ARR: 2026 Annual Report
Original announcement by asx on
- Company
- American Rare Earths Limited
- Ticker
- ARR
- Exchange
- ASX
- Region
- Wyoming, USA
- Primary commodity
- Rare earths
- Secondary commodities
- Treo, Lreo, Hreo, Mreo, Ndpr oxide, Terbium oxide, Dysprosium oxide, Samarium europium gadolinium
- Document categories
- Resource update, Metallurgy, Drill results
- Extracted
- 2026-09-30 06:21:25 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
American Rare Earths Limited's FY2026 annual report highlights substantial progress at its Halleck Creek project, including an updated Scoping Study projecting a US$1.07 billion NPV and initial positive drill results from the feasibility study program. The company has advanced metallurgical testwork, successfully producing mixed rare earth oxides, and is progressing pilot plant development and strategic partnerships for a U.S. mine-to-magnet supply chain. However, the report also discloses significantly lower recovery assumptions for heavy rare earths, a substantial funding requirement, and a material uncertainty regarding its ability to continue as a going concern, indicating a complex path forward.
Reasoning: The annual report presents a mixed picture of significant technical and strategic progress for the Halleck Creek project, including an updated Scoping Study with improved economics and initial positive drill results, but these are tempered by substantial reductions in heavy rare earth recovery assumptions, a large funding gap, and a formal going concern warning.
Positive factors
- Updated Scoping Study shows increased NPV and throughput for Halleck Creek.
- Successful production of mixed rare earth oxalate and oxide demonstrates processing pathway.
- Pilot plant development is advancing towards separated rare earth oxide production.
- Initial drill results confirm broad rare earth mineralization at Red Mountain.
- Strategic partnerships and DOE engagement support downstream development.
- Strengthened leadership team and focus on execution.
Negative factors
- Material uncertainty regarding the company's ability to continue as a going concern.
- Significant reduction in recovery assumptions for heavy rare earths in the Scoping Study.
- Large initial capital requirement of US$900 million materially exceeds current cash resources.
- Funding uncertainty with non-binding LOI and no formal project financing commenced.
- Scoping Study is preliminary, includes Inferred resources, and no Ore Reserves have been declared.
- PFS remains in progress, not yet completed.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 33
Classification and evidence
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: Resource estimate prepared in compliance with JORC Code.
Evidence · text
“JORC Mineral Resource”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Qualified Persons Mr Dwight Kinnes and Mr Jim Guilinger signed off on the estimate.
Evidence · text
“Mr Kinnes and Mr Guilinger have sufficient experience relevant to the style of mineralisation and type of deposits under consideration and to the activity which they are undertaking as a Competent Person.”
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The resource includes a Measured category, indicating high confidence.
Evidence · table
“Measured”
Context: 206,716,068
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource includes an Indicated category, indicating reasonable geological confidence.
Evidence · table
“Indicated”
Context: 1,272,604,372
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: A significant portion of the resource is in the Inferred category, which is speculative.
Evidence · table
“Inferred”
Context: 1,147,180,795
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document presents an updated Mineral Resource Estimate for Halleck Creek.
Evidence · text
“Table 1 – Mineral Resource Estimate at Halleck Creek”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource includes an Indicated category, indicating reasonable geological confidence.
Evidence · table
“Indicated”
Context: 35.2
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: A significant portion of the resource is in the Inferred category, which is speculative.
Evidence · table
“Inferred”
Context: 135.4
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document presents an updated Mineral Resource Estimate for La Paz.
Evidence · text
“Table 2: La Paz Rare Earths Project JORC 2012 Classified Mineral Resource Estimate”
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: The release mentions certified assays and refers to JORC Table 1 for QA/QC details.
Evidence · text
“certified assays for the first six HQ core holes”
Apparent Width Onlynegative
Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.
Why it applies: Reported intervals are downhole lengths, and true widths are not known.
