
February 13, 2025
American Rare Earths (ASX:ARR,OTCQX:ARRNF,ADR:AMRRY) unlocks the USA’s rare earths potential through its strategic, high-value asset in Wyoming. The flagship project, Halleck Creek, is one of North America’s largest REE deposits. With a 2.63-billion-ton JORC resource at 3,292 ppm TREO, American Rare Earths is ramping up its development to bolster the North American critical minerals supply chain.
Halleck Creek offers significant exploration upside, presenting a multi-generational opportunity to establish a sustainable rare earths supply chain in the US. The support from EXIM Bank further highlights the strategic importance of Halleck Creek in reducing U.S. dependency on foreign suppliers.
The Halleck Creek project in Albany County, Wyoming, is the cornerstone of ARR’s growth strategy. Recognized as one of the largest, rare-earth deposits in North America, it boasts a JORC-compliant resource of 2.63 billion tons at 3,292 ppm TREO. The deposit is hosted in Precambrian granites and metamorphic rocks, which contain REE-enriched minerals like monazite and bastnaesite. The coarse-grained nature of the mineralization ensures cost-effective extraction and processing.
Company Highlights
- American Rare Earth’s flagship project, Halleck Creek, is one of North America’s largest REE deposits. With a 2.63-billion-ton JORC resource at 3,292 ppm TREO, it holds the potential to meet US rare earths demand for approximately 100 years.
- The company is completely focused on developing a US-based critical minerals supply chain, aligning with US policies to reduce reliance on China for rare earth supply.
- The Halleck Creek project’s planned development consists of two phases. Phase 1 entails development of the Cowboy State mine, which is located entirely on Wyoming state land, enabling faster permitting and streamlined regulatory processes. Subsequently, cash flow generated from CSM will support development of the federal portions of Halleck Creek in Phase 2.
- This phased approach allows ARR to accelerate its pathway to production, enhance shareholder value, and strengthen its position as a key domestic supplier of rare earth elements in the United States.
- Well-positioned to address critical supply chain vulnerabilities, Halleck Creek benefits from strong federal and state support, including a non-binding EXIM Bank letter of interest for funding up to $456 million.
This American Rare Earths profile is part of a paid investor education campaign.*
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12 February
American Rare Earths Limited
Investor Insight
American Rare Earths is unlocking the USA’s rare earths potential through its strategic, high-value asset in Wyoming, ramping up its development to bolster the North American critical minerals supply chain.
Overview
American Rare Earths (ASX:ARR,OTCQX:ARRNF,ADR:AMRRY) is a critical minerals exploration company focused on its 100 percent owned Halleck Creek project in Wyoming. This project represents the largest known rare earth deposit in the US, with high concentrations of key magnet elements such as neodymium, praseodymium, dysprosium and terbium—essential components for renewable energy, electric vehicles and advanced defense systems.
The US currently depends on China for 80 to 90 percent of its rare earth processing, which poses a significant supply chain risk. Halleck Creek’s vast resource, with a 2.63-billion-ton JORC estimate at 3,292 parts per million (ppm) total rare earth oxide (TREO), provides an opportunity to secure domestic supply for nearly 100 years.
Beyond its substantial resource base, the project offers significant exploration upside, presenting a multi-generational opportunity to establish a sustainable rare earths supply chain in the US. The support from EXIM Bank further highlights the strategic importance of Halleck Creek in reducing U.S. dependency on foreign suppliers.Company Highlights
- American Rare Earth’s flagship project, Halleck Creek, is one of North America’s largest REE deposits. With a 2.63-billion-ton JORC resource at 3,292 ppm TREO, it holds the potential to meet US rare earths demand for approximately 100 years.
- The company is completely focused on developing a US-based critical minerals supply chain, aligning with US policies to reduce reliance on China for rare earth supply.
- The Halleck Creek project’s planned development consists of two phases. Phase 1 entails development of the Cowboy State mine, which is located entirely on Wyoming state land, enabling faster permitting and streamlined regulatory processes. Subsequently, cash flow generated from CSM will support development of the federal portions of Halleck Creek in Phase 2.
- This phased approach allows ARR to accelerate its pathway to production, enhance shareholder value, and strengthen its position as a key domestic supplier of rare earth elements in the United States.
