American Rare Earths Ltd. provided a project update around previously announced project milestones and announce upcoming exploration drilling at the Halleck Creek Project. Under the DARPA Environmental Microbes as a BioEngineering Resource (EMBER) program, Phase II was recently awarded an additional USD 4.6 million in R&D funding for continued studies. This is noteworthy as prior work from this research has been utilized in the current processing flowsheet, using gravity separation techniques developed in the research, and the R&D continues to utilize Halleck Creek ore.

Project Update: The Company is mobilizing drillers so drilling can commence in July 2024. The plans for the Cowboy State Mine area consist of drilling approximately 23 holes (12 RC holes and 11 HQ core holes) for a total of 2,470 meters (8,100 feet); ARR has engaged WWC Engineering (WWC), from Sheridan, Wyoming, to oversee and conduct baseline environmental data collection activities at the Cowboy State Mine area. These baseline studies include commencing detailed vegetation and animal monitoring surveys.

Additional baseline environmental studies will commence after consultation with the Wyoming Department of Environmental Quality ? Land Quality Division; ARR continues to refine mineral processing flowsheets with ongoing work at Mineral Technologies and SGS Canada. Mineral Technologies ran approximately 400 kg of Halleck Creek core across spiral separators showing distinct separation between the material.

Mineral Technologies collected 53 samples and submitted them for assay with ALS Global, with results pending; SGS Canada is performing high-pressure grinding roll (HPGR), gravity separation, wet-high intensity magnetic separation, and electrostatic separation tests on approximately 75kg of Halleck Creek core. The SGS testwork is designed to build upon separation testing performed by Wood PLC in 2023, with a focus on gravity separation as the primary separation method with results expected in third quarter 2024; ARR is developing processing and leaching test programs and will be using approximately 3 tonnes of available core samples from Halleck Creek and core samples collected during the July 2024 drilling at the Cowboy State Mine area. The processing and separation test-work will be based on the results of current Mineral Technologies and SGS Canada testing and is expected to commence in third quarter 2024l SGS Canada have developed a comprehensive test-work plan focusing on leaching, impurity removal and preliminary rare earth oxide processing with work to commence in third quarter/fourth quarter 2024.