Earnings release
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28 JANUARY 2026 Quarterly Activities Report for the Period Ending 31 December 2025 Key Highlights • Mixed Rare Earths Oxide successfully produced from Halleck Creek ore using the Company’s updated mineral processing flowsheet, representing a key technical milestone for the project 1 • Mineral Resource Estimate updated for the Cowboy State Mine area at Halleck Creek, providing an updated geological foundation for ongoing technical studies 2, which reclassified indicated resources by 68.4 million tonnes. • Beneficiation optimisation activities progressed during the quarter, together with the release of an updated mineral processing flowsheet to support continued evaluation and refinement of processing options 3 • Mark Wall was appointed Chief Executive Officer, bringing over 30 years of global mining experience and strengthening leadership as the Company advances multiple technical workstreams • ARR enters 2026 from a position of strength, with technical breakthroughs, resource upgrade, permitting progress and leadership aligned to deliver American’s next rare earths mine, supported by a strengthening U.S. policy environment for critical minerals supply chains American Rare Earths Limited (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) (“ARR” or the “Company”) provides an update on activities for the quarter ended 31 December 2025. The quarter delivered coordinated progress across metallurgical processing, beneficiation optimisation, resource definition, and corporate leadership initiatives. These achievements continue to de -risk Halleck Creek’s development and advance the Project toward becoming the United States’ next producing rare earths mine, supporting and potentially integrating into the rapidly evolving United States domestic magnetics industry. Project Development and Technical Progress Metallurgical Processing and Oxide Production During the quarter, the Company successfully produced Mixed Rare Earths Oxide (MREO) from Halleck Creek ore using material generated through impurity -removal testwork and processed via the Company’s updated mineral processing flowsheet. The oxide was produ ced through precipitation of a mixed rare earth oxalate from purified pregnant leach solution, followed by calcining to generate a MREO product. 1 ASX announcement: 16 December 2025 2 ASX announcement: 19 November 2025 3 ASX announcement: 10 November 2025 For personal use only
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2 This work followed the successful completion of impurity -removal neutralisation testwork earlier in the quarter4, which addressed historical processing challenges associated with allanite -hosted rare earth mineralisation. Completion of this testwork supported subsequent oxide production activities and provided continuity across the Company’s hydrometallurgical evaluation program. The production of Mixed Rare Earth Oxide provides a tangible output from the Company’s metallurgical testwork and informs ongoing evaluation of downstream processing and separation pathways. Beneficiation Optimisation and Preliminary Flowsheet Beneficiation optimisation activities progressed during the quarter, with initial results reported alongside the release of an updated mineral processing flowsheet. The optimisation work forms part of the Company’s broader assessment of comminution and beneficiation options to support downstream processing stages. The updated flowsheet reflects the integration of recent testwork outcomes and remains preliminary in nature, with further optimisation and evaluation planned as part of the Company’s ongoing technical studies. Resource Definition An updated Mineral Resource Estimate was completed for the Cowboy State Mine area within the Halleck Creek Project during the quarter. The updated estimate reflects continued geological evaluation of the area and supports ongoing technical workstreams associated with the Project. Corporate Activities Corporate developments during the quarter occurred alongside continued technical evaluation at Halleck Creek, supporting the Company’s progression across multiple workstreams. Board and Management Changes The Company announced the appointment of Mark Wall as Chief Executive Officer. Mr. Wall brings extensive experience across mining project development, permitting, construction and operations, aligning with the Company’s progression of multiple technical and corporate workstreams