- Well-positioned to address critical supply chain vulnerabilities, Halleck Creek benefits from strong federal and state support, including a non-binding EXIM Bank letter of interest for funding up to $456 million.
Key Projects
Halleck Creek Project (Wyoming)
The Halleck Creek project in Albany County, Wyoming, is the cornerstone of ARR’s growth strategy. Recognized as one of the largest, rare-earth deposits in North America, it boasts a JORC-compliant resource of 2.63 billion tons at 3,292 ppm TREO. The deposit is hosted in Precambrian granites and metamorphic rocks, which contain REE-enriched minerals like monazite and bastnaesite. The coarse-grained nature of the mineralization ensures cost-effective extraction and processing.
The high TREO content and low levels of impurities make Halleck Creek well-suited for producing separated rare earth oxides, particularly key magnet elements such as neodymium, praseodymium, terbium and dysprosium. The project’s proximity to established infrastructure, including roads and utilities, supports cost-efficient development. Detailed geological surveys have delineated a large, continuous mineralized zone, which currently covers only 16 percent of the total land package. Advanced metallurgical testing has confirmed recovery rates of up to 67 percent, with further optimization efforts ongoing. Drilling campaigns in 2024 successfully expanded resource estimates, validating the deposit’s scalability.
ARR plans to take a phased development approach for Halleck Creek, designed to maximize early value while minimizing risk. Phase 1 entails the development of the Cowboy State mine (CSM), which will focus on mining high-grade zones and generating early cash flow. Phase 1 will be developed entirely on Wyoming state land, enabling faster permitting and streamlined regulatory processes.
According to the Phase 1 Scoping Study, the CSM development is projected to require an initial capex of $380 million, with a 20 percent contingency. The study estimates an NPV of $430 million at a 10 percent discount rate and an IRR of 21.1 percent, based on a 3-million-ton-per-annum throughput rate. The project is expected to have a payback period of 2.9 years and a life of mine exceeding 20 years, with significant potential for future expansion.
In Phase 2, ARR plans to expand operations into federal land areas within the Halleck Creek property. This phase involves de-risking the federal portions of the project by leveraging cash flow from the initial phase and advancing permitting processes in parallel. Additionally, ARR is actively engaging with state regulators and local stakeholders to ensure compliance and support for its phased development approach.
Upcoming Work
ARR is advancing its development efforts on Halleck Creek over several fronts. The company plans to conduct additional drilling aimed at expanding the resource by targeting unexplored zones with known mineralization. In parallel, Phase 2 metallurgical testing will focus on improving recovery rates and producing high purity separated rare earth oxides to enhance project economics. To maintain its accelerated timeline, ARR is making progress on permitting, including advancing state-level approvals and environmental baseline studies for the CSM area. Furthermore, the company plans to initiate a pre-feasibility study (PFS) by late 2025, emphasizing a phased development strategy that includes the CSM as a key component.
La Paz Project (Arizona)
The La Paz project, located in western Arizona, is a promising asset in ARR’s portfolio, featuring a 171-million-ton JORC resource. The deposit is enriched in light rare earth elements, particularly cerium, lanthanum and neodymium, which are critical for renewable energy technologies and electric vehicles. The project benefits from excellent infrastructure, including proximity to roads and power. ARR continues to evaluate the potential for expanding the resource and advancing the project through further drilling and metallurgical testing. Although secondary to Halleck Creek, it holds potential as a long-term asset for ARR’s portfolio.
Beaver Creek (Wyoming)
This project is located near Halleck Creek and shares similar geological characteristics, indicating potential for significant rare earth mineralization. Preliminary fieldwork has identified areas with elevated rare earth element concentrations, and ARR plans to conduct detailed mapping and geophysical surveys to define drill targets.
Searchlight (Nevada)
Situated close to Mountain Pass, the only currently operating rare earth mine in the US, the Searchlight project is strategically located in a region known for its rare earth potential. ARR’s exploration strategy includes leveraging historical data and conducting modern geochemical sampling to identify high-priority areas for further exploration.
Leadership Team
Chris Gibbs - CEO & Executive Director
Appointed in November 2021, Chris Gibbs brings more than 30 years of experience in the resource sector across Australia, Canada, the US, South America, Africa and Europe. His track record includes driving growth and operational excellence for industry-leading mining companies. Prior to joining ARR, Gibbs held senior positions at Argonaut Gold, Centerra Gold, Barrick Gold, Placer Dome and Millennium Chemicals.
