Leadership Shakeup and Permitting Challenges Ahead for American Rare Earths

Strong Sampling Results Signal Resource Upside

American Rare Earths Limited (ASX – ARR) has delivered a robust quarterly update for the period ending 30 June 2025, underscoring significant technical and operational progress at its flagship Halleck Creek Rare Earths Project in Wyoming, USA. The highlight was the release of high-grade channel sampling results from the Cowboy State Mine (CSM), where assays revealed Total Rare Earth Oxides (TREO) grades reaching as high as 1.37% (13,651 ppm). Notably, 15 out of 106 samples exceeded 4,500 ppm TREO, with magnet rare earth oxides (MREO) and heavy rare earth oxides (HREO) averaging 1,023 ppm and 464 ppm respectively. These findings reinforce the project's potential and feed directly into the upcoming Pre-Feasibility Study (PFS) and resource model update.

Expansion Confirmed at Bluegrass and County Line

Further exploration efforts expanded across the Bluegrass and County Line target areas, yielding promising results. Bluegrass samples averaged 3,333 ppm TREO, with peak grades of 0.71% (7,112 ppm), while County Line exhibited notable heavy rare earth concentrations, with HREO comprising up to 20% of the composition. These data points not only confirm Bluegrass as a compelling long-term development zone but also provide critical geochemical insights to guide future drilling and resource expansion strategies.

Permitting Milestones and Environmental Foundations

On the regulatory front, ARR achieved a key permitting milestone by installing 10 groundwater monitoring wells at CSM. This initiative is foundational for securing a mining permit from the Wyoming Department of Environmental Quality, with baseline hydrological data collection underway. The project’s location on Wyoming State-owned land offers a streamlined regulatory pathway, enhancing the prospects for timely approvals and development.

Financial Strength to Accelerate Development

Capital raising efforts culminated in a successful $15 million institutional placement at $0.32 per share, well supported by both existing and new investors. This injection boosts ARR’s pro-forma cash position to approximately $23 million, providing ample runway beyond the PFS completion. Funds are earmarked for constructing a beneficiation demonstration plant, in-fill drilling at CSM, and engineering work to support subsequent studies. The financial backing positions ARR to advance test mining, mineral processing optimisation, and permit submissions with confidence.

Leadership Changes and Operational Focus

ARR also announced key leadership appointments, including Megan McPherson as Chief Financial Officer and Brian Arkell as a U.S.-based Non-Executive Director, bringing decades of mining and financial expertise. Meanwhile, CEO Chris Gibbs resigned effective 31 July 2025, with Joe Evers continuing to lead U.S. operations. An executive search is underway to appoint a new CEO to steer the company through its next growth phase. These changes reflect ARR’s commitment to strengthening governance and operational execution as it scales.

Overall, the quarter’s developments mark a pivotal step in advancing Halleck Creek as a cornerstone of U.S. rare earth supply chain security, with technical, regulatory, financial, and leadership foundations all progressing in tandem.