American Rare Earths announced that the Cowboy State Mine at Halleck Creek has been approved by the State of Wyoming, USA, for up to AUD 10.7 million (or USD 7.1 million) in non-dilutive funding through a grant. The Funding Agreement was executed today by American Rare Earths with the State of Wyoming, with support from partners Wyoming Energy Authority (?WEA?) and the University of Wyoming Energy Resources Council (?ERC?). The WEA is committed to driving Wyoming?s energy strategy by fostering investments in data, technology, and infrastructure.

The Authority?s mission is to support projects that contribute to the state's economic and environmental sustainability. The continued development of rare earth projects is a natural progression in the mission to support the growth of a secure and prosperous future for Wyoming?s world-class energy economy. The State of Wyoming, USA has approved the grant, and the Company will be the recipient of AUD 10.7 million (or USD 7.1 million) in non-dilutive funding conditioned upon a 1:1 match of government and private dollars from the Company.

The grant has a term of three years or such time as the A$10.7 million (USD 7.1 million) has been spent on the Company?s project. As part of the arrangement, ARR will produce technical reporting detailing findings and recommendations for future work programs to the WEA.