CSM Study Strengthens Foundation for U.S. REE Supply

• Positive study outcome: Updated Scoping Study estimates after tax NPV of approximately US$1.07 billion at an 8% real discount rate for Cowboy State Mine
• Greater production scale: Planned throughput increases 50% to 4.5 million tonnes per annum, with average annual neodymium and praseodymium (NdPr) oxide production of approximately 2,500 tonnes
• Advancing a domestic supply pathway: Mine and processing development in Wyoming, together with metallisation test work at Novex, supports ARR's strategy to connect U.S. rare earth resources with the permanent magnet supply chain

American Rare Earths Limited (ASX: ARR) announces an updated Scoping Study for Cowboy State Mine (CSM), outlining a larger development platform for a potential domestic source of rare earth materials in the United States. The Study evaluates a 4.5 million tonne per annum operation over 26 years, with estimated after tax NPV of approximately US$1.07 billion at an 8% real discount rate and initial capital of approximately US$900 million, including contingency. The study highlights a 50% increase in planned throughput, a 36% increase in average annual neodymium and praseodymium (NdPr) oxide production, and a longer operating platform of 26 years. The study also supports the Company's strategy to connect U.S. rare earth resources with the permanent magnet supply chain. The next milestones include recovery optimization, pilot and demonstration work, infrastructure studies, and permitting.

Initial capital estimated at US$900 million, including contingency

The Company is focused on advancing the technical, permitting, and funding work needed to turn the opportunity into a development decision.