American Rare Earths Ltd (ASX:ARR, OTCQX:ARRNF) accelerated development of its flagship Halleck Creek Rare Earths Project during the June 2026 quarter, advancing feasibility drilling, pilot-scale processing and preparations for a planned NASDAQ listing.
The company ended the quarter with A$18.5 million in cash after increasing investment across drilling, technical studies, pilot plant development and broader project planning.
At Halleck Creek in Wyoming, American Rare Earths commenced feasibility-stage drilling at the Cowboy State Mine and progressed work intended to support future ore reserve estimation, mine design and development planning.
The company also advanced an accelerated pilot plant pathway designed to produce pre-production separated neodymium-praseodymium oxide from Halleck Creek ore, strengthening its proposed role in the US domestic rare earth supply chain.
Feasibility drilling advances at Cowboy State Mine
The 2026 drilling program began in May and comprises up to approximately 3,050 metres of HQ core drilling across 19 holes at Red Mountain.
Eight holes had been completed by the end of the quarter, with core being processed and dispatched for assay.
The program is expected to generate about 1,045 samples, while additional core will be retained for geotechnical, hydrological, environmental and metallurgical test work.
Results will help upgrade resource classifications within proposed early mining areas and provide the geological and geotechnical data required for the project’s Final Feasibility Study.
American Rare Earths also continued progressing its pre-feasibility work and commissioned a Whole of Property Assessment covering the full 8,108-acre Halleck Creek land package.
The assessment will integrate geological, mining, metallurgical and permitting information to establish a longer-term development roadmap across Red Mountain, Overton Mountain and Bluegrass.
Pilot plant targets separated NdPr oxide
During the quarter, the company developed a three-stage pilot plant program covering milling and sizing, mineral separation and concentration, and final leaching, impurity removal and oxide refining.
Initial processing will be completed in Wyoming through agreements with Western Research Institute and DISA Technologies, before final hydrometallurgical processing and oxide separation at Saskatchewan Research Council facilities in Canada.
Rare earth processing specialist Jaye T. Pickarts was engaged to lead the program, while procurement continued for key equipment including two induced roll magnetic separators and a GradePro reflux classifier.
American Rare Earths also progressed a study examining the conversion of rare earth oxide into metal, an important component of its longer-term “mine-to-magnet” strategy.
US leadership and NASDAQ preparations
The company strengthened its US-based technical and corporate capabilities during the quarter through several senior appointments.
Brook Brockman joined as director of public and government affairs, while Taylor Cable was appointed director of projects and engineering.
Subsequent to quarter-end, Andrew Conover was named chief development officer to lead the integration of engineering, project controls, risk management and constructability workstreams.
American Rare Earths also agreed to appoint veteran mining executive Matthew Gill as a non-executive director, subject to Australian regulatory formalities. Gili is expected to join the company’s technical committee and contribute to the Halleck Creek Final Feasibility Study.
Preparations for a planned NASDAQ listing also progressed, including PCAOB audit work led by BDO, the conversion of Halleck Creek resource reporting to US SEC Regulation S-K 1300 standards and the engagement of a North American financial adviser.
The board is evaluating several potential listing structures, although no final pathway has been selected.
Cash supports expanded development program
American Rare Earths reported A$18.5 million in cash at June 30, 2026, compared with A$24.8 million at the beginning of the quarter.
The company spent approximately A$7 million on project development activities, net of reimbursement from a Wyoming Energy Authority grant, reflecting increased expenditure on feasibility drilling, pilot plant work and technical studies.
A further A$1 million was used for operating activities, while the exercise of 6.26 million unlisted options generated approximately A$1.64 million.
The company estimates it has funding for about 2.33 quarters based on the June quarter’s level of relevant expenditure.
Next steps
Priorities for the remainder of 2026 include completing the drilling program, receiving assay results, advancing feasibility studies and progressing the accelerated pilot plant.
American Rare Earths also plans to complete the Whole of Property Assessment, continue oxide-to-metal studies and advance technical reviews across its broader US portfolio, including La Paz, Beaver Creek and Searchlight.
Chief executive officer Mark Wall said the quarter represented a “step-change” in the execution of the company’s strategy, with American Rare Earths now building the technical, operational and corporate platform needed to support Halleck Creek’s long-term development.