American Rare Earths Commissions Oxide to Metal Study for Heavy Rare Earths

Rhea-AI Summary

American Rare Earths (OTCQX: AMRRY) engaged Tetra Tech on March 30, 2026 to complete an Oxides to Metals study for its heavy rare earths (HREE) stream from the Halleck Creek project in Wyoming.

The study will evaluate technologies (including molten salt electrolysis and calciothermic reduction), target Sm, Gd, Tb and Dy, select a preferred route, and provide process flow, mass balance and preliminary capital and operating cost estimates.

Positive

• Engaged Tetra Tech to lead Oxides to Metals study (March 30, 2026)
• Study will evaluate molten salt electrolysis and calciothermic reduction options
• Targets Sm, Gd, Tb, Dy heavy rare earth suite for magnet precursors
• Aims to integrate oxide-to-metal capability with Wyoming refining operations

Negative

• Study will produce only preliminary capital and operating estimates, no final capex disclosed
• Global midstream remains China-dominated, highlighting supply-chain reliance risk

News Market Reaction – AMRRY

+4.50%

+4.50% Session close to close

In the Mar 30 session, AMRRY gained 4.50%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement advances American Rare Earths’ strategy by commissioning Tetra Tech to assess oxid...

Analysis

This announcement advances American Rare Earths’ strategy by commissioning Tetra Tech to assess oxide-to-metal options for heavy rare earths from Halleck Creek in Wyoming, targeting a domestic “mine to magnet” pathway. It follows recent steps such as DOE consortium involvement, leadership changes, and shareholder guidance on 2026 milestones. Investors may watch how the selected technology, cost estimates, and integration with planned Wyoming refining evolve, alongside future updates on permitting, pre-feasibility work, and potential partnerships for midstream capacity.

Key Figures

Shareholder letter date: February 9, 2026 Halleck Creek reference date: February 4, 2025

2 metrics

Shareholder letter date February 9, 2026 CEO shareholder letter referenced in current release

Halleck Creek reference date February 4, 2025 ASX announcement date cited for deposit status

Historical Context

5 past events · Latest: Mar 25 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 25	Executive appointment	Positive	+5.6%	Hired VP for corporate development and strategy to advance Halleck Creek.
Mar 24	Exploration review	Neutral	-2.3%	Engaged consultancy to review La Paz data for precious and base metals.
Mar 16	DOE consortium feedstock	Positive	+2.2%	Halleck Creek ore selected as feedstock for DoE METALLIC research consortium.
Mar 02	Leadership change	Neutral	-0.0%	President and CEO roles consolidated under Mark Wall to sharpen execution.
Feb 09	Shareholder update	Positive	+4.8%	Letter outlined Halleck Creek progress, PFS and permit targets for 2026.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent strategic and project updates around Halleck Creek and La Paz have generally seen modest positive or flat price reactions, suggesting the stock has often aligned with constructive operational news.

Recent Company History

Over the past few months, American Rare Earths has focused on building out its Halleck Creek and La Paz positions. A Feb 9 shareholder letter highlighted successful oxide production and 2026 milestones, followed by a Mar 2 leadership consolidation to accelerate Halleck Creek and a potential US listing. Subsequent news included DOE METALLIC consortium feedstock selection (Mar 16), La Paz target review (Mar 24), and a senior corporate development hire (Mar 25). Today’s oxide-to-metal study continues this theme of advancing the Wyoming-centered value chain.

Key Terms

heavy rare earths, permanent magnets, molten salt electrolysis, calciothermic reduction, +3 more

7 terms

heavy rare earths medical

"engaged Tetra Tech ... to complete an Oxides to Metals study for the Company’s heavy rare earths (“HREE”) stream."

A group of specific rare earth elements that are heavier in atomic weight and are critical ingredients in high-tech devices—think of them as tiny, high-value spices used in strong magnets, electric vehicle motors, wind turbines, and some defense systems. Investors watch heavy rare earths because their supply is limited and geographically concentrated, so changes in production, trade rules, or demand can quickly affect prices and the profits of miners, manufacturers, and companies relying on these materials.

permanent magnets technical

"a critical midstream step immediately preceding the manufacture of permanent magnets relied upon by defense and advanced technology sectors."