during the prefeasibility phase. During the quarter, Jason Beckton was appointed as a Non -Executive Director of the Company. Jason brings experience in capital markets and corporate development, with a background supporting growth -stage resource companies through governance, financing and strategic initiatives. Hugh Keller resigned from the Board during the same period, having made a valued contribution to the Company during a period of significant technical and corporate advancement. Subsequent to quarter end, Joe Evers stepped down as President of Wyoming Rare (USA) Inc. to pursue other opportunities. The Company extends its sincere appreciation to Mr. Evers for his significant contributions, including his leadership during the CEO tr ansition period, and wishes him every success in his future endeavours. Strategic Partnerships- Tetra Tech ARR expanded its relationship with Tetra Tech during the quarter to include support in exploring U.S. Government funding opportunities to develop mine to magnet capabilities within the United States. The expanded engagement builds on existing advisory and technical support arrangements and is intended to support ongoing project evaluation activities. 4 ASX announcement: 13 October 2025 For personal use only
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3 Strategic Partnerships- University of Wyoming STAR Project Collaboration The University of Wyoming School of Energy Resources (SER), in partnership with Wyoming Rare (USA) Inc., has been awarded a Seed Translational Acceleration of Research (STAR) Project under the NSF -funded Accelerating Research Translation (ART) program. This milestone-driven project will advance applied research on potential byproducts from rare earth extraction at Halleck Creek, aiming to identify commercially viable applications for tailings and byproducts. Deliverables include a comprehensive material properties database, computational modeling of potential uses, and laboratory validation of high-potential applications. The mine site byproducts are benign and if industrial uses for the material can be identified this may have a positive impact on project economics. The collaboration strengthens ARR’s strategic position by leveraging SER’s expertise in critical minerals and NSF-backed resources to enhance project economics and support innovation in rare earth processing. U.S. Critical Minerals Policy Setting Subsequent to quarter end, the United States Government reaffirmed its focus on strengthening domestic supply chains for critical minerals and downstream value‑added products. In January 2026, a trade proclamation issued under Section 232 of the Trade Expansion Act highlighted the strategic importance of reducing reliance on foreign sources of processed critical minerals and rare earth‑derived products, including permanent magnets used in defense systems, advanced manufacturing and clean energy technologies. This policy direction reflects a broader, multi‑year U.S. government objective to expand domestic processing capability, support secure supply chains and encourage private investment in critical minerals projects capable of supporting downstream industrial requirements. American Rare Earths’ progress during the December 2025 quarter including the production of Mixed Rare Earths Oxide from Halleck Creek ore and continued optimisation of its processing flowsheet, directly aligns with these strategic objectives. This policy backdrop underscores the importance of advancing technically robust, U.S.‑based rare earths projects capable of contributing to long‑term domestic supply chain resilience. Outlook During the March 2026 quarter, American Rare Earths will continue advancing the Halleck Creek Rare Earths Project through a series of technical, permitting, and corporate initiatives that build on the strong foundations established in prior quarters. Key priorities include: • Prefeasibility Study Progress: Integration of recent metallurgical and beneficiation testwork results into the Halleck Creek prefeasibility study, supported by the updated mineral resource estimate for the Cowboy State Mine area. • Demonstration Plant Planning: Pursue opportunities to fast -track demonstration plant alternatives to validate the processing flowsheet at scale and underpin future offtake discussions. For personal use only
