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Project Update: Optimization Underway With Clear Path Set to Unlock Halleck Creek’s Rare Earth Potential

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American Rare Earths (OTCQX: AMRRY) has announced significant progress in optimizing mineral processing at its Halleck Creek Rare Earths Project's Cowboy State Mine in Wyoming. The company is conducting parallel mineral processing optimization tests focused on improving magnet rare earths recoveries through multiple comminution and beneficiation methods.

Key developments include ordering long-lead time equipment for a demonstration plant, including conventional magnetic separation equipment, and plans to commence test mining to extract ~3,200 tonnes of bulk samples. The optimization work involves testing three different comminution methods: Vertical Roller Mill, High Pressure Grinding Rolls Air Classifier, and HPGR Tower Mill.

While this additional optimization work will extend the Pre-Feasibility Study (PFS) timeline, it aims to create a more robust mineral processing flow-sheet and advance the project toward becoming a producing asset.

American Rare Earths (OTCQX: AMRRY) ha annunciato importanti progressi nell'ottimizzazione del processo di lavorazione dei minerali presso il progetto Halleck Creek Rare Earths, nella miniera Cowboy State in Wyoming. L'azienda sta conducendo test paralleli di ottimizzazione del processo di lavorazione con l'obiettivo di migliorare il recupero delle terre rare magnetiche attraverso diverse tecniche di frantumazione e beneficiamento.

Tra i principali sviluppi vi è l'ordine di apparecchiature con tempi di consegna lunghi per un impianto dimostrativo, inclusi sistemi convenzionali di separazione magnetica, e la pianificazione di avviare un test di estrazione mineraria per prelevare circa 3.200 tonnellate di campioni bulk. Il lavoro di ottimizzazione prevede la sperimentazione di tre diverse tecniche di frantumazione: mulino a rulli verticali, rulli di macinazione ad alta pressione con classificatore d'aria, e mulino a torre HPGR.

Nonostante questa ulteriore fase di ottimizzazione estenderà i tempi dello Studio di Prefattibilità (PFS), l'obiettivo è sviluppare un flusso di lavorazione mineraria più solido e portare il progetto verso la produzione effettiva.

American Rare Earths (OTCQX: AMRRY) ha anunciado avances significativos en la optimización del procesamiento mineral en el Proyecto Halleck Creek Rare Earths, en la mina Cowboy State en Wyoming. La empresa está realizando pruebas paralelas de optimización del procesamiento mineral enfocadas en mejorar la recuperación de tierras raras magnéticas mediante múltiples métodos de conminución y beneficiación.

Los desarrollos clave incluyen la orden de equipos con tiempos de entrega prolongados para una planta demostrativa, incluyendo equipos convencionales de separación magnética, y planes para iniciar una minería de prueba para extraer aproximadamente 3.200 toneladas de muestras a granel. El trabajo de optimización implica probar tres métodos diferentes de conminución: molino vertical de rodillos, rodillos de molienda de alta presión con clasificador de aire y molino torre HPGR.

Aunque este trabajo adicional de optimización extenderá el cronograma del Estudio de Prefactibilidad (PFS), su objetivo es crear un diagrama de flujo de procesamiento mineral más robusto y avanzar en el proyecto hacia convertirse en un activo productor.

American Rare Earths (OTCQX: AMRRY)는 와이오밍에 위치한 할렉 크릭 희토류 프로젝트의 카우보이 스테이트 광산에서 광물 처리 최적화에 있어 중요한 진전을 발표했습니다. 회사는 여러 분쇄 및 선광 방법을 통해 자성 희토류 회수를 개선하는 데 중점을 둔 병행 광물 처리 최적화 테스트를 진행하고 있습니다.

주요 개발 사항으로는 전통적인 자기 분리 장비를 포함한 시범 플랜트용 장기 납기 장비 주문과 약 3,200톤의 벌크 샘플 채취를 위한 시험 채굴 시작 계획이 포함됩니다. 최적화 작업은 수직 롤러 밀, 고압 분쇄 롤 공기 분류기, HPGR 타워 밀 등 세 가지 다른 분쇄 방식을 테스트하는 것을 포함합니다.

이 추가 최적화 작업으로 인해 예비 타당성 조사(PFS) 일정은 연장되겠지만, 보다 견고한 광물 처리 흐름도를 구축하고 프로젝트를 생산 자산으로 발전시키는 것이 목표입니다.