Joe Evers - President
Joe Evers has served in various leadership roles in the energy and mining industry. Most recently, Evers served as general counsel of American Rare Earths. Prior to that, he was corporate counsel at an international mining company and held positions of increasing responsibility in the land and policy departments at a publicly traded oil and gas company. Originally hailing from Sheridan, Wyoming, Evers received a bachelor’s degree and JD/MA in Environment & Natural Resources from the University of Wyoming. Evers was instrumental in securing a US$7.1 million grant from the State of Wyoming with support from partners Wyoming Energy Authority and the University of Wyoming Energy Resources Council.
Dwight Kinnes - Chief Technical Officer
A geologist with decades of experience, Dwight Kinnes has specialized in geological modeling of complex deposits in various international locations. Before joining ARR, he served as president of Highland GeoComputing LLC for 17 years, providing geological field services, modeling, GIS and database management to the mining industry.
Wayne Kernaghan - Company Secretary
Appointed on September 25, 2020. Wayne Kernaghan is a member of the Institute of Chartered Accountants in Australia with over 35 years’ experience in various areas of the mining industry. He is a fellow of the Australian Institute of Company Directors and a chartered secretary.
Board of Directors
Richard Hudson - Chairman
Richard Hudson contributes deep leadership expertise in mining and exploration, with a focus on mineral royalties, mineral economics, financial management, strategic planning and acquisitions. His extensive experience enhances the board's capacity to guide ARR's strategic initiatives.
Sten L Gustafson - Non-executive Director and Deputy Chairman
Sten Gustafson is the chief executive officer and a director of Pyrophyte Acquisition (NYSE:PHYT), a special purpose acquisition company focused on companies that provide products, services, equipment and technologies that support a variety of energy transition solutions. He is a highly experienced energy service industry executive, investment banker and corporate securities attorney. With over 25 years of experience in the global energy sector, Gustafson has advised on more than 100 corporate transactions worldwide worth over US$100 billion in value.
Melissa ‘Mel’ Sanderson - Non-executive Director
Melissa Sanderson’s international career has spanned diplomacy and mining for more than 30 years. She is adept at cross-cultural communication and brings exceptional leadership experience in inclusivity and diversity issues. At global mining leader Freeport-McMoRan, Sanderson sited, staffed and ran a corporate office focused on government and public relations and social responsibility programs. She has also served as a senior diplomat in the US Department of State.
Hugh Keller - Non-executive Director
Hugh Keller had a successful 34 year career as a partner at the law firm Dawson Waldron (now Ashurst) until retirement from full time legal practice in 2010. During this time, Keller served as joint national managing partner, Sydney office managing partner, chairman of the staff superannuation fund, one of the practice leaders, and as a board member. He was a non-executive director of ASX listed Thakral Holdings and a member of its audit committee until the company was acquired in a public takeover by Brookfield. He was a non-executive director of LJ Hooker and a member of its audit committee. He has also served as chairman of a large private investment company, several small investment companies and a private small exploration company. Keller has extensive legal experience and expertise in commercial contracts and arrangements, and public company audit committee procedures and requirements. He has led large teams of professionals and successfully managed people and resources in large projects.
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Advancing one of the largest REE deposits in North America
23 February
Updated Scoping Study - Halleck Creek
20 February
Metallurgical Update - Halleck Creek
10 March
Globe Pens Offtake MoU with Myst for Kanyika Niobium Project
Globe Metals & Mining (ASX:GBE) has signed its second offtake agreement for the Phase 1 production of its Kanyika niobium project in Malawi, East Africa.
In a March 10 announcement, Globe revealed that the agreement is a non-binding memorandum of understanding (MoU) with Singapore-based physical metals and concentrates trader Myst Trading.
The first offtake agreement was signed with Affilips last September 2024, wherein Affilips would take 32 percent or approximately 100 tonnes of niobium pentoxide from Kanyika.
"The MOU with Myst confirms our significant progress in finalising offtake agreements for all Phase 1 production at the Kanyika Project,” Globe CEO Paul Smith commented. “Such agreements are a critical component of the Project's funding and ultimate development.”
The MoU covers Phase 1 production of the project and is set at an initial period of three years from the start of production in May 2026. Phase 1 capacity is set at 10 percent of full production.
