American Rare Earths receives non-binding proposal from NASDAQ-listed SPAC

American Rare Earths Limited (ASX: $ARR) has received an indicative, conditional, and non-binding proposal from a NASDAQ-listed Special Purpose Acquisition Company (SPAC) to acquire its 100% owned subsidiary Wyoming Rare (USA) Inc, which holds the Company's 2.34 billion tonne Halleck Creek Rare Earth Project. The proposal involves the potential listing of Wyoming Rare (USA) Inc. as a separate entity on the NASDAQ Exchange in the USA.

Chairman Richard Hudson comments on the proposal

The inbound interest received in American Rare Earths underscores the immense value and strategic significance of our Halleck Creek Rare Earth Project. As we navigate potential pathways for growth, including the recent proposal from a NASDAQ-listed SPAC, we remain committed to maximizing returns for our shareholders while advancing our mission of sustainable resource development.

Summary of the non-binding proposal and outlook

American Rare Earths (ASX: $ARR) has received an indicative, conditional, and non-binding proposal from a NASDAQ-listed SPAC for the potential acquisition of its subsidiary Wyoming Rare (USA) Inc and the Halleck Creek Rare Earth Project. The Board of ARR, while acknowledging the potential benefits, has declined to advance at this time, aiming to evaluate all strategic alternatives to ensure optimal returns to its shareholders. The Company continues to focus on developing environmentally friendly and cost-effective extraction and processing methods to meet the increasing demand for resources essential to the clean energy transition and US national security.