• Updated mineral resource estimate reclassifies 68.4 million tonnes to indicated resource
• Standout sample with 13,816 ppm TREO, a new record high for the Halleck Creek project
• Permits obtained for 27 drill holes at Cowboy State Mine and 29 holes at Bluegrass exploration area

American Rare Earths Ltd (ASX: ARR) announced an updated mineral resource estimate for the Cowboy State Mine (CSM) area within its Halleck Creek Rare Earths Project. The update incorporates the results from 18 additional channel samples and coincides with the acquisition of two new exploration drilling permits. The updated mineral resource estimate for the CSM area is approximately 547.5 million tonnes using a TREO cut-off grade of 1,000ppm. The channel sample results enabled the reclassification of approximately 63.9 million tonnes to the indicated category from the inferred category. An additional 4.5 million tonnes were added to the resource. The company also reported a standout channel sample (CS25-RM111) with a TREO grade of 13,816 ppm, which is a new record high for the entire Halleck Creek resource. In October 2025, ARR received two drilling permits from the Wyoming Department of Environmental Quality - Land Quality Division (WDEQ-LQD). 27 drill hole locations were permitted across the CSM area in preparation for in-fill drilling required for future technical studies beyond the forthcoming pre-feasibility study. Additionally, 29 drill hole locations were permitted across the Bluegrass Area, which has the potential to add meaningful tonnage to the Halleck Creek's current 2.6Bn tonne resource estimate.