American Rare Earths 2024 Drilling commences in Cowboy State Mine Area - Seite 2

HQ sized core holes will vary in depth between 80 meters and 300 meters for approximately 1,590 meters. RC holes will vary in depth between 80 meters and 110 meters for approximately 1,080 metres. ARR geologists will photograph, log, split core at site, then submit samples to ALS Global for assay. Remaining core will be held in reserve for additional testing. RC samples will be collected using rotary splitting unit to provide three RC samples for logging, XRF, and assay.

The primary objectives of the exploration drilling include:

• Upgrading resource estimates to include a majority of measured and indicated resources, which will hopefully be converted to probable reserves as part of prefeasibility studies.
• Increasing resources at depth and to the west, defining geological contacts to the east
• Collecting core samples for geomechanical testing
• Collecting core samples for hydrological and baseline environmental testing
• Collecting samples for additional metallurgical test work
  

Century Geophysical will collect televiewer and gamma logs from core holes. WSP will be at site assisting ARR with interpreting televiewer logs and collecting samples geomechanical testing.

The Company plans to utilize this drilling data to update geological resource models that will then feed into prefeasibility studies for the Cowboy State Mine area.

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

Figure 1 – 2024 Proposed Drill Hole Locations

Figure 2 – Reverse Circulation Rig at Hole HC24-RM023

Competent Persons Statement:

The information in this document is based on company work performed in September and October 2023. This work was reviewed and approved for release by Mr. Dwight Kinnes (Society of Mining Engineers #4063295RM) who is employed by American Rare Earths and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 JORC Code. Mr. Kinnes consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.