American Rare Earths Expands Halleck Creek to 4.5 Mtpa as Recovery and Funding Risks Come Into Focus

Highlights

• Halleck Creek scoping study models 4.5 Mtpa throughput and US$1.07B after-tax NPV8 but requires US$900M in initial capital including contingency
• Heavy rare earth recoveries dropped sharply in the 2025-to-2026 update, with dysprosium falling from 66.5% to just 12.4%, undermining strategic HREE value
• ARR holds A$18.6M cash after a placement but faces a going-concern note from auditors and a nonbinding EXIM letter that is not project financing
• Mine-to-magnet remains an ambition: ARR has produced mixed oxide only, with separated commercial oxide targeted for late Q2 2027 at the earliest