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American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) ("ARR" or "the Company") is pleased to provide an overview of its quarterly activities for the period ending 31 December 2024. This review highlights the key achievements and ongoing activities that are shaping the Company’s future development. The Company continued its upward trajectory in the fourth quarter of 2024, advancing its Halleck Creek Project. With new partnerships, facility developments, and robust drilling results, ARR is poised to solidify its role as a cornerstone of the U.S. critical minerals supply chain.
Highlights
- Strategic Collaboration with BMO Capital Markets: The engagement of BMO Capital Markets as a financial advisor is a critical milestone in ARR’s strategy to accelerate the development of Halleck Creek by securing strategic investments and partnerships
- High-Grade Drilling Results: The Cowboy State Mine at the Halleck Creek Project yielded some of the highest- grade Total Rare Earth Oxide (TREO) results to date, including:
- 148.0m @ 4,451 ppm TREO (max 6,198 ppm TREO)
- Strategic Facility Secured: ARR’s subsidiary, Wyoming Rare USA Inc., secured a key facility at the Western Research Institute in Wyoming. This facility will centralise operations, house core samples, and serve as the future site for a pilot plant
- $7.1 Million State Grant: ARR received the first reimbursement of over A$450,000 from the Wyoming Energy Authority to support ongoing initiatives
Strategic Engagement
ARR engaged BMO Capital Markets, a global leader in metals and mining financial advisory, to accelerate the development of its Halleck Creek Project in Wyoming. BMO will assist ARR and its U.S. subsidiary, Wyoming Rare USA Inc., in securing strategic investments, partnerships, joint ventures, and offtake agreements to position Halleck Creek as a cornerstone of the U.S. critical minerals supply chain. This move aligns with growing U.S. bipartisan support for onshoring critical minerals and Wyoming’s economic goals. With support from the Wyoming Energy Authority and a Letter of Interest from the U.S. Export-Import Bank, ARR aims to capitalise on favourable market dynamics and establish long-term shareholder value while contributing to the national agenda for a secure, domestic rare earth supply chain.
Drilling Operations
ARR announced on 27 November final assay results from its 2024 drilling campaign at the Cowboy State Mine (CSM) within the Halleck Creek Project, Wyoming. These results highlight some of the highest-grade Total Rare Earth Oxide (TREO) intersections recorded in the region, confirming the project’s potential as a leading North American rare earth resource.
Key Highlights:
- High-Grade Intersections:
- HC24-RM046: 148.0 m @ 4,451 ppm TREO, including 52.5 m @ 5,273 ppm TREO (maximum 6,198 ppm TREO)
- HC24-RM048: 161.5 m @ 4,275 ppm TREO, including 40.5 m @ 5,287 ppm TREO (maximum 5,869 ppm TREO)
- HC24-RM049: 90.0 m @ 4,353 ppm TREO, including 16.5 m @ 5,313 ppm TREO (maximum 6,049 ppm TREO)
Drilling results demonstrate extensive high-grade zones, which will support updated geological models and resource estimates, crucial for advancing the project’s development.
These results emphasise the project’s potential to become a flagship rare earth resource for North America, aligning with the U.S. government’s strategic push to secure domestic critical mineral supply chains for defence and energy transition needs.
2024 Drill Hole Locations and Assay Summaries
With geological maps updated and Odessa Resources Ltd refining resource estimates, ARR announced an updated resource estimate on 29 January 2025 is and progressing a Pre-Feasibility Study (PFS), while engaging with strategic partners to unlock the project’s value.
Facility to Support Halleck Creek Project
Wyoming Rare (USA) Inc. secured a facility at the Western Research Institute in Laramie, Wyoming, marking a major step forward for the Halleck Creek Rare Earths Project. The facility will centralise operations by housing all drill core and assay samples and will also accommodate the construction of a pilot plant to advance rare earth processing capabilities. This partnership with the Western Research Institute, a renowned non-profit organisation specialising in energy systems and materials research, enables collaboration to enhance critical mineral development. The move aligns with Wyoming’s strategic goal of becoming a leader in rare earth element development while supporting the onshoring of critical mineral supply chains for the USA.
Wyoming Grant
The Company has received its first reimbursement of over A$450,000 from the Wyoming Energy Authority (WEA) grant, marking progress in developing the Cowboy State Mine at Halleck Creek. Part of a larger A$10.7 million (US$7.1 million) grant awarded in June 2024, the funds will support exploration drilling, environmental studies, and prefeasibility assessments, helping de-risk the project and achieve the Company’s 2025 goals. This milestone underscores ARR’s commitment to advancing the project and collaborating with the WEA to support Wyoming's energy strategy.
