American Rare Earths (“ARR” or the “Company”) is pleased to announce that its 100% owned subsidiary, Wyoming Rare (USA) Inc. (“WRI”), has received a non-binding Letter of Interest from the Export-Import Bank of the United States (“EXIM”) to provide a debt funding package of up to US$456m for the construction and execution phase of the Cowboy State Mine area (“CSM”) at Halleck Creek. This amount is directly related to the entire initial capex estimate for the CSM as outlined in the March 2024 Scoping Study. The CSM project is the first step in a multi-phased approach to developing the Halleck Creek deposit, a significant rare earths asset for the United States. The EXIM Bank is the official export credit agency of the U.S. Federal Government.

EXIM Bank made the offer based on the preliminary information submitted regarding expected U.S. exports and U.S. jobs to be created through the CSM project and indicated it would be able to consider potential financing of up to US$456M of the project’s costs with a repayment tenor of 15 years under EXIM’s Make More In America Initiative. The transaction offered by EXIM to WRI may be eligible for special consideration under Section 402 of EXIM’s 2019 reauthorization (P.L. 116-94), which directs EXIM to take steps to mitigate the competitive impact of export support provided by the People’s Republic of China and other covered countries for opportunities such as this one and/or to advance the comparative leadership of the United States in the Transformational Export Areas.

While the Letter of Interest is not a final commitment, it highlights the strategic importance of the Halleck Creek project. EXIM will now conduct its due diligence before proceeding with any final financing arrangement. The Company will update the market upon finalizing a definitive funding agreement with EXIM.