American Rare Earths Ltd (ASX:ARR) Commences 2024 Drilling Campaign at Cowboy State Mine Area

Sydney, Australia – 15 July 2024 | American Rare Earths Limited (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) is pleased to announce the commencement of its 2024 drilling campaign at the Cowboy State Mine ("CSM") area. This strategic initiative aims to upgrade resource estimates and gather critical data for advancing mine planning and prefeasibility analysis.

Key Highlights:

• Drilling Overview: The 2024 drilling campaign includes 23 planned holes—11 core holes and 12 reverse circulation ("RC") holes—totaling approximately 2,670 metres (8,760 feet). The core holes will drill around 1,590 metres (5,217 feet), while the RC holes will cover about 1,080 metres (3,543 feet).
• Objectives: The primary goals are to upgrade resource estimates to measured and indicated categories, increase resource depth and extend the western boundary, collect samples for geomechanical, hydrological, and baseline environmental testing, and gather material for additional metallurgical test work.

Project Details:

• Core and RC Drilling: The core holes will vary in depth between 80 and 300 metres, and RC holes will range from 80 to 110 metres. Samples will be processed and analyzed by ALS Global, with remaining core held for further testing.
• Geophysical and Geological Support: Century Geophysical will perform televiewer and gamma logging, while WSP will assist with interpreting logs and collecting geomechanical samples.

ARR has again partnered with FTE Drilling who completed the previous 2023 campaign on-time and on-budget. The seasoned team members will strive to repeat this for 2024.

Donald Swartz, CEO of American Rare Earths, stated: "We are excited to commence our 2024 drilling campaign at the Cowboy State Mine area. This phase of in-fill drilling is crucial for upgrading our resource estimates and gathering essential data for pit design and environmental studies. Our partnership with FTE Drilling, who has consistently delivered on-time and on-budget, gives us confidence that we will achieve our goals for this year."

Richard Hudson, Chairman of American Rare Earths, commented: "This drilling program marks another significant step forward in advancing the project towards prefeasibility analysis. The data and samples collected will provide a solid foundation for our metallurgical test work and resource modelling, ultimately enhancing our ability to develop a robust and sustainable mining operation."

“We look forward to providing investors with updates on the campaigns as they come through."

Exploration Plan: The exploration plan involves drilling 23 holes (12 RC holes and 11 HQ core holes) for a total of 2,670 metres. Drilling commenced on 8 July 2024 and is expected to continue for approximately 6 to 8 weeks into August. The program aims to gather comprehensive geological data to support the prefeasibility studies and ensure a thorough understanding of the resource potential.

For more information, visit American Rare Earths

Competent Persons Statement: The information in the ASX Announcement 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 mineralisation 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.