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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
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1 newer ASX announcement not yet reflected in this valuation

People, delivery and responsibility

Management background checks

Evidence through 2026-10-31

Research assessment

Executive team

Rating locked: sign in to viewTeam rating and score are available to subscribers

The team combines mining operations, project development, technical processing, finance and Wyoming engagement experience. Halleck Creek remains in study and pilot development. Evidence identifies prior company losses and environmental context, as well as a technical adviser who is also an officer of a project partner; individual causation and contractual arrangements remain limited. Inherited historical topic searches could not be independently verified, and broad current searches leave substantial screening gaps.

Decision-relevant facts

Material summary

Individual involvement and employer context shown separately

Mark Wall

Chief Executive Officer / President

Current
Full background report for Mark Wall
Role FitAnalyst Inference · Medium materiality

Background relevant to current remit

An executive profile links ARR’s CEO to Mountain Province Diamonds’ 2021–2025 CEO Mark Wall; a former Barrick colleague also identifies ARR’s CEO as his former teammate. The former issuer reports leadership at Barrick, Nevada Copper and Streamers Gold, and lists business and management degrees and a minerals-processing diploma; independent credential checks remain unavailable. ARR’s annual report says his employment began on 22 December 2025, while the appointment release says the CEO role was effective 5 January 2026.

Responsibility not applicable · Issuer biography/appointment material provides this background; independent qualification and career verification are incomplete.

Mark Wall executive profile · profile linking ARR and Mountain Province
Mountain Province appoints Mark Wall · career and appointment
2024 Annual Information Form · p. 33, qualifications and career
2026 Annual Report · remuneration report, CEO appointment date
Former colleague account of Barrick and ARR CEO · colleague identity corroboration
FailureDocumented · High materiality

Prior diamond-company losses during CEO tenure

Mountain Province reported a C$55.9 million net loss in Q3 2025 versus C$19.0 million in Q3 2024. It cited softer rough-diamond sales, operating grade effects and foreign exchange; it reported Q3 2025 revenue C$29.2 million versus C$69.4 million a year earlier.

Role overlaps event; causation unproven · Wall was CEO during the period; the mine was operated by a joint venture and the figures reflect market and other factors. No personal causation is established.

Mark Wall executive profile · identity linkage
Mountain Province third quarter 2025 financial results · financial and operating highlights
EnvironmentDocumented · High materiality

Veladero incident and subsequent management role

At Veladero, Barrick reported a September 2016 release of ore saturated with process solution and a temporary suspension. Contemporary reporting says Mark Wall was appointed interim general manager after that incident. Barrick reported a later administrative fine encompassing the September 2016 and March 2017 incidents; it stated material from the 2016 incident was contained on site and its monitoring found no environmental impact.

Employer context; no individual link established · The September 2016 event preceded Wall’s interim appointment according to contemporary reporting. His exact end date and his responsibility for any later incident are not established; neither culpability nor environmental clearance is inferred.

Mark Wall executive profile · identity linkage
Barrick Gold 2017 annual financial report · Veladero incidents and regulatory proceeding
Former colleague account of Barrick and ARR CEO · colleague identifies ARR CEO with Barrick Veladero team
Veladero incident and interim management change · 16 September 2016, appointment after incident
Company SuccessIssuer Reported · High materiality

Halleck Creek technical advancement remains pre-production

ARR reported mixed rare earth oxide production from test work in the December 2025 quarter, before this executive joined; in the September 2026 quarter it reported completing feasibility-stage drilling and commencing ore crushing for its pilot program. No operating mine or commercial production has been delivered.

Responsibility not applicable · The 2025 milestone predates the executive’s appointment; subsequent issuer-reported company work is not individually attributed.

Quarterly Activities and Appendix 5B for September 2026 · pp. 1–3, September quarter operational update
Quarterly activities for December 2025 · pp. 1–2, mixed oxide test work
Evidence gaps · 4
  • ARR’s published CEO announcement does not identify his earlier employers by name; the link to Mountain Province relies on a secondary profile, supported by the consistent role history and dates.
  • Degree awarding institutions and independent credentials were not identified.
  • Exact Veladero operating end date and final proceedings specific to the 2016/2017 incidents were not established.
  • Open-source screening is not an exhaustive criminal, sanctions, litigation, regulatory or credential check.

Full background report

Mark Wall

Chief Executive Officer / President

Career chronology

Contributions and company outcomes

Halleck Creek technical advancement remains pre-production

December 2025–September 2026 · issuer reported · high materiality

ARR reported mixed rare earth oxide production from test work in the December 2025 quarter, before this executive joined; in the September 2026 quarter it reported completing feasibility-stage drilling and commencing ore crushing for its pilot program. No operating mine or commercial production has been delivered.

Attribution: Responsibility not applicable. The 2025 milestone predates the executive’s appointment; subsequent issuer-reported company work is not individually attributed.

Relevance: Relevant to project execution; progress remains at study/pilot stage.

Quarterly Activities and Appendix 5B for September 2026 (pp. 1–3, September quarter operational update); Quarterly activities for December 2025 (pp. 1–2, mixed oxide test work)

Business failures and setbacks

Development-stage losses and no producing operation

Through 30 June 2026 · issuer reported · medium materiality

ARR remains a pre-revenue rare earth developer with no operating mine; financial reports describe continued exploration, studies, processing test work and capital needs. This is a company-stage limitation, not evidence of personal failure.

