Continued Exceptional Drilling At The Halleck Creek Rare Earths Project

DENVER, CO - American Rare Earths Limited (ARR) reported continued exceptional drilling results from its October-November 2023 drilling campaign at Overton Mountain, located within the broader Halleck Creek Rare Earths project area. Of the fifteen-reverse circulation (RC) holes drilled, there was an average TREO value 24% higher than that of the Company’s previous JORC resource estimate (3,309 ppm TREO). Nine of the fifteen RC holes exhibit an average TREO value of greater than 4,000 ppm, utilizing a cutoff value of 1,500 ppm. The addition of the final RC assays will be a significant contribution to upgrading the Company’s current 1.43 billion tonne JORC resource. The fence diagrams presented herein illustrate the homogenous nature of the deposit which lends itself to low-cost, near-zero strip ratio mining operations.

CEO, Donald Swartz said, “Exceptional results from the recent resource upgrade drilling campaign at the Halleck Creek Resource Area have not only surpassed our expectations, but are expected to exceed our previous resource estimates. The average TREO values of the RC holes, especially HC23-OM044's outstanding intercept, demonstrate the potential of this project. These results along with the recently announced diamond drilling results provide us confidence to be able to provide shareholders with a significant upgrade to our JORC resource estimates, which is expected in Q1 2024.”