Sydney, Australia – 22 October 2024 | American Rare Earths Limited (ASX:ARR | OTCQX:ARRNF | ADR:AMRRY) (“American Rare Earths” or “the Company”) is pleased to announce that it has received its first reimbursement of over A$450,000 (US$304,000) from the Wyoming Energy Authority (WEA) grant. This significant milestone marks ongoing progress in the development of the Company’s flagship Cowboy State Mine at the Halleck Creek Rare Earths Project in the state of Wyoming, USA.
Highlights:
-
A$450,000 Reimbursement: The first reimbursement from the WEA grant has been received following the approval of the Company’s A$10.7 million (US$7.1 million) grant proposal in June of 2024.
-
Use of Funds: The funds will be utilised for ongoing exploration drilling, baseline environmental studies, and prefeasibility assessments at the Cowboy State Mine site in Wyoming.
This reimbursement is part of the non-dilutive grant funding received from the Wyoming Energy Authority to support the exploration and development of the Halleck Creek Project. The grant underscores the potential of the Cowboy State Mine to contribute to Wyoming’s energy strategy and the broader U.S. landscape for clean energy transition initiatives.
Chris Gibbs, CEO of American Rare Earths, commented: "We are excited to receive this first reimbursement, which represents a crucial step in executing our plans. This funding will significantly aid our efforts to de-risk the Cowboy State Mine and help us achieve our 2025 goals. This reimbursement not only reflects our joint commitment to advancing this project but also underscores the potential of the Cowboy State Mine to contribute to Wyoming's energy strategy. We look forward to continued collaboration and success."
Next Steps:
American Rare Earths will continue to use the grant funds to advance exploration and development activities at Halleck Creek, focusing on de-risking the project and progressing towards a prefeasibility study.
Jane Morgan
Investor and Media Relations
jm@janemorganmanagement.com.au
About us:
About American Rare Earths Limited:
American Rare Earths Limited, 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
jm@janemorganmanagement.com.au