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4 • Permitting and Environmental Work: Continuing environmental baseline studies and hydrological modelling to support the Wyoming Department of Environmental Quality permit-to-mine application, alongside proactive engagement with regulatory stakeholders. • Development Drilling: Progressing preparations for the 27 permitted drill holes at the Cowboy State Mine area to enhance geological confidence via an infill drilling program and support future technical studies beyond the prefeasibility stage. • Funding and Strategic Partnerships: Leveraging the expanded relationship with Tetra Tech and U.S. Government programs to pursue non -dilutive funding opportunities, while maintaining momentum under the Wyoming Energy Authority grant program. • Corporate Initiatives: Advancing plans for a potential U.S. listing to align capital markets presence with the Company’s U.S. asset base and continuing evaluation of La Paz (Arizona), Searchlight (Nevada), and Beaver Creek (Wyoming) projects. ARR remains focused on positioning American Rare Earths Halleck Creek project as a secure, sustainable supplier of rare earth elements for North America’s critical minerals supply chain, at a time when U.S. policy settings continue to emphasise domestic processing capacity and supply security. Strong Cash Position At 31 December 2025, the Company had a cash position of A$23.98m and financial assets associated with ASX listed Cobalt Blue Holdings (ASX:COB) and Godolphin Resources (ASX: GRL) of A$2.4m. During the quarter, the Company announced the receipt of the final payment of A$1m plus accrued interest from COB under the terms of the Promissory Note. The Company raised a further A$4.5m via the exercise of 11.6m options in October and November 2025. The Company had net cash expenditure of A$1.3m for operating costs and A$1.4m for project development (net of reimbursement from the Wyoming Energy Authority (WEA) grant) activities during the quarter. Subsequent to quarter end, the Company completed the sale of its shareholding in Godolphin Resources Limited as part of its ongoing focus on disciplined capital management and execution of its core development strategy. The sale proceeds from the sale of the GRL shares was A$2.89m. Payments to related parties are included in item 6 of the Appendix 5B. Item 6.1 relates to payment of non - executive directors’ fees, superannuation and consulting fees for the quarter. This announcement has been authorised for release by the Board of American Rare Earths Limited. For further information contact: Susie Lawson slawson@americanree.com Investors can follow the Company’s progress at www.americanree.com For personal use only
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5 Competent Person(s) Statement: Competent Persons Statement: The information in this document is based on information compiled by personnel under the direction of Mr. Dwight Kinnes. This work was reviewed and approved for release by Mr. Dwight Kinnes (Society of Mining Engineers #4063295RM) who is employed by American Rare Earths and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 JORC Code. Mr. Kinnes consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. ARR confirms it is not aware of any new information or data that materially affects the information included in the original market announcement, and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. ARR confirms that the form and context in which the Competent Person’s findings presented have not been materially modified from the original market announcement. About American Rare Earths Limited: American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) is a critical minerals company at the forefront of reshaping the U.S. rare earths industry. Through its wholly owned subsidiary, Wyoming Rare (USA) Inc. (“WRI”), the company is advancing the Halleck Creek Project in Wyoming—a world-class rare earth deposit with the potential to secure America’s critical mineral independence for generations. Located on Wyoming State land, the Cowboy State Mine within Halleck Creek offers cost-efficient open-pit mining methods and benefits from streamlined permitting processes in this mining-friendly state. With plans for onsite mineral processing and separation facilities, Halleck Creek is strategically positioned to reduce U.S. reliance on imports—predominantly from China—while meeting the growing demand for rare earth elements essential to defense, advanced technologies, and economic security. As exploration progresses, the project’s untapped potential on both State and Federal lands further reinforces its significance as a cornerstone of U.S. supply chain security. In addition to its resource potential, Am erican Rare Earths is committed to environmentally responsible mining practices and continues to collaborate with U.S. Government-supported R&D programs to develop innovative extraction and processing technologies for rare earth elements. For personal use only
