American Rare Earths Confirms Higher-Grade Mineralization Extending West at Cowboy State Mine

American Rare Earths Limited (“ARR”) is pleased to announce the latest assay results from its 2024 drilling campaign at the Cowboy State Mine (CSM) area, which is located at the Halleck Creek Rare Earths Project in Wyoming. The results confirm higher-grade rare earth mineralisation which extends to the west of the CSM deposit.

Highlights:

• Significant Assay Results: Assays from 12 core and reverse circulation (RC) drill holes indicate high-grade Total Rare Earth Oxides (TREO).
• Notable Results: Significant results include:
  • HC24-RM044: 172.4 m @ 3,716 ppm TREO
  • HC24-RM036: 51.0 m @ 3,390 ppm TREO
  • HC24-RM040: 30.0 m @ 2,203 ppm TREO
• Extension of High-Grade Zones: The results confirm higher-grade rare earth mineralisation extending to the west, near Red Mountain.
• Additional Drilling Planned: Four more RC drill holes, totalling approximately 730 meters, are planned to target higher-grade zones in the Red Mountain area.

Chris Gibbs, CEO of American Rare Earths, stated: “We are very pleased with the 2024 drilling campaign results, which have defined the eastern portion of the Cowboy State Mine (CSM) deposit and confirmed that higher-grade material is concentrated to the west, within the Red Mountain area. These additional drill holes will help us update our resource model and define mine plans for CSM. As the first phase of our development program, CSM has the potential to be the next rare earth mine built in the USA, outside of Mountain Pass. With 2.34 billion tonnes of JORC resources at Halleck Creek, we believe this project has the potential to be one of the largest rare earth developments in North America, supporting the nation’s growing demand for critical minerals.”

Next Steps:

• The additional four RC drill holes are expected to be completed in early October 2024, with results contributing to the Company’s updated resource model and planning.
• Geological maps and models are being updated to reflect the newest assay data, with further geochemical analysis underway to refine the understanding of the Red Mountain Pluton (RMP) and surrounding area.