AR3 strengthens energy transition metals portfolio

Australian Rare Earths Limited (ASX: $AR3) has entered into an Option Agreement to purchase 100% of Valrico Resources Pty Ltd, holder of the Overland Uranium Project in South Australia. The Project covers a substantial 1,981 km2 of prospective land in the North-Western Murray Basin, aligning with AR3's clean energy transition focus and leveraging the Company's proven in-house uranium exploration expertise.

AR3 Chief Executive Travis Beinke's commentary

Today's announcement signals a major step in expanding our exploration portfolio with projects strongly linked to the energy transition, providing AR3 opportunities for growth, flexibility, and value creation. The option to acquire the Overland Uranium Project in South Australia leverages the significant uranium experience and knowledge of the AR3 team. Incorporating uranium into our portfolio complements our early-stage rare earth exploration projects in North Queensland and exploration opportunities at our flagship multi-generational Koppamurra clay-hosted rare earth project in South Australia. As we consider how best to maximise the skills and experience of our exploration team and evaluate the current market and macro environment, especially the dynamics of each commodity our team is proficient in, the inclusion of uranium into the portfolio opens up a significant new opportunity to create value for AR3 shareholders.

Summary of AR3's acquisition of Overland Uranium Project

Australian Rare Earths Limited (ASX: $AR3) has strengthened its energy transition metals portfolio by securing an option to acquire 100% of Valrico Resources Pty Ltd, holder of the Overland Uranium Project in South Australia. The Project encompasses a substantial 1,981 km2 of prospective land in the North-Western Murray Basin, targeting paleochannel sediments in a highly prospective potential new uranium province. Leveraging the Company's proven in-house uranium exploration expertise, AR3 aims to drive exploration success and deliver significant value for its shareholders. The strategic transaction significantly bolsters AR3's exploration portfolio, adding a new uranium project to its existing focus on rare earths. The grant of the Exploration Licenses is anticipated to be completed during the September 2024 quarter, and AR3 will commence extensive stakeholder engagement in preparation for on-ground exploration activities. The Company's focus on executing a growth strategy positions AR3 to become an independent and sustainable source of energy transition metals, playing a pivotal role in the global transition to a green economy.