Hightlights

• American Rare Earths completes 2024 drilling program at Halleck Creek.
• New holes show promise for rare earth mineralization.
• Awaiting assay results to update resource model.

Publicly traded American Rare Earths Limited (opens in a new tab) (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) (“ARR” or “the Company”) reports the successful completion of the extended 2024 drilling program at its Halleck Creek Rare Earths Project in Albany County, Wyoming (opens in a new tab). As part of the program extension, five additional reverse circulation (RC) drill holes were completed, totaling 837 meters (2,746 feet), focused on the western section of the Cowboy State Mine (CSM) deposit. This area was previously identified as having higher-grade rare earth mineralization.

What does the company highlight for investors:

• Five additional RC drill holes were successfully completed in the western area of the CSM deposit, known for higher-grade mineralization.
• Geophysical logging and detailed geological analysis of the drill cuttings are underway.
• Samples have been dispatched to ALS Global for formal assay, with results anticipated in the near future.

The extension to the 2024 drilling program, as announced earlier, targeted high-potential zones within the western portion of the deposit, particularly near Red Mountain, where higher grades have been confirmed. The completion of these additional holes contributes critical data that will support ongoing resource model updates and the long-term development of the project.

Next Steps

As the geophysical logging and sample analysis progress, ARR’s team will incorporate the data into updated geological models. They report to be looking forward to receiving the assay results, which will play a crucial role in resource estimation and future planning. ARR will continue to keep the market informed as the program advances.

Check out their full JORC Table (opens in a new tab).

Full JORC Table available here (opens in a new tab).

The Company

American Rare Earths (opens in a new tab) (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) owns Wyoming Rare (USA) Inc., which is focused on the development of the Halleck Creek Project, WY. It also owns La Paz, AZ rare earth deposit. Both can potentially become the largest and most sustainable rare earth projects in North America. The Company is developing environmentally friendly and cost-effective extraction and processing methods to meet the rapidly increasing demand for resources essential to the clean energy transition and US national security. The Company continues to evaluate other exploration opportunities and is collaborating with US Government-supported R&D to develop efficient processing and separation techniques of (REEs) elements to help ensure a renewable future.

Priced at 0.2090 and a market capitalization of $103.33m, the company is expected to lose about $6.2 million and reserves $16 million cash. American Rare Earths Limited (ARR) was founded in 1986 and is based in Sydney, Australia. The company specializes in rare earths, cobalt, titanium, zirconium, and heavy mineral sands. ARR was previously known as Broken Hill Prospecting Limited. It is listed on the ASX and has assets in the rare earth metals sector of the United States. Their Chief Executive Officer is Chris Gibbs (opens in a new tab) who has been in the mining industry for over two decades.

A recent Yahoo Finance (opens in a new tab) piece (September) calculates the company’s cash runway by dividing the amount of cash it has by the rate at which it is spending that cash. When American Rare Earths last reported its June 2024 balance sheet in September 2024, it had zero debt and cash worth AU$16m. Looking at the last year, the company burnt through AU$8.2m. Therefore, from June 2024 it had 2.0 years of cash runway. Suggesting its workable, but they don’t have too long, and this could change if the spend increases.