American Rare Earths Accelerates Halleck Creek Feasibility and NASDAQ Plans

Feasibility Drilling Advances at Cowboy State Mine

American Rare Earths (ASX:ARR) has kicked off its 2026 feasibility drilling program at the Cowboy State Mine within the Halleck Creek Rare Earths Project in Wyoming. Starting mid-May, the program has completed 8 of 19 planned holes by the end of June, aiming to provide a geological and geotechnical foundation for the Final Feasibility Study (FS). The drilling will support ore reserve estimation, upgrade resource classification for early mining phases, and inform mine design and development activities.

Pilot Plant Program Accelerates Rare Earth Oxide Production

The company is fast-tracking its pilot plant program to produce pre-production separated neodymium-praseodymium (NdPr) oxide, a critical magnet rare earth. Led by metallurgical engineer Jaye T. Pickarts, the program is structured in three stages: milling and sizing, mineral separation and concentration, and final hydrometallurgical processing and oxide refining. Initial processing will occur in Wyoming, with final refining at the Saskatchewan Research Council in Canada. Procurement of key equipment like Induced Roll Magnetic Separators is underway to support pilot plant operations.

Strategic Whole of Property Assessment for Long-Term Growth

To optimize the broader Halleck Creek district development, ARR awarded a Whole of Property Assessment (WOPA) integrating geological, metallurgical, mining, and permitting data across its 8,108-acre land package. This assessment will guide expansion priorities beyond the initial Cowboy State Mine, covering Red Mountain, Overton Mountain, and Bluegrass areas.

Leadership Reinforcements Ahead of NASDAQ Listing

ARR has bolstered its leadership with several key appointments: Brook Brockman as Director of Public and Government Affairs to strengthen community and government engagement in Wyoming; Taylor Cable as Director of Projects & Engineering, bringing extensive experience in mineral processing and industrial facility delivery; and Andrew Conover as Chief Development Officer to oversee feasibility and development planning. The company also announced the pending appointment of veteran mining executive Matthew Gili as a Non-Executive Director, expected to join the Technical Committee and support the FS program. These moves align with ARR’s broader Board renewal and NASDAQ listing ambitions.

Progress on NASDAQ Listing and U.S. Market Alignment

Preparations for a NASDAQ listing continue apace, with BDO Audit Pty Ltd leading the PCAOB audit workstream and legal advice from Rimon on U.S. securities law. ARR is converting its Halleck Creek resource reporting to comply with SEC Regulation S-K subpart 1300 standards, a key step for U.S. investor readiness. The company has engaged a leading North American financial advisor to explore various listing pathways, including a NASDAQ compliance listing, though no final decision has been made. The strategic focus is to align ARR’s capital markets platform with the U.S. market where its flagship asset is located, potentially broadening access to institutional and retail investors.

Financial Position and Outlook

ARR ended the quarter with A$18.5 million in cash, having spent approximately A$8 million on operating and project development costs, including drilling, pilot plant activities, and technical studies. The company raised around A$1.64 million through option exercises during the quarter. Looking ahead, ARR plans to complete its drilling program, advance the FS, progress the pilot plant, finalize the Whole of Property Assessment, and continue NASDAQ listing preparations. Additionally, it will advance studies on converting rare earth oxide to metal, a critical step toward its mine-to-magnet strategy.