American Rare Earths (ARR) Investor Presentation summary

Investment highlights and strategic positioning

• Halleck Creek hosts a 2.63 billion tonne JORC resource with 3,292 ppm TREO, offering significant upside as much of the deposit remains untested or open at depth and along strike.

• Located in Wyoming, the project benefits from a stable jurisdiction and state land permitting, enabling a faster 2-3 year approval process versus federal timelines.

• Development is phased: Phase 1 (Cowboy State Mine) accelerates cash flow, while Phase 2 on federal land could support production for generations.

• Updated scoping study shows robust economics: NPV10% (post-tax) of ~$558 million, IRR of ~24%, and a 2.7-year payback at a 3Mtpa base case.

• Secured $7.1 million in state grants and a non-binding $456 million EXIM Bank project finance interest, validating strategic importance.

Project overview and resource potential

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

• The Cowboy State Mine could supply up to 57% of U.S. light rare earth (NdPr) and 30% of heavy rare earth (Dy, Tb) needs for domestic magnetics production.

• Resource estimate (Jan 2025): 2.63 billion tonnes at 3,292 ppm TREO, with ~26% of TREO as key magnet elements and ~11% as heavy rare earths.

• Only ~20% of the deposit is included in current studies, with significant growth potential from untested areas and depth extensions.

Technical development and process optimization

• Flow sheet development leverages conventional mineral processing, with successful tests showing 10x ore upgrade and removal of 93.5% non-rare earth material before leaching.

• Low-grade ore is offset by efficient beneficiation and low-cost leaching, attributed to natural pre-processing (metamictization) and minimal unwanted byproducts.

• Updated mineral processing flowsheet nearing completion, with ongoing optimization to increase recoveries and reduce costs.