1BHA American Rare Earths Limited

American Rare Earths Ltd. (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) (“ARR” or the “Company”) is pleased to announce the zircon co-product potential alongside REE processing at Halleck Creek as part of a research collaboration with the School of Energy Resources (“SER”) at the University of Wyoming.

Donald Swartz, Chief Executive Officer of American Rare Earths, commented:

“Zircon is typically a minor product obtained from processing heavy mineral sands and has many high value applications across multiple industries. We are thrilled to announce the discovery of a potential co-product in our Halleck Creek project. This potential was only recently identified as part of our previously announced REE processing program modifications emphasizing Dense Medium Cyclones work1 led by Lawrence Livermore National Laboratory. This opportunity has the potential to generate significant additional revenue and enhanced project economics. Further details will be provided as we continue our assessment and evolve our strategy to maximize value for our shareholders.”

This work is a significant step forward in understanding the potential of zircon within the Red Mountain pluton at ARR’s flagship Halleck Creek REEs project. Dr. Lily Jackson, an expert in sedimentology, tectonics, and geochronology from SER, has led this research. The Company aims to understand the significance of zircon within the REEs bearing Red Mountain pluton at Halleck Creek. Zircon, like allanite contains REEs elements and, has the potential to be a significant contributor of Heavy REEs (“HREE”) at Halleck Creek.

This market announcement has been authorized for release to the market by the CEO of American Rare Earths.

Technical Summary

Preliminary assessments uncovered notable anomalies in zircon within core samples collected from the Red Mountain pluton. The preliminary findings indicate that zircon may occur in greater abundance than previously observed. Observations also reveal that zircon in the samples have metamict cores like metamict cores observed in allanite at Halleck Creek. Furthermore, this preliminary work indicates that metamict zircon cores (centers) exhibit an exceptional enrichment in REEs Elements compared to their rims. This is well illustrated by cathodoluminescence images as observed in Figure 1.

Figure 1 – Back scatter electron and cathodoluminescence image of a single zircon grain from Red Mountain pluton exhibiting metamict and REE enriched cores.

For additional detail and the full technical summary see here:

Competent Persons Statement:

This work was reviewed and approved for release by Mr. Kelton Smith (Society of Mining Engineers #4227309RM) who is employed by Tetra Tech and has sufficient experience which is relevant to the metallurgical testing and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 JORC Code. Mr. Smith consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

About American Rare Earths

American Rare Earths Limited (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) owns the Halleck Creek, WY and La Paz, AZ rare earth deposits which have the potential to become the largest and most sustainable rare earth projects in North America. American REEs 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.

Further information Contact:

Susan AssadiMedia Relations USsassadi@americanree.com347 977 7125

Beverly JedynakInvestor Relations USBeverly.jedynak@viriathus.com312 943 1123

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/131447b7-a90a-474e-85ec-c78662894907

1 ASX Announcement 22 January 2024. American Rare Earths Announces Breakthrough Metallurgical Results