Quarterly Activities/Appendix 5B Cash Flow Report

• Defined a Wyoming-led pilot plant pathway to pre-production rare earth oxide
• Awarded a Whole of Property Development Assessment for Halleck Creek
• Strengthened leadership and execution capability with key appointments

During the March 2026 quarter, American Rare Earths materially accelerated the strategic development of its flagship Halleck Creek Rare Earths Project, progressing the project from technical evaluation toward execution within a U.S. aligned, mine-to-magnet development pathway. The Company outlined a Wyoming-led pilot plant processing pathway designed to accelerate the production of pre-production rare earth oxide, combining front-end mineral processing in Wyoming with downstream hydrometallurgical processing and oxide separation at the Saskatchewan Research Council in Canada. This defined pilot plant pathway represents a material acceleration of the Halleck Creek development timeline. The Company also awarded a Whole of Property Development Assessment for the Halleck Creek Project to a major engineering firm, which will integrate geological, metallurgical, mining and permitting data across the broader Halleck Creek land package and establish a development roadmap for future phases of the project. Additionally, the Company strengthened its leadership and execution capability, including the consolidation of the CEO/President role, appointment of a Vice President of Corporate Development and Strategy, and appointment of a Wyoming-based Director of Public and Government Affairs.

The Company continues to demonstrate disciplined capital management, reporting a strengthened cash position of A$24.8m at 31 March 2026.

Over the coming quarters, American Rare Earths will continue accelerating the development of the Halleck Creek Project through targeted infill drilling, pilot-scale processing, downstream technology evaluation and expanded U.S. Government and strategic partner engagements.