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2026-11-06
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American Rare Earths Limited

Scoping Study Developer · Rare Earths · United States Rating locked: sign in to view v8 · arr-20261010t090344-full
Last 2026-11-06
A$0.305
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$177.7M
EV
A$159.2M
Cash
A$18.5M
Debt
A$0
1 newer ASX announcement not yet reflected in this valuation

Portfolio detail

Assets

4 assets

Core asset

Halleck Creek

United States

Scoping Study Developer100% ownedRare Earths

Cowboy State Mine updated scoping study; PFS work in progress, pilot demonstration under construction; project finance uncommitted. Permit-to-Mine application is in preparation and has not yet been filed.

Resource / scoping · Scoping study developer
Contained metal (attributable)
8.6m td
Resource grade
3,292 ppm
% Measured + Indicated
57%d
Resource tonnes
2,626.50 Mt
Our value per attrib. contained unit
Locked
Mining method
Open pit, conventional truck and shovel

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$764M10% discount
IRR20.7%Published return
Initial capexUS$900.8MPublished capital estimate
Operating cost39.68USD/t ROM

After-tax real NPV10 from detailed September 2026 body; US$692.9m direct capital plus US$207.9m contingency. Closure US$55.9m is embedded in OPEX. Class4–5 accuracy +/-30–50%; 100% Indicated production feed, no reserve. Initial-capital table excludes sustaining/indirect/EPCM/owners/working capital; sustaining presentation unresolved. Base excludes45X.

Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured206.7M t3,720 ppm TREORare Earths2025-02-04
Mineral ResourceIndicated1.3B t3,271 ppm TREORare Earths2025-02-04
Mineral ResourceInferred1.1B t3,239 ppm TREORare Earths2025-02-04
Mineral ResourceTotal2.6B t3,292 ppm TREORare Earths2025-02-04
Tenements1
hc-state-claimsGranted8,108 acre · No expiry supplied
Milestones3
  1. Transfer bulk concentrate to SRC (scheduled December 2026)

    Pending · High materiality

  2. First separated rare-earth oxide from demonstration process, late Q2 2027 conditional target

    Pending · High materiality

  3. PFS completion targeted end 2026 in August presentation; annual reports still in progress

    At Risk · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Wyoming DEQ Permit to Mine (application in preparation; not yet filed)Wyoming, United StatesPending—Yes
Wyoming water-use rights and supply authorizationWyoming, United StatesPending—Yes
Economic studies1
StudyStageStatusDateSummary
September 2026 Updated Cowboy State Mine Scoping StudyScoping StudyCurrent2026-09-30Current scoping case uses 100% Indicated production feed and treats Inferred material as waste. It is preliminary, with no Ore Reserves or completed PFS. Detailed source: after-tax NPV10 US$764m, NPV8 US$1,073m, IRR20.7%, US$900.8m initial capex, 26-year mine plan at4.5Mtpa.

Material

La Paz

United States

Resource Stage100% ownedRare Earths

Retained 100%; rare-earth resource and ongoing review of broader mineral potential.

Resource / scoping · Resource stage
Contained metal (attributable)
80.0k td
Resource grade
—
% Measured + Indicated
20.2%d
Resource tonnes
170.60 Mt
Our value per attrib. contained unit
Locked
Mining method
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated35.2M t382 ppm TREE (elemental)Rare Earths2021-08-03
Mineral ResourceInferred135.4M t393 ppm TREE (elemental)Rare Earths2021-08-03
Mineral ResourceTotal170.6M t391 ppm TREE (elemental)Rare Earths2021-08-03
Tenements1
la-paz-claimsGranted3,039 ha · No expiry supplied

Other

Beaver Creek

United States

Early Explorer100% ownedRare Earths

Retained 100%; early exploration, selected historical surface samples, no declared JORC mineral resource.

Exploration · Early explorer
Ownership
100%
Commodity
TREOr
Country
USr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements1
beaver-claimsGranted562 ha · No expiry supplied

Other

Searchlight

United States

Early Explorer100% ownedRare Earths

Retained 100%; T01-T80 Nevada claims; no current JORC resource or economic study.

Exploration · Early explorer
Ownership
100%
Commodity
TREOr
Country
USr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—
Tenements1
searchlight-claimsGranted656 ha · No expiry supplied

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Cobalt Blue Holdings listed equity investment · Equity investment · Held
Investee
Cobalt Blue Holdings Limited
Holding
—
Shares held
—
Market value
—
% of holder's market cap
—
Cost basis
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