# ARR: 2026 Annual Report

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146291

Publisher: asx

Original announcement: 2026-09-30T05:33:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-30T06:21:24.861Z

Atlas analysis updated: 2026-09-30T06:21:24.861Z

- 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

Narrative sentiment: 0.10 · Bullish

## Minestarters Atlas 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 factor: Updated Scoping Study shows increased NPV and throughput for Halleck Creek.

- Positive factor: Successful production of mixed rare earth oxalate and oxide demonstrates processing pathway.

- Positive factor: Pilot plant development is advancing towards separated rare earth oxide production.

- Positive factor: Initial drill results confirm broad rare earth mineralization at Red Mountain.

- Positive factor: Strategic partnerships and DOE engagement support downstream development.

- Positive factor: Strengthened leadership team and focus on execution.

- Negative factor: Material uncertainty regarding the company's ability to continue as a going concern.

- Negative factor: Significant reduction in recovery assumptions for heavy rare earths in the Scoping Study.

- Negative factor: Large initial capital requirement of US$900 million materially exceeds current cash resources.

- Negative factor: Funding uncertainty with non-binding LOI and no formal project financing commenced.

- Negative factor: Scoping Study is preliminary, includes Inferred resources, and no Ore Reserves have been declared.

- Negative factor: 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 Compliant**

Polarity: positive

Definition: 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 Signed**

Polarity: positive

Definition: 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 Resource**

Polarity: positive

Definition: 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 Resource**

Polarity: positive

Definition: 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 Resource**

Polarity: negative

Definition: 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 Update**

Polarity: neutral

Definition: 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 Resource**

Polarity: positive

Definition: 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 Resource**

Polarity: negative

Definition: 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 Update**

Polarity: neutral

Definition: 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 Disclosed**

Polarity: positive

Definition: 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 Only**

Polarity: negative

Definition: 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 Drilling**

Polarity: neutral

Definition: 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 Recovery**

Polarity: negative

Definition: 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 Ore**

Polarity: negative

Definition: 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 Improving**

Polarity: positive

Definition: 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 Route**

Polarity: neutral

Definition: 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 Only**

Polarity: negative

Definition: 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-RM051

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-drill-facts-26)

Halleck Creek Rare Earths · treo

#### 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 factor: Exceptionally high-grade individual sample assay for rare earths.

- Positive factor: Confirms strong mineralization within the project area.

- Negative factor: 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 Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Compositing Transparent**

Polarity: positive

Definition: 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 Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "resource"

### HC26-RM056

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-drill-facts-27)

Halleck Creek Rare Earths · treo

#### 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 factor: Very long intercept length with good TREO grades, indicating significant mineralization continuity.

- Positive factor: Supports resource conversion and future ore reserve estimation.

- Negative factor: 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 Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Compositing Transparent**

Polarity: positive

Definition: 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 Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "resource"

## Resource Estimates (26)

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-0)

Halleck Creek · treo

#### 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 factor: High confidence Measured category for TREO.

- Positive factor: Significant tonnage and grade for a rare earth project.

Evidence · table

> 3,720

Context: 206,716,068

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-1)

Halleck Creek · lreo

#### 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 factor: High confidence Measured category for LREO.

- Positive factor: Significant tonnage and grade for a rare earth project.

Evidence · table

> 3,352

Context: 206,716,068

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-2)

Halleck Creek · hreo

#### 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 factor: High confidence Measured category for HREO.

- Positive factor: Contributes to the overall rare earth basket.

Evidence · table

> 370

Context: 206,716,068

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-3)

Halleck Creek · mreo

#### 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 factor: High confidence Measured category for MREO.

- Positive factor: MREO are critical for magnet production.

Evidence · table

> 904

Context: 206,716,068

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-4)

Halleck Creek · treo

#### 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 factor: Large Indicated resource for TREO, providing reasonable geological confidence.

- Positive factor: Supports future economic studies and mine planning.

Evidence · table

> 3,271

Context: 1,272,604,372

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-5)

Halleck Creek · lreo

#### 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 factor: Large Indicated resource for LREO, providing reasonable geological confidence.

- Positive factor: Supports future economic studies and mine planning.

Evidence · table

> 2,900

Context: 1,272,604,372

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-6)

Halleck Creek · hreo

#### 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 factor: Indicated resource for HREO, contributing to the overall rare earth basket.

