Mineral Resource Estimate Updated for the Cowboy State Mine Area at Halleck Creek

American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) (“ARR” or the “Company”), is pleased to announce an updated Mineral Resource Estimate for the Cowboy State Mine area within its flagship Hallack Creek Rare Earths Project. The update incorporates the results from 18 additional channel samples and coincides with the acquisition of two new exploration drilling permits.

Highlights

• Updated Mineral Resource Estimate in the Cowboy State Mine (“CSM”) Area RECLASSIFIES INDICATED RESOURCE BY 68.4 MILLION TONNES.
  • 102 Channel Samples collected in 2025 provided data points for an updated geological resource model, resource conversion and mineral resource ESTIMATE
  • Summer exploration and mapping collected 18 additional channel samples across the CSM area
    • 18 Channel samples returned average values of 5,471 ppm Total Rare Earth Oxides (TREO)
    • Standout sample (CS25-RM111) contained a new record high assay grade for the entire Halleck Creek Resource with a Total Rare Earth Oxide (“TREO”) grade of 13,816 PPM, which is 4X higher than the resource average
• New exploration drilling permits obtained at Halleck Creek:
  • 27 hole locations were permitted at the CSM area for the Development drilling needed for future technical studies beyond the Pre-Feasibility Study (“PFS”)
  • 29 hole locations were permitted at the Bluegrass area, a potential exploration target which would add to total Halleck Creek Mineral Resource Estimates

Odessa Resource Ltd. (“Odessa”), of Perth Australia, were commissioned to update the geological resource model for the CSM Area using 102 channel samples collected during 2025. The locations and assays for the 102 channel samples added to the geological resource model reside in Appendix B. The updated mineral resource estimate for the Cowboy State Mine area is approximately 547.5 million tonnes using a TREO cut-off grade of 1,00ppm, see Table 1 and Figure 4. The channel sample results enabled Odessa to reclassify approximately 63.9 million tonnes to the indicated category from the inferred category from the Mineral Resource Estimate presented in the February 2025 updated CSM Scoping Study¹, see Table 2. Additional mapping associated with the channel sampling expanded the resource area to increase the CSM mineral resource estimate by approximately 4.5 million tonnes. It should be noted that the overall tonnage increase and change in grade do not reflect a material change to the total resource estimates for the Cowboy State Mine area.

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