Highlights

• Interim 2023 resource drilling results from 8 diamond drill holes at Halleck Creek.
• One deep hole drilled to 302 m, assays have confirmed consistent enriched REE mineralization from surface to 302 m (990.81 ft), where the deposit remains open at depth.
  • Significant intercept in this hole included 226.5 m @ 5084 ppm “Total Rare Earth Oxide” TREO and 1311 ppm magnet rare earth oxides.
  • Figure 2 – Fence Diagram illustrates the potential for significantly more resources at higher grades.
• Core holes exhibit TREO average of 4,478 ppm, which is 35% higher than the 3,309 ppm TREO average from the Company’s previous resource estimate.
• High value magnetic rare earths neodymium and praseodymium averaged 23% of TREO consistent with prior drilling.
• Metallurgy results completed to date indicate that the ore is easily processed and does not require the complex refining operation and additional processing steps as seen in hard rock deposits.
• Assays are pending for a further 15 reverse circulation (“RC”) drill holes.

American Rare Earths Limited (ASX: ARR) (OTCQX: AMRRY) (OTCQB: ARRNF) is pleased to announce the exceptional results from the recently completed diamond drilling program² at Overton Mountain, located within the broader Halleck Creek Rare Earths Project, Wyoming. These results, with pending assays from RC holes, will provide key inputs to upgrading the current 1.43 billion tonne JORC Resource³, and furthermore confirms that the deposit remains open at depth to at least 302 m (990.81 ft). The assays received to date exhibit TREO averages 4,478 ppm, which is significantly higher than the 3,309 ppm TREO deposit average from the Company’s previous resource estimate.

CEO, Donald Swartz commented on the results:

“These drill results are simply outstanding. The purpose of this drill campaign was to confirm that the deposit is actually much larger than the current resource model, while also being homogenous and cost-effective to mine. We are very excited to upgrade the existing JORC Resource in the near-term as well as with the future potential given that the depth of enrichment was more than double previous results. The exploration team has exceeded expectations, and we eagerly await the forthcoming RC assays. We have not only seen an increase in grade but also extremely encouraged that the deposit remains open at depth.”

“Furthermore, the recent metallurgy results indicate the Halleck Creek Project is similar to a clay hosted rare earth deposit when it comes to processing technology. The ore easily leaches and will not require the complex cracking operation and additional processing steps seen with other hard rock deposits. Being low in the penalty elements of Thorium and Uranium, places Halleck Creek in a unique position of having the best of both worlds (higher grade and easier processing). We are looking forward to the pending assays, upgrading the resource and rapidly advancing our flagship project.”

This announcement has been approved by the CEO of American Rare Earths.

Full JORC Report can be found here

Competent Persons Statement: The information in this document is based on information compiled by personnel under the direction of Mr. Dwight Kinnes. This work was reviewed and approved for release by Mr. Dwight Kinnes (Society of Mining Engineers #4063295RM) who is employed by American Rare Earths and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 JORC Code. Mr. Kinnes consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

About American Rare Earths Limited:

American Rare Earths owns the Halleck Creek, WY and La Paz, AZ rare earth deposits which have the potential to become the largest and most sustainable rare earth projects in North America. American Rare Earths is developing environmentally friendly and cost-effective extraction and processing methods to meet the rapidly increasing demand for resources essential to the clean energy transition and US national security. The Company continues to evaluate other exploration opportunities and is collaborating with US Government-supported R&D to develop efficient processing and separation techniques of rare earth elements to help ensure a renewable future.

Figure 1 – Fall 2023 drill hole locations

Figure 2 – Fence Diagram of 2023 Core Holes with Assays and Gamma Logs