What is American Rare Earths’ current asset portfolio?

American Rare Earths possesses four assets: Halleck Creek, our flagship asset in Wyoming; Beaver Creek, also in Wyoming; Searchlight, situated in Nevada, currently held as an asset rather than operational; and La Paz, in Arizona, which a 2021 JORC report showed holds 170 million t and has not been fully explored and could contain around 900 million t of Rare Earths Elements (REE). La Paz boasts a significant concentration of scandium, which proves particularly beneficial for EV manufacturers, since lighter cars translate to increased battery efficiency in electric cars.

Could you highlight the results of the recent JORC report for Halleck Creek?

In March 2023, we published a JORC report of 1.43 billion t of rare earths, enabling us to produce approximately 4 million t of crucial materials, namely neodymium and praseodymium. The JORC report accounts for just 25% of the entire Halleck Creek concessions, signaling an immense potential for a world-class asset.

Halleck Creek and La Paz share a critical characteristic: They are low in thorium and uranium. This becomes especially advantageous during the permitting process, as we will not require special permits from the National Regulatory Agency nor need to implement elaborate storage methods, which translates to significant cost and time savings as we venture toward production.

What does the timeline look like for an upcoming PEA for Halleck Creek?

We recently completed a new drilling round. While our current findings have been consistent from the surface to a depth of 305 m, we want to explore even deeper. As we progress, we are in the pre-permitting study stage, with the scoping study nearing completion. We hope to have our PEA by the first quarter of 2024.

We possess abundant reserves of neodymium and praseodymium, pivotal in manufacturing batteries for various applications ranging from EVs to wind turbines. Equally crucial, these elements are integral components of permanent metal magnet motors found in semiconductors. As part of our drilling program, we aim to quantify other essential elements, such as terbium, a vital stabilizing component of the battery production process, preventing overheating and extending the battery’s lifespan.

Can you shed some light on the ‘Americanization’ of the company?

We intend to be listed at the highest level of the OTC and eventually listed on the NASDAQ. To solidify our presence in the USA, we have decided to establish our HQ in Denver, strategically located close to our operational site in Halleck Creek.

As we embraced the motto of “mined and made in America,” we are confident in the security and reliability of our supply chain. We envision ourselves at the heart of the US strategy as we anticipate the surge in demand from 2030 onward, when hopefully ARR will be in full production.

What are your thoughts on the role of the US Government regarding critical minerals and REE?

An uncommon bipartisan consensus has emerged supporting permitting reform, signaling a significant development for the industry. The existing uncertainties and prolonged duration of the permitting process have hindered investment and impeded the growth of mining in the US. However, the Democratic party recognized the importance of REE in achieving a cleaner, greener economy. On the other hand, the Republican Party’s primary focus on enhancing national security, mainly by reducing reliance on China, which also drives the urgency to accelerate the development of new mines. The convergence of interest from the Democratic and Republican parties has fostered approximately six draft versions of a mining reform. Hopefully, these drafts will coalesce into a single unified version approved before the upcoming presidential elections.

How important is research for the company?

We collaborate with US government funded research through the DoD, the DoE, the Critical Materials Institute, Lawrence Livermore Laboratories, and a consortium of US. universities. This research lays the foundation for a cleaner economy by employing genetic manipulation of biological agents or enzymes. These biological agents would be introduced at the concentrate stage, bonding for instance with the neodymium in the concentrate, allowing for the selection and isolation of pure neodymium, significantly streamlining the process, and resulting in considerable time and cost savings.