American Rare Earths’ Assay Results Expand Rare Earth Enrichment Within the Cowboy State Mine Area at Halleck Creek, Wyoming

Highlights

• Surface samples of up to 6,221 ppm TREO (64% increase to mine planning), revealed potential for a larger, higher grade REE resource area in the Cowboy State mine area
• Mine planning averaged 3,805 ppm TREO¹ in recent scoping study
• High value magnetic rare earths (MREO) average 27% of TREO
• The mapping and sampling will support future higher-grade resource drilling

DENVER, April 10, 2024 (GLOBE NEWSWIRE) --  American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) the ‘Company’ today announced assay results from a recent mapping and sampling program in the Cowboy State Mine area. These results will allow the Company to target higher grade areas contiguous to the mining area within the recently published scoping study. These results complement the recently announced updated JORC resource of 2.34 billion tonnes² and illustrate the consistently enriched mineralization at Halleck Creek.

This mapping and sampling campaign within the Cowboy State Mine Area was focussed at a higher resolution. In total, 95 samples were sent for analysis at ALS Global, including 5 Quality assurance/Quality control samples of standards, blanks, and duplicates. The results are summarized in Table 1. The mapping refined contacts between the RMP and surrounding granites as shown in Figure 1. The new mapping and sampling campaign provides better constraints on the geology of the Cowboy State mine area for future resource targeting and drill hole planning. Specifically, areas covered with unconsolidated Tertiary gravel (Figure 1) were delineated, which offers significant upside.

Donald Swartz, Chief Executive Officer commented:

“We are encouraged by these results that continue to demonstrate upside potential to our recently announced scoping study. These results are contiguous and complimentary to our recently released mine plans, of which the entirety was developed on state lands, which provides accelerated permitting. These higher-grade target areas will allow for optimizing mine planning and project economics as we enter pre-feasibility level analysis. The low-operating costs ($38.38/kg NdPr equivalent) are largely attributable to the favorable geology, which is evident in these surface samples of highly enriched mineralization within zero-strip-ratio mining areas. The Uranium and Thorium continue to occur in very low levels naturally”.