November 7, 2024 — In a recent interview with Investor.News host Tracy Hughes, Chris Gibbs, CEO and Executive Director of American Rare Earths Limited (ASX: ARR | OTCQX: ARRNF), provided a comprehensive update on the company’s progress at the Halleck Creek Project in Wyoming. American Rare Earths is focused on advancing Halleck Creek, a major rare earth deposit in the U.S., which Gibbs describes as “the largest rare earths deposit in the heart of the United States.” With a JORC resource estimate of 2.34 billion tonnes, Halleck Creek has shown substantial rare earth mineralization from surface to a depth of 300 meters. Reflecting on the critical nature of this project, Gibbs noted, “The U.S. government is desperately seeking to have these [rare earths] processed domestically,” emphasizing the strategic importance of developing a secure and sustainable rare earth supply chain within the country.
Gibbs highlighted recent support from the Wyoming government, which has committed over $10 million in funding for the project, allowing American Rare Earths to claim reimbursement of $0.50 for every dollar spent on development. This backing underscores Wyoming’s commitment to revitalizing its mining sector amid a decline in coal. “We have outstanding support from the Wyoming government,” Gibbs remarked, noting the significance of Wyoming’s designation as a top mining jurisdiction. American Rare Earths also received a non-binding Letter of Interest from the U.S. Export-Import (EXIM) Bank, indicating potential funding of up to $456 million under EXIM’s Make More in America Initiative. This support, according to Gibbs, is a vital step in advancing Halleck Creek and building a domestic rare earth supply chain.
With the completion of recent drilling at the Cowboy State Mine within the Halleck Creek district, the company is now preparing for a pre-feasibility study (PFS) to further define project economics and develop mine plans. As Gibbs shared, the project’s location on state lands enables a fast-tracked permitting timeline of under two years, an advantage critical for accelerating production to meet the urgent demand for rare earths in the U.S.
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About American Rare Earths Limited
American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) owns Wyoming Rare (USA) Inc. which is focused on the development of the Halleck Creek Project, WY. It also owns La Paz, AZ rare earth deposit. Both can potentially become the largest and most sustainable rare earth projects in North America. The Company is developing environmentally friendly and cost-effective extraction and processing methods to meet the rapidly increasing demand for resources essential to the clean energy transition and US national security. The Company continues to evaluate other exploration opportunities and is collaborating with US Government-supported R&D to develop efficient processing and separation techniques of (REEs) elements to help ensure a renewable future.
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