American Rare Earths to Receive A$10.7 Million (US$7.1 Million) of Grant Funding from State of Wyoming - Seite 2

Donald Swartz, CEO of American Rare Earths, commented:

“We are thrilled to receive this support from the State of Wyoming and the WEA, which not only represents technical validation of the project by industry experts at the ERC and WEA, but a shared commitment to permit and develop a commercial rare earth mine and processing facility in Wyoming. This funding announcement comes on the heels of our most recent project update², and this non-dilutive funding will be used to meet those objectives. Wyoming is committed to lead the U.S. energy industry and support like this is why the state has been so successful in attracting investment in exploration and mining across the resource sector. This grant will assist the Company in expediting its project development of the Cowboy State Mine, and we are excited for things to continue to progress.”

Rob Creager, Executive Director of Wyoming Energy Authority, commented:

“Wyoming is investing in the future of the energy industry and exploring new opportunities,” said WEA Executive Director Rob Creager. “The American Rare Earths Mine, supported through the Wyoming Energy Authority and the State of Wyoming, will give us greater insight into potentially one of the largest deposits of rare earth materials in the United States. And, like previous grant recipients, we look forward to what this project will bring our state and nation.”

Terms of Agreement

The State of Wyoming, USA has approved the grant, and the Company will be the recipient of A$10.7 million (or US$7.1 million) in non-dilutive funding conditioned upon a 1:1 match of government and private dollars from the Company. The grant has a term of three years or such time as the A$10.7 million (US$7.1 million) has been spent on the Company’s project. As part of the arrangement, ARR will produce technical reporting detailing findings and recommendations for future work programs to the WEA.

This announcement is authorized for release by the Board of American Rare Earths Limited.

About Wyoming Energy Authority:
The Wyoming Energy Authority is committed to driving Wyoming’s energy strategy by fostering investments in data, technology, and infrastructure. The Authority’s mission is to support projects that contribute to the state's economic and environmental sustainability. The continued development of rare earth projects is a natural progression in the mission to support the growth of a secure and prosperous future for Wyoming’s world-class energy economy.