After many years of service to the Company farewelled Geoff Hill, a founding shareholder and long-standing member of the Board. ARR thanks Geoff for his exceptional leadership and strategic insights, which have significantly contributed to the Company’s growth and strengthened its position in the rare earths sector. His dedication and guidance leave a lasting legacy, providing a strong foundation for ARR’s future success.
The Company welcomed Mr. Hugh Keller to the Board as a Non-Executive Director, bringing extensive experience from his 34-year legal career at Dawson Waldron (now Ashurst) and various leadership roles across ASX-listed companies, private investment firms, and charities. Currently serving as a Non-Executive Director and Audit Committee Chairman for Cobalt Blue Holdings Limited, Hugh adds expertise in commercial contracts, audit procedures, and team leadership to the Board.
CEO, Chris Gibbs, was appointed as a Non-Executive Director on the Board of Godolphin Resources Limited (ASX: GRL). This appointment aligns with ARR’s increased investment in Godolphin, raising its shareholding to 19.82%, supported by a contribution of up to $510,000 to advance key projects, including the Lewis Ponds Gold and Base Metals Project and the Narraburra Rare Earths Project in New South Wales.
Melissa Sanderson has been appointed Co-Chair of the Critical Minerals Institute (CMI), a global organisation addressing challenges in the minerals sector. This role underscores her expertise in sustainable development and policy advocacy, aligning with ARR's mission to establish a secure North American rare earth elements (REE) supply chain. Mel’s extensive experience in geopolitics and ESG strategies further strengthens ARR’s leadership in advancing a sustainable and ethically sourced REE supply chain.
The Company’s Annual General Meeting was held on November 28, 2024.
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This article includes content from American Rare Earths Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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American Rare Earths Limited
Investor Insight
American Rare Earths is unlocking the USA’s rare earths potential through its strategic, high-value asset in Wyoming, ramping up its development to bolster the North American critical minerals supply chain.
Overview
American Rare Earths (ASX:ARR,OTCQX:ARRNF,ADR:AMRRY) is a critical minerals exploration company focused on its 100 percent owned Halleck Creek project in Wyoming. This project represents the largest known rare earth deposit in the US, with high concentrations of key magnet elements such as neodymium, praseodymium, dysprosium and terbium—essential components for renewable energy, electric vehicles and advanced defense systems.
The US currently depends on China for 80 to 90 percent of its rare earth processing, which poses a significant supply chain risk. Halleck Creek’s vast resource, with a 2.63-billion-ton JORC estimate at 3,292 parts per million (ppm) total rare earth oxide (TREO), provides an opportunity to secure domestic supply for nearly 100 years.
Beyond its substantial resource base, the project offers significant exploration upside, presenting a multi-generational opportunity to establish a sustainable rare earths supply chain in the US. The support from EXIM Bank further highlights the strategic importance of Halleck Creek in reducing U.S. dependency on foreign suppliers.Company Highlights
- American Rare Earth’s flagship project, Halleck Creek, is one of North America’s largest REE deposits. With a 2.63-billion-ton JORC resource at 3,292 ppm TREO, it holds the potential to meet US rare earths demand for approximately 100 years.
- The company is completely focused on developing a US-based critical minerals supply chain, aligning with US policies to reduce reliance on China for rare earth supply.
- The Halleck Creek project’s planned development consists of two phases. Phase 1 entails development of the Cowboy State mine, which is located entirely on Wyoming state land, enabling faster permitting and streamlined regulatory processes. Subsequently, cash flow generated from CSM will support development of the federal portions of Halleck Creek in Phase 2.
- This phased approach allows ARR to accelerate its pathway to production, enhance shareholder value, and strengthen its position as a key domestic supplier of rare earth elements in the United States.
- Well-positioned to address critical supply chain vulnerabilities, Halleck Creek benefits from strong federal and state support, including a non-binding EXIM Bank letter of interest for funding up to $456 million.
Key Projects
Halleck Creek Project (Wyoming)
The Halleck Creek project in Albany County, Wyoming, is the cornerstone of ARR’s growth strategy. Recognized as one of the largest, rare-earth deposits in North America, it boasts a JORC-compliant resource of 2.63 billion tons at 3,292 ppm TREO. The deposit is hosted in Precambrian granites and metamorphic rocks, which contain REE-enriched minerals like monazite and bastnaesite. The coarse-grained nature of the mineralization ensures cost-effective extraction and processing.
The high TREO content and low levels of impurities make Halleck Creek well-suited for producing separated rare earth oxides, particularly key magnet elements such as neodymium, praseodymium, terbium and dysprosium. The project’s proximity to established infrastructure, including roads and utilities, supports cost-efficient development. Detailed geological surveys have delineated a large, continuous mineralized zone, which currently covers only 16 percent of the total land package. Advanced metallurgical testing has confirmed recovery rates of up to 67 percent, with further optimization efforts ongoing. Drilling campaigns in 2024 successfully expanded resource estimates, validating the deposit’s scalability.