American Rare Earths (OTCQX: AMRRY) a annoncé des progrès significatifs dans l'optimisation du traitement des minéraux sur le projet Halleck Creek Rare Earths, dans la mine Cowboy State du Wyoming. La société mène des tests parallèles d'optimisation du traitement des minéraux visant à améliorer le rendement en terres rares magnétiques par le biais de plusieurs méthodes de concassage et de valorisation.

Les développements clés incluent la commande d'équipements à long délai pour une usine pilote, comprenant des équipements conventionnels de séparation magnétique, ainsi que des plans pour commencer une exploitation minière test visant à extraire environ 3 200 tonnes d'échantillons en vrac. Les travaux d'optimisation impliquent l'essai de trois méthodes de concassage différentes : broyeur à rouleaux vertical, broyeurs à haute pression avec classificateur d'air, et broyeur tour HPGR.

Bien que ces travaux supplémentaires d'optimisation prolongeront le calendrier de l'étude de préfaisabilité (PFS), l'objectif est de créer un schéma de traitement minéral plus robuste et de faire avancer le projet vers une production effective.

American Rare Earths (OTCQX: AMRRY) hat bedeutende Fortschritte bei der Optimierung der Mineralverarbeitung im Halleck Creek Rare Earths Projekt der Cowboy State Mine in Wyoming bekannt gegeben. Das Unternehmen führt parallele Optimierungstests der Mineralverarbeitung durch, die darauf abzielen, die Rückgewinnung von magnetischen Seltenen Erden durch verschiedene Zerkleinerungs- und Aufbereitungsmethoden zu verbessern.

Zu den wichtigsten Entwicklungen gehört die Bestellung von langfristig benötigter Ausrüstung für eine Demonstrationsanlage, einschließlich herkömmlicher magnetischer Trennanlagen, sowie Pläne, mit Testbergwerkstätigkeiten zur Gewinnung von etwa 3.200 Tonnen Bulkproben zu beginnen. Die Optimierungsarbeiten umfassen die Erprobung von drei verschiedenen Zerkleinerungsmethoden: Vertikalmühlen, Hochdruckwalzenmühlen mit Luftklassierer und HPGR-Turmmühlen.

Obwohl diese zusätzliche Optimierung die Zeitplanung der Vorstudie (PFS) verlängert, soll dadurch ein robusterer Mineralverarbeitungs-Fließplan entwickelt und das Projekt in Richtung Produktionsanlage vorangebracht werden.

Positive
  • None.
Negative
  • Additional optimization work will delay the Pre-Feasibility Study completion
  • Project still requires extensive testing before reaching production stage

Highlights

  • Mineral Processing optimization tests underway
    • Multiple parallel avenues of testing in progress with the objective of increasing overall magnet rare earths recoveries
  • Long lead time equipment ordered for a demonstration plant
    • Conventional magnetic separation equipment ordered, a critical component of a demonstration plant
  • Test mining set to commence
    • Test mining at the Cowboy State Mine to provide bulk samples for optimization test work and feedstock for a demonstration plant

DENVER, July 18, 2025 (GLOBE NEWSWIRE) -- American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) (“ARR” or the “Company”), is pleased to provide an update on project activities at Cowboy State Mine (“CSM”), part of the Halleck Creek Rare Earths Project in Wyoming.

American Rare Earths, through its subsidiary Wyoming Rare (USA) Inc. (“WRI”), will be performing a series of additional mineral processing optimization tests for the Cowboy State Mine’s Pre-Feasibility Study (“PFS”).

The additional work will occur in parallel to current planned mineral processing tests and includes testing multiple comminution (i.e. milling) methods and optimizing the beneficiation circuit (i.e. mineral separation and concentration). Figure 1 outlines the road map of the mineral processing optimization work underway.

In addition, the Company has already ordered long-lead time equipment for a demonstration plant and will commence test mining in the immediate term to extract the necessary feedstock for the future facility. The optimization work and demonstration plant are key steps forward in producing rare earth magnet oxides from Halleck Creek ore.

Why it matters? In general terms, a PFS is a key milestone to demonstrate, at a relatively high confidence level1 , the technical and economic viability of a project. The study is essentially a blue-print, backed by extensive laboratory test data, for the mine and mineral processing plant. A well-executed and robust PFS typically provides potential investors, strategic partners, creditors and off-take parties with confidence in the project’s production potential and underlying economics. In addition, it lays the foundation for future studies (i.e. Definitive Feasibility Study) which can lead to construction and development decisions. It is a key step in de-risking the project from a technical and economic standpoint, which, if successful, can move a development project one step closer to becoming a producing asset.

