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2026-11-06
◂ Monitor ARR ASX

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
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1M
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YTD
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1Y
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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$18.5M Finite
Debt A$0 Net cash A$18.5M
Basic shares 582.6M 2026-09-04
Runway 2.36 quarters Derived unrestricted cash divided by latest-quarter net operating plus investing outflow: A$999,000 + A$6,849,000 = A$7,848,000. Audited cash replaces rounded 5B cash. Excludes discretionary government grant capacity and post-June option exercise receipts.

Liquidity

Financial position

Audited unrestricted cash A$18,498,380; restricted lease guarantee A$52,607 subsequently released. Lease liability A$25,674 current; zero interest-bearing borrowing. Additional funding needed under going-concern assessment. A$401,952 post-year-end option exercise receipts are verified but no later complete cash balance is disclosed. Current trade and other payables A$4,120,222 and provisions A$47,793 are deducted once in the equity bridge, separately from prospective corporate costs. Unrecognized pilot RCC commitment A$535,895 is also deducted once; no related grant receivable exists. Other receivables A$899,158 are conservatively excluded from available corporate equity assets.

Capital structure

Ownership and dilution

Ordinary shares
582.6M
Fully diluted
624.4M

June 30 ordinary shares 580,867,959 plus 1,739,840 post-year-end option exercises = 582,607,799. September 30 options 41,750,000 after 1.5m expired August 17. Fully diluted count assumes every option converted, without cash proceeds or treasury adjustment. Annual note identifies 4m unvested options expected to lapse; current capital table still includes them. Latest dated shareholder measurement is 4 September 2026, restated in the 30 September annual report; option table is dated report date.

Security classes14
ClassTypeQuantityStrikeExpiry
ASX ARR fully paid ordinary sharesOrdinary Share582.6M——
Unlisted options exercisable at AUD 0.2Option500KA$0.22026-12-06
Unlisted options exercisable at AUD 0.45Option6MA$0.452027-02-28
Unlisted options exercisable at AUD 0.47Option5MA$0.472027-12-07
Unlisted options exercisable at AUD 0.47Option1MA$0.472027-12-18
Unlisted options exercisable at AUD 0.3274Option5MA$0.3272027-11-30
Unlisted options exercisable at AUD 0.25Option2MA$0.252027-12-23
Unlisted options exercisable at AUD 0.4818Option250KA$0.4822028-11-30
Unlisted options exercisable at AUD 0.3Option10MA$0.32028-12-19
Unlisted options exercisable at AUD 0.3882Option2MA$0.3882028-12-22
Unlisted options exercisable at AUD 0.35Option3MA$0.352029-07-11
Unlisted options exercisable at AUD 0.3Option2MA$0.32029-07-16
Unlisted options exercisable at AUD 0.3808Option4MA$0.3812031-03-31
Unlisted options exercisable at AUD 0.3283Option1MA$0.3282031-03-31

