Mineral resource estimate updated for the Cowboy State Mine area at Halleck Creek

American rare earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) (“ARR” or the “Company”), is pleased to announce an updated mineral resource estimate for the Cowboy State Mine area within its flagship Hallack Creek Rare Earths Project. The update includes results from 18 additional channel samples and coincides with the acquisition of two new exploration drilling permits.

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Highlights

• Updated Mineral Resource Estimate in the Cowboy State Mine (“CSM”) Area RECLASSIFIES INDICATED RESOURCES BY 68.4 MILLION TONNES.
  • 102 Channel samples collected in 2025 provided data points for an updated geological resource model, resource conversion and mineral resource estimation
  • During the summer exploration and mapping, 18 additional channel samples were collected in the CSM area
    • 18 channel samples returned average values ​​of 5,471 ppm Total Rare Earth Oxides (TREO)
    • Standout sample (CS25-RM111) contained a new record high test grade for the entire Halleck Creek Resource with a Total Rare Earth Oxide (“TREO”) grade of 13,816 PPM, which is 4x higher than the resource average
• New permits for exploration drilling obtained at Halleck Creek:
  • In the CSM area, 27 drilling locations were permitted for the development drilling required for future engineering studies beyond the Pre-Feasibility Study (“PFS”)
  • The Bluegrass area allowed 29 holes, a potential exploration target that would add to Halleck Creek Mineral Resources’ total estimates

Odessa Resource Ltd. (“Odessa”), of Perth, Australia, was contracted to update the geological resource model for the CSM area using 102 channel samples collected in 2025. The locations and tests for the 102 channel samples added to the geological resource model can be found in Appendix B. The updated mineral resource estimate for the Cowboy State Mine area is approximately 547.5 million tonnes with a TREO cut-off value of 1.00 ppm, see Table 1 and Figure 4. The canal sample results allowed Odessa to reclassify approximately 63.9 million tonnes to the indicated category from the inferred category from the mineral resource estimate presented in the updated February 2025 CSM Scoping Study¹See Table 2. Additional mapping associated with the channel sampling expanded the resource area, increasing the CSM mineral resource estimate by approximately 4.5 million tons. It should be noted that the total tonnage increase and change in grade do not reflect a material change in the total resource estimates for the Cowboy State Mine area.

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