ARR plans to take a phased development approach for Halleck Creek, designed to maximize early value while minimizing risk. Phase 1 entails the development of the Cowboy State mine (CSM), which will focus on mining high-grade zones and generating early cash flow. Phase 1 will be developed entirely on Wyoming state land, enabling faster permitting and streamlined regulatory processes.
According to the Phase 1 Scoping Study, the CSM development is projected to require an initial capex of $380 million, with a 20 percent contingency. The study estimates an NPV of $430 million at a 10 percent discount rate and an IRR of 21.1 percent, based on a 3-million-ton-per-annum throughput rate. The project is expected to have a payback period of 2.9 years and a life of mine exceeding 20 years, with significant potential for future expansion.
In Phase 2, ARR plans to expand operations into federal land areas within the Halleck Creek property. This phase involves de-risking the federal portions of the project by leveraging cash flow from the initial phase and advancing permitting processes in parallel. Additionally, ARR is actively engaging with state regulators and local stakeholders to ensure compliance and support for its phased development approach.
Upcoming Work
ARR is advancing its development efforts on Halleck Creek over several fronts. The company plans to conduct additional drilling aimed at expanding the resource by targeting unexplored zones with known mineralization. In parallel, Phase 2 metallurgical testing will focus on improving recovery rates and producing high purity separated rare earth oxides to enhance project economics. To maintain its accelerated timeline, ARR is making progress on permitting, including advancing state-level approvals and environmental baseline studies for the CSM area. Furthermore, the company plans to initiate a pre-feasibility study (PFS) by late 2025, emphasizing a phased development strategy that includes the CSM as a key component.
La Paz Project (Arizona)
The La Paz project, located in western Arizona, is a promising asset in ARR’s portfolio, featuring a 171-million-ton JORC resource. The deposit is enriched in light rare earth elements, particularly cerium, lanthanum and neodymium, which are critical for renewable energy technologies and electric vehicles. The project benefits from excellent infrastructure, including proximity to roads and power. ARR continues to evaluate the potential for expanding the resource and advancing the project through further drilling and metallurgical testing. Although secondary to Halleck Creek, it holds potential as a long-term asset for ARR’s portfolio.
Beaver Creek (Wyoming)
This project is located near Halleck Creek and shares similar geological characteristics, indicating potential for significant rare earth mineralization. Preliminary fieldwork has identified areas with elevated rare earth element concentrations, and ARR plans to conduct detailed mapping and geophysical surveys to define drill targets.
Searchlight (Nevada)
Situated close to Mountain Pass, the only currently operating rare earth mine in the US, the Searchlight project is strategically located in a region known for its rare earth potential. ARR’s exploration strategy includes leveraging historical data and conducting modern geochemical sampling to identify high-priority areas for further exploration.
Leadership Team
Chris Gibbs - CEO & Executive Director
Appointed in November 2021, Chris Gibbs brings more than 30 years of experience in the resource sector across Australia, Canada, the US, South America, Africa and Europe. His track record includes driving growth and operational excellence for industry-leading mining companies. Prior to joining ARR, Gibbs held senior positions at Argonaut Gold, Centerra Gold, Barrick Gold, Placer Dome and Millennium Chemicals.
Joe Evers - President
Joe Evers has served in various leadership roles in the energy and mining industry. Most recently, Evers served as general counsel of American Rare Earths. Prior to that, he was corporate counsel at an international mining company and held positions of increasing responsibility in the land and policy departments at a publicly traded oil and gas company. Originally hailing from Sheridan, Wyoming, Evers received a bachelor’s degree and JD/MA in Environment & Natural Resources from the University of Wyoming. Evers was instrumental in securing a US$7.1 million grant from the State of Wyoming with support from partners Wyoming Energy Authority and the University of Wyoming Energy Resources Council.
Dwight Kinnes - Chief Technical Officer
A geologist with decades of experience, Dwight Kinnes has specialized in geological modeling of complex deposits in various international locations. Before joining ARR, he served as president of Highland GeoComputing LLC for 17 years, providing geological field services, modeling, GIS and database management to the mining industry.
Wayne Kernaghan - Company Secretary
Appointed on September 25, 2020. Wayne Kernaghan is a member of the Institute of Chartered Accountants in Australia with over 35 years’ experience in various areas of the mining industry. He is a fellow of the Australian Institute of Company Directors and a chartered secretary.
