Spotlight on American Rare Earths, page-4656

Amigos, the setting up of the Cowboy State Mine under WRI (a subsidiary of ARR) may sound like shareholders have been short-changed, but I beg to differ. I have copied a map of ARR's tenements from the Scoping Study (Page 10, March 2024). Note that ARR wrote in the document: "Cowboy State Mine shown in red border, limited to 400 acres initially to reduce capex for marketentry and reduce financing risk." And notice that it is a fraction of ARR's total holdings at Halleck Creek. Now, let us say the Cowboy State Mine is sold by WRI to a SPAC, or some other entity (the previous offer was $400 million, I think). Then, what happens to ARR and to shareholders? Simply, would not the money from the sale of WRI go to ARR? What next? ARR would be well-capitalised to start developing another part of Halleck Creek or go on a spending spree, would it not? Meanwhile the shareprice for ARR would reflect its new-found gain in capital. Let's face it. Halleck Creek is a multi-generational deposit. It will be developed in stages, as the old CEO, Don Swartz, told us. And Cowboy State Mine will be the first stage to be developed, I'm guessing.