Myst would be granted the right of first refusal to purchase 25 percent of the project’s annual niobium pentoxide production, amounting to about 76 tonnes. Combined with the Affilips offtake, 57 percent of Phase 1 niobium production from Kanyika is now accounted for.
If the agreement is finalized, Myst would also secure the right to purchase 100 percent of Kanyika's high-purity tantalum pentoxide production over the three year period. This is anticipated to be about 14 tonnes annually.
Globe and Myst are currently working towards a binding offtake agreement for the second quarter of 2025. A full offtake agreement is expected in September of this year.
Globe said that given Myst’s location in Singapore, the MoU also provides it with access to the tantalum and niobium oxide markets in Asia.
Looking at the bigger picture, Kanyika is expected to have an average annual production of 3,250 tonnes of niobium and 140 tonnes of tantalum over a 23-year mine life. The mine life is extendable to 38 years depending on the conversion of inferred resources.
The project is positioned to be the first commercial niobium operation in Africa. Artisanal miners in several African countries mine coltan, a mineral that contains niobium and tantalum.
Niobium production is currently primarily centered in Brazil, which produced 100,000 tonnes out of the 110,000 tonnes produced globally in 2024. Canada was the second highest producer of niobium at 7,100 tonnes.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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05 March
American Rare Earths CEO Eyes Production at Halleck Creek in 2029
American Rare Earths (ASX:ARR,OTCQX:ARRNF,ADR:AMRRY) CEO Chris Gibbs outlined the company’s exploration plans to advance the Halleck Creek project after an updated scoping study results confirmed the asset's strong economics, scalability and strategic importance.
04 March
Ukraine Invites Australian Miners to Invest in Resources Amid US Commitment Concerns
Vasyl Myroshnychenko, Ukraine's ambassador to Australia, is appealing to Australian miners to invest in Ukraine’s resource sector amid heightening tensions between the US and Ukraine.
The request comes as Ukraine seeks ways to fund its three year defense against Russia's invasion, an effort that became more dire this week as US President Donald Trump paused all aid to the country on Monday (March 3).
The US head of state made the decision after negotiations between the two countries broke down on February 28 while Ukrainian President Volodymyr Zelenskyy was visiting the White House to pen a deal on mineral rights for US security.
During a televised meeting between Trump, US Vice President JD Vance and Zelenskyy, a heated exchange ensued, turning the formal conversation into finger pointing and a series of accusations.
Ukraine welcomes Australian mining investment
According to the Nightly, Myroshnychenko said Russia is looking to break the bond between the US and Europe.
“If Russia achieves what they want, that would be a world of chaos ... where might is right, where the stronger one will have the power and in this world, Australia has no chance of surviving," he said.
“There is a moral argument in terms of security, democracy and helping Ukraine, helping the underdog who’s been bullied; it’s all valid but I think we have to talk about money,” Myroshnychenko continued.
He opened the invitation to non-mining companies as well, noting, “This is an opportunity for Australian companies, for mining companies, to come and invest in Ukraine together with American companies.”
Australia's support of Ukraine
Australia and Ukraine have a long history of cooperation and allyship.
The country supplied uranium to Ukraine in 2016 via an agreement where Ukraine joined other countries in a pact with Australia, ensuring that uranium obtained from Australia is designated strictly for peaceful uses.
A Nuclear Cooperation Agreement with Ukraine was announced in 2017 by Julie Bishop, then the country's foreign affairs minister, enabling Australia to export uranium to Ukraine and enhance cooperation between the countries on activities such as nuclear safeguards, security, safety and science.
During Ukraine’s defense against Russia, Australia has assisted Ukraine by offering cash and resource support.
In 2022, the Australian mining sector and the federal government joined hands in offering donations.
Australian Resources & Investment notes said that Whitehaven Coal (ASX:WHC,OTC Pink:WHITF) produced 70,000 tonnes of thermal coal to be donated to Ukraine to support its energy security.
Major miners BHP (ASX:BHP,NYSE:BHP,LSE:BHP), Newmont (TSX:NGT,NYSE:NEM) and Anglo American (LSE:AAL,OTCQX:AAUKF) each donated US$5 million at the time for humanitarian relief.
Last October, the Australian government gifted 49 M1A1 Abrams tanks to Ukraine to assist in its fight against Russia’s invasion. This donation was valued approximately AU$245 million.