Evidence · text
“Reported intervals are downhole lengths; true widths are not known.”
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: The drilling program is targeting resource conversion and future ore reserve estimation.
Evidence · text
“The program is targeting resource conversion and future ore reserve estimation”
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: Recovery assumptions for terbium oxide (28.7%), dysprosium oxide (12.4%), and samarium, europium, gadolinium product (25.8%) are significantly reduced and below typical expectations for these critical metals.
Evidence · text
“terbium oxide at 28.7% compared with 70.2%; dysprosium oxide at 12.4% compared with 66.5%; and the samarium, europium and gadolinium product at 25.8% compared with 70.1%.”
Refractory Orenegative
Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk.
Why it applies: The significant reduction in heavy rare earth recoveries and ongoing optimization efforts suggest complex mineralogy requiring specialized processing.
Evidence · text
“These are material reductions, particularly for the heavy rare earth products, and are a central focus of the ongoing test program.”
Recovery Improvingpositive
Recovery improved versus a like-for-like prior test program on the same domain and route.
Why it applies: The document states that further recovery optimisation is scheduled, implying an intent to improve recoveries.
Evidence · text
“transfer to Saskatchewan Research Council scheduled for December 2026 for further recovery optimisation.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The processing flowsheet involves beneficiation optimization using Reflux Classifier and Induced Roll Magnetic Separation technologies, which are typical for mill-based processing.
Evidence · text
“beneficiation optimisation work incorporating Reflux Classifier technology in combination with Induced Roll Magnetic Separation”
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 33. Some facts used in scoring do not have a stored record.
Drill Results (2)
HC26-RM051Halleck Creek Rare Earths · treoGrade: 9084Grade Unit: ppmIntercept: 3.02 mView all detailsHide details
Identity
- Hole ID
- HC26-RM051
- Project
- Halleck Creek Rare Earths
- Commodity
- treo
- Region
- wyoming, usa
- Reported Region
- wyoming, usa
- Ticker
- ARR
Geometry
- Grade
- 9084
- Grade Unit
- ppm
- Intercept
- 3.02 m
Classification
- Program
- resource
- Sample Type
- drill
QA/QC
- QA/QC Disclosed
- Yes
- QP Signed
- Yes
- QA/QC Methods
- standards
Compositing
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
- Dilution Disclosed
- Yes
- Max Dilution
- 2 m
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This individual sample shows very high TREO grades, indicating bonanza-grade mineralization, but its true width is not disclosed.
Positive factors
- Exceptionally high-grade individual sample assay for rare earths.
- Confirms strong mineralization within the project area.
Negative factors
- True width is not known, which may overstate actual thickness.
Evidence · text
“9,084 ppm TREO over 3.02 metres in HC26-RM051”
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Compositing Transparentpositive
Cut-off grade and internal dilution rules are clearly stated for reported intervals.
Why it applies: cutoff_grade and internal dilution are both stated
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: drill_program_type is "resource"
HC26-RM056Halleck Creek Rare Earths · treoGrade: 3951Grade Unit: ppmIntercept: 191.11 mView all detailsHide details
Identity
- Hole ID
- HC26-RM056
- Project
- Halleck Creek Rare Earths
- Commodity
- treo
- Region
- wyoming, usa
- Reported Region
- wyoming, usa
- Ticker
- ARR
Geometry
- Grade
- 3951
- Grade Unit
- ppm
- Intercept
- 191.11 m
- From
- 8.84 m
- To
- 199.95 m
- Intercept Depth
- 8.84 m
Classification
- Program
- resource
- Sample Type
- drill
- Group ID
- HC26-RM056:8.84-199.95
QA/QC
- QA/QC Disclosed
- Yes
- QP Signed
- Yes
- QA/QC Methods
- standards
Compositing
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
- Dilution Disclosed
- Yes
- Max Dilution
- 2 m
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: A very long and high-grade composite intercept confirms significant rare earth mineralization, supporting resource conversion efforts, though true width is not stated.