Attribution: Role overlaps event; causation unproven. Company performance overlaps current tenure for some executives; no individual causation demonstrated.

Relevance: Material context for delivery track record and capital stewardship.

Annual Report to shareholders, year ended 30 June 2025 (financial statements and going-concern/project sections); Half Yearly Report and Accounts, six months ended 31 December 2025 (financial statements and operations); Quarterly Activities Report for period ended 30 June 2026 (quarterly activities and cashflow)

Prior diamond-company losses during CEO tenure

Q3 2025 · documented · high materiality

Mountain Province reported a C$55.9 million net loss in Q3 2025 versus C$19.0 million in Q3 2024. It cited softer rough-diamond sales, operating grade effects and foreign exchange; it reported Q3 2025 revenue C$29.2 million versus C$69.4 million a year earlier.

Attribution: Role overlaps event; causation unproven. Wall was CEO during the period; the mine was operated by a joint venture and the figures reflect market and other factors. No personal causation is established.

Relevance: Financial and operating context for a senior mining leadership record.

Mark Wall executive profile (identity linkage); Mountain Province appoints Mark Wall (CEO appointment); Mountain Province third quarter 2025 financial results (financial and operating highlights)

Environmental record

Veladero incident and subsequent management role

September 2016–2017 · documented · high materiality

At Veladero, Barrick reported a September 2016 release of ore saturated with process solution and a temporary suspension. Contemporary reporting says Mark Wall was appointed interim general manager after that incident. Barrick reported a later administrative fine encompassing the September 2016 and March 2017 incidents; it stated material from the 2016 incident was contained on site and its monitoring found no environmental impact.

Attribution: Employer context; no individual link established. The September 2016 event preceded Wall’s interim appointment according to contemporary reporting. His exact end date and his responsibility for any later incident are not established; neither culpability nor environmental clearance is inferred.

Relevance: Relevant context for prior operating and environmental oversight; timing is material.

Mark Wall executive profile (identity linkage); Inquietud por un nuevo derrame de cianuro de la Barrick en San Juan (appointment following September event); Barrick Gold 2017 annual financial report (Veladero incidents and regulatory proceeding); Former colleague account of Barrick and ARR CEO (colleague identifies ARR CEO with Barrick Veladero team); Veladero incident and interim management change (16 September 2016, appointment after incident)

Suitability for the current role

Background relevant to current remit

Career through cutoff · analyst inference · medium materiality

An executive profile links ARR’s CEO to Mountain Province Diamonds’ 2021–2025 CEO Mark Wall; a former Barrick colleague also identifies ARR’s CEO as his former teammate. The former issuer reports leadership at Barrick, Nevada Copper and Streamers Gold, and lists business and management degrees and a minerals-processing diploma; independent credential checks remain unavailable. ARR’s annual report says his employment began on 22 December 2025, while the appointment release says the CEO role was effective 5 January 2026.

Attribution: Responsibility not applicable. Issuer biography/appointment material provides this background; independent qualification and career verification are incomplete.

Relevance: Relevant to current role, with depth varying by available published evidence.

Mark Wall executive profile (profile linking ARR and Mountain Province); Mountain Province appoints Mark Wall (career and appointment); 2024 Annual Information Form (p. 33, qualifications and career); Appointment of Mark Wall as Chief Executive Officer (effective date); 2026 Annual Report (remuneration report, CEO appointment date); Former colleague account of Barrick and ARR CEO (colleague identity corroboration)

Evidence gaps

  • ARR’s published CEO announcement does not identify his earlier employers by name; the link to Mountain Province relies on a secondary profile, supported by the consistent role history and dates.

  • Degree awarding institutions and independent credentials were not identified.

  • Exact Veladero operating end date and final proceedings specific to the 2016/2017 incidents were not established.

  • Open-source screening is not an exhaustive criminal, sanctions, litigation, regulatory or credential check.

Megan McPherson

Chief Financial Officer / Company Secretary

Current
Full background report for Megan McPherson
Role FitAnalyst Inference · Medium materiality

Background relevant to current remit

Bachelor of Commerce, University of Wollongong; CA ANZ member, as reported by issuer appointment release. A dated ASX announcement sets the CFO start at 5 May 2025, and an issuer release later records Company Secretary from 2 March 2026. Business News identifies earlier company secretary experience at Antilles Gold and participation in Cuesta Coal’s ASX listing; these earlier details are secondary and do not establish her personal contribution.

Responsibility not applicable · Issuer biography/appointment material provides this background; independent qualification and career verification are incomplete.

Management team · Megan McPherson biography
Appointment of Chief Financial Officer · qualifications and appointment
Megan McPherson professional profile · career overview and prior roles
Appointment of Chief Financial Officer · dated CFO appointment and credentials
FailureIssuer Reported · High materiality

Group 6 Metals’ operating and financial transition

Group 6 announced commercial production at Dolphin in July 2023. Its later annual report records a A$133.6 million FY2024 loss and describes substantial funding pressures and delayed FY2024 reporting; a 2025 recapitalisation followed.

