Key facts about American Rare Earths' drill results

American Rare Earths (ASX:ARR) has announced the first assay results from the 2024 drilling campaign at the Cowboy State Mine area of its subsidiary, Wyoming Rare (USA) Inc. The assay results for 756 samples from 11 core and reverse circulation holes show elevated rare earth mineralization from surface to depths of at least 300m. Significant results include HC24-RM035 with 299.1m @ 4,393 ppm Total Rare Earth Oxides (TREO) and the deposit remains open at depth.

Executive commentary on the drill results

These first assay results continue to demonstrate the upside potential of the Halleck Creek district. The 2024 drilling indicated elevated rare earth mineralization of the CSM area extending well into Red Mountain. The sheer size and scale of the deposit continues to grow as these results confirm the deposit remaining open from surface to depths of at least 300m. These drill holes allow us to expand our resource estimates into Red Mountain in the western portion of the CSM area. Our team continues to focus development on the CSM area, a portion of the Halleck Creek Wyoming State Tenements. With a pathway to State permitting and recent Government funding, the CSM area represents a unique opportunity to work with the State of Wyoming to rapidly advance the Project. When the remaining assay results are received, we will update our geological models and resource estimates. This data, together with the results of geomechanical test work, will provide the basis for detailed mine planning within our upcoming PFS.

Summary of American Rare Earths' drill results and outlook

The assay results from the 2024 drilling campaign at the Cowboy State Mine area have shown elevated rare earth mineralization, with significant results including HC24-RM035 with 299.1m @ 4,393 ppm Total Rare Earth Oxides (TREO). The deposit remains open at depth, and the results of this drill program will be used to update geological models, resource estimates, and input for the upcoming Prefeasibility Study (PFS). American Rare Earths aims to rapidly advance the Project with a pathway to State permitting and recent Government funding. 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.