Sydney, Australia – 12 August 2024 | American Rare Earths Limited (ASX:ARR | OTCQX:ARRNF | ADR:AMRRY) ("ARR" or "the Company") is pleased to announce a strategic realignment aimed at accelerating the development of the Halleck Creek Project (the "Project") in Wyoming, USA. This initiative includes the formation of a new 100% owned subsidiary, Wyoming Rare USA Inc. ("WRI"), which will focus exclusively on advancing the Halleck Creek Project and enhancing appeal to US-based investors and partners.
Highlights:
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Formation of a Dedicated Subsidiary: ARR has established WRI, a 100% owned subsidiary, which will focus on the development of the Halleck Creek Project in Wyoming. This decision is intended to streamline operations and position the project as an attractive investment opportunity for US investors.
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New Focus on Halleck Creek Project: The Halleck Creek Project in Wyoming, is one of the largest rare earth deposits in North America. The Project poses substantial growth potential, with more than 75% of the mineralised zones yet to be drilled and the deposit remaining open at-depth.
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Recent Developments: WRI will focus on the development of the Cowboy State Mine within the Halleck Creek Wyoming State Tenements. The Project has already received a significant boost with a US$7.1 million grant from the State of Wyoming (announced 27 June 2024), further supported by a recent Scoping Study indicating a robust NPV of US$673.9 million, an IRR of 22.5%, and a payback period of 2.9 years.
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Leadership and Expertise: WRI will be led by a highly-experienced team. This includes Sten Gustafson as Chairman, Joe Evers as President, and John Mansanti as Senior Advisor supporting the development of the Cowboy State Mine.
Richard Hudson, Chairman of ARR, stated: “This new focus represents a pivotal moment for ARR. By creating a dedicated subsidiary for the Halleck Creek Project, we are positioning the Company to unlock significant value and accelerate the development of a critical resource for the US. These changes will not only streamline our operations but enable us to better increase shareholder value long term.”
WRI’s primary objective is to advance the Halleck Creek Project, leveraging the strategic advantages of its location and substantial financial backing. The project’s focus on critical minerals, which are essential for a clean energy transition, aligns with national security interests and makes it an important asset for North America.
About us:
About American Rare Earths Limited:
American Rare Earths (ASX:ARR | OTCQX:ARRNF | ADR:AMRRY) owns Wyoming Rare (USA) Inc. which is focused on the development of the Halleck Creek Project, WY. It also owns La Paz, AZ rare earth deposit. Both can potentially become the largest and most sustainable rare earth projects in North America. The Company is developing environmentally friendly and cost-effective extraction and processing methods to meet the rapidly increasing demand for resources essential to the clean energy transition and US national security. The Company continues to evaluate other exploration opportunities and is collaborating with US Government-supported R&D to develop efficient processing and separation techniques of (REEs) elements to help ensure a renewable future.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]