Positive factors
- Very long intercept length with good TREO grades, indicating significant mineralization continuity.
- Supports resource conversion and future ore reserve estimation.
Negative factors
- True width is not known, which may overstate actual thickness.
Evidence · text
“191.11 metres at 3,951 ppm TREO from 8.84 metres to 199.95 metres downhole”
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Compositing Transparentpositive
Cut-off grade and internal dilution rules are clearly stated for reported intervals.
Why it applies: cutoff_grade and internal dilution are both stated
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: drill_program_type is "resource"
Resource Estimates (26)
measuredHalleck Creek · treoTonnes: 206716068Grade: 3720Grade Unit: ppmContained Metal: 769018Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- treo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:5c1cf106d6840ace762d
Resource Data
- Category
- measured
- Tonnes
- 206716068
- Grade
- 3720
- Grade Unit
- ppm
- Contained Metal
- 769018
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Measured resource for TREO at Halleck Creek indicates high geological confidence and a substantial tonnage, which is a positive for project de-risking.
Positive factors
- High confidence Measured category for TREO.
- Significant tonnage and grade for a rare earth project.
Evidence · table
“3,720”
Context: 206,716,068
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
measuredHalleck Creek · lreoTonnes: 206716068Grade: 3352Grade Unit: ppmContained Metal: 692935Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- lreo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:5c1cf106d6840ace762d
Resource Data
- Category
- measured
- Tonnes
- 206716068
- Grade
- 3352
- Grade Unit
- ppm
- Contained Metal
- 692935
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Measured resource for LREO at Halleck Creek indicates high geological confidence and a substantial tonnage, which is a positive for project de-risking.
Positive factors
- High confidence Measured category for LREO.
- Significant tonnage and grade for a rare earth project.
Evidence · table
“3,352”
Context: 206,716,068
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
measuredHalleck Creek · hreoTonnes: 206716068Grade: 370Grade Unit: ppmContained Metal: 76550Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- hreo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:5c1cf106d6840ace762d
Resource Data
- Category
- measured
- Tonnes
- 206716068
- Grade
- 370
- Grade Unit
- ppm
- Contained Metal
- 76550
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Measured resource for HREO at Halleck Creek provides high confidence for this component of the rare earth basket.
Positive factors
- High confidence Measured category for HREO.
- Contributes to the overall rare earth basket.
Evidence · table
“370”
Context: 206,716,068
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
measuredHalleck Creek · mreoTonnes: 206716068Grade: 904Grade Unit: ppmContained Metal: 186836Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- mreo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:5c1cf106d6840ace762d
Resource Data
- Category
- measured
- Tonnes
- 206716068
- Grade
- 904
- Grade Unit
- ppm
- Contained Metal
- 186836
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Measured resource for MREO at Halleck Creek is a positive, providing high confidence for these critical magnet rare earth oxides.
Positive factors
- High confidence Measured category for MREO.
- MREO are critical for magnet production.
Evidence · table
“904”
Context: 206,716,068
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedHalleck Creek · treoTonnes: 1272604372Grade: 3271Grade Unit: ppmContained Metal: 4162386Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- treo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:376e918be8b827274aa8
Resource Data
- Category
- indicated
- Tonnes
- 1272604372
- Grade
- 3271
- Grade Unit
- ppm
- Contained Metal
- 4162386
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The substantial Indicated resource for TREO at Halleck Creek provides a strong foundation for project development and economic assessment.
Positive factors
- Large Indicated resource for TREO, providing reasonable geological confidence.
- Supports future economic studies and mine planning.
Evidence · table
“3,271”
Context: 1,272,604,372
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedHalleck Creek · lreoTonnes: 1272604372Grade: 2900Grade Unit: ppmContained Metal: 3689999Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- lreo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:376e918be8b827274aa8
Resource Data
- Category
- indicated
- Tonnes
- 1272604372
- Grade
- 2900
- Grade Unit
- ppm
- Contained Metal
- 3689999
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The substantial Indicated resource for LREO at Halleck Creek provides a strong foundation for project development and economic assessment.