Role overlaps event; causation unproven · McPherson was company secretary from February 2022 to 19 December 2024, with a prior CFO role. The financial results and later recapitalisation are company-level outcomes; personal responsibility is not established.

Dolphin commercial production announcement · commercial production announcement
Group 6 Metals annual report for FY2024 · pp. 1, 7 and financial statements
Group 6 Metals annual report for FY2025 · director report and loss comparison
Company SuccessIssuer Reported · Medium materiality

Finance and commercial role during project funding/development stage

The company’s project remains pre-production and its activities/quarterly filings describe ongoing study, pilot plant and capital-market work. This role overlaps the development stage but no individual capital or commercial outcome is established.

Role overlaps event; causation unproven · Company-level progress; no personal attribution established.

Quarterly Activities Report for period ended 30 June 2026 · financial and corporate development sections
Management team · current role
Evidence gaps · 4
  • Public profiles omit or incompletely date some prior roles and qualifications.
  • Open-source searches are not exhaustive criminal, sanctions, litigation, regulator or credential checks.
  • Public record reviewed does not quantify her individual contribution to prior company financing/listing outcomes; group-career details from Business News are secondary.
  • The inherited 9 October topic-search history was not independently verifiable; the 31 October name-focused search was broad and did not establish exhaustive topic or jurisdiction coverage.

Full background report

Megan McPherson

Chief Financial Officer / Company Secretary

Career chronology

Contributions and company outcomes

Finance and commercial role during project funding/development stage

2025–2026 · issuer reported · medium materiality

The company’s project remains pre-production and its activities/quarterly filings describe ongoing study, pilot plant and capital-market work. This role overlaps the development stage but no individual capital or commercial outcome is established.

Attribution: Role overlaps event; causation unproven. Company-level progress; no personal attribution established.

Relevance: Relevant to finance/commercial accountability at a development-stage explorer.

Quarterly Activities Report for period ended 30 June 2026 (financial and corporate development sections); Management team (current role)

Business failures and setbacks

Development-stage losses and no producing operation

Through 30 June 2026 · issuer reported · medium materiality

ARR remains a pre-revenue rare earth developer with no operating mine; financial reports describe continued exploration, studies, processing test work and capital needs. This is a company-stage limitation, not evidence of personal failure.

Attribution: Role overlaps event; causation unproven. Company performance overlaps current tenure for some executives; no individual causation demonstrated.

Relevance: Material context for delivery track record and capital stewardship.

Annual Report to shareholders, year ended 30 June 2025 (financial statements and going-concern/project sections); Half Yearly Report and Accounts, six months ended 31 December 2025 (financial statements and operations); Quarterly Activities Report for period ended 30 June 2026 (quarterly activities and cashflow)

Group 6 Metals’ operating and financial transition

2023–2025 · issuer reported · high materiality

Group 6 announced commercial production at Dolphin in July 2023. Its later annual report records a A$133.6 million FY2024 loss and describes substantial funding pressures and delayed FY2024 reporting; a 2025 recapitalisation followed.

Attribution: Role overlaps event; causation unproven. McPherson was company secretary from February 2022 to 19 December 2024, with a prior CFO role. The financial results and later recapitalisation are company-level outcomes; personal responsibility is not established.

Relevance: Relevant finance and governance context, distinguishing a delivered operational milestone from subsequent financial pressure.

Dolphin commercial production announcement (commercial production announcement); Group 6 Metals annual report for FY2024 (pp. 1, 7 and financial statements); Group 6 Metals annual report for FY2025 (director report and loss comparison)

Suitability for the current role

Background relevant to current remit

Career through cutoff · analyst inference · medium materiality

Bachelor of Commerce, University of Wollongong; CA ANZ member, as reported by issuer appointment release. A dated ASX announcement sets the CFO start at 5 May 2025, and an issuer release later records Company Secretary from 2 March 2026. Business News identifies earlier company secretary experience at Antilles Gold and participation in Cuesta Coal’s ASX listing; these earlier details are secondary and do not establish her personal contribution.

Attribution: Responsibility not applicable. Issuer biography/appointment material provides this background; independent qualification and career verification are incomplete.

Relevance: Relevant to current role, with depth varying by available published evidence.

Management team (Megan McPherson biography); Appointment of Chief Financial Officer (qualifications and appointment); Megan McPherson professional profile (career overview and prior roles); Appointment of Chief Financial Officer (dated CFO appointment and credentials)

Evidence gaps

  • Public profiles omit or incompletely date some prior roles and qualifications.

  • Open-source searches are not exhaustive criminal, sanctions, litigation, regulator or credential checks.

  • Public record reviewed does not quantify her individual contribution to prior company financing/listing outcomes; group-career details from Business News are secondary.

  • The inherited 9 October topic-search history was not independently verifiable; the 31 October name-focused search was broad and did not establish exhaustive topic or jurisdiction coverage.

Andrew Conover

Chief Development Officer

Current
Full background report for Andrew Conover
Role FitAnalyst Inference · Medium materiality

Background relevant to current remit

Appointment release describes approximately 20 years of mining project execution; formal education and professional memberships not specified in reviewed source.

Responsibility not applicable · Issuer biography/appointment material provides this background; independent qualification and career verification are incomplete.