Board of Directors
Richard Hudson - Chairman
Richard Hudson contributes deep leadership expertise in mining and exploration, with a focus on mineral royalties, mineral economics, financial management, strategic planning and acquisitions. His extensive experience enhances the board's capacity to guide ARR's strategic initiatives.
Sten L Gustafson - Non-executive Director and Deputy Chairman
Sten Gustafson is the chief executive officer and a director of Pyrophyte Acquisition (NYSE:PHYT), a special purpose acquisition company focused on companies that provide products, services, equipment and technologies that support a variety of energy transition solutions. He is a highly experienced energy service industry executive, investment banker and corporate securities attorney. With over 25 years of experience in the global energy sector, Gustafson has advised on more than 100 corporate transactions worldwide worth over US$100 billion in value.
Melissa ‘Mel’ Sanderson - Non-executive Director
Melissa Sanderson’s international career has spanned diplomacy and mining for more than 30 years. She is adept at cross-cultural communication and brings exceptional leadership experience in inclusivity and diversity issues. At global mining leader Freeport-McMoRan, Sanderson sited, staffed and ran a corporate office focused on government and public relations and social responsibility programs. She has also served as a senior diplomat in the US Department of State.
Hugh Keller - Non-executive Director
Hugh Keller had a successful 34 year career as a partner at the law firm Dawson Waldron (now Ashurst) until retirement from full time legal practice in 2010. During this time, Keller served as joint national managing partner, Sydney office managing partner, chairman of the staff superannuation fund, one of the practice leaders, and as a board member. He was a non-executive director of ASX listed Thakral Holdings and a member of its audit committee until the company was acquired in a public takeover by Brookfield. He was a non-executive director of LJ Hooker and a member of its audit committee. He has also served as chairman of a large private investment company, several small investment companies and a private small exploration company. Keller has extensive legal experience and expertise in commercial contracts and arrangements, and public company audit committee procedures and requirements. He has led large teams of professionals and successfully managed people and resources in large projects.
Zelenskyy Calls US-Ukraine Minerals Deal a "Framework" as Security Guarantees Remain Absent
Ukraine President Volodymyr Zelenskyy has described a proposed natural resources agreement with the US as a "framework," emphasizing that it does not yet include concrete security guarantees for Kyiv.
His remarks came as a draft of the agreement, obtained by CNN, revealed that while the US acknowledges Ukraine’s security concerns, it does not make explicit commitments in that regard.
With US President Donald Trump seeking to end Russia’s war in Ukraine quickly while recovering US financial aid, Zelenskyy is positioning Ukraine's natural resources as a way to maintain American support.
The deal, however, only states that the US "supports Ukraine’s efforts to obtain security guarantees needed to establish lasting peace," leaving open questions about Washington’s role in Ukraine’s future defense strategy.
At a press conference in Kyiv, Zelenskyy acknowledged the deal lacks specific measures on security, stating that these need to be determined through joint discussions with the US and European partners.
He described the agreement as a potential "big success," but stressed that it is a starting point for further negotiations.
The draft agreement outlines the establishment of a "Reconstruction Investment Fund," a joint initiative aimed at attracting investment in Ukraine’s critical industries, including hydrocarbons, oil, natural gas and rare earths.
Under the terms, Ukraine will contribute 50 percent of revenues generated from the monetization of state-owned natural resources to the fund, with more detailed governance rules to be determined in a future agreement.
The deal has sparked debate within Ukraine, with some citizens expressing concern over the potential long-term implications of granting Washington economic access to Ukraine’s natural resources.
Prime Minister Denys Shmyhal sought to reassure the public, stating that Zelenskyy "will not sign or even consider any enslaving or colonial treaties that do not take Ukraine’s interests into account."
He framed the agreement as laying the foundation for Ukraine’s "future recovery."
Another point of contention is whether Ukraine will be required to repay US financial assistance. Zelenskyy has firmly rejected the notion of debt repayment under this deal, warning that setting such a precedent would be unacceptable.
Trump, who has expressed skepticism over US aid to Ukraine, recently claimed he is "trying to get the money back" that was provided under former President Joe Biden’s administration. Trump falsely said the US has given Ukraine US$350 billion since 2022; the actual amount is closer to US$120 billion, according to the Kiel Institute for the World Economy.
He also incorrectly claimed that European aid to Ukraine has been structured as loans, prompting a direct correction from French President Emmanuel Macron during a recent meeting.
Zelenskyy acknowledged the shifting political landscape in Washington, saying he plans to ask Trump directly whether the US will continue supporting Ukraine. If not, he suggested Ukraine could purchase American weapons directly, potentially using frozen Russian assets — estimated at US$300 billion — as a funding source.
The Reconstruction Investment Fund agreement is expected to be signed by US Treasury Secretary Scott Bessent and Ukraine’s Foreign Minister Andrii Sybiha. However, key details regarding governance, investment oversight and specific project allocations remain to be finalized in a subsequent agreement.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Hastings and Wyloo to Form Joint Venture for Yangibana Rare Earths Project
Hastings Technology Metals (ASX:HAS,OTC Pink:HSRMF) has signed an exclusive non-binding term sheet with Wyloo to form an unincorporated joint venture to develop the Yangibana rare earths and niobium project.
Hastings regards Western Australia-based Yangibana as a world-class rare earths and niobium deposit.
Discovered in 2014, Yangibana has since progressed from exploration to construction, with first production expected in the second quarter of 2026. The operation has a projected 17 year mine life, with Stage 1 concentrate production estimated at 37,000 tonnes per year. Construction at the site is described as 30 percent complete.
“The joint venture agreement is the result of what has been ongoing, positive discussions between Hastings and Wyloo regarding the exchangeable notes and a mutually beneficial way to proceed with the development of the Yangibana project, within which significant value will be realised,” said Hastings Executive Chairman Charles Lew.
Wyloo will hold a 60 percent participating interest in the unincorporated joint venture, with the option to increase its share to 70 percent. Hastings’ subsidiary, Yangibana Jubilee, will have the other 40 percent.
A Financial Review article notes that if all steps of the deal are completed, Hastings' AU$200 million debt to Wyloo will be settled. Wyloo, which is led by billionaire Andrew Forrest, lent AU$150 million to Hastings in 2022, earmarking the funds for the purchase of a 21.5 percent stake in Neo Performance Materials (TSX:NEO,OTC Pink:NOPMF).
In November 2024, Wyloo issued a default notice to Hastings, citing concerns over the company’s ability to pay back the debt. This action came after Hastings secured a AU$5 million loan from Equator Capital, an entity associated with Lew. The default notice was subsequently withdrawn, and both parties resumed discussions to resolve the financial concerns.
As mentioned, if Hastings satisfies all terms of the new deal with Wyloo, the debt will be forgiven.
The first step, which saw Hastings transfer the majority of its Neo position to Wyloo, was completed on February 20. Wyloo now holds 19.9 percent of Neo. Step two involves the establishment of the 60/40 joint venture.
The final step will see Hastings sell its remaining 1.46 percent of Neo shares, with all sale proceeds to be paid to Wyloo.
Execution of the deal is expected by the end of March. The arrangements are subject to shareholder approval.
Shares of Hastings jumped on the news, rising as high as AUS$0.37 on February 21. However, the company's share price has declined significantly over the past year due to the uncertainty at Yangibana, falling around 40 percent.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Updated Scoping Study Highlights Billion-Dollar Potential— Positioning ARR as a Future Rare Earth Leader in the USA
American Rare Earths (ASX: ARR | OTCQX: ARRNF and AMRRY) (“ARR” or the “Company”) is pleased to announce the results of its Updated Halleck Creek Scoping Study, confirming the project’s strong economics, scalability, and strategic importance.
- Strong economics, scalable growth: 3 Mtpa base case offers NPV10% of US$558M, IRR 24%, with a low-risk CAPEX of US$456M.
- Billion-dollar potential: 6 Mtpa case delivers NPV10% of US$1.17B, IRR 28.4%, and CAPEX of US$737M.
- First-mover advantage: State land tenure accelerates permitting, positioning ARR as a leading U.S.- based rare earths developer independent of tariffs and reliance on foreign processing.
- Vast Scalability & Growth: The 3 Mtpa Phase 1 will mine ~62.3Mt of ore over 20 years, utilising just ~2.4% of the 2.63Bt JORC resource2. With further studies underway, Halleck Creek could support a larger, long-term operation, with potential for extended mine life and increased production capacity.
- Deposit remains open at depth and along strike, with the current JORC resource of 2.63Bt covering only ~16% of the greater Halleck Creek surface area, highlighting significant expansion potential.
Compiled by independent engineering firm Stantec Consulting Services Inc., the Study highlights Halleck Creek’s strong economic potential, strategic advantages, and clear pathway to development as a U.S.-based rare earths project. Located in Wyoming, a Tier 1 mining jurisdiction, Halleck Creek benefits from state land tenure, allowing for accelerated permitting and development.
Compelling Economics & Scalable Growth
The Updated Scoping Study confirms Halleck Creek as a world-class rare earths project with robust financials and long-term scalability:
- 3 Mtpa Base Case:
- NPV10% of US$558 million, IRR of 24%
- CAPEX of US$456 million, with a 2.7-year payback period
- Annual production: ~4,169 metric tons of TREO, including 1,833 metric tons of NdPr oxide
- 6 Mtpa Case:
- NPV10% of US$1.171 billion, IRR of 28.4%
- CAPEX of US$737 million, with a 1.8-year payback period
- Annual production: ~7,661 metric tons of TREO, including 3,344 metric tons of NdPr oxide
First-Mover Advantage & U.S. Supply Chain Security
As the only large-scale rare earths project in the U.S. with a clear path to production, ARR is positioned to secure a domestic, tariff-free supply of critical minerals for U.S. and allied markets.
- China controls over 90% of global rare earth refining. With the U.S. prioritizing supply chain security, ARR is uniquely positioned as a credible U.S.-based developer to deliver a fully integrated solution— from mining to refining.
- State land tenure accelerates permitting, avoiding the lengthy delays often associated with projects on federal land.
- Halleck Creek's 100% U.S.-based production and refining will ensure a secure, domestic supply of rare earth oxide metals—eliminating reliance on foreign supply chains and reinforcing the 'Made in America' commitment.
- Deposit remains open at depth and along strike, with the current JORC resource of 2.63Bt covering only ~16% of the greater Halleck Creek project area, highlighting significant expansion potential.
Clear Development Pathway & Future Growth
Halleck Creek’s staged development approach ensures financial and operational flexibility, allowing ARR to scale production in alignment with market demand:
- Base Case: 3 Mtpa – Low-risk entry to production to produce an average of 4,169 mt of TREO per annum, including 1,833 mt of NdPr Oxide.
- Alternate Case: Scalable to 6 Mtpa – Enhancing project economics, producing an average of 7,661 mt TREO per annum, including 3,334 mt of NdPr Oxide
- Future Expansion Potential: The Cowboy State Mine (“CSM”) represents only Phase 1 of Halleck Creek’s development, benefiting from a strategic permitting advantage. The 20-year CSM LOM plan includes mining approximately 62.3 Mt of ore—just ~2.4% of the total 2,627 Mt JORC Mineral Resource—highlighting the vast potential for extended mine life and increased production in future phases. Given the increasing demand for rare earths, ARR is evaluating further studies, as Halleck Creek could support a much larger, long-term operation, with potential for extended mine life and increased production capacity that could position ARR among the top rare earth producers outside China.
CEO Commentary
Chris Gibbs, CEO of American Rare Earths, commented:
"The Updated Scoping Study reinforces Halleck Creek strong economic potential, strategic permitting advantage and clear pathway to development. With a large-scale resource and favourable economics, we are uniquely positioned to help secure America’s rare earth supply and reduce dependence on foreign sources.
"The 6 Mtpa case highlights Halleck Creek’s billion-dollar potential, delivering an NPV10% of US$1.17B and an IRR of 28%, showcasing the project’s scalability. The 3 Mtpa base case offers a low-risk entry point, producing 1,833 metric tonnes of NdPr oxide annually, with an NPV10% of US$558M, an IRR of 24%, and a 2.7-year payback period.
"With a scalable development pathway under evaluation, Halleck Creek has the potential to become a major supplier to U.S. and allied markets. Future production scenarios could position ARR among the top rare earth producers outside China, reinforcing America’s supply chain security for decades to come.
"And we’re not just mining—we are developing a fully integrated U.S. supply chain, refining and producing high- purity rare earth oxides for American manufacturers. Halleck Creek aligns with the growing push for Made-in- America critical minerals, securing a domestic supply for defense, aerospace, and high-tech manufacturing.”
Next Steps & Milestones
Building on strong execution in 2024, ARR is advancing key milestones to further de-risk and develop Halleck Creek, as outlined in the Updated Scoping Study and supported by recent metallurgy results. These developments reinforce the project's scalability and strategic importance as a leading U.S. rare earths asset. With a staged development approach, first production could be as early as 2029, subject to ongoing technical and economic assessments. The Company is looking at ways to fast-track development, including plans to commence Phase One of a pilot plant for the beneficiation process. The roadmap ahead highlights key next steps for 2025 and the next major stage gate in the project’s development.
Click here for the full ASX Release
This article includes content from American Rare Earths, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Rare Earths, Real Moves: Australia’s Rare Earths Independence Strategy
Benchmark Source, a division of Benchmark Mineral Intelligence, recently outlined the Australian government's financial efforts in developing a rare earths supply chain independent of China.
In an article, Benchmark Source notes that the country is leading upstream financing commitments in this arena, adding that diversification away from China is “critical for the national and economic security of Western nations."
"Australia has dominated financing for upstream projects, while Europe leads in recycling initiatives and the US has committed towards magnet manufacturing," said senior rare earths analyst Neha Mukherjee.
"This underscores ex-China efforts to diversify and mitigate supply vulnerabilities."
Australian government investing in rare earths
Looking at the Australian government's rare earths financing efforts, Benchmark Source points to the National Reconstruction Fund's (NRFC) January commitment of AU$200 million for the development of Arafura Rare Earths' (ASX:ARU,OTC Pink:ARAFF) Nolans rare earths project, located in the Northern Territory.
“The NRFC’s cornerstone commitment is part of Arafura’s broader capital raise and will help catalyse the raising of the remaining funds required to commence project development,” the NRFC said at the time.
Nolans is set to be Australia’s first ore-to-oxide rare earths processing operation. Arafura said it is expected to account for around 4 percent of the world’s neodymium and praseodymium (NdPr) demand from 2032.
Benchmark Source also notes that Iluka Resources (ASX:ILU,OTC Pink:ILKAF) received AU$400 million of additional funding from the Australian government in December, granted for the Enneaba rare earths refinery.
According to Iluka, the refinery will establish Western Australia as a strategic hub for the downstream processing of rare earths. It is expected to produce neodymium, praseodymium, dysprosium, terbium and more starting in 2027.
In addition, this past November, Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF) opened its Kalgoorlie rare earths processing facility in Western Australia. It is the country’s first rare earth processing facility and the largest facility outside China. Kalgoorlie received AU$20 million from the Australian government in 2023.
“As the only significant ex-China producer of separated rare earths, Lynas plays an important role in the global rare earths supply chain,” Lynas CEO and Managing Director Amanda Lacaze said at the time.
For its part, Australian Strategic Materials (ASX:ASM,OTC Pink:ASMMF) received AU$5 million for its Dubbo rare earths project under the Australian government’s International Partnerships in Critical Minerals Program last October.
The US also made a financing commitment to Dubbo, with the US Export-Import Bank signing a US$600 million non-binding letter of interest with Australian Strategic Materials to help progress the project.
Pursuing partnerships outside Australia
In May 2024, Australia and the EU signed a memorandum of understanding regarding a bilateral partnership to cooperate on the supply of sustainable critical and strategic minerals.
A release notes that Australian products, which have high ESG standards, are ideal to supply the EU market.
In September of last year, Australian company ABX Group (ASX:ABX) made a deal with Ucore Rare Metals (TSXV:UCU,OTCQX:UURAF) to establish a binding offtake agreement for the supply of mixed rare earth carbonates from Australia to the US through enhanced collaboration.
In previous years, Australia has made other significant deals with the US on critical minerals.
In 2019, Geoscience Australia CEO James Johnson and US Geological Survey Director Jim Reilly formed a partnership aimed at helping to develop both nations’ critical mineral assets.
According to a press release, they agreed to take certain steps in strengthening an existing memorandum of understanding by collaborating on research and increasing critical minerals capacity for both countries.
What else is Australia doing to support critical minerals?
Data from the US Geological Survey shows about 390,000 tonnes of rare earths were produced globally in 2024.
China remains the major producer at 270,000 tonnes, accounting for almost 70 percent of the global production rate. Australia produced 13,000 tonnes, which is 3,000 tonnes lower than its production in 2023.
In a 2023 report, Dr. John Coyne, director of national security programs at the Australian Strategic Policy Institute, underlines that effective coordination between Australia’s state, territory and federal governments, as well as mining and industry, and international partners “will be pivotal to developing” the country’s critical minerals.
Industry experts have warned how additional environmental and Indigenous consultation requirements could cause uncertainty and duplicative processes. The Minerals Council of Australia and the Association for Mining and Exploration Companies highlight the need for precise guidelines to safeguard the development of the critical minerals industry.
On February 12, Australia passed the Critical Minerals Production Tax Incentive, which will provide a refundable tax credit on 10 percent of eligible costs associated with the production of critical minerals and rare earths.
“The incentives are valued at AU$7 billion over the decade,” said Federal Resources Minister Madeleine King.
“The passing of this legislation is a historic moment for the resources industry and a big deal for resource states like Western Australia and Queensland,” she added. “By processing more of these minerals here in Australia we will create jobs and diversify global supply chains.”
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Ukraine Rejects US Bid for Critical Minerals, Seeks Better Deal
Ukrainian President Volodymyr Zelenskyy has declined a US bid to take control of half of Ukraine’s rare earth mineral rights, instead signaling his intention to pursue a more favorable deal.
The proposal, brought to Kyiv last week by American Secretary of the Treasury Scott Bessent, came after President Donald Trump’s controversial suggestion that the US should secure approximately US$500 billion worth of Ukraine’s critical resources in exchange for military support amid the country's ongoing war with Russia.
The proposed agreement would have granted the US ownership of around 50 percent of Ukraine's substantial reserves of minerals such as lithium, titanium and graphite — resources vital for high-tech industries and defense.
The deal presented by Bessent centers on repayment for past US aid, without addressing future assistance or security guarantees, a key point of concern for Zelenskyy and his administration.
Zelenskyy, alongside other Ukrainian officials, has expressed reservations over the terms of the deal.
The Ukrainian president is seeking a broader arrangement that ties the country's mineral rights to ongoing protection.
“We are still talking,” Zelenskyy remarked during a press briefing in Munich on Saturday (February 15).
He emphasized that any agreement would need to involve not just the US, but also other international partners, including European Union countries, to ensure Ukraine's long-term security and stability.
The lack of clear security guarantees in the proposal has raised questions in Ukrainian circles, particularly as Russian forces continue to target vital infrastructure, including eastern regions rich in mineral resources.
Bessent has defended the US proposal, saying that the presence of American forces looking to secure Ukrainian mineral deposits would serve as a deterrent to Russian aggression. This explanation has done little to reassure Ukrainian officials, who have criticized the deal for failing to offer a substantive long-term security framework.
The Financial Times reported that a senior Ukrainian official, familiar with the negotiations, described the document as “tough,” with little regard for Ukraine’s sovereignty and future needs.
Adding complexity to the negotiations, the US proposal specifies that any disputes over the mineral rights would be resolved under New York law. Ukrainian officials have expressed skepticism about the enforceability of such terms, particularly given the ongoing conflict and the difficulties of conducting business in a war-torn country.
Zelenskyy has made it clear that Ukraine will not sign any deal until further legal review and negotiations are completed.
Ukraine’s mineral sector faces significant challenges. The country’s critical minerals are located in areas heavily affected by the conflict with Russia, making extraction and development operations risky and difficult to manage.
The Zavallivsky graphite mine, for example, a vital source of the nation’s mineral wealth, has suffered from equipment shortages and workforce reductions due to the war, hindering its ability to expand production to meet potential demand.
Furthermore, industry experts have warned that large-scale extraction of Ukraine’s minerals would require significant foreign investment, which remains uncertain amid the unstable security situation. Without it, the country's mineral reserves are likely remain underdeveloped, despite their immense potential value.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Trump Ties Ukraine Aid to US$500 Billion in Rare Earths
US President Donald Trump has linked continued American support for Ukraine in its war against Russia to securing US$500 billion worth of critical minerals from the country.
“I told them I want the equivalent of like US$500 billion worth of rare earth,” he said in an interview with Fox News.
Trump added that ongoing aid without securing such assets would be an unsustainable approach, noting that financial assistance should be matched by corresponding resource access.
Ukraine reportedly holds significant deposits of rare earth elements, as well as lithium, titanium and other critical minerals necessary for advanced technology and defense manufacturing.
While the country has sought international partnerships to develop its resource sector, much of its mineral wealth remains untapped or is located in contested regions affected by the war.
Trump’s remarks are a reflection of US interest in securing alternative supply chains for critical minerals. While the US is keen to ramp up domestic output, it is also looking to reduce dependence on Chinese suppliers.
Ukraine has positioned its mineral wealth as a strategic bargaining tool, with President Volodymyr Zelenskyy promoting resource development as part of his country’s long-term recovery and defense strategy. In a recent interview, he said he is open to discussions with the US regarding mineral extraction and economic partnerships.
“The Americans helped the most, and therefore the Americans should earn the most,” Zelenskyy said, also indicating that Ukraine’s allies will play a role in post-war reconstruction, which will include resource development.
Despite Ukraine's potential for large-scale resource extraction, industry experts caution that developing the country's mining sector presents challenges. Many deposits require substantial investment before they can be commercially viable, and on top of that, ongoing conflict in the country complicates new mining operations.
The Zavallivsky graphite mine, a 90 year old operation in Ukraine, illustrates these difficulties. It is currently facing equipment shortages, workforce reductions due to the war and disruptions in funding.
Speaking to Reuters, CEO Ostap Kostyuk acknowledged the potential for expansion, but noted that outdated infrastructure and financing issues limit production. “No matter what, it’s a long-term investment,” he explained to the news outlet, emphasizing that it would take years to scale up operations to meet US demand.
As a whole, Ukraine’s mining sector has struggled with chronic underinvestment. The country’s mineral reserves were classified over two decades ago, making it difficult to assess their current and full economic potential.
Ksenia Orynchak, head of the National Extractive Industries Association, echoed the idea that without significant foreign investment, large-scale mineral extraction will remain a challenge.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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