KPI history

Operating metrics · Company

Reported Appendix 5B total cash (rounded; audited current unrestricted cash held separately) shown
06,943,44013,886,88020,830,32027,773,760Quarter ended 2025-09-30: 21,211,000 AUDQuarter ended 2025-09-30Quarter ended 2025-12-31: 23,980,000 AUDQuarter ended 2025-12-31Quarter ended 2026-03-31: 24,798,000 AUDQuarter ended 2026-03-31Quarter ended 2026-06-30: 18,551,000 AUDQuarter ended 2026-06-30
MetricUnitTrendQuarter ended 2025-09-30Quarter ended 2025-12-31Quarter ended 2026-03-31Quarter ended 2026-06-30
Reported Appendix 5B total cash (rounded; audited current unrestricted cash held separately)AUDQuarter ended 2025-09-30: 21,211,000 AUDQuarter ended 2025-12-31: 23,980,000 AUDQuarter ended 2026-03-31: 24,798,000 AUDQuarter ended 2026-06-30: 18,551,000 AUD21,211,00023,980,00024,798,00018,551,000
Quarter net operating cash flowAUDQuarter ended 2025-09-30: -1,432,000 AUDQuarter ended 2025-12-31: -1,291,000 AUDQuarter ended 2026-03-31: -641,000 AUDQuarter ended 2026-06-30: -999,000 AUD(1,432,000)(1,291,000)(641,000)(999,000)
Quarter net investing cash flow including grants and investment disposalsAUDQuarter ended 2025-09-30: -2,262,000 AUDQuarter ended 2025-12-31: -1,393,000 AUDQuarter ended 2026-03-31: 1,197,000 AUDQuarter ended 2026-06-30: -6,849,000 AUD(2,262,000)(1,393,000)1,197,000(6,849,000)
Derived net burn = -(net operating cash flow + net investing cash flow); March negative value denotes net inflowAUDQuarter ended 2025-09-30: 3,694,000 AUDQuarter ended 2025-12-31: 2,684,000 AUDQuarter ended 2026-03-31: -556,000 AUDQuarter ended 2026-06-30: 7,848,000 AUD3,694,0002,684,000(556,000)7,848,000
Appendix 5B reported quarters of funding (company relevant-outgoings definition)quartersQuarter ended 2025-09-30: 5.74 quartersQuarter ended 2025-12-31: 8.93 quartersQuarter ended 2026-03-31: 11.72 quartersQuarter ended 2026-06-30: 2.33 quarters5.748.9311.722.33
Operating metric source table22
MetricProjectPeriodPeriod typeValueStatus
Reported Appendix 5B total cash (rounded; audited current unrestricted cash held separately)CompanyQuarter ended 2025-09-30Quarter21,211,000 AUDReported
Quarter net operating cash flowCompanyQuarter ended 2025-09-30Quarter-1,432,000 AUDReported
Quarter net investing cash flow including grants and investment disposalsCompanyQuarter ended 2025-09-30Quarter-2,262,000 AUDReported
Derived net burn = -(net operating cash flow + net investing cash flow); March negative value denotes net inflowCompanyQuarter ended 2025-09-30Quarter3,694,000 AUDSource Derived
Appendix 5B reported quarters of funding (company relevant-outgoings definition)CompanyQuarter ended 2025-09-30Quarter5.74 quartersReported
Reported Appendix 5B total cash (rounded; audited current unrestricted cash held separately)CompanyQuarter ended 2025-12-31Quarter23,980,000 AUDReported
Quarter net operating cash flowCompanyQuarter ended 2025-12-31Quarter-1,291,000 AUDReported
Quarter net investing cash flow including grants and investment disposalsCompanyQuarter ended 2025-12-31Quarter-1,393,000 AUDReported
Derived net burn = -(net operating cash flow + net investing cash flow); March negative value denotes net inflowCompanyQuarter ended 2025-12-31Quarter2,684,000 AUDSource Derived
Appendix 5B reported quarters of funding (company relevant-outgoings definition)CompanyQuarter ended 2025-12-31Quarter8.93 quartersReported
Reported Appendix 5B total cash (rounded; audited current unrestricted cash held separately)CompanyQuarter ended 2026-03-31Quarter24,798,000 AUDReported
Quarter net operating cash flowCompanyQuarter ended 2026-03-31Quarter-641,000 AUDReported
Quarter net investing cash flow including grants and investment disposalsCompanyQuarter ended 2026-03-31Quarter1,197,000 AUDReported
Derived net burn = -(net operating cash flow + net investing cash flow); March negative value denotes net inflowCompanyQuarter ended 2026-03-31Quarter-556,000 AUDSource Derived
Appendix 5B reported quarters of funding (company relevant-outgoings definition)CompanyQuarter ended 2026-03-31Quarter11.72 quartersReported
Reported Appendix 5B total cash (rounded; audited current unrestricted cash held separately)CompanyQuarter ended 2026-06-30Quarter18,551,000 AUDReported
Quarter net operating cash flowCompanyQuarter ended 2026-06-30Quarter-999,000 AUDReported
Quarter net investing cash flow including grants and investment disposalsCompanyQuarter ended 2026-06-30Quarter-6,849,000 AUDReported
Derived net burn = -(net operating cash flow + net investing cash flow); March negative value denotes net inflowCompanyQuarter ended 2026-06-30Quarter7,848,000 AUDSource Derived
Appendix 5B reported quarters of funding (company relevant-outgoings definition)CompanyQuarter ended 2026-06-30Quarter2.33 quartersReported
Audited annual net operating cash flowCompanyFY2026Year-4,223,771 AUDReported
Gross cash capex: A$828,333 PP&E + A$13,134,277 exploration/evaluation; excludes grant receiptsCompanyFY2026Year13,962,610 AUDSource Derived
Company guidance2
MetricProjectPeriodLowHighStatus
First Separated Rare Earth Oxide From Pilot (Conditional Technical Milestone)halleck_creekLate calendar Q2 2027—— milestoneCurrent
Complete PFS (At Risk Timetable)halleck_creekEnd 2026—— milestoneCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-08-04RaisingA$330K1.5M—Completed—
2026-07-02RaisingA$72K239.8K—Completed—
2025-07-30Ann. 2025-07-24RaisingOrdinary SharesA$15M46.9MA$0.32CompletedGross A$15m; 2% management plus 4% capital-raising fee. Funded demonstration plant, infill drilling and engineering, not full mine construction.Max 46.9M · Period 2025-07-24 to 2025-07-30 · Bell Potter Securities and BMO Capital Markets, Joint Lead Managers