On the third anniversary of Russia's full-scale invasion of Ukraine, an announcement by Senator Penny Wong said Australia’s military assistance to Ukraine during that time amounted to over AU$1.3 billion.
In total, the support is valued at over AU$1.5 billion.
“Australia has now imposed a total of more than 1,400 sanctions in response to Russia's full-scale invasion of Ukraine,” Wong said. “Working with Ukraine and our partners, Australia supports a just and lasting peace for Ukraine.”
Australia seeking rare earths independence
While Myroshnychenko invited broad investment in Ukraine's resource sector, rare earths may be of special interest to Aussie miners as the country makes moves toward rare earths supply independence.
These efforts include strategies from both the government and mining companies such as Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF), a leading producer of rare earth materials outside of China.
Lynas owns the recently opened Kalgoorlie rare earths processing facility in Western Australia, the country’s first rare earths processing facility and the largest facility outside China.
On February 12, the Australian government passed the Critical Minerals Production Tax Incentive, which will provide a refundable tax credit on 10 percent of eligible costs associated with the production of critical minerals and rare earths.
Federal Resources Minister Madeleine King said the incentives are valued at AU$7 billion over the decade.
“The passing of this legislation is a historic moment for the resources industry and a big deal for resource states like Western Australia and Queensland,” she explained. “By processing more of these minerals here in Australia we will create jobs and diversify global supply chains.”
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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27 February
Zelenskyy Calls US-Ukraine Minerals Deal a "Framework" as Security Guarantees Remain Absent
Ukraine President Volodymyr Zelenskyy has described a proposed natural resources agreement with the US as a "framework," emphasizing that it does not yet include concrete security guarantees for Kyiv.
His remarks came as a draft of the agreement, obtained by CNN, revealed that while the US acknowledges Ukraine’s security concerns, it does not make explicit commitments in that regard.
With US President Donald Trump seeking to end Russia’s war in Ukraine quickly while recovering US financial aid, Zelenskyy is positioning Ukraine's natural resources as a way to maintain American support.
The deal, however, only states that the US "supports Ukraine’s efforts to obtain security guarantees needed to establish lasting peace," leaving open questions about Washington’s role in Ukraine’s future defense strategy.
At a press conference in Kyiv, Zelenskyy acknowledged the deal lacks specific measures on security, stating that these need to be determined through joint discussions with the US and European partners.
He described the agreement as a potential "big success," but stressed that it is a starting point for further negotiations.
The draft agreement outlines the establishment of a "Reconstruction Investment Fund," a joint initiative aimed at attracting investment in Ukraine’s critical industries, including hydrocarbons, oil, natural gas and rare earths.
Under the terms, Ukraine will contribute 50 percent of revenues generated from the monetization of state-owned natural resources to the fund, with more detailed governance rules to be determined in a future agreement.
The deal has sparked debate within Ukraine, with some citizens expressing concern over the potential long-term implications of granting Washington economic access to Ukraine’s natural resources.
Prime Minister Denys Shmyhal sought to reassure the public, stating that Zelenskyy "will not sign or even consider any enslaving or colonial treaties that do not take Ukraine’s interests into account."
He framed the agreement as laying the foundation for Ukraine’s "future recovery."
Another point of contention is whether Ukraine will be required to repay US financial assistance. Zelenskyy has firmly rejected the notion of debt repayment under this deal, warning that setting such a precedent would be unacceptable.
Trump, who has expressed skepticism over US aid to Ukraine, recently claimed he is "trying to get the money back" that was provided under former President Joe Biden’s administration. Trump falsely said the US has given Ukraine US$350 billion since 2022; the actual amount is closer to US$120 billion, according to the Kiel Institute for the World Economy.
He also incorrectly claimed that European aid to Ukraine has been structured as loans, prompting a direct correction from French President Emmanuel Macron during a recent meeting.
Zelenskyy acknowledged the shifting political landscape in Washington, saying he plans to ask Trump directly whether the US will continue supporting Ukraine. If not, he suggested Ukraine could purchase American weapons directly, potentially using frozen Russian assets — estimated at US$300 billion — as a funding source.