The objective of the comminution and beneficiation optimization testing is to find optimal and conventional processing methods to further increase the recovery of rare earth minerals. This additional optimization work sets a clear path for American Rare Earths to produce a robust mineral processing flow-sheet for the PFS and ultimately unlock Halleck Creek’s immense rare earths potential.

Once complete, the Company can also use the flow-sheet design as a blue-print for a demonstration plant to showcase and fine-tune the process at a larger scale. Given the confidence in the Halleck Creek project, steps to progress the demonstration plant have already commenced in parallel to the optimization work. However, most of the optimization work is in addition to the original PFS scope and as a result will extend the CSM PFS publication.

Summary of Optimization Work Underway:

  • Test Mining: The Company will exercise its License to Explore2 to collect bulk samples required to perform comminution tests. Approximately 8 tonnes are required for the comminution testing, however given the extraction equipment will be mobilized on site, the Company plans to extract ~3,200 tonnes to also fulfil the future demonstration plant feedstock needs.
  • Comminution: Reducing the proportion of fines (i.e. very fine material, ore milled below 50 microns) entering the beneficiation circuit enhances overall ore concentration and increases the total rare earth oxide (“TREO”) grade into leach. Reducing fines can reduce reagent consumption during leaching and impurity removal, which can potentially lower operating costs.
    • Three different comminution methods will be tested: Vertical Roller Mill (“VRM”), High Pressure Grinding Rolls (“HPGR”) Air Classifier and a HPGR Tower Mill.
  • Beneficiation: Induced Roll Magnetic Separators (“IRMS”) are the most effective method of separating allanite (i.e. rare earth host mineral) from gangue (i.e. material with no REE mineralization) material3 tested to date. This equipment will be used in the mineral processing flow sheet, however the primary separation method (i.e. pre-IRMS processing step) has room to be optimized.
  • Hydrometallurgy: Extensive scoping leach tests have already been completed and the leach parameters are well defined4. However, impurity removal (i.e. processing step after leaching) tests are currently underway. Once comminution and beneficiation process optimization testing concludes, bulk samples will be generated using the preferred grinding and separation options to run larger scale leach and impurity removal tests.

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

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

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1 PFS-level engineering estimates are typically classified as a Class 4 estimate according to the Association for Advancement of Cost Engineering International (AACEI), which aligns with this ±25% accuracy range
2 See ASX Release dated January 8, 2025 for additional details.
3 See ASX Release dated February 20, 2025 for additional details.
4 See ASX release dated July 16, 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 additional information:

Susan Assadi
Media Relations US
sassadi@americanree.com
347 977 7125

Beverly Jedynak
Investor Relations US
Beverly.jedynak@viriathus.com
312 943 1123

Figure 1 - Illustrative Mineral Processing Optimization Road Map5

Figure 1 - Illustrative Mineral Processing Optimization Road Map

Note: SX = Solvent Extraction, RC = Reverse Circulation

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5 See ASX Release dated February 20, 2025 and July 16, 2025 for additional details.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4fe602f9-397c-4081-9ec4-b59fd61f11f4


FAQ

What is the current status of American Rare Earths' (AMRRY) Halleck Creek project?

The project is undergoing mineral processing optimization tests with multiple parallel testing methods. The company has ordered demonstration plant equipment and will commence test mining of ~3,200 tonnes for bulk samples.

What processing methods is AMRRY testing at Halleck Creek?

The company is testing three different comminution methods: Vertical Roller Mill (VRM), High Pressure Grinding Rolls (HPGR) Air Classifier, and HPGR Tower Mill, along with Induced Roll Magnetic Separators (IRMS) for beneficiation.

How much material will AMRRY extract for test mining at Halleck Creek?

The company plans to extract approximately 3,200 tonnes of material, which will be used for comminution testing (~8 tonnes) and future demonstration plant feedstock needs.

What is the significance of the Pre-Feasibility Study for AMRRY's Halleck Creek project?

The PFS is a crucial milestone to demonstrate technical and economic viability with high confidence, serving as a blueprint for the mine and processing plant. It helps attract investors, strategic partners, and off-take parties while de-risking the project.

What impact will the optimization testing have on AMRRY's project timeline?

The additional optimization work, while beneficial for creating a more robust process, will extend the original timeline for publishing the Cowboy State Mine Pre-Feasibility Study.
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