Major New US Rare Earths Deposit Confirmed

Drill at Halleck Creek Rare Earths Project in Wyoming

American Rare Earths Limited (ASX: ARR, OTCQB: ARRNF, FSE: 1BHA) (ARR or 'the Company') is pleased to announce the successful completion of the maiden exploration drill program at the Halleck Creek Rare Earths Project in Albany County, Wyoming. The campaign provided encouraging preliminary data from the exploration target area. ARR drilled 3,008 feet of core samples and collected 822 samples from nine holes in the Red Mountain and Overton Mountain zones, with core recovery exceeding 99%. 

Highlights

• Maiden drill program completed
• High-grade XRF observations ranged >3000 to > 20,000ppm REO
• Consistent REE enrichment to at least 350 feet
• Planning for maiden resource drilling underway

There were no safety or environmental incidents over the course of the campaign.

CEO and Managing Director Chris Gibbs commented: "We are extremely excited about what we are seeing at this world-class project as it continues to exceed our expectations. I want to congratulate the entire team who worked enthusiastically and safely to give us the first below surface insights from Halleck Creek."

"Based on the potential size, scale, and grade of this deposit, Halleck Creek may become one of the largest rare earths projects in the US. Since acquiring this asset we have significantly increased the footprint and continue to see high-grade mineralization over a large area."

"We're now looking forward to the lab assay results, expected in late June or July, and based on the preliminary data we're already planning our next phase of work," he continued. 

The Wyoming project contains the full suite of fourteen naturally occurring rare earths mineralization plus notable concentrations of Yttrium, Hafnium, and Zirconium; thus, the deposit could be a source of seventeen minerals deemed "Critical" by the U.S. Government as recently as 2022. 

The completion of the maiden drilling campaign follows 118 surface sample results returned late last month that prompted ARR to stake claims across an additional 2,943 acres. That brings the Halleck Creek Rare Earth Project to over 6051 acres and ARR's total area under exploration across the US to more than 12,900 acres.

Full market release, technical background, and disclosures at https://www2.asx.com.au/markets/trade-our-cash-market/announcements.arr 

This market announcement has been authorized for release to the market by the Board of American Rare Earths Limited.

Mr. Chris Gibbs CEO & Managing Director

Competent Persons Statement: 

The information in this document is based on a report entitled "Summary of Maiden Exploration Drilling at the Halleck Creek Project Area", May 2022, compiled by Ms. Sara Stotter and Mr. Dwight Kinnes (Society of Mining Engineers #4063295RM) employed by Western Rare Earths and American Rare Earths, respectively. This report has been reviewed and approved for release by Mr. James R. Guilinger. Mr. Guilinger is Consulting Geologist at World Industrial Minerals LLC. Mr. Guilinger is a Qualified Professional Member (QP) #01260280RM of the Society of Mining Engineers (SME) and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 JORC Code. Mr. Guilinger consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

About American Rare Earths: 

American Rare Earths Limited (ASX: ARR, OTCQB: ARRNF, FSE: 1BHA) is an Australian company listed on the ASX with assets in the growing rare earth metals sector of the United States of America. The Company's mission is to supply Critical Materials for Renewable Energy, Green Tech, Electric Vehicles, National Security, and a Carbon-Reduced Future. Mineral exploration projects include the La Paz Rare Earth Project in Arizona, the Searchlight Rare Earths Project in Nevada, and the Halleck Creek Rare Earths Project in Wyoming.

La Paz is potentially the largest, rare-earth deposit in the USA and benefits from containing exceptionally low penalty elements such as radioactive thorium and uranium. 

Forward-Looking Statements

This press release contains certain statements that are not historical facts and are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of the words such as "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "will," "target," or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the Company's plans for exploration, development, production and/or processing of materials, including the timing and associated costs and expenses. Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company's future financial results and business.

Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. These forward-looking statements are subject to a number of risks and uncertainties, including the ability of the Company to successfully permit, plan, develop and/or construct a facility to mine, process and/or refine critical minerals, which may be delayed, and related costs and expenses, which may be increased beyond our current estimates; changes in domestic and foreign business, market, financial, political and legal conditions, which may or may not occur; the impact of the global COVID-19 pandemic, on any of the foregoing risks; and those factors discussed in the Company's JORC 2012 compliant technical reports as submitted to the Australian Securities Exchange (ASX). The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed in this press release may not occur.

MEDIA CONTACT: Susan Assadi
347 977 7125    sassadi@americanrareearths.com.au