The Reconstruction Investment Fund agreement is expected to be signed by US Treasury Secretary Scott Bessent and Ukraine’s Foreign Minister Andrii Sybiha. However, key details regarding governance, investment oversight and specific project allocations remain to be finalized in a subsequent agreement.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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24 February
Hastings and Wyloo to Form Joint Venture for Yangibana Rare Earths Project
Hastings Technology Metals (ASX:HAS,OTC Pink:HSRMF) has signed an exclusive non-binding term sheet with Wyloo to form an unincorporated joint venture to develop the Yangibana rare earths and niobium project.
Hastings regards Western Australia-based Yangibana as a world-class rare earths and niobium deposit.
Discovered in 2014, Yangibana has since progressed from exploration to construction, with first production expected in the second quarter of 2026. The operation has a projected 17 year mine life, with Stage 1 concentrate production estimated at 37,000 tonnes per year. Construction at the site is described as 30 percent complete.
“The joint venture agreement is the result of what has been ongoing, positive discussions between Hastings and Wyloo regarding the exchangeable notes and a mutually beneficial way to proceed with the development of the Yangibana project, within which significant value will be realised,” said Hastings Executive Chairman Charles Lew.
Wyloo will hold a 60 percent participating interest in the unincorporated joint venture, with the option to increase its share to 70 percent. Hastings’ subsidiary, Yangibana Jubilee, will have the other 40 percent.
A Financial Review article notes that if all steps of the deal are completed, Hastings' AU$200 million debt to Wyloo will be settled. Wyloo, which is led by billionaire Andrew Forrest, lent AU$150 million to Hastings in 2022, earmarking the funds for the purchase of a 21.5 percent stake in Neo Performance Materials (TSX:NEO,OTC Pink:NOPMF).
In November 2024, Wyloo issued a default notice to Hastings, citing concerns over the company’s ability to pay back the debt. This action came after Hastings secured a AU$5 million loan from Equator Capital, an entity associated with Lew. The default notice was subsequently withdrawn, and both parties resumed discussions to resolve the financial concerns.
As mentioned, if Hastings satisfies all terms of the new deal with Wyloo, the debt will be forgiven.
The first step, which saw Hastings transfer the majority of its Neo position to Wyloo, was completed on February 20. Wyloo now holds 19.9 percent of Neo. Step two involves the establishment of the 60/40 joint venture.
The final step will see Hastings sell its remaining 1.46 percent of Neo shares, with all sale proceeds to be paid to Wyloo.
Execution of the deal is expected by the end of March. The arrangements are subject to shareholder approval.
Shares of Hastings jumped on the news, rising as high as AUS$0.37 on February 21. However, the company's share price has declined significantly over the past year due to the uncertainty at Yangibana, falling around 40 percent.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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23 February
Updated Scoping Study Highlights Billion-Dollar Potential— Positioning ARR as a Future Rare Earth Leader in the USA
American Rare Earths (ASX: ARR | OTCQX: ARRNF and AMRRY) (“ARR” or the “Company”) is pleased to announce the results of its Updated Halleck Creek Scoping Study, confirming the project’s strong economics, scalability, and strategic importance.
HIGHLIGHTS
- Strong economics, scalable growth: 3 Mtpa base case offers NPV10% of US$558M, IRR 24%, with a low-risk CAPEX of US$456M.
- Billion-dollar potential: 6 Mtpa case delivers NPV10% of US$1.17B, IRR 28.4%, and CAPEX of US$737M.
- First-mover advantage: State land tenure accelerates permitting, positioning ARR as a leading U.S.- based rare earths developer independent of tariffs and reliance on foreign processing.
- Vast Scalability & Growth: The 3 Mtpa Phase 1 will mine ~62.3Mt of ore over 20 years, utilising just ~2.4% of the 2.63Bt JORC resource2. With further studies underway, Halleck Creek could support a larger, long-term operation, with potential for extended mine life and increased production capacity.
- Deposit remains open at depth and along strike, with the current JORC resource of 2.63Bt covering only ~16% of the greater Halleck Creek surface area, highlighting significant expansion potential.
Compiled by independent engineering firm Stantec Consulting Services Inc., the Study highlights Halleck Creek’s strong economic potential, strategic advantages, and clear pathway to development as a U.S.-based rare earths project. Located in Wyoming, a Tier 1 mining jurisdiction, Halleck Creek benefits from state land tenure, allowing for accelerated permitting and development.
