year-over-year.

• Raised A$13.9 million in additional capital during the year.

• No dividends declared or paid.

Outlook and guidance

• Focus remains on advancing Halleck Creek towards prefeasibility, with ongoing drilling and resource upgrades.

• La Paz project continues to offer long-term potential, but primary attention is on Halleck Creek due to exceptional results.

• Strong financial position expected to support near-term development without further equity raises.