Positive factors
- Large Indicated resource for LREO, providing reasonable geological confidence.
- Supports future economic studies and mine planning.
Evidence · table
“2,900”
Context: 1,272,604,372
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedHalleck Creek · hreoTonnes: 1272604372Grade: 360Grade Unit: ppmContained Metal: 458140Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- hreo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:376e918be8b827274aa8
Resource Data
- Category
- indicated
- Tonnes
- 1272604372
- Grade
- 360
- Grade Unit
- ppm
- Contained Metal
- 458140
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Indicated resource for HREO at Halleck Creek adds to the overall confidence in the rare earth endowment.
Positive factors
- Indicated resource for HREO, contributing to the overall rare earth basket.
Evidence · table
“360”
Context: 1,272,604,372
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedHalleck Creek · mreoTonnes: 1272604372Grade: 852Grade Unit: ppmContained Metal: 1084256Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- mreo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:376e918be8b827274aa8
Resource Data
- Category
- indicated
- Tonnes
- 1272604372
- Grade
- 852
- Grade Unit
- ppm
- Contained Metal
- 1084256
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The substantial Indicated resource for MREO at Halleck Creek provides a strong foundation for future magnet rare earth production.
Positive factors
- Large Indicated resource for MREO, providing reasonable geological confidence for critical magnet rare earths.
Evidence · table
“852”
Context: 1,272,604,372
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedHalleck Creek · treoTonnes: 1479320439Grade: 3334Grade Unit: ppmContained Metal: 4931405Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- treo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:743e140ec6920f04ea4d
Resource Data
- Category
- indicated
- Tonnes
- 1479320439
- Grade
- 3334
- Grade Unit
- ppm
- Contained Metal
- 4931405
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The combined Measured and Indicated TREO resource provides a robust base for future development planning.
Positive factors
- Combined Measured and Indicated resource for TREO represents a significant, higher-confidence portion of the total resource.
Evidence · table
“3,334”
Context: 1,479,320,439
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedHalleck Creek · lreoTonnes: 1479320439Grade: 2963Grade Unit: ppmContained Metal: 4382934Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- lreo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:743e140ec6920f04ea4d
Resource Data
- Category
- indicated
- Tonnes
- 1479320439
- Grade
- 2963
- Grade Unit
- ppm
- Contained Metal
- 4382934
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The combined Measured and Indicated LREO resource provides a robust base for future development planning.
Positive factors
- Combined Measured and Indicated resource for LREO represents a significant, higher-confidence portion of the total resource.
Evidence · table
“2,963”
Context: 1,479,320,439
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedHalleck Creek · hreoTonnes: 1479320439Grade: 361Grade Unit: ppmContained Metal: 534691Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- hreo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:743e140ec6920f04ea4d
Resource Data
- Category
- indicated
- Tonnes
- 1479320439
- Grade
- 361
- Grade Unit
- ppm
- Contained Metal
- 534691
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The combined Measured and Indicated HREO resource adds to the overall confidence in the project's heavy rare earth endowment.
Positive factors
- Combined Measured and Indicated resource for HREO contributes to the overall higher-confidence resource.
Evidence · table
“361”
Context: 1,479,320,439
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedHalleck Creek · mreoTonnes: 1479320439Grade: 859Grade Unit: ppmContained Metal: 1271092Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- mreo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:743e140ec6920f04ea4d
Resource Data
- Category
- indicated
- Tonnes
- 1479320439
- Grade
- 859
- Grade Unit
- ppm
- Contained Metal
- 1271092
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The combined Measured and Indicated MREO resource provides a robust base for future magnet rare earth production.
Positive factors
- Combined Measured and Indicated resource for MREO represents a significant, higher-confidence portion of critical magnet rare earths.
