American Rare Earths Limited to Webcast Live at Battery & Precious Metals Virtual Investor Conference October 18-20th - Seite 2

Western Rare Earths (WRE) is the wholly-owned US subsidiary of the Company. The Company owns 100% of the world-class La Paz Rare Earth Project, located 170km northwest of Phoenix, Arizona. As a large tonnage, bulk deposit, 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. Approximately 742-928 million tonnes of Rare Earths mineralized rocks are identified as an exploration target in the La Paz Rare Earths Project's Southwest area with an average TREO Grade of 350 - 400ppm and Scandium Oxide grade of 20 - 24.5ppm. The new exploration Target is additive to the La Paz Rare Earth project's recently upgraded 170MT Resource.

Since acquiring it's second flagship, the Halleck Creek Rare Earth Project in Wyoming, the Company has increased the land holding to over 6,000+ acres. Approximately 1,015 to 1,268 million tonnes of rare earths mineralized rocks were identified as an exploration target for the Halleck Creek project area with an average Total Rare Earth Oxide (TREO) grade of 2,245 - 2,807 ppm. The Exploration Target estimate includes between 2.8 and 3.56 million In-Place tonnes of TREO at Halleck Creek. The maiden exploration drilling program was completed in April 2022. In calendar Q3-Q4 2022 the Company is executing a drilling program with the objective of defining a high tonnage maiden JORC resource in Q1 2023.

La Paz and Halleck Creek's mineral profiles are incorporated into emerging advanced rare earth processing technologies in collaboration with US Department of Energy's National Laboratories, major universities and the US DOE innovation hub, the Critical Materials Institute. Successful partnership development has resulted in the Company benefiting from potentially more than $14M USD of non-dilutive government funding for the National Laboratories and major universities to study mineral processing, metallurgy, separation, and purification technologies on Company feedstocks. Making the Company the only pure play rare earths exploration company benefiting from three US Government funded R&D initiatives simultaneously.