Appointment of Andrew Conover as Chief Development Officer · experience and education disclosure
Company SuccessIssuer Reported · High materiality

Halleck Creek technical advancement remains pre-production

ARR reported mixed rare earth oxide production from test work in the December 2025 quarter, before this executive joined; in the September 2026 quarter it reported completing feasibility-stage drilling and commencing ore crushing for its pilot program. No operating mine or commercial production has been delivered.

Responsibility not applicable · The 2025 milestone predates the executive’s appointment; subsequent issuer-reported company work is not individually attributed.

Quarterly Activities and Appendix 5B for September 2026 · pp. 1–3, September quarter operational update
Quarterly activities for December 2025 · pp. 1–2, mixed oxide test work
Role FitAnalyst Inference · Medium materiality

Issuer-reported role on a US$350m brownfield mill restart

American Rare Earths’ 20 July 2026 appointment release says Conover was accountable as Senior Director of Construction for restarting a brownfield copper-molybdenum mill, tailings and associated infrastructure with an approximately US$350m budget, reporting strong safety outcomes and disciplined execution. This is issuer-reported attribution; independent project-completion and safety records were not located in this review.

Responsibility not applicable · ARR attributes accountability to Conover; independent completion, cost and safety evidence was not found, so no delivered result is inferred.

Appointment of Andrew Conover as Chief Development Officer · 20 July 2026 appointment, prior construction role and US$350m responsibility
Evidence gaps · 4
  • Public profiles omit or incompletely date some prior roles and qualifications.
  • Open-source searches are not exhaustive criminal, sanctions, litigation, regulator or credential checks.
  • No independent completion, cost, schedule or safety audit for the stated US$350m restart was located; claim remains based on appointment-release biography.
  • The inherited 9 October topic-search history was not independently verifiable; the 31 October name-focused search was broad and did not establish exhaustive topic or jurisdiction coverage.

Full background report

Andrew Conover

Chief Development Officer

Career chronology

Contributions and company outcomes

Halleck Creek technical advancement remains pre-production

December 2025–September 2026 · issuer reported · high materiality

ARR reported mixed rare earth oxide production from test work in the December 2025 quarter, before this executive joined; in the September 2026 quarter it reported completing feasibility-stage drilling and commencing ore crushing for its pilot program. No operating mine or commercial production has been delivered.

Attribution: Responsibility not applicable. The 2025 milestone predates the executive’s appointment; subsequent issuer-reported company work is not individually attributed.

Relevance: Relevant to project execution; progress remains at study/pilot stage.

Quarterly Activities and Appendix 5B for September 2026 (pp. 1–3, September quarter operational update); Quarterly activities for December 2025 (pp. 1–2, mixed oxide test work)

Business failures and setbacks

Development-stage losses and no producing operation

Through 30 June 2026 · issuer reported · medium materiality

ARR remains a pre-revenue rare earth developer with no operating mine; financial reports describe continued exploration, studies, processing test work and capital needs. This is a company-stage limitation, not evidence of personal failure.

Attribution: Role overlaps event; causation unproven. Company performance overlaps current tenure for some executives; no individual causation demonstrated.

Relevance: Material context for delivery track record and capital stewardship.

Annual Report to shareholders, year ended 30 June 2025 (financial statements and going-concern/project sections); Half Yearly Report and Accounts, six months ended 31 December 2025 (financial statements and operations); Quarterly Activities Report for period ended 30 June 2026 (quarterly activities and cashflow)

Suitability for the current role

Background relevant to current remit

Career through cutoff · analyst inference · medium materiality

Appointment release describes approximately 20 years of mining project execution; formal education and professional memberships not specified in reviewed source.

Attribution: Responsibility not applicable. Issuer biography/appointment material provides this background; independent qualification and career verification are incomplete.

Relevance: Relevant to current role, with depth varying by available published evidence.

Appointment of Andrew Conover as Chief Development Officer (experience and education disclosure)

Issuer-reported role on a US$350m brownfield mill restart

Prior to July 2026; exact period not disclosed · analyst inference · medium materiality

American Rare Earths’ 20 July 2026 appointment release says Conover was accountable as Senior Director of Construction for restarting a brownfield copper-molybdenum mill, tailings and associated infrastructure with an approximately US$350m budget, reporting strong safety outcomes and disciplined execution. This is issuer-reported attribution; independent project-completion and safety records were not located in this review.

Attribution: Responsibility not applicable. ARR attributes accountability to Conover; independent completion, cost and safety evidence was not found, so no delivered result is inferred.

Relevance: Material development/construction experience for a project moving from studies toward feasibility.

Appointment of Andrew Conover as Chief Development Officer (20 July 2026 appointment, prior construction role and US$350m responsibility)

Evidence gaps

  • Public profiles omit or incompletely date some prior roles and qualifications.

  • Open-source searches are not exhaustive criminal, sanctions, litigation, regulator or credential checks.

  • No independent completion, cost, schedule or safety audit for the stated US$350m restart was located; claim remains based on appointment-release biography.

  • The inherited 9 October topic-search history was not independently verifiable; the 31 October name-focused search was broad and did not establish exhaustive topic or jurisdiction coverage.