Evidence · table
“859”
Context: 1,479,320,439
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredHalleck Creek · treoTonnes: 1147180795Grade: 3239Grade Unit: ppmContained Metal: 3715661Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- treo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:0762b03059357daf197e
Resource Data
- Category
- inferred
- Tonnes
- 1147180795
- Grade
- 3239
- Grade Unit
- ppm
- Contained Metal
- 3715661
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The large Inferred TREO resource highlights significant potential but requires further drilling to upgrade confidence for economic viability.
Positive factors
- Large Inferred resource for TREO indicates significant exploration potential.
Negative factors
- Inferred resources have a low level of geological confidence and cannot support economic studies alone.
Evidence · table
“3,239”
Context: 1,147,180,795
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredHalleck Creek · lreoTonnes: 1147180795Grade: 2878Grade Unit: ppmContained Metal: 3302005Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- lreo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:0762b03059357daf197e
Resource Data
- Category
- inferred
- Tonnes
- 1147180795
- Grade
- 2878
- Grade Unit
- ppm
- Contained Metal
- 3302005
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The large Inferred LREO resource highlights significant potential but requires further drilling to upgrade confidence for economic viability.
Positive factors
- Large Inferred resource for LREO indicates significant exploration potential.
Negative factors
- Inferred resources have a low level of geological confidence and cannot support economic studies alone.
Evidence · table
“2,878”
Context: 1,147,180,795
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredHalleck Creek · hreoTonnes: 1147180795Grade: 361Grade Unit: ppmContained Metal: 413651Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- hreo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:0762b03059357daf197e
Resource Data
- Category
- inferred
- Tonnes
- 1147180795
- Grade
- 361
- Grade Unit
- ppm
- Contained Metal
- 413651
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Inferred HREO resource indicates potential but requires further work to establish confidence for economic assessment.
Positive factors
- Inferred resource for HREO indicates exploration potential for heavy rare earths.
Negative factors
- Inferred resources have a low level of geological confidence and cannot support economic studies alone.
Evidence · table
“361”
Context: 1,147,180,795
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredHalleck Creek · mreoTonnes: 1147180795Grade: 837Grade Unit: ppmContained Metal: 960355Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- mreo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:0762b03059357daf197e
Resource Data
- Category
- inferred
- Tonnes
- 1147180795
- Grade
- 837
- Grade Unit
- ppm
- Contained Metal
- 960355
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The large Inferred MREO resource highlights significant potential but requires further drilling to upgrade confidence for economic viability.
Positive factors
- Large Inferred resource for MREO indicates significant exploration potential for critical magnet rare earths.
Negative factors
- Inferred resources have a low level of geological confidence and cannot support economic studies alone.
Evidence · table
“837”
Context: 1,147,180,795
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredHalleck Creek · treoTonnes: 2626501234Grade: 3292Grade Unit: ppmContained Metal: 8647066Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- treo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:0c7dc4b3f471d24088b5
Resource Data
- Category
- inferred
- Tonnes
- 2626501234
- Grade
- 3292
- Grade Unit
- ppm
- Contained Metal
- 8647066
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The total TREO resource at Halleck Creek is very large, demonstrating significant scale, but its overall confidence is tempered by the high proportion of Inferred material.
Positive factors
- Very large total resource for TREO, indicating significant scale and long-term potential.
Negative factors
- A substantial portion of the total resource is in the Inferred category, limiting overall confidence.
Evidence · table
“3,292”
Context: 2,626,501,234
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredHalleck Creek · lreoTonnes: 2626501234Grade: 2926Grade Unit: ppmContained Metal: 7684939Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- lreo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:0c7dc4b3f471d24088b5
Resource Data
- Category
- inferred
- Tonnes
- 2626501234
- Grade
- 2926
- Grade Unit
- ppm
- Contained Metal
- 7684939
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The total LREO resource at Halleck Creek is very large, demonstrating significant scale, but its overall confidence is tempered by the high proportion of Inferred material.
