American Rare Earths (ARR) Investor Presentation summary

Investment highlights and project overview

• Halleck Creek hosts a JORC resource of 2.63 billion tonnes at 3,292 ppm TREO, with only 20% included in current studies, indicating significant upside potential.

• Located in Wyoming, the project benefits from a stable jurisdiction and expedited permitting on state land, with a 2-3 year process already underway.

• Development is phased: Phase 1 (Cowboy State Mine) on state land for rapid production, and Phase 2 on federal land for long-term output.

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

• Secured a $7.1m Wyoming state grant and a non-binding LOI from the U.S. EXIM Bank for up to $456m in project finance.

Technical development and de-risking

• Flow-sheet development uses conventional mineral processing, with comminution optimization expected to reduce fines and improve recoveries.

• Beneficiation tests confirm ore can be upgraded 10x, with 93.5% of non-rare earth material removed before leaching, lowering costs.

• Leaching tests favor a low-reagent, low-temperature atmospheric tank leach, reducing operating and capital costs.

• Impurity removal tests show minimal unwanted byproducts, addressing a key challenge in allanite-based REE processing.

• Solvent extraction simulation tests are planned following impurity removal optimization.

Resource base and supply chain impact

• Halleck Creek's resource is heavily weighted toward magnet elements (~26% of TREO), with heavy rare earths at ~11%.

• 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.

• The project is positioned as a long-term solution to diversify and de-risk the U.S. rare earth supply chain, reducing reliance on foreign sources.

• Resource remains open at depth and along strike, with additional exploration potential at Bluegrass and other areas.