Nick Lissolo

Chief Commercial Officer

Current
Full background report for Nick Lissolo
Role FitAnalyst Inference · Medium materiality

Background relevant to current remit

ARR’s dated appointment release reports a University of Wyoming BSc in Management with a finance minor and prior Newmont finance and project-evaluation roles. It appointed him VP in March 2026 and CCO in August 2026; independent credential and role-date verification remains incomplete.

Responsibility not applicable · Issuer biography/appointment material provides this background; independent qualification and career verification are incomplete.

Management team · Nick Lissolo biography
Company SuccessIssuer Reported · Medium materiality

Finance and commercial role during project funding/development stage

The company’s project remains pre-production and its activities/quarterly filings describe ongoing study, pilot plant and capital-market work. This role overlaps the development stage but no individual capital or commercial outcome is established.

Role overlaps event; causation unproven · Company-level progress; no personal attribution established.

Quarterly Activities Report for period ended 30 June 2026 · financial and corporate development sections
Management team · current role
Evidence gaps · 4
  • Public profiles omit or incompletely date some prior roles and qualifications.
  • Open-source searches are not exhaustive criminal, sanctions, litigation, regulator or credential checks.
  • Newmont roles and degree are supported by an issuer appointment release; independent employer/education verification and a post-appointment ARR commercial outcome are not established.
  • The inherited 9 October topic-search history was not independently verifiable; the 31 October name-focused search was broad and did not establish exhaustive topic or jurisdiction coverage.

Full background report

Nick Lissolo

Chief Commercial Officer

Career chronology

Contributions and company outcomes

Finance and commercial role during project funding/development stage

2025–2026 · issuer reported · medium materiality

The company’s project remains pre-production and its activities/quarterly filings describe ongoing study, pilot plant and capital-market work. This role overlaps the development stage but no individual capital or commercial outcome is established.

Attribution: Role overlaps event; causation unproven. Company-level progress; no personal attribution established.

Relevance: Relevant to finance/commercial accountability at a development-stage explorer.

Quarterly Activities Report for period ended 30 June 2026 (financial and corporate development sections); Management team (current role)

Business failures and setbacks

Development-stage losses and no producing operation

Through 30 June 2026 · issuer reported · medium materiality

ARR remains a pre-revenue rare earth developer with no operating mine; financial reports describe continued exploration, studies, processing test work and capital needs. This is a company-stage limitation, not evidence of personal failure.

Attribution: Role overlaps event; causation unproven. Company performance overlaps current tenure for some executives; no individual causation demonstrated.

Relevance: Material context for delivery track record and capital stewardship.

Annual Report to shareholders, year ended 30 June 2025 (financial statements and going-concern/project sections); Half Yearly Report and Accounts, six months ended 31 December 2025 (financial statements and operations); Quarterly Activities Report for period ended 30 June 2026 (quarterly activities and cashflow)

Suitability for the current role

Background relevant to current remit

Career through cutoff · analyst inference · medium materiality

ARR’s dated appointment release reports a University of Wyoming BSc in Management with a finance minor and prior Newmont finance and project-evaluation roles. It appointed him VP in March 2026 and CCO in August 2026; independent credential and role-date verification remains incomplete.

Attribution: Responsibility not applicable. Issuer biography/appointment material provides this background; independent qualification and career verification are incomplete.

Relevance: Relevant to current role, with depth varying by available published evidence.

Management team (Nick Lissolo biography); Nick Lissolo appointed Chief Commercial Officer (appointment release); American Rare Earths appoints former Newmont executive as VP, Corporate Development and Strategy (Newmont chronology and degree); Nick Lissolo appointed Chief Commercial Officer (CCO appointment)

Evidence gaps

  • Public profiles omit or incompletely date some prior roles and qualifications.

  • Open-source searches are not exhaustive criminal, sanctions, litigation, regulator or credential checks.

  • Newmont roles and degree are supported by an issuer appointment release; independent employer/education verification and a post-appointment ARR commercial outcome are not established.

  • The inherited 9 October topic-search history was not independently verifiable; the 31 October name-focused search was broad and did not establish exhaustive topic or jurisdiction coverage.

Taylor Cable

Director, Projects & Engineering

Current
Full background report for Taylor Cable
Role FitAnalyst Inference · Medium materiality

Background relevant to current remit

Degree in Mining Engineering, Colorado School of Mines, as reported by issuer. The dated 28 April 2026 appointment confirms he is responsible for advancing Halleck Creek toward front-end engineering and study-to-construction readiness. It does not name his prior employers or quantify specific delivered facilities; the issuer’s page identifies a Colorado School of Mines mining-engineering degree.

Responsibility not applicable · Issuer biography/appointment material provides this background; independent qualification and career verification are incomplete.

Management team · Taylor Cable biography
Management team · degree and career description
Company SuccessIssuer Reported · High materiality

Halleck Creek technical advancement remains pre-production

ARR reported mixed rare earth oxide production from test work in the December 2025 quarter, before this executive joined; in the September 2026 quarter it reported completing feasibility-stage drilling and commencing ore crushing for its pilot program. No operating mine or commercial production has been delivered.

Responsibility not applicable · The 2025 milestone predates the executive’s appointment; subsequent issuer-reported company work is not individually attributed.