Positive factors
- Very large total resource for LREO, indicating significant scale and long-term potential.
Negative factors
- A substantial portion of the total resource is in the Inferred category, limiting overall confidence.
Evidence · table
“2,926”
Context: 2,626,501,234
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredHalleck Creek · hreoTonnes: 2626501234Grade: 361Grade Unit: ppmContained Metal: 948341Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- hreo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:0c7dc4b3f471d24088b5
Resource Data
- Category
- inferred
- Tonnes
- 2626501234
- Grade
- 361
- Grade Unit
- ppm
- Contained Metal
- 948341
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The total HREO resource at Halleck Creek is large, but its overall confidence is tempered by the high proportion of Inferred material.
Positive factors
- Large total resource for HREO, indicating significant potential for heavy rare earths.
Negative factors
- A substantial portion of the total resource is in the Inferred category, limiting overall confidence.
Evidence · table
“361”
Context: 2,626,501,234
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredHalleck Creek · mreoTonnes: 2626501234Grade: 850Grade Unit: ppmContained Metal: 2231447Contained Unit: tView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- mreo
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:0c7dc4b3f471d24088b5
Resource Data
- Category
- inferred
- Tonnes
- 2626501234
- Grade
- 850
- Grade Unit
- ppm
- Contained Metal
- 2231447
- Contained Unit
- t
- Cutoff Grade
- 1000
- Cutoff Unit
- ppm TREO
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The total MREO resource at Halleck Creek is very large, demonstrating significant scale, but its overall confidence is tempered by the high proportion of Inferred material.
Positive factors
- Very large total resource for MREO, indicating significant scale and long-term potential for critical magnet rare earths.
Negative factors
- A substantial portion of the total resource is in the Inferred category, limiting overall confidence.
Evidence · table
“850”
Context: 2,626,501,234
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredLa Paz · rare_earthsTonnes: 135400000Grade: 393Grade Unit: ppmContained Metal: 53198803Contained Unit: kgView all detailsHide details
Identity
- Project
- La Paz
- Commodity
- rare_earths
- Region
- usa_az
- Reported Region
- Arizona, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:17053238a67842f84e8d
Resource Data
- Category
- inferred
- Tonnes
- 135400000
- Grade
- 393
- Grade Unit
- ppm
- Contained Metal
- 53198803
- Contained Unit
- kg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Inferred TREE resource at La Paz indicates potential but requires further work to establish confidence for economic assessment.
Positive factors
- Significant Inferred resource for TREE at La Paz, indicating exploration potential.
Negative factors
- Inferred resources have a low level of geological confidence and cannot support economic studies alone.
Evidence · table
“393”
Context: 135.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredLa Paz · treoTonnes: 135400000Contained Metal: 63865163Contained Unit: kgView all detailsHide details
Identity
- Project
- La Paz
- Commodity
- treo
- Region
- usa_az
- Reported Region
- Arizona, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:17053238a67842f84e8d
Resource Data
- Category
- inferred
- Tonnes
- 135400000
- Contained Metal
- 63865163
- Contained Unit
- kg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The contained TREO in the Inferred category at La Paz indicates potential but requires further work to establish confidence for economic assessment.
Positive factors
- Significant contained TREO in the Inferred category, indicating exploration potential.
Negative factors
- Inferred resources have a low level of geological confidence and cannot support economic studies alone.
Evidence · table
“63,865,163”
Context: 135.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedLa Paz · rare_earthsTonnes: 35200000Grade: 382Grade Unit: ppmContained Metal: 13448019Contained Unit: kgView all detailsHide details
Identity
- Project
- La Paz
- Commodity
- rare_earths
- Region
- usa_az
- Reported Region
- Arizona, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:f3182967dcb431d0caa6
Resource Data
- Category
- indicated
- Tonnes
- 35200000
- Grade
- 382
- Grade Unit
- ppm
- Contained Metal
- 13448019
- Contained Unit
- kg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Indicated TREE resource at La Paz provides a reasonable level of confidence for this project component.
