Overview of AR3's Overland Uranium Project progress

Australian Rare Earths Limited (ASX:AR3) has completed the strategic acquisition of Valrico Resources Pty Ltd, securing 100% interest in Exploration Licenses (EL) 7001, 7003, and 7005, expanding the Overland Uranium Project to approximately 3,000km2. The company is set to commence its first drill campaign during the December 2024 quarter, targeting paleochannel sediments with strong potential for In-Situ Recovery (ISR) amenable, sedimentary-hosted uranium deposits.

Executive commentary on Overland Uranium Project

We are delighted to complete this significant step in expanding and diversifying our exploration portfolio. Our focus is on the area that will grant us the earliest land access across our extensive tenure position. We anticipate this will allow us to drill test some of our high-potential uranium targets this year. The results of our Overland prospectivity analysis are very encouraging. With our solid cash position, we are well placed to rapidly advance our uranium exploration efforts and we look forward to getting on the ground later this year for our inaugural drill program at the Overland Uranium Project. - Travis Beinke, Managing Director and CEO

Summary of Overland Uranium Project announcement

Australian Rare Earths (ASX:AR3) has successfully completed the acquisition of Valrico Resources Pty Ltd, expanding its Overland Uranium Project to approximately 3,000km2. The company is progressing towards its first drill campaign, targeting paleochannel sediments with strong potential for ISR amenable, sedimentary-hosted uranium deposits. With a focus on rapid advancement and a solid cash position, AR3 aims to explore multiple high-potential uranium targets at Overland, marking the first phase of a staged exploration approach. The company's ambitions align with becoming an independent and sustainable source of energy transition metals, contributing to the global transition to a green economy.