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United States
American Rare Earths Limited (Halleck Creek)
An exploration and development company planning to mine and process a very large, low-grade rare earth deposit hosted in allanite-bearing granite at Halleck Creek, Wyoming, through to separated oxides. It has a JORC resource and a scoping study, and no reserve, pre-feasibility study, financing or binding offtake.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- The resource grade is 3,292 ppm TREO, about one-eighteenth of Mountain Pass reserves, and the 2024 resource increase came with a cut-off lowered from 1,500 to 1,000 ppm.
- The pre-feasibility study has moved from end-2025 to late Q3 2026 to no date, and first production from 2029 to 2031.
- The US$456 million EXIM letter is non-binding and equals the company's own 2024 capex estimate.
- No binding offtake. The one downstream memorandum, with Novex, is non-binding, and ARR's Chief Technical Advisor is also Novex's chief technology officer.
At a glance
- Founded
- Not established in public sources — An Australian-incorporated company listed on the ASX, with its US head office in Lakewood, Colorado since September 2023. Its original project was La Paz, Arizona; Halleck Creek has been the flagship since the 2023 resource. The incorporation year was not found in the sources reviewed.
- Headquarters
- Lakewood (Denver), Colorado, United States; operating subsidiary Wyoming Rare (USA) Inc.
- Ownership
- Listed: ASX (ARR), OTCQX (ARRNF) and a Level 1 ADR (AMRRY). The company said on July 30, 2026 that it is progressing toward a Nasdaq listing and is evaluating a US domicile; no route has been chosen.
- Stage
- Early stage. A scoping study only: the pre-feasibility study has no date, and there is no reserve, financing or investment decision; first production is targeted for 2031.
- Listing
- ASX: ARR · OTCQX: ARRNF · ADR: AMRRY
- Revenue
- Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.
Capacity
Each date below links to the document the figure came from. A capacity figure with no source is not on this page.
| What | Figure | Status | As of |
|---|---|---|---|
| NdPr oxide, planned, Halleck Creek (updated scoping study, 3 Mt/yr case) | 1,833 t/yr, with 98 t/yr Dy and 24 t/yr Tb, over a 20-year life; capex US$456M. A study figure, not a plant. | Announced | Feb 2025 |
| NdPr oxide, planned, 6 Mt/yr case (same study) | 3,344 t/yr; capex US$737M | Announced | Feb 2025 |
| Pilot plant, separated rare earth oxide | No tonnage published; separated oxide targeted for late Q2 2027. About 3,100 t of bulk sample mined under a 60,000 t permit. | Announced | Aug 2026 |
Narrative
Halleck Creek's resource is large in tonnage and low in grade: 2,626.5 Mt at 3,292 ppm TREO at a 1,000 ppm cut-off, compared with Mountain Pass reserves at 5.90% TREO. The rare earths sit in allanite, and the company's testwork upgrades the ore about tenfold by magnetic and gravity separation at roughly 70% recovery before a sulfuric acid leach; overall NdPr recovery in the 2024 scoping study is 63.9%. The only economic study is that scoping study, updated in February 2025: 3 Mt/yr, 1,833 t/yr of NdPr oxide, capex of US$456 million and a post-tax NPV10 of US$558 million, with NdPr priced at US$91/kg. The pre-feasibility study has moved from end-2025 to late Q3 2026 and, in the August 2026 shareholder letter, to a 'review and optimization phase' at a larger throughput with no date, while first production has moved from 2029 to 2031. The Export-Import Bank of the United States issued a non-binding letter of interest for up to US$456 million in September 2024, equal to the scoping-study capex; the only government money received is a Wyoming grant of up to US$7.1 million. The company's one downstream agreement is a non-binding memorandum with Novex LLC for oxide-to-metal conversion, signed in August 2026; the company's Chief Technical Advisor, appointed in September 2026, is also Novex's chief technology officer.
Where public sources disagree
- The February 2026 presentation describes NdPr as about 26% of TREO. The first six holes of the 2026 drilling (September 2026 release) average 622 ppm Nd2O3 and 205 ppm Pr6O11 against 3,497 ppm TREO, which is 23.6%, and the March 2023 resource gave 22.2%.
