American Rare Earths (ARR) recious Metals & Critical Materials Virtual Investor Conference summary

Key project developments and achievements

• Halleck Creek is the largest rare earth project in the U.S., with a 2.34 billion ton JORC resource, sufficient to supply domestic demand for at least 100 years.

• 2024 saw an 80% share price increase, successful infill drilling, a positive scoping study, and a non-binding letter of interest from EXIM Bank for full project capital.

• Wyoming government provided $7 million in matching funding, and permitting is underway with strong state and federal support.

• BMO Capital Markets engaged to attract a strategic investor at the project level, aiming for non-dilutive funding.

• The project is advancing through feasibility phases, with a pre-feasibility study targeted for 2025.

Market context and strategic importance

• U.S. rare earth supply is dominated by China, posing economic and national security risks.

• Recent Chinese export bans on rare earths heighten urgency for domestic supply.

• Neodymium and praseodymium are critical for consumer electronics, renewable energy, and defense applications.

• U.S. government and allies are prioritizing domestic rare earth mining to address supply chain vulnerabilities.

• Long-term demand for rare earths is projected to grow at 8–10% CAGR.

Project economics and operational outlook

• Initial CapEx for Halleck Creek is around $400 million, with a payback period under three years.

• Even at depressed prices, the project is expected to be profitable.

• Metallurgical test work shows ore is low in uranium and thorium, allowing simplified processing.

• The company is well-funded, with over $12 million in cash, $7 million in government funding, and a $3 million promissory note.

• Commercial production could begin in less than five years, pending successful feasibility and investment.