2025 AGM Insights from American Rare Earths Leadership
Dear Shareholders,
In a pivotal moment for American Rare Earths, we address you during the 2025 Annual General Meeting. As the Board, we are excited about the advancements within our company and the U.S. rare earths landscape. Current global tensions and regulations surrounding rare earth exports have ramped up efforts to develop a self-sufficient supply chain in America.
This backdrop has led to the progress of the Halleck Creek Rare Earths Project. This project aligns with national goals to reduce reliance on foreign minerals, enhancing national security, and stimulating job creation. Despite the U.S. only having one operational rare earth mine, Halleck Creek promises to diversify domestic production, addressing the significant challenges posed by foreign competition.
Achievements and Progress in FY2025
In the past fiscal year, we have made remarkable strides in multiple areas that lay the groundwork for future success:
Resource Development
We are excited to announce that Halleck Creek’s updated resource estimate confirms 2.63 billion tonnes with 3,292 ppm TREO. This positions us among the largest rare earth deposits within the United States.
Technical Improvements
Our team has made significant strides in ore processing, including both beneficiation and hydrometallurgical methodologies. The preliminary release of an updated flowsheet underlines our commitment to technical advancements, setting the stage for an upcoming Pre-Feasibility Study in 2026.
Permitting and Strategic Engagement
Development at the Cowboy State Mine is progressing on Wyoming State land, which offers a quicker permitting pathway. Engagement with U.S. federal and state authorities has expanded, underscoring our strategic positioning with potential funding opportunities amounting to up to US$456 million from the U.S. Export-Import Bank.
Financial Health and Stability
The Company enhanced its financial position with a notable A$15 million placement in July at A$0.32 per share and has secured additional funds through various mechanisms. As of the end of September, we have approximately A$8.8 million available under a state matching grant, which will support ongoing initiatives including the design and construction of a demonstration plant.
Recent Milestones and Their Significance
Since the conclusion of the last financial year, we have celebrated several impactful achievements:
Successful Test Mining
Test mining at the Cowboy State Mine concluded in September, with successful extraction and processing of ore. The samples are now undergoing optimization testing to refine our processes further.
Breakthroughs in Processing
Our rigorous leach test program confirms strong recoveries and efficient impurity removal methods. This success addresses historical challenges with allanite-based ores like ours.
Validation and Progress
We received third-party validation from the SynBREE consortium, producing high purity rare earth oxides, which reinforces the viability of our project. Plus, permitting work remains on track, with critical tests completed for our mining permit.
Looking Ahead to FY2026
Our strategy for the upcoming financial year is clear and focused:
- Finalizing optimization tests to support our forthcoming Pre-Feasibility Study.
- Advancing engineering and procurement for our demonstration plant.
- Submitting our permit-to-mine application with the Wyoming Department of Environmental Quality.
- Strengthening engagement with the U.S. government for funding and partnerships.
Halleck Creek: A National Asset
In conclusion, Halleck Creek stands as a critical national asset. It is situated in a top-tier mining jurisdiction and is capable of sustainably supplying both light and heavy rare earths for the foreseeable future. As technical risks diminish, we are well-positioned to align our project with national priorities regarding critical minerals, building a robust U.S. rare earth industry.
I extend my heartfelt thanks to our shareholders for their continuous support, alongside our dedicated employees and partners. We anticipate an exciting year as we continue to make Halleck Creek a cornerstone of America's mineral strategy, ensuring a secure and sustainable supply chain.
Richard Hudson
Chairman
This announcement has been authorized by the Chairman of American Rare Earths.
Frequently Asked Questions
1. What is the primary focus of the Halleck Creek project?
The Halleck Creek project focuses on developing a sustainable supply chain for rare earth elements to bolster U.S. independence from foreign imports.
2. What progress has been made in FY2025?
Significant advancements include verifying extensive resources, technical improvements in processing, and establishing strong financial foundations.
3. Who oversees the Halleck Creek project?
The project is overseen by American Rare Earths Limited, specifically by a team led by the Chairman and CEO.
4. How does American Rare Earths plan to secure project financing?
The company is engaging with various government and financial entities to explore funding opportunities, including potential partnerships.
5. What benefits does the Cowboy State Mine offer?
The Cowboy State Mine offers quicker permitting processes and an efficient mining methodology, making it a strategic asset for the company.
