American Rare Earths Receives First Reimbursement from Wyoming Grant

Rhea-AI Summary

American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) has received its first reimbursement of over US$304,000 (A$450,000) from the Wyoming Energy Authority (WEA) grant. This marks significant progress in developing the Cowboy State Mine at Halleck Creek. The reimbursement follows the approval of a US$7.1 million (A$10.7 million) non-dilutive funding grant on June 27, 2024. Funds will support ongoing initiatives including exploration drilling, baseline environmental studies, and prefeasibility assessments.

CEO Chris Gibbs stated that this reimbursement is important for executing their plans and de-risking the Cowboy State Mine, aiding in achieving their 2025 goals. The company owns Wyoming Rare (USA) Inc., focused on the Halleck Creek Project, WY, and the La Paz, AZ rare earth deposit. Both projects have the potential to become the largest and most sustainable rare earth projects in North America.

Positive

• Received first reimbursement of US$304,000 from Wyoming Energy Authority grant
• Approved for US$7.1 million in non-dilutive funding
• Funds support exploration drilling, environmental studies, and prefeasibility assessments
• Progress in developing the Cowboy State Mine at Halleck Creek
• Potential to become the largest and most sustainable rare earth projects in North America

Negative

• None.

Highlights:

• First reimbursement of over US$304,000¹ (A$450,000) received from the Wyoming Energy Authority grant.
• Marks significant progress in the development of the Cowboy State Mine at Halleck Creek.
• Reimbursement supports ongoing initiatives including exploration drilling, environmental studies, and prefeasibility assessments.
  

DENVER, Oct. 22, 2024 (GLOBE NEWSWIRE) -- American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) is pleased to announce that it has received its first reimbursement from the Wyoming Energy Authority (WEA) grant, totalling just over US$304,000 (A$450,000). This milestone highlights the progress of our Cowboy State Mine at Halleck Creek.

Following the successful approval of our grant proposal on June 27, 2024, for US$7.1 million (A$10.7 million) in non-dilutive funding, this reimbursement underscores our commitment to advancing the project. The funds will be utilized for ongoing initiatives including exploration drilling, baseline environmental studies, and prefeasibility assessments.

Chris Gibbs, CEO, 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."

This announcement has been authorized for release by the CEO of 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.

For additional information
Contact:
Susan Assadi
Media Relations US
sassadi@americanree.com
347 977 7125

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

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¹ Exchange rate A$1:US$0.67

FAQ

What is the amount of the first reimbursement received by American Rare Earths (ARRNF) from the Wyoming Energy Authority grant?

American Rare Earths (ARRNF) received its first reimbursement of over US$304,000 (A$450,000) from the Wyoming Energy Authority grant.

When was American Rare Earths (ARRNF) approved for the Wyoming Energy Authority grant?

American Rare Earths (ARRNF) was approved for the Wyoming Energy Authority grant on June 27, 2024.

What is the total amount of the non-dilutive funding grant approved for American Rare Earths (ARRNF)?

American Rare Earths (ARRNF) was approved for US$7.1 million (A$10.7 million) in non-dilutive funding from the Wyoming Energy Authority grant.

What will the reimbursement funds be used for by American Rare Earths (ARRNF)?

The reimbursement funds will be used by American Rare Earths (ARRNF) for ongoing initiatives including exploration drilling, baseline environmental studies, and prefeasibility assessments for the Cowboy State Mine at Halleck Creek.