Evidence · table

> 360

Context: 1,272,604,372

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-7)

Halleck Creek · mreo

#### 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 factor: 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 Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-8)

Halleck Creek · treo

#### 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 factor: 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 Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-9)

Halleck Creek · lreo

#### 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 factor: 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 Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-10)

Halleck Creek · hreo

#### 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 factor: 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 Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-11)

Halleck Creek · mreo

#### 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 factor: 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 Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-12)

Halleck Creek · treo

#### 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 factor: Large Inferred resource for TREO indicates significant exploration potential.

- Negative factor: 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-13)

Halleck Creek · lreo

#### 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 factor: Large Inferred resource for LREO indicates significant exploration potential.

- Negative factor: 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-14)

Halleck Creek · hreo

#### 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 factor: Inferred resource for HREO indicates exploration potential for heavy rare earths.

- Negative factor: 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-15)

Halleck Creek · mreo

#### 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 factor: Large Inferred resource for MREO indicates significant exploration potential for critical magnet rare earths.

- Negative factor: 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-16)

Halleck Creek · treo

#### 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 factor: Very large total resource for TREO, indicating significant scale and long-term potential.

- Negative factor: 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-17)

Halleck Creek · lreo

#### 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 factor: Very large total resource for LREO, indicating significant scale and long-term potential.

- Negative factor: 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-18)

Halleck Creek · hreo

#### 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 factor: Large total resource for HREO, indicating significant potential for heavy rare earths.

- Negative factor: 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-19)

Halleck Creek · mreo

#### 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 factor: Very large total resource for MREO, indicating significant scale and long-term potential for critical magnet rare earths.

- Negative factor: 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-20)

La Paz · rare\_earths

#### 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 factor: Significant Inferred resource for TREE at La Paz, indicating exploration potential.

- Negative factor: 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-21)

La Paz · treo

#### 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 factor: Significant contained TREO in the Inferred category, indicating exploration potential.

- Negative factor: 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-22)

La Paz · rare\_earths

#### 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 factor: Indicated resource for TREE at La Paz, providing reasonable geological confidence.

Evidence · table

> 382

Context: 35.2

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-23)

La Paz · treo

#### 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 factor: Significant contained TREO in the Indicated category, providing reasonable geological confidence.

Evidence · table

> 16,144,347

Context: 35.2

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-24)

La Paz · rare\_earths

#### 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 factor: Large total resource for TREE at La Paz, indicating overall potential.

- Negative factor: 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-resource-facts-25)

La Paz · treo

#### 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 factor: Large total contained TREO at La Paz, indicating overall potential.

- Negative factor: 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

## Metallurgical Results (5)

### pilot plant

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-metallurgical-facts-28)

Halleck Creek · ndpr\_oxide

#### 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 factor: Material reduction in recovery assumption compared to prior case \(63.9% in 2025\).

- Negative factor: 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 Complete**

Polarity: positive

Definition: Pilot or demonstration plant testing completed under continuous operation.

Why it applies: test\_type names pilot-scale work

### pilot plant

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-metallurgical-facts-29)

Halleck Creek · terbium\_oxide

#### 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 factor: Extremely low recovery assumption for terbium oxide, a critical heavy rare earth.

- Negative factor: 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 Complete**

Polarity: positive

Definition: Pilot or demonstration plant testing completed under continuous operation.

Why it applies: test\_type names pilot-scale work

### pilot plant

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-metallurgical-facts-30)

Halleck Creek · dysprosium\_oxide

#### 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 factor: Extremely low recovery assumption for dysprosium oxide, a critical heavy rare earth.

- Negative factor: 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 Complete**

Polarity: positive

Definition: Pilot or demonstration plant testing completed under continuous operation.

Why it applies: test\_type names pilot-scale work

### pilot plant

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-metallurgical-facts-31)

Halleck Creek · samarium\_europium\_gadolinium

#### 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 factor: Very low recovery assumption for this heavy rare earth product group.

- Negative factor: 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 Complete**

Polarity: positive

Definition: Pilot or demonstration plant testing completed under continuous operation.

Why it applies: test\_type names pilot-scale work

### laboratory testwork

[Link to this fact](https://atlas-staging.minestarters.com/news/arr-2026-annual-report--8d49f0c1-5298-484b-a261-5b539fe4b7c5#fact-metallurgical-facts-32)

Halleck Creek · rare\_earths

#### 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 factor: Demonstrates a viable processing pathway to an intermediate product.

- Positive factor: Uses conventional, non-proprietary unit operations.

- Negative factor: 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.