Permanent magnets are materials that produce a steady magnetic field without needing electricity, like a fridge magnet that always sticks. Investors care because these magnets are key parts in electric motors, generators and sensors across industries such as electric vehicles, wind turbines and consumer electronics, so changes in their cost, availability or technology can affect manufacturing costs, product performance and company profits.

molten salt electrolysis technical

"Identify and evaluate available technologies ... including molten salt electrolysis and calciothermic reduction."

Molten salt electrolysis is a manufacturing process that dissolves metal-containing materials in a high-temperature liquid salt and uses an electric current to separate and collect pure metals or metal compounds. Think of it like using electricity to pull out specific ingredients from a hot pot — it matters to investors because it can lower production costs, enable scalable supply of strategic metals (for batteries, renewables and electronics), and influence environmental and regulatory risks for metal producers.

calciothermic reduction technical

"technologies to convert heavy rare earth oxides to metals, including molten salt electrolysis and calciothermic reduction."

Calciothermic reduction is a high‑temperature chemical process that uses molten calcium to strip oxygen (or other bound elements) from metal ores or salts, freeing pure metal. Think of calcium as a powerful chemical “magnet” that pulls the wrapper off metal atoms so they can be collected. Investors care because this method can determine how cheaply, cleanly and reliably critical metals are produced, affecting supply, margins, regulatory risk and the value of mining or materials companies.

process flow diagram technical

"Select a preferred technology and develop a process flow diagram, mass balance, major equipment list..."

A process flow diagram is a visual map that shows the key steps, equipment, and material paths in an industrial or operational process, like a detailed recipe or road map for how a product or service is made. Investors use it to assess how efficiently and reliably a company can produce results, spot potential bottlenecks or safety and compliance risks, and judge capital needs and scalability — all of which affect costs, timelines, and long-term returns.

mass balance technical

"develop a process flow diagram, mass balance, major equipment list, and preliminary capital and operating cost estimates."

Mass balance is a record-keeping method that tracks all raw materials, intermediates and finished products through a manufacturing process to ensure what goes in equals what comes out, accounting for normal losses. For investors, it shows whether production is efficient, compliant with safety and regulatory rules, and whether inventory or product shortages, waste, or unexplained losses could affect costs, supply and future revenue—think of it as a kitchen ledger that reconciles every ingredient used and each dish produced.

qualified person regulatory

"Tetra Tech’s Salt Lake City office under Process Department Lead and Qualified Person Kelton Smith."

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DENVER, March 30, 2026 (GLOBE NEWSWIRE) -- American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) (“ARR” or the “Company”) is pleased to announce that it has engaged Tetra Tech, a U.S. based major consulting and engineering services company, to complete an Oxides to Metals study for the Company’s heavy rare earths (“HREE”) stream.

The study will evaluate options to convert separated heavy rare earth oxides from the American Rare Earths Halleck Creek Project in Wyoming all the way to metal, a critical midstream step immediately preceding the manufacture of permanent magnets relied upon by defense and advanced technology sectors.

Positioning into the U.S. midstream

Today, China dominates the midstream of the rare earth value chain, including oxide separation and metal production. The United States has prioritized development of a domestic midstream capable of producing rare earth metals and ultimately permanent magnets, and several U.S. companies are assessing pathways from separated rare earth oxides to metal.​

American Rare Earths intends to be part of that solution. The Oxides to Metals study will:

• Identify and evaluate available technologies to convert heavy rare earth oxides to metals, including molten salt electrolysis and calciothermic reduction.
• Focus on ARR’s heavy rare earth suite – samarium (Sm), gadolinium (Gd), terbium (Tb) and dysprosium (Dy) – which are essential for high temperature permanent magnets used in defense and advanced technologies.​
• Select a preferred technology and develop a process flow diagram, mass balance, major equipment list, and preliminary capital and operating cost estimates.
• Provide an initial assessment of the potential strategic and operational benefits of integrating oxide to metal capability with ARR’s planned refining operations in Wyoming.
  
  

The work will be led by Tetra Tech’s Salt Lake City office under Process Department Lead and Qualified Person Kelton Smith.

Aligned with CEO strategy and U.S. policy support

In his letter to shareholders dated February 9, 2026¹, CEO Mark Wall emphasized that Halleck Creek is a very large, long-life rare earth deposit in Wyoming, one of the world’s most attractive and mature mining jurisdictions, and that ARR’s objective is to build “a secure domestic supply of rare earths for the U.S. market.”