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-30

Current annual, quarterly and detailed study reconcile strategic, reimbursement, royalty and technical-service arrangements. Current study governs modeled royalty burden and funding caveats. Original future sales terms, commercial royalty valuation point and funding agreements are not established; these remain evidence gaps.

Nonbinding MoU to evaluate US-based oxide-to-metal and metallisation capability; 50kg concentrate test program does not establish commercial recovery, separation capacity or contracted offtake.

Strategic Partnership · Conditional
Counterparties
Novex
Applies to
Halleck Creek · Rare Earths
Economic direction
Mixed
Period
From 2026-08-17; no end date stated
Key terms
Definitive agreement objective: within 12 months
How it affects our valuation

No valuation treatment is available for this arrangement.

Cost reimbursement grant supports exploration and demonstration work; A$854,414 receivable reported at June 30.

Other · Active
Counterparties
Wyoming Energy Authority
Applies to
Halleck Creek · Rare Earths
Economic direction
Benefit
Period
From 2024-06-27; no end date stated
Key terms
Total grant capacity: 7,100,000 USD
Available at June 30: 4,400,834 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

State mineral-lease burden is embedded in current project NPV. Current study projects US$751.8m state royalties and US$855.3m aggregate royalties/levies. Final product valuation point remains a commercial uncertainty.

Royalty · Active
Counterparties
State of Wyoming
Applies to
Halleck Creek · Rare Earths
Economic direction
Burden
Period
Dates not stated
Key terms
NdPr gross-revenue royalty: 5–10% sliding scale %
Other products royalty: 5 %
Minimum royalty: 0.5 USD/t saleable
How it affects our valuation

No valuation treatment is available for this arrangement.

EXIM letter of interest remains nonbinding. No formal project-financing process commenced according to current disclosure; no available cash, debt commitment or bankable funding terms are recognized.

Other · Conditional
Counterparties
Export-Import Bank of the United States
Applies to
Halleck Creek · Rare Earths
Economic direction
Benefit
Period
Dates not stated
Key terms
Nonbinding indicative financing interest: 456,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Beneficiation and pilot test-work service program supports technical validation. No commercial offtake, guaranteed recovery, or committed construction capital is inferred from the service relationship.

Other · Active
Counterparties
Nagrom
Applies to
Halleck Creek · Rare Earths
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Separation demonstration and bulk-concentrate test program is a technical-service pathway. Scheduled transfer in December2026 and separated oxides in lateQ2 2027 remain conditional pilot targets, not commercial sales terms.

Other · Active
Counterparties
Saskatchewan Research Council
Applies to
Halleck Creek · Rare Earths
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.