Quarterly Activities and Appendix 5B for September 2026 · pp. 1–3, September quarter operational update
Quarterly activities for December 2025 · pp. 1–2, mixed oxide test work
Evidence gaps · 4
  • Public profiles omit or incompletely date some prior roles and qualifications.
  • Open-source searches are not exhaustive criminal, sanctions, litigation, regulator or credential checks.
  • Earlier employers, project names and independently verified mining-engineering degree were not identified in reviewed sources.
  • The inherited 9 October topic-search history was not independently verifiable; the 31 October name-focused search was broad and did not establish exhaustive topic or jurisdiction coverage.

Full background report

Taylor Cable

Director, Projects & Engineering

Career chronology

Contributions and company outcomes

Halleck Creek technical advancement remains pre-production

December 2025–September 2026 · issuer reported · high materiality

ARR reported mixed rare earth oxide production from test work in the December 2025 quarter, before this executive joined; in the September 2026 quarter it reported completing feasibility-stage drilling and commencing ore crushing for its pilot program. No operating mine or commercial production has been delivered.

Attribution: Responsibility not applicable. The 2025 milestone predates the executive’s appointment; subsequent issuer-reported company work is not individually attributed.

Relevance: Relevant to project execution; progress remains at study/pilot stage.

Quarterly Activities and Appendix 5B for September 2026 (pp. 1–3, September quarter operational update); Quarterly activities for December 2025 (pp. 1–2, mixed oxide test work)

Business failures and setbacks

Development-stage losses and no producing operation

Through 30 June 2026 · issuer reported · medium materiality

ARR remains a pre-revenue rare earth developer with no operating mine; financial reports describe continued exploration, studies, processing test work and capital needs. This is a company-stage limitation, not evidence of personal failure.

Attribution: Role overlaps event; causation unproven. Company performance overlaps current tenure for some executives; no individual causation demonstrated.

Relevance: Material context for delivery track record and capital stewardship.

Annual Report to shareholders, year ended 30 June 2025 (financial statements and going-concern/project sections); Half Yearly Report and Accounts, six months ended 31 December 2025 (financial statements and operations); Quarterly Activities Report for period ended 30 June 2026 (quarterly activities and cashflow)

Suitability for the current role

Background relevant to current remit

Career through cutoff · analyst inference · medium materiality

Degree in Mining Engineering, Colorado School of Mines, as reported by issuer. The dated 28 April 2026 appointment confirms he is responsible for advancing Halleck Creek toward front-end engineering and study-to-construction readiness. It does not name his prior employers or quantify specific delivered facilities; the issuer’s page identifies a Colorado School of Mines mining-engineering degree.

Attribution: Responsibility not applicable. Issuer biography/appointment material provides this background; independent qualification and career verification are incomplete.

Relevance: Relevant to current role, with depth varying by available published evidence.

Management team (Taylor Cable biography); American Rare Earths strengthens Wyoming leadership and project delivery team (appointment date and project remit); Management team (degree and career description)

Evidence gaps

  • Public profiles omit or incompletely date some prior roles and qualifications.

  • Open-source searches are not exhaustive criminal, sanctions, litigation, regulator or credential checks.

  • Earlier employers, project names and independently verified mining-engineering degree were not identified in reviewed sources.

  • The inherited 9 October topic-search history was not independently verifiable; the 31 October name-focused search was broad and did not establish exhaustive topic or jurisdiction coverage.

Brook Brockman

Director of Public and Government Affairs

Current
Full background report for Brook Brockman
Role FitAnalyst Inference · Medium materiality

Background relevant to current remit

No degrees or professional qualifications stated in issuer biography; local agriculture, conservation and rural economic development experience is described. The 28 April 2026 appointment release dates her ARR role and defines community, landowner and government engagement responsibilities; Platte County independently lists her as an at-large conservation-district board member with term through 31 December 2026.

Responsibility not applicable · Issuer biography/appointment material provides this background; independent qualification and career verification are incomplete.

Management team · Brook Brockman biography
Role FitAnalyst Inference · Medium materiality

Community and government engagement remit

The issuer describes the role as community, government and business engagement across Platte and Albany Counties; it provides no dated evidence of permitting outcome attributable to the individual.

Responsibility not applicable · The remit is stated by the issuer; results and tenure are not independently documented.

Management team · Brook Brockman biography
EnvironmentIssuer Reported · Medium materiality

Permitting, water rights and environmental baselines remain open development work

Stantec’s February 2025 updated scoping study records that Halleck Creek water rights had not yet been adjudicated, the Wyoming permit-to-mine process had not started, and environmental/water baselines were underway; no social-impact study had been completed. It also says Stantec was unaware of Wyoming or federal violations/fines at that time. In an August 2026 shareholder letter, the CEO says hydrology, wildlife, cultural, air and soil baselines continued and site water/power discussions were underway. These are unresolved permitting and social-baseline tasks, not evidence of environmental misconduct; Brockman is reported to lead local and regulatory engagement.

Role overlaps event; causation unproven · Brockman’s public-affairs remit overlaps stakeholder and regulatory engagement; technical permitting and water decisions belong to the company/project team, and personal responsibility for environmental outcomes is not established.

