American Rare Earths (ARR) Investor Presentation summary

Project highlights and strategic positioning

• Halleck Creek is positioned to become the largest domestically sourced rare earths asset in the US, with a JORC resource of 2.63 billion tonnes at 3,292 ppm TREO and a two-phase development plan.

• Phase 1, the Cowboy State Mine (CSM), is on 100% Wyoming state land, offering a streamlined permitting process and a projected 20-year mine life with ~58kt NdPr Eq. production.

• The project benefits from Wyoming's favorable regulatory environment and proximity to infrastructure, with a permit to mine expected in 2-3 years.

• Received a $7.1 million Wyoming state grant and a non-binding LOI from the US EXIM Bank for up to $456 million in debt financing, covering all initial CSM capex.

• CSM is well positioned to supply US rare earth magnet makers, with annual production aligning with anticipated domestic demand growth.

Resource base, growth potential, and technical progress

• The Halleck Creek deposit contains 2.63 billion tonnes with 3,292 ppm TREO, with magnet rare earths making up ~26% and heavy rare earths ~11% of the total content.

• CSM resource represents only ~20% of the overall deposit, with significant expansion potential both at surface and depth.

• Mineral processing achieved a 10:1 TREO upgrade ratio, reducing impurities and de-risking the project technically.

• Initial leach tests show promising recoveries for key magnet rare earths, with atmospheric tank leach selected for efficiency and cost benefits.

• Ongoing exploration and optimization work aim to further increase resource size and recovery rates.

Project economics and financial profile

• The updated CSM scoping study shows a post-tax NPV (10%) of $558 million, IRR of 24%, and a payback period of ~2.5 years, with initial capex of $456 million.

• Life of mine average annual production is 2.79kt NdPr Eq., with a competitive C1 cash cost of ~$36/kg.

• Operating cash flow and pre-tax free cash flow are robust throughout the 20-year mine life, supporting scalability.

• The project is profitable even at lower NdPr prices, ranking favorably against peers.

• Financial projections are based on conservative rare earth price assumptions.