American Rare Earths (ARR) Q2 2026 TU earnings summary

Executive summary

• Achieved a key technical milestone by producing Mixed Rare Earths Oxide from Halleck Creek ore using an updated mineral processing flowsheet.

• Updated Mineral Resource Estimate for Cowboy State Mine area, reclassifying indicated resources by 68.4 million tonnes.

• Advanced beneficiation optimisation and released a new mineral processing flowsheet to refine processing options.

• Strengthened leadership with the appointment of Mark Wall as CEO and Jason Beckton as Non-Executive Director.

• Expanded strategic partnerships, including collaborations with Tetra Tech and the University of Wyoming STAR Project.

Financial highlights

• Ended the quarter with a cash position of A$23.98m and financial assets of A$2.4m.

• Received A$1m plus interest from Cobalt Blue Holdings and raised A$4.5m via option exercises.

• Net cash expenditure for the quarter: A$1.3m for operating costs and A$1.4m for project development (net of WEA grant reimbursement).

• Completed the sale of Godolphin Resources shares post-quarter for A$2.89m.

Outlook and guidance

• Priorities for the next quarter include integrating testwork results into the prefeasibility study, planning a demonstration plant, and advancing permitting and environmental studies.

• Preparing for infill drilling at Cowboy State Mine and pursuing non-dilutive funding opportunities.

• Evaluating potential U.S. listing and ongoing assessment of other projects in Arizona, Nevada, and Wyoming.