Halleck Creek Updated Scoping Study Technical Report, Revision 3 · pp. 4–5, water rights, state permitting, violations/fines
Halleck Creek Updated Scoping Study Technical Report, Revision 3 · pp. 141–143, environmental baselines and no social-impact study
Letter to Shareholders · 31 August 2026, hydrology/wildlife/soil baseline and water/power discussions
Recent Wyoming Energy Projects · p. 3, test-mine application before DEQ
Evidence gaps · 4
  • Public profiles omit or incompletely date some prior roles and qualifications.
  • Open-source searches are not exhaustive criminal, sanctions, litigation, regulator or credential checks.
  • No prior employer chronology, degree or independent permitting decision attributable to her was identified; county records establish only her district board term.
  • The inherited 9 October topic-search history was not independently verifiable; the 31 October name-focused search was broad and did not establish exhaustive topic or jurisdiction coverage.

Full background report

Brook Brockman

Director of Public and Government Affairs

Career chronology

Business failures and setbacks

Development-stage losses and no producing operation

Through 30 June 2026 · issuer reported · medium materiality

ARR remains a pre-revenue rare earth developer with no operating mine; financial reports describe continued exploration, studies, processing test work and capital needs. This is a company-stage limitation, not evidence of personal failure.

Attribution: Role overlaps event; causation unproven. Company performance overlaps current tenure for some executives; no individual causation demonstrated.

Relevance: Material context for delivery track record and capital stewardship.

Annual Report to shareholders, year ended 30 June 2025 (financial statements and going-concern/project sections); Half Yearly Report and Accounts, six months ended 31 December 2025 (financial statements and operations); Quarterly Activities Report for period ended 30 June 2026 (quarterly activities and cashflow)

Environmental record

Permitting, water rights and environmental baselines remain open development work

February 2025–August 2026 · issuer reported · medium materiality

Stantec’s February 2025 updated scoping study records that Halleck Creek water rights had not yet been adjudicated, the Wyoming permit-to-mine process had not started, and environmental/water baselines were underway; no social-impact study had been completed. It also says Stantec was unaware of Wyoming or federal violations/fines at that time. In an August 2026 shareholder letter, the CEO says hydrology, wildlife, cultural, air and soil baselines continued and site water/power discussions were underway. These are unresolved permitting and social-baseline tasks, not evidence of environmental misconduct; Brockman is reported to lead local and regulatory engagement.

Attribution: Role overlaps event; causation unproven. Brockman’s public-affairs remit overlaps stakeholder and regulatory engagement; technical permitting and water decisions belong to the company/project team, and personal responsibility for environmental outcomes is not established.

Relevance: Material to her public-affairs remit and the team’s project-execution readiness.

Halleck Creek Updated Scoping Study Technical Report, Revision 3 (pp. 4–5, water rights, state permitting, violations/fines); Halleck Creek Updated Scoping Study Technical Report, Revision 3 (pp. 141–143, environmental baselines and no social-impact study); Letter to Shareholders (31 August 2026, hydrology/wildlife/soil baseline and water/power discussions); Recent Wyoming Energy Projects (p. 3, test-mine application before DEQ)

Suitability for the current role

Background relevant to current remit

Career through cutoff · analyst inference · medium materiality

No degrees or professional qualifications stated in issuer biography; local agriculture, conservation and rural economic development experience is described. The 28 April 2026 appointment release dates her ARR role and defines community, landowner and government engagement responsibilities; Platte County independently lists her as an at-large conservation-district board member with term through 31 December 2026.

Attribution: Responsibility not applicable. Issuer biography/appointment material provides this background; independent qualification and career verification are incomplete.

Relevance: Relevant to current role, with depth varying by available published evidence.

Management team (Brook Brockman biography); American Rare Earths strengthens Wyoming leadership and project delivery team (appointment date and public-affairs remit); Platte County Resource Conservation District: Board Members (official board listing)

Community and government engagement remit

At cutoff · analyst inference · medium materiality

The issuer describes the role as community, government and business engagement across Platte and Albany Counties; it provides no dated evidence of permitting outcome attributable to the individual.

Attribution: Responsibility not applicable. The remit is stated by the issuer; results and tenure are not independently documented.

Relevance: Relevant to local permitting and stakeholder engagement.

Management team (Brook Brockman biography)

Evidence gaps

  • Public profiles omit or incompletely date some prior roles and qualifications.

  • Open-source searches are not exhaustive criminal, sanctions, litigation, regulator or credential checks.

  • No prior employer chronology, degree or independent permitting decision attributable to her was identified; county records establish only her district board term.

  • The inherited 9 October topic-search history was not independently verifiable; the 31 October name-focused search was broad and did not establish exhaustive topic or jurisdiction coverage.

Jaye Pickarts

Pilot Plant Lead (independent consultant)

Current
Full background report for Jaye Pickarts
Role FitAnalyst Inference · High materiality

Rare-earth process and project background

ARR engaged Pickarts, a metallurgical engineer and independent consultant, to lead the Halleck Creek pilot plant. Rare Element previously named him COO in 2011 and its 2025 SEC filing records his retirement as COO effective 31 December 2025.

Responsibility not applicable · The prior appointments and consultant role are issuer-reported; current ARR employment is not asserted.