The oxide to metal initiative builds directly on that work. With the capability to produce separated rare earth oxides now demonstrated at bench scale, this study is the next logical step in assessing how far downstream Halleck Creek’s product can be integrated within the United States, from ore in Wyoming, through refining in Wyoming, to heavy rare earth metals that are the immediate precursors to permanent magnets.

Strategic importance of a Wyoming-based heavy rare earth metals stream

American Rare Earths Halleck Creek project is the largest known deposit of total contained rare earth oxides in North America². By evaluating options to convert its heavy rare earth oxide stream to metal within this Wyoming anchored value chain, American Rare Earths aims to:

• Identify potential strategic benefits of integrating downstream processing beyond separated oxide production.
• Offer potential partners and customers a U.S.-based, jurisdictionally secure source of critical heavy rare earth metals.
  
• Further align Halleck Creek with U.S. policy priorities that frame rare earths as a national security imperative and seek to reduce reliance on foreign midstream and magnet supply chains.
  
  

American Rare Earths CEO Mark Wall commented “American Rare Earths believes that advancing oxide to metal options for its heavy rare earths stream is an important step toward realizing its vision of a Wyoming-based, mine to magnet contribution to the U.S. rare earths supply chain.”​​

This release was authorized by the Board of American Rare Earths.   

Investors can follow the Company’s progress at www.americanree.com 

________________________________
_{¹ Refer ASX announcement dated 9 February 2026
² Refer ASX announcement dated 4 February 2025}

About American Rare Earths Limited:  

American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) is a critical minerals company at the forefront of reshaping the U.S. rare earths industry. Through its wholly owned subsidiary, Wyoming Rare (USA) Inc. (“WRI”), the company is advancing the Halleck Creek Project in Wyoming—a world-class rare earth deposit with the potential to secure America’s critical mineral independence for generations. Located on Wyoming State land, the Cowboy State Mine within Halleck Creek offers cost-efficient open-pit mining methods and benefits from streamlined permitting processes in this mining-friendly state.  

With plans for onsite mineral processing and separation facilities, Halleck Creek is strategically positioned to reduce U.S. reliance on imports—predominantly from China—while meeting the growing demand for rare earth elements essential to defense, advanced technologies, and economic security. As exploration progresses, the project’s untapped potential on both State and Federal lands further reinforces its significance as a cornerstone of U.S. supply chain security. In addition to its resource potential, American Rare Earths is committed to environmentally responsible mining practices and continues to collaborate with U.S. Government-supported R&D programs to develop innovative extraction and processing technologies for rare earth elements.  

For more information:

Media Contact:

Susan Assadi
sassadi@americanree.com
347 977 7125

Investor Relations US Contact:

Beverly Jedynak
Beverly.jedynak@viriathus.com
312 943 1123

FAQ

What did American Rare Earths (AMRRY) announce on March 30, 2026 about oxide-to-metal work?

They engaged Tetra Tech to complete an Oxides to Metals study for HREE conversion to metal. According to the company, the study will evaluate technologies, select a preferred route, and produce process flow, mass balance and preliminary cost estimates for Halleck Creek HREEs.

Which heavy rare earth elements will AMRRY's Oxides to Metals study focus on?

The study focuses on samarium, gadolinium, terbium and dysprosium as priority HREEs. According to the company, these elements are essential for high-temperature permanent magnets used by defense and advanced technology sectors.

What technologies will the AMRRY Oxides to Metals study evaluate for metal production?

It will evaluate options including molten salt electrolysis and calciothermic reduction as conversion routes. According to the company, the study will compare available technologies and select a preferred process for HREE oxide-to-metal conversion.

How does the Oxides to Metals study align with AMRRY's Wyoming strategy and U.S. policy?

The study aims to advance a Wyoming-based mine-to-metal pathway that supports U.S. midstream development. According to the company, integrating oxide-to-metal capability could offer a jurisdictionally secure heavy rare earth metals source for U.S. customers.

Will the AMRRY study provide definitive capital costs and timelines for oxide-to-metal production?

No, the study will deliver preliminary capital and operating cost estimates rather than finalized capex or schedules. According to the company, the work will produce initial estimates, process flow diagrams and a preferred technology selection.