- The resource grew from 1.43 Bt at 3,309 ppm TREO (March 2023, 1,500 ppm cut-off) to 2.34 Bt at 3,196 ppm (February 2024, 1,000 ppm cut-off) to 2.63 Bt at 3,292 ppm (January 2025, 1,000 ppm cut-off). The 2024 increase coincided with the change in cut-off grade.
- The pre-feasibility study was targeted for the end of 2025 (March 2025), for 2026 with production in 2031 (February 2026 presentation), for late Q3 2026 (March-quarter report), and was described on August 31, 2026 as in a review and optimization phase at a larger throughput, with no date.
- The September 2026 drilling results cover six of eighteen holes, nine of which were placed in the higher-grade zones planned for the first five years of mining, so the 3,497 ppm average is not a whole-resource figure.
Latest reports
| Period | Published | Report |
|---|---|---|
| Q4 FY26 (quarter to 30 Jun 2026) | 2026-07 | Quarterly activities report (republished copy) |
| Q3 FY26 (quarter to 31 Mar 2026) | 2026-04-23 | Quarterly activities report (republished copy) |
| Q1 FY26 (quarter to 30 Sep 2025) | 2025-10-17 | Quarterly activities and Appendix 5B (republished copy) |
| FY25 (year to 30 Jun 2025) | 2025-09-22 | Annual report to shareholders (republished copy) |
Across these reports
Cash rose to A$24.8M after a July 2025 placement and was reported at A$18.5M at June 30, 2026. The pre-feasibility study moved from end-2025 to no date and first production from 2029 to 2031, while the pilot plant now targets separated oxide in late Q2 2027.
| Measure | What the reports show |
|---|---|
| Cash | A$9.36M (30 Jun 2025) → A$21.2M (30 Sep 2025) → A$24.8M (31 Mar 2026) → A$18.5M (30 Jun 2026, secondary summary). |
| Halleck Creek resource | 2.63 Bt at 3,292 ppm TREO (Jan 2025); Cowboy State Mine area reclassified to 547.5 Mt with 63.9 Mt moved from Inferred to Indicated on channel samples (Nov 2025). |
| Pilot plant | About 3,100 t of bulk sample mined; three-stage pilot with Western Research Institute, DISA and the Saskatchewan Research Council; separated oxide targeted for late Q2 2027. |
Stated dates
| Target | First stated | Now | Status |
|---|---|---|---|
| Pre-feasibility study | end-2025 (Mar 2025) | no date; 'review and optimization phase' (31 Aug 2026) | moved later |
| First production | as early as 2029 (Mar 2025) | 2031 (Feb 2026 presentation) | moved later |
| Separated oxide from the pilot plant | late Q2 2027 (31 Aug 2026) | late Q2 2027 | not yet due |
Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.
Sources
- Halleck Creek resource expands to 2.63 billion metric tons — American Rare Earths via GlobeNewswire (2025-01-29)
- Resource estimate increased by 64% — American Rare Earths via Junior Mining Network (2024-02-07)
- 1.43 billion metric ton JORC resource — American Rare Earths via Junior Mining Network (2023-03-31)
- Scoping study — American Rare Earths via GlobeNewswire (2024-03-18)
- Scoping study technical report — American Rare Earths (2024-03-15)
- Updated scoping study — American Rare Earths via GlobeNewswire (2025-02-24)
- Corporate presentation — American Rare Earths (2026-02)
- Pilot plant to produce pre-production concentrate — American Rare Earths via GlobeNewswire (2026-04-01)
- Nasdaq listing strategy — American Rare Earths via GlobeNewswire (2026-07-30)
- MoU with Novex — American Rare Earths via GlobeNewswire (2026-08-17)
- Letter to shareholders — American Rare Earths via GlobeNewswire (2026-08-31)
- Chief Technical Advisor appointment — StockTitan (2026-09-10)
- Initial assay results from 2026 feasibility drilling — American Rare Earths via GlobeNewswire (2026-09-21)
- EXIM letter of interest for up to US$456M — InvestorNews (2024-09-24)
- US$7.1M Wyoming grant — MINING.COM (2024-06-27)
- Mountain Pass technical report summary (grade comparison) — MP Materials via SEC (2026-02)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
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