Rare Element appoints Jaye Pickarts COO · COO appointment and previous engineering experience
FailureDocumented · Medium materiality

Bear Lodge permitting pause and later demonstration work

Rare Element reported that its board suspended Bear Lodge permitting in January 2016 amid difficult market conditions. It later reported equipment shakedown at its Wyoming demonstration plant in January 2025 during a subsequent Pickarts COO term.

Role overlaps event; causation unproven · The suspension was a board decision during his earlier COO tenure; market conditions and later execution involved multiple parties, and personal causation is not established.

Rare Element 2015 annual report · Item 2, properties and permitting suspension
Rare Element management change · later COO departure
Evidence gaps · 2
  • Exact start and end months for the 2016–2024 independent-consulting period are not established.
  • Independent licensing, career, regulatory and litigation records are not comprehensively verified.

Full background report

Jaye Pickarts

Pilot Plant Lead (independent consultant)

Career chronology

Business failures and setbacks

Bear Lodge permitting pause and later demonstration work

2016 and 2025 · documented · medium materiality

Rare Element reported that its board suspended Bear Lodge permitting in January 2016 amid difficult market conditions. It later reported equipment shakedown at its Wyoming demonstration plant in January 2025 during a subsequent Pickarts COO term.

Attribution: Role overlaps event; causation unproven. The suspension was a board decision during his earlier COO tenure; market conditions and later execution involved multiple parties, and personal causation is not established.

Relevance: Useful context for rare-earth project execution and sensitivity to financing.

Rare Element 2015 annual report (Item 2, properties and permitting suspension); Rare Element appoints Jaye Pickarts COO (COO appointment); Rare Element demonstration plant update (2025 plant update); Rare Element management change (later COO departure)

Suitability for the current role

Rare-earth process and project background

2011–2026 · analyst inference · high materiality

ARR engaged Pickarts, a metallurgical engineer and independent consultant, to lead the Halleck Creek pilot plant. Rare Element previously named him COO in 2011 and its 2025 SEC filing records his retirement as COO effective 31 December 2025.

Attribution: Responsibility not applicable. The prior appointments and consultant role are issuer-reported; current ARR employment is not asserted.

Relevance: Rare-earth pilot and permitting expertise is relevant to Halleck Creek.

Wyoming-led pilot plant program and Pickarts engagement (pilot program and engagement); Rare Element appoints Jaye Pickarts COO (COO appointment and previous engineering experience); Rare Element management change (retirement)

Evidence gaps

  • Exact start and end months for the 2016–2024 independent-consulting period are not established.

  • Independent licensing, career, regulatory and litigation records are not comprehensively verified.

Sanja Miskovic

Chief Technical Advisor

Current
Full background report for Sanja Miskovic
Role FitAnalyst Inference · High materiality

Technical adviser and Novex role

ARR appointed Dr Sanja Miskovic chief technical adviser effective 10 September 2026 to guide beneficiation, recovery and process scale-up. ARR also says she is CTO of its downstream partner Novex; her advisory appointment does not establish executive employment.

Responsibility not applicable · Issuer appointment and concurrent technology-partner role are disclosed; decision authority and commercial arrangements are not independently established.

Appointment of Sanja Miskovic as Chief Technical Advisor · appointment, role and Novex position
EducationDocumented · Medium materiality

Minerals engineering education

ARR reports a 2011 minerals-engineering PhD from Virginia Tech and earlier University of Novi Sad degrees; UBC’s academic profile independently repeats these qualifications and describes her research and prior University of Utah faculty service.

Responsibility not applicable · UBC profile corroborates claimed education; an official degree transcript was not reviewed.

Sanja Miskovic academic biography · biography and education
Evidence gaps · 2
  • Novex contractual economics and adviser decision rights are not established in the reviewed disclosure.
  • Independent transcript and comprehensive regulator, litigation and patent-ownership records were not reviewed.

Full background report

Sanja Miskovic

Chief Technical Advisor

Career chronology

Education and qualifications

Minerals engineering education

2011 and later · documented · medium materiality

ARR reports a 2011 minerals-engineering PhD from Virginia Tech and earlier University of Novi Sad degrees; UBC’s academic profile independently repeats these qualifications and describes her research and prior University of Utah faculty service.

Attribution: Responsibility not applicable. UBC profile corroborates claimed education; an official degree transcript was not reviewed.

Relevance: Technical training is relevant to her advisory work.

Appointment of Sanja Miskovic as Chief Technical Advisor (education and academic role); Sanja Miskovic academic biography (biography and education)

Suitability for the current role

Technical adviser and Novex role

2026 · analyst inference · high materiality

ARR appointed Dr Sanja Miskovic chief technical adviser effective 10 September 2026 to guide beneficiation, recovery and process scale-up. ARR also says she is CTO of its downstream partner Novex; her advisory appointment does not establish executive employment.

Attribution: Responsibility not applicable. Issuer appointment and concurrent technology-partner role are disclosed; decision authority and commercial arrangements are not independently established.

Relevance: Relevant to rare-earth separation and potential conflicts between ARR and a commercial partner.

Appointment of Sanja Miskovic as Chief Technical Advisor (appointment, role and Novex position)

Evidence gaps

  • Novex contractual economics and adviser decision rights are not established in the reviewed disclosure.

  • Independent transcript and comprehensive regulator, litigation and patent-ownership records were not reviewed.