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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.
Advancing one of the largest REE deposits in North America
NioBay Metals Intercepts Up to 22% Titanium (TiO₂) in its Drillings on Zone 1 of the Foothills Property
NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) (OTCQB: NBYCF) is proud to announce that it has intercepted titanium in several of the surface drill holes carried out in Zone 1, on the Foothills Property, located on the lands of the Séminaire de Québec.
The Company had filed an application for authorization for impact projects with the Ministry of Natural Resources with the aim of carrying out a drilling campaign as soon as authorization is received. Below, the Company provides the results of the TiO2 mineralized zones of interest, from the fall 2024 exploration campaign.
The Foothills project is located north of Saint-Urbain, 100 km north of Québec City and 90 km south of Saguenay (La Baie region), Québec. The project covers an approximate area of 285 km2 and includes five separate claim blocks. It covers most of the contact of the intrusive zone known as the Saint-Urbain anorthosite.
It should be noted that the drilling work generated 32.14 tonnes of CO2 equivalents. A donation was granted to Carbone Boreal (Université du Québec à Chicoutimi) as compensation.
Table of Results
Intersections calculated for a cut-off grade of 8% Ti, a minimum length of 1 m and a maximum internal dilution of 1 m.
| Drill Hole | From (m) | To (m) | Length (m) | Dilution (m) | TiO2 (%) |
| 1625-24-002 | 89.75 | 153.00 | 63.25 | 1.00 | 10.57 |
| 1625-24-002 | 185.00 | 186.80 | 1.80 | 0.00 | 17.09 |
| 1625-24-002 | 220.80 | 226.55 | 5.75 | 0.00 | 22.36 |
| 1625-24-003 | 135.25 | 149.00 | 13.75 | 0.00 | 12.62 |
| 1625-24-003 | 151.00 | 156.00 | 5.00 | 0.50 | 19.13 |
| 1625-24-003 | 172.30 | 180.00 | 7.70 | 0.00 | 14.44 |
| 1625-24-004 | 154.10 | 158.40 | 4.30 | 0.00 | 14.73 |
| 1625-24-006 | 16.50 | 18.80 | 2.30 | 0.00 | 9.22 |
| 1625-24-006 | 25.00 | 30.45 | 5.45 | 0.70 | 11.76 |
| 1625-24-006 | 37.00 | 38.00 | 1.00 | 0.00 | 8.01 |
| 1625-24-006 | 48.00 | 49.00 | 1.00 | 0.00 | 14.60 |
| 1625-24-007 | 44.20 | 47.00 | 2.80 | 0.00 | 11.14 |
| 1625-24-007 | 49.00 | 62.65 | 13.65 | 0.00 | 10.56 |
June 2024 prospecting area and sample locations
Map 2: Location of Drill Sites
Message from the President
“We are finally able to present our results from Zone 1. We were pleasantly surprised by the grade in certain holes. The next step will be to drill on a section of Zone 3. The application for authorization for this zone have been filed. Remember that sector 3 has demonstrated very good surface values in titanium (Press release of August 7, 2024)”, concluded Mr. David.
PDAC 2025
NioBay will be at PDAC again this year from March 2nd to the 5th inclusively, at the Toronto Convention Centre. Come meet us at booth 3015.
Qualified Persons
This press release has been reviewed and approved by Mr. Mikael Block, P.Geo., a Qualified Person under National Instrument 43-101. Mr. Block is a Project Manager employed by IOS Services Géoscientifiques.
About NioBay Metals Inc.
NioBay aims to become a leader in the development of mine(s) with low carbon consumption and responsible water and wildlife management practices while prioritizing the environment, social responsibility, good governance, and the inclusion of all stakeholders. Our top priority, which is critical to our success, is the consent and full participation of the Indigenous communities in whose territories and/or on ancestral lands we operate.
In addition to others properties, NioBay holds a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the Moose Cree Traditional Territory of the James Bay Lowlands in Ontario. NioBay also holds a 72.5% interest in the Crevier Niobium and Tantalum project located in Québec and on the Nitassinan territory of the Pekuakamiulnuatsh First Nation. The Company has also the option to acquire an 80% interest in the Foothills project, a titanium-phosphate project located near the former St-Urbain mine site in Quebec.
About Titanium
Titanium (Ti) is as strong as steel, but much less dense. It is therefore important as an alloying agent with many metals, including aluminum, molybdenum and iron. These alloys are mainly used in aircraft and spacecraft because of their low density and ability to withstand extreme temperatures. They are also used in sports equipment, laptops, bicycles and medical prostheses. Recently, this metal has been used in some battery components.
Cautionary Statement
Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws including statements about the Company's plans. Such statements are necessarily based upon a number of beliefs, assumptions, and opinions of management on the date the statements are made and are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
FOR MORE INFORMATION, CONTACT:
NioBay Metals Inc.
Jean-Sébastien David, P.Geo., MPM
President & CEO
jsdavid@niobaymetals.com
www.niobaymetals.com
Kimberly Darlington
Investor Relations
kimberly@refinedsubstance.com
Tel: 514-771-3398
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/29b6747d-ce60-40ad-b263-edd85dcc6921
https://www.globenewswire.com/NewsRoom/AttachmentNg/79550acc-c4ce-4e20-ae0d-13463ccafa16
American Rare Earths Limited Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects