American Rare Earths Reports Strong Initial Rare Earth Mineralization Data

The American Rare Earths Limited (ARR) has reported strong initial assay results from the first six HQ core holes of the 2026 Feasibility Study drilling program at the Cowboy State Mine, part of the Halleck Creek Rare Earths Project in Wyoming. The results, which are certified, QA/QC-verified, and laboratory-verified, confirm broad, near-surface rare earth mineralization at the Cowboy State Mine, with a pooled average grade of 3,497 ppm TREO (median 3,879 ppm) and a maximum single-sample assay of 9,084 ppm TREO over a 3.02 m interval in HC26-RM051. Approximately 93% of certified sampled intervals exceed the Company’s 1,000 ppm TREO Cowboy State Mine resource cut-off grade.

The 2026 Feasibility Study drilling program comprises up to approximately 2,877 meters of HQ core across 18 holes on Red Mountain, drilled by Boart Longyear, with Dahrouge Geological Consulting managing on-site logging and sample preparation. The program is expected to generate approximately 1,300 core samples for assay. The remaining core is being retained for geotechnical, hydrogeological, environmental and metallurgical test work supporting the Feasibility Study.

The initial six holes continue to demonstrate the broad, allanite-hosted rare earth mineralization characteristic of the Red Mountain intrusive complex and provide additional geological and analytical data to support ongoing Feasibility Study work at the Cowboy State Mine. The results remain outstanding from 12 additional holes completed as part of the 18-hole Feasibility Study drilling program.

The certified assay results have been received for the first six HQ core drill holes completed within the Cowboy State Mine development area at Red Mountain, representing the first analytical results from the 2026 Feasibility Study drilling program. The reported dataset comprises 386 unique geological assay intervals from six drill holes, with 20 QA/QC-only assays excluded from exploration-result statistics. Broad, near-surface rare earth mineralization was confirmed across all six holes, consistent with the Company’s existing geological model for the Cowboy State Mine deposit.

Across the 386 geological assay intervals, TREO grades average 3,497 ppm, with a median grade of 3,879 ppm and a maximum single-sample assay of 9,084 ppm TREO over 3.02 m in HC26-RM051. Approximately 93% (358 of 386) of the reported geological assay intervals exceed the Company’s 1,000 ppm TREO Cowboy State Mine resource cut-off grade, demonstrating the broad distribution of rare earth mineralization encountered in the initial drilling. Significant continuous mineralized intervals calculated on the corrected 386-interval dataset are presented in Table 2, including broad mineralized intervals in all six reported holes.

The initial six holes continue to demonstrate the broad, allanite-hosted rare earth mineralization characteristic of the Red Mountain intrusive complex and provide additional geological and analytical data to support ongoing Feasibility Study work at the Cowboy State Mine. The results remain outstanding from 12 additional holes completed as part of the 18-hole Feasibility Study drilling program.

The distribution of magnetic rare earth oxides (MREO) within the reported 2026 assay population is shown in Figure 1. The initial 2026 drill results are consistent with the broad grade distribution and near-surface mineralization represented in the existing Cowboy State Mine geological model and Mineral Resource Estimate. Across the six reported holes, the 386 geological assay intervals returned an average grade of 3,497 ppm TREO and a median grade of 3,879 ppm TREO. Approximately 93% (358 of 386) exceed the 1,000 ppm TREO cut-off used for the current Cowboy State Mine Mineral Resource, supporting the broad distribution of mineralization represented in the existing geological model.

Higher-grade mineralization is also present within the broad mineralized envelope, including a maximum individual sample of 9,084 ppm TREO over 3.02 m in HC26-RM051. These results provide additional data on the distribution and continuity of higher-grade material within the Red Mountain portion of the Cowboy State Mine. The initial results announced today provide additional geological and analytical information for the ongoing Feasibility Study workstream. Broad mineralized intervals encountered in the initial drilling provide data to support refinement of the geological model and evaluation of Mineral Resource classification within areas relevant to the proposed early mining sequence at the Cowboy State Mine.

With certified assay results now reported for the first six of eighteen planned HQ core drill holes, analytical results from the remaining twelve holes are expected as laboratory processing and technical review continue. American Rare Earths' technical team will continue to integrate the 2026 drilling results with geological logging, lithological interpretation, and the existing Cowboy State Mine geological model as additional results become available. Results from the remaining 2026 drill holes will be reported as certified assays become available and the Company's standard technical and QA/QC review procedures are completed. The expanded drilling dataset will support ongoing geological modelling, evaluation of Mineral Resource classification, Feasibility Study activities, the Whole of Property Development Assessment (WPDA), and future Mineral Resource updates where appropriate.