Positive factors
- Indicated resource for TREE at La Paz, providing reasonable geological confidence.
Evidence · table
“382”
Context: 35.2
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedLa Paz · treoTonnes: 35200000Contained Metal: 16144347Contained Unit: kgView all detailsHide details
Identity
- Project
- La Paz
- Commodity
- treo
- Region
- usa_az
- Reported Region
- Arizona, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:f3182967dcb431d0caa6
Resource Data
- Category
- indicated
- Tonnes
- 35200000
- Contained Metal
- 16144347
- Contained Unit
- kg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The contained TREO in the Indicated category at La Paz provides a reasonable level of confidence for this project component.
Positive factors
- Significant contained TREO in the Indicated category, providing reasonable geological confidence.
Evidence · table
“16,144,347”
Context: 35.2
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredLa Paz · rare_earthsTonnes: 170600000Grade: 391Grade Unit: ppmContained Metal: 66646822Contained Unit: kgView all detailsHide details
Identity
- Project
- La Paz
- Commodity
- rare_earths
- Region
- usa_az
- Reported Region
- Arizona, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:e2332cfbaee65cf219e1
Resource Data
- Category
- inferred
- Tonnes
- 170600000
- Grade
- 391
- Grade Unit
- ppm
- Contained Metal
- 66646822
- Contained Unit
- kg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The total TREE resource at La Paz is substantial, but its overall confidence is tempered by the high proportion of Inferred material.
Positive factors
- Large total resource for TREE at La Paz, indicating overall potential.
Negative factors
- A significant portion of the total resource is in the Inferred category, limiting overall confidence.
Evidence · table
“391”
Context: 170.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredLa Paz · treoTonnes: 170600000Contained Metal: 80009510Contained Unit: kgView all detailsHide details
Identity
- Project
- La Paz
- Commodity
- treo
- Region
- usa_az
- Reported Region
- Arizona, USA
- Ticker
- ARR
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Dwight Kinnes, Mr Jim Guilinger
- Resource group id
- resource:e2332cfbaee65cf219e1
Resource Data
- Category
- inferred
- Tonnes
- 170600000
- Contained Metal
- 80009510
- Contained Unit
- kg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The total contained TREO at La Paz is substantial, but its overall confidence is tempered by the high proportion of Inferred material.
Positive factors
- Large total contained TREO at La Paz, indicating overall potential.
Negative factors
- A significant portion of the total resource is in the Inferred category, limiting overall confidence.
Evidence · table
“80,009,510”
Context: 170.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Metallurgical Results (5)
pilot plantHalleck Creek · ndpr_oxideRecovery: 58.2 %View all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- ndpr_oxide
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Test Work
- Program Status
- optimization
- Test Type
- pilot plant
- Processing Route
- initial processing in Wyoming through DISA Technologies and Western Research Institute followed by final stage hydrometallurgical processing and oxide separation at the Saskatchewan Research Council
- Sample
- Halleck Creek ore
Recovery
- Recovery
- 58.2 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- Nagrom, Saskatchewan Research Council, Novex
- Consultant
- Jaye T. Pickarts, P.E.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The significant reduction in NdPr oxide recovery assumption from 63.9% to 58.2% is a material negative, impacting project economics despite ongoing optimization efforts.
Negative factors
- Material reduction in recovery assumption compared to prior case (63.9% in 2025).
- Lower recovery directly impacts project economics and contained metal.
