Sydney, Australia – 18 November 2024 | American Rare Earths Limited (ASX:ARR | OTCQX:ARRNF | ADR:AMRRY) ("ARR" or "the Company") is pleased to announce the engagement of BMO Capital Markets Limited ("BMO"), which is a recognised leader in metals and mining financial advisory around the world. This strategic partnership is designed to accelerate the development of ARR's flagship Halleck Creek Rare Earths Project in Wyoming, USA.
Highlights:
Strategic Advisory Engagement: BMO will lead efforts to explore strategic investments, potential joint ventures, possible mergers and acquisitions, and offtake agreements to fast-track the development of the Halleck Creek Project in Wyoming, USA.
Critical Timing: This engagement aligns with growing bipartisan U.S. government support to bring critical mineral supply chains onshore, further reinforcing Halleck Creek's potential as a key domestic resource for the USA.
Wyoming Support: Halleck Creek Project has received robust support from the Wyoming state government, including a grant from the Wyoming Energy Authority and recognition for its potential to deliver economic benefits to the state and wider nation's supply chain.
Chris Gibbs, CEO of American Rare Earths, commented: "Engaging BMO Capital Markets as our financial adviser marks a pivotal step forward for ARR as we work to deliver on our vision for the Halleck Creek Project. The timing is ideal, with growing U.S. support for domestic critical minerals and with Wyoming's significant commitment to this project. BMO's expertise and industry leadership align perfectly with our commitment to unlocking the full potential of Halleck Creek, creating value for our shareholders, and supporting the onshoring and secure supply of minerals critical for the United States economy."
The Halleck Creek Project:
Recognised as one of North America's largest rare earth deposits, the Halleck Creek Project has gained significant attention for its potential to secure the U.S. supply of rare earth elements (REEs) that is needed for emerging clean energy technologies, new electric technologies (e.g., electric vehicles), and even national security for the USA. The project complements the U.S. government's critical minerals agenda, which seeks to reduce dependence on foreign sources and enhance domestic production capacity.
Earlier this year, ARR secured a Letter of Interest from the Export-Import Bank of the United States (EXIM), underscoring the national significance of the project and providing further measures for the emerging pathway for financial support.
BMO Capital Markets' Role:
As a globally recognised leader in mining and metals financial advisory, BMO brings expertise and an extensive network to ARR with their advisory. Their involvement will bolster the Company's ability to attract strategic partners and secure long-term investment in their efforts.
About us:
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.