Compelling Economics & Scalable Growth
The Updated Scoping Study confirms Halleck Creek as a world-class rare earths project with robust financials and long-term scalability:
- 3 Mtpa Base Case:
- NPV10% of US$558 million, IRR of 24%
- CAPEX of US$456 million, with a 2.7-year payback period
- Annual production: ~4,169 metric tons of TREO, including 1,833 metric tons of NdPr oxide
- 6 Mtpa Case:
- NPV10% of US$1.171 billion, IRR of 28.4%
- CAPEX of US$737 million, with a 1.8-year payback period
- Annual production: ~7,661 metric tons of TREO, including 3,344 metric tons of NdPr oxide
First-Mover Advantage & U.S. Supply Chain Security
As the only large-scale rare earths project in the U.S. with a clear path to production, ARR is positioned to secure a domestic, tariff-free supply of critical minerals for U.S. and allied markets.
- China controls over 90% of global rare earth refining. With the U.S. prioritizing supply chain security, ARR is uniquely positioned as a credible U.S.-based developer to deliver a fully integrated solution— from mining to refining.
- State land tenure accelerates permitting, avoiding the lengthy delays often associated with projects on federal land.
- Halleck Creek's 100% U.S.-based production and refining will ensure a secure, domestic supply of rare earth oxide metals—eliminating reliance on foreign supply chains and reinforcing the 'Made in America' commitment.
- Deposit remains open at depth and along strike, with the current JORC resource of 2.63Bt covering only ~16% of the greater Halleck Creek project area, highlighting significant expansion potential.
Clear Development Pathway & Future Growth
Halleck Creek’s staged development approach ensures financial and operational flexibility, allowing ARR to scale production in alignment with market demand:
- Base Case: 3 Mtpa – Low-risk entry to production to produce an average of 4,169 mt of TREO per annum, including 1,833 mt of NdPr Oxide.
- Alternate Case: Scalable to 6 Mtpa – Enhancing project economics, producing an average of 7,661 mt TREO per annum, including 3,334 mt of NdPr Oxide
- Future Expansion Potential: The Cowboy State Mine (“CSM”) represents only Phase 1 of Halleck Creek’s development, benefiting from a strategic permitting advantage. The 20-year CSM LOM plan includes mining approximately 62.3 Mt of ore—just ~2.4% of the total 2,627 Mt JORC Mineral Resource—highlighting the vast potential for extended mine life and increased production in future phases. Given the increasing demand for rare earths, ARR is evaluating further studies, as Halleck Creek could support a much larger, long-term operation, with potential for extended mine life and increased production capacity that could position ARR among the top rare earth producers outside China.
CEO Commentary
Chris Gibbs, CEO of American Rare Earths, commented:
"The Updated Scoping Study reinforces Halleck Creek strong economic potential, strategic permitting advantage and clear pathway to development. With a large-scale resource and favourable economics, we are uniquely positioned to help secure America’s rare earth supply and reduce dependence on foreign sources.
"The 6 Mtpa case highlights Halleck Creek’s billion-dollar potential, delivering an NPV10% of US$1.17B and an IRR of 28%, showcasing the project’s scalability. The 3 Mtpa base case offers a low-risk entry point, producing 1,833 metric tonnes of NdPr oxide annually, with an NPV10% of US$558M, an IRR of 24%, and a 2.7-year payback period.
"With a scalable development pathway under evaluation, Halleck Creek has the potential to become a major supplier to U.S. and allied markets. Future production scenarios could position ARR among the top rare earth producers outside China, reinforcing America’s supply chain security for decades to come.
"And we’re not just mining—we are developing a fully integrated U.S. supply chain, refining and producing high- purity rare earth oxides for American manufacturers. Halleck Creek aligns with the growing push for Made-in- America critical minerals, securing a domestic supply for defense, aerospace, and high-tech manufacturing.”
Next Steps & Milestones
Building on strong execution in 2024, ARR is advancing key milestones to further de-risk and develop Halleck Creek, as outlined in the Updated Scoping Study and supported by recent metallurgy results. These developments reinforce the project's scalability and strategic importance as a leading U.S. rare earths asset. With a staged development approach, first production could be as early as 2029, subject to ongoing technical and economic assessments. The Company is looking at ways to fast-track development, including plans to commence Phase One of a pilot plant for the beneficiation process. The roadmap ahead highlights key next steps for 2025 and the next major stage gate in the project’s development.
Click here for the full ASX Release
This article includes content from American Rare Earths, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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