Quarterly Activities Report and Appendix 5B March 2023 QuarterHIGHLIGHTSAmerican Rare Earths is in the right place at the right time with potentially two of the largest rare earth deposits within the United States. During the March 2023 Quarter the company made significant progress advancing the development of its flagship project, Halleck Creek. Located in the mining friendly jurisdiction of Wyoming, the Halleck Creek Project is becoming a strategic asset for the USA to help onshore supply of rare earths and mitigate the long-term threat of China. 1.43 billion tonne Maiden JORC Resource at Halleck Creek Project, Wyoming, USA 1• Identified 4.73 million tonnes of contained Total Rare Earth Oxides (TREO).• Includes 1.05 million tonnes of highly valuable neodymium and praseodymium (NdPr).• Mineralisation contains TREO average grade of 3,309 ppm, including NdPr at 22.2%.• The deposit runs from surface to depths of up to 175.5m with consistent gradesthroughout, making deposit ideal for large-scale, low-cost open pit mining.• The deposit is environmentally friendly and lower cost with negligible levels of penaltythorium and uranium.Continued success with Halleck Creek metallurgical test work• Preliminary test work demonstrates a conventional process can be used to produce a rare earth concentrate.• Tests using Wet High Intensity Magnetic Separation (WHIMS) yielded a highly encouraging 90.5% recovery for an upgrade factor of 3.3, rejecting 71.7% of feed mass This provides opportunities to reduce capital and operating costs, as well as supporting our commitment to minimise our environmental footprint.• Recent tests build off outstanding mineralogy and comminution test work already completed.1 Refer ASX Announcement 30 March 2023 American Rare Earths – 1.43 Billion Tonne JORC Resource QUOTE Strong report ARR a looking forward to a productive year IMO