Evidence · text
“NdPr oxide at 58.2% compared with 63.9%”
Tags used in scoring
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: test_type names pilot-scale work
pilot plantHalleck Creek · terbium_oxideRecovery: 28.7 %View all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- terbium_oxide
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Test Work
- Program Status
- optimization
- Test Type
- pilot plant
- Processing Route
- initial processing in Wyoming through DISA Technologies and Western Research Institute followed by final stage hydrometallurgical processing and oxide separation at the Saskatchewan Research Council
- Sample
- Halleck Creek ore
Recovery
- Recovery
- 28.7 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- Nagrom, Saskatchewan Research Council, Novex
- Consultant
- Jaye T. Pickarts, P.E.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The drastic reduction in terbium oxide recovery assumption from 70.2% to 28.7% is a major negative, indicating significant metallurgical challenges for this critical heavy rare earth.
Negative factors
- Extremely low recovery assumption for terbium oxide, a critical heavy rare earth.
- Massive reduction from prior case (70.2% in 2025) significantly impacts project value.
Evidence · text
“terbium oxide at 28.7% compared with 70.2%”
Tags used in scoring
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: test_type names pilot-scale work
pilot plantHalleck Creek · dysprosium_oxideRecovery: 12.4 %View all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- dysprosium_oxide
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Test Work
- Program Status
- optimization
- Test Type
- pilot plant
- Processing Route
- initial processing in Wyoming through DISA Technologies and Western Research Institute followed by final stage hydrometallurgical processing and oxide separation at the Saskatchewan Research Council
- Sample
- Halleck Creek ore
Recovery
- Recovery
- 12.4 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- Nagrom, Saskatchewan Research Council, Novex
- Consultant
- Jaye T. Pickarts, P.E.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The extremely low dysprosium oxide recovery assumption of 12.4%, a sharp drop from 66.5%, is a severe negative, highlighting significant challenges for heavy rare earth recovery.
Negative factors
- Extremely low recovery assumption for dysprosium oxide, a critical heavy rare earth.
- Massive reduction from prior case (66.5% in 2025) significantly impacts project value.
Evidence · text
“dysprosium oxide at 12.4% compared with 66.5%”
Tags used in scoring
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: test_type names pilot-scale work
pilot plantHalleck Creek · samarium_europium_gadoliniumRecovery: 25.8 %View all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- samarium_europium_gadolinium
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Test Work
- Program Status
- optimization
- Test Type
- pilot plant
- Processing Route
- initial processing in Wyoming through DISA Technologies and Western Research Institute followed by final stage hydrometallurgical processing and oxide separation at the Saskatchewan Research Council
- Sample
- Halleck Creek ore
Recovery
- Recovery
- 25.8 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- Nagrom, Saskatchewan Research Council, Novex
- Consultant
- Jaye T. Pickarts, P.E.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The recovery assumption of 25.8% for the samarium, europium, and gadolinium product, a substantial decrease from 70.1%, is a significant negative for project economics.
Negative factors
- Very low recovery assumption for this heavy rare earth product group.
- Significant reduction from prior case (70.1% in 2025) impacts overall project economics.
Evidence · text
“samarium, europium and gadolinium product at 25.8% compared with 70.1%”
Tags used in scoring
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: test_type names pilot-scale work
laboratory testworkHalleck Creek · rare_earthsView all detailsHide details
Identity
- Project
- Halleck Creek
- Commodity
- rare_earths
- Region
- wyoming, usa
- Reported Region
- Wyoming, USA
- Ticker
- ARR
Test Work
- Program Status
- preliminary
- Test Type
- laboratory testwork
- Sample
- Halleck Creek ore
Recovery
- Recovery Basis
- actual_test
Lab
- Laboratory
- unspecified
- Consultant
- unspecified
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Successful production of mixed rare earth oxalate and oxide from Halleck Creek ore is a positive technical milestone, validating the preliminary processing flowsheet to an intermediate product.
Positive factors
- Demonstrates a viable processing pathway to an intermediate product.
- Uses conventional, non-proprietary unit operations.
Negative factors
- This is an intermediate product, not separated individual oxides or commercial metal.
Evidence · text
“In December 2025, test work produced mixed rare earth oxalate and mixed rare earth oxide from Halleck Creek ore using the preliminary processing flowsheet.”
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.