Ann: Scoping Study, low-cost, scalable world-class REE Project, page-2

American Rare Earths CEO, Donald Swartz, commented on the results:
“The work presented herein is a culmination of several years of hard work that highlights the potential
of Halleck Creek to be the next world-class REE project. The study has revealed a truly elegant solution,
as its simplicity unlocks the potential to decouple Western supply chains from Chinese oligopolies. The
favourable geology combined with conventional technology, low-operating expenses, modest initial
capital expenditures, associated with an expedited path to production have converged to offer a project
that is compelling – even when compared against the heavily subsidised Chinese state-owned
entities. As the Western downstream industries for rare earths are being advanced from a nascent
stage, we have right-sized the initial phase of development to produce a reasonable amount of
separated rare earths, within a project area which is highly scalable over time. This is a project that
could yield transparent pricing, provide reliable supply, and allow the U.S. to REEshore this industry.”
The study was completed with the expertise of highly experienced and reputable independent
engineering consulting firms: Stantec, Tetra Tech and Odessa Resources.