American Rare Earths announced commencement of the drilling campaign at the Cowboy State Mine ("CSM") area. This first stage of in-fill drilling will allow ARR to upgrade resource estimates at CSM while providing key data for pit design, environmental baseline studies and additional ore material for metallurgical test work. The 23-hole program contains 11 core holes and 12 reverse circulation ("RC") holes with a planned meterage of approximately 2,670 meters.

ARR has again partnered with FTE Drilling who completed the previous 2023 campaign on-time and on-budget. The seasoned team members will strive to repeat this for 2024. Exploration plans for the Cowboy State Mine area consist of drilling approximately 23 holes (12 RC holes and 11 HQ core holes) for a total of 2,670 meters (8,760 feet).

Drilling commenced on July 8, 2024, and will continue for approximately 6 to 8 weeks into August. HQ sized core holes will vary in depth between 80 meters and 300 meters for approximately 1,590 meters. ARR geologists will photograph, log, split core at site, then submit samples to ALS Global for assay.

Remaining core will be held in reserve for additional testing. RC samples will be collected using rotary splitting unit to provide three RC samples for logging, XRF, and assay. The primary objectives of the exploration drilling include: Upgrading resource estimates to include a majority of measured and indicated resources, which will hopefully be converted to probable reserves as part of prefeasibility studies.

Increasing resources at depth and to the west, defining geological contacts to the east. Collecting core samples for geomechanical testing. Collecting core samples for hydrological and baseline environmental testing.

Collecting samples for additional metallurgical test work. Century Geophysical will collect televiewer and gamma logs from core holes. WSP will be at site assisting ARR with interpreting televiewer logs and collecting samples geomechanical testing.

The Company plans to utilize this drilling data to update geological resource models that will then feed into prefeasibility studies for the Cowboy State Mine area.