American Rare Earths Ltd. Updates on the Halleck Creek Project

American Rare Earths Ltd. (ASX: ARR, OTCQX: ARRNF, ADR: AMRRY) reported a significant update to its mineral resource estimate for the Cowboy State Mine (CSM) area at Halleck Creek, a key project in the company’s U.S. portfolio.

Updated Mineral Resource Estimate

  • The latest estimate reclassifies the indicated resource by 68.4 million tonnes.
  • The figure is based on 102 channel samples collected during 2025, which were used to refine the geological resource model and perform resource conversion.
  • Additional mapping in the summer added 18 channel samples, yielding an average grade of 5,471 ppm Total Rare Earth Oxides (TREO) across the CSM area.

Standout Assay

  • Sample CS25‑RM111 achieved a record high assay of 13,816 ppm TREO, four times higher than the resource average and the highest grade recorded for the entire Halleck Creek resource.

Exploration and Drilling Permits

  • The company has secured 27 new drilling permits at the CSM area, expanding the number of planned exploration holes.

Strategic Partnerships

  • American Rare Earths has expanded its collaboration with Tetra Tech Inc. (NASDAQ: TTEK), an engineering firm with deep experience in U.S. government funding and defense projects.
  • Tetra Tech will assist in exploring, advising on, and applying for U.S. government funding opportunities for the Halleck Creek flagship project.
  • The partnership builds on work that began in 2023, during which Tetra Tech led mineral‑processing testing and engineering efforts for the project.

Market Context

  • The company’s share price closed at AUD 0.41 on 17 November 2025, a level below its 52‑week low of AUD 0.225 but still reflecting investor interest in the updated resource figures.
  • American Rare Earths’ market capitalization stands at approximately AUD 237.8 million.

These developments underscore American Rare Earths’ progress in expanding and validating the resource base of its U.S. operations while strengthening its capacity to secure government support for future development.