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6 Appendix 1 – La Paz Tenements 31 December 2025 Mining tenements held at the beginning of the quarter Mining tenements acquired/relinquished during the quarter Mining tenements held at the end of the quarter Serial Number Claim Name Claimant Name Beneficial Interest % Reference Location Serial Number Claim Name Claimant Name 639 Acres Exploration License 008-120965 -00 LA PAZ RARE EARTH LLC 100% 639 Acres Exploration License 008-120965 -00 LA PAZ RARE EARTH LLC AZ101556959 - AZ101556965 LA PAZ-1 - LA PAZ-7 LA PAZ RARE EARTH LLC 100% AZ101556959 - AZ101556965 LA PAZ-1 - LA PAZ-7 LA PAZ RARE EARTH LLC AZ101558159 - AZ101558165 LA PAZ-8 - LA PAZ-14 LA PAZ RARE EARTH LLC 100% AZ101558159 - AZ101558165 LA PAZ-8 - LA PAZ-14 LA PAZ RARE EARTH LLC AZ101558166 - AZ101558178 LA PAZ-33 - LA PAZ-45 LA PAZ RARE EARTH LLC 100% AZ101558166 - AZ101558178 LA PAZ-33 - LA PAZ-45 LA PAZ RARE EARTH LLC AZ101559358 - AZ101559378 LA PAZ-46 - LA PAZ-66 LA PAZ RARE EARTH LLC 100% AZ101559358 - AZ101559378 LA PAZ-46 - LA PAZ-66 LA PAZ RARE EARTH LLC AZ101560374 - AZ101560379 LA PAZ-67 - LA PAZ-69 LA PAZ RARE EARTH LLC 100% AZ101560374 - AZ101560379 LA PAZ-67 - LA PAZ-69 LA PAZ RARE EARTH LLC AZ101560377 LA PAZ-71 LA PAZ RARE EARTH LLC 100% AZ101560377 LA PAZ-71 LA PAZ RARE EARTH LLC AZ101560378 LA PAZ-73 LA PAZ RARE EARTH LLC 100% AZ101560378 LA PAZ-73 LA PAZ RARE EARTH LLC AZ101560379 LA PAZ-75 LA PAZ RARE EARTH LLC 100% AZ101560379 LA PAZ-75 LA PAZ RARE EARTH LLC AZ101560380 - AZ101560389 LA PAZ-92 - LA PAZ-101 LA PAZ RARE EARTH LLC 100% AZ101560380 - AZ101560389 LA PAZ-92 - LA PAZ-101 LA PAZ RARE EARTH LLC AZ101859569 - AZ101859589 LA PAZ-108 - LA PAZ-128 LA PAZ RARE EARTH LLC 100% AZ101859569 - AZ101859589 LA PAZ-108 - LA PAZ-128 LA PAZ RARE EARTH LLC AZ101735180 - AZ101735200 LA PAZ-129 - LA PAZ-149 LA PAZ RARE EARTH LLC 100% AZ101735180 - AZ101735200 LA PAZ-129 - LA PAZ-149 LA PAZ RARE EARTH LLC AZ101736380 - AZ101736400 LA PAZ-150 - LA PAZ-170 LA PAZ RARE EARTH LLC 100% AZ101736380 - AZ101736400 LA PAZ-150 - LA PAZ-170 LA PAZ RARE EARTH LLC AZ101737338 - AZ101737358 LA PAZ-171 - LA PAZ-191 LA PAZ RARE EARTH LLC 100% AZ101737338 - AZ101737358 LA PAZ-171 - LA PAZ-191 LA PAZ RARE EARTH LLC AZ101738345 - AZ101738365 LA PAZ-192 - LA PAZ-212 LA PAZ RARE EARTH LLC 100% AZ101738345 - AZ101738365 LA PAZ-192 - LA PAZ-212 LA PAZ RARE EARTH LLC AZ101739385 - AZ101739391 LA PAZ-213 - LA PAZ-219 LA PAZ RARE EARTH LLC 100% AZ101739385 - AZ101739391 LA PAZ-213 - LA PAZ-219 LA PAZ RARE EARTH LLC AZ101924809 - AZ101924821 LA PAZ-220 - LA PAZ-232 LA PAZ RARE EARTH LLC 100% AZ101924809 - AZ101924821 LA PAZ-220 - LA PAZ-232 LA PAZ RARE EARTH LLC AZ101957743 - AZ101957763 LA PAZ-233 - LA PAZ-253 LA PAZ RARE EARTH LLC 100% AZ101957743 - AZ101957763 LA PAZ-233 - LA PAZ-253 LA PAZ RARE EARTH LLC AZ101958229 - AZ101958236 LA PAZ-254 - LA PAZ-261 LA PAZ RARE EARTH LLC 100% AZ101958229 - AZ101958236 LA PAZ-254 - LA PAZ-261 LA PAZ RARE EARTH LLC AZ105263134 - AZ105263153 LA PAZ-262 - LA PAZ-281 LA PAZ RARE EARTH LLC 100% AZ105263134 - AZ105263153 LA PAZ-262 - LA PAZ-281 LA PAZ RARE EARTH LLC AZ105764412 - AZ105764506 LA PAZ-282 - LA PAZ-376 LA PAZ RARE EARTH LLC 100% AZ105764412 - AZ105764506 LA PAZ-282 - LA PAZ-376 LA PAZ RARE EARTH LLC For personal use only
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7 Appendix 2 – Halleck Creek Tenements 31 December 2025 Mining tenements held at the beginning of the quarter Mining tenements acquired/relinquished during the quarter Mining tenements held at the end of the quarter Serial Number Claim Name Claimant Name Beneficial Interest % Reference Location Serial Number Claim Name Claimant Name WY101766644 - WY101766648 REX-1 - REX-5 Wyoming Rare (USA) Inc 100% WY101766644 - WY101766648 REX-1 - REX-5 Wyoming Rare (USA) Inc WY105250218 - WY105250231 REX 10 - REX 23 Wyoming Rare (USA) Inc 100% WY105250218 - WY105250231 REX 10 - REX 23 Wyoming Rare (USA) Inc WY105260482 - WY105260501 REX 24 - REX 43 Wyoming Rare (USA) Inc 100% WY105260482 - WY105260501 REX 25 - REX 43 Wyoming Rare (USA) Inc WY105250232 - WY105250260 REX 44 - REX 72 Wyoming Rare (USA) Inc 100% WY105250232 - WY105250260 REX 44 - REX 72 Wyoming Rare (USA) Inc WY105804752 - WY105804869 REX 258 - REX 375 Wyoming Rare (USA) Inc 100% WY105804752 - WY105804869 REX 258 - REX 375 Wyoming Rare (USA) Inc 0-43568 – 0-43571 Halleck Creek Wyoming Rare (USA) Inc 100% 0-43568 – 0-43571 Halleck Creek Wyoming Rare (USA) Inc WY106387582 - WY106387623 TREX 79 - TREX 116 Wyoming Rare (USA) Inc 100% WY106387582 - WY106387623 TREX 79 - TREX 116 Wyoming Rare (USA) Inc WY106387683 - WY106387686 TREX 178- TREX 181 Wyoming Rare (USA) Inc 100% WY106387683 - WY106387686 TREX 178- TREX 181 Wyoming Rare (USA) Inc WY106387687 - WY106387729 TREX 183 - TREX 223 Wyoming Rare (USA) Inc 100% WY106387687 - WY106387729 TREX 183 - TREX 223 Wyoming Rare (USA) Inc WY106387624 - WY106387672# TREX 117 - TREX 165 Wyoming Rare (USA) Inc 100% WY106387624 - WY106387672 TREX 117 - TREX 165 Wyoming Rare (USA) Inc WY106387673 - WY106387682# TREX 167- TREX 176 Wyoming Rare (USA) Inc 100% WY106387673 - WY106387682 TREX 167- TREX 176 Wyoming Rare (USA) Inc WY106387730 - WY106387760# TREX 224 - TREX 254 Wyoming Rare (USA) Inc 100% WY106387730 - WY106387760 TREX 224 - TREX 254 Wyoming Rare (USA) Inc For personal use only
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8 Appendix 3 – Searchlight Tenements 31 December 2025 Mining tenements at the beginning of the quarter Mining tenements acquired/relinquished during the quarter Mining tenements held at the end of the quarter Serial Number Claim Name Claimant Name Beneficial Reference Location Serial Number Claim Name Claimant Name NV105228419 - NV105228498 T-01 - T-80 Western Rare Earth LLC 100% NV105228419 - NV105228498 T-01 - T-80 Western Rare Earth LLC Appendix 4 – Beaver Creek Tenements 31 December 2025 Mining tenements at the beginning of the quarter Mining tenements acquired/relinquished during the quarter Mining tenements held at the end of the quarter Claim Name Claim Name Claimant Name Beneficial Interest % Reference Location Serial Number Claim Name Claimant Name Beneficial Interest % WY106313626 - WY106313662 BM 1 - BM 27 Wyoming Rare (USA) Inc 100% WY106313626-WY106313662 BM 1 - BM 27 Wyoming Rare (USA) Inc 100% 0-43773 0-43773 Wyoming Rare (USA) Inc 100% 0-43773 0-43773 Wyoming Rare (USA) Inc 100% For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) 9 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity American Rare Earths Limited ABN Quarter ended (“current quarter”) 86 003 453 503 31 DECEMBER 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (389) (1,009) (e) administration and corporate costs (1,127) (2,094) 1.3 Dividends received (see note 3) - - 1.4 Interest received 224 380 1.5 Interest and other costs of finance paid 1 - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (1,291) (2,723) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - - (d) exploration & evaluation (2,003) (4,528) (e) Wyoming State grant 610 873 (f) other non-current assets - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) 10 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (1,393) (3,655) 3. Cash flows from financing activities - 15,000 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options 4,519 5,984 3.4 Transaction costs related to issues of equity securities or convertible debt securities - (900) 3.5 Proceeds from borrowings: Promissory Note 1,000 1,000 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material): Lease payments (66) (79) 3.10 Net cash from / (used in) financing activities 5,453 21,005 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 21,211 9,353 4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,291) (2,723) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,393) (3,655) For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) 11 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.4 Net cash from / (used in) financing activities (item 3.10 above) 5,453 21,005 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 23,980 23,980 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 23,980 21,211 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 23,980 21,211 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 180 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) 12 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (1,291) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)+ item 2.1(e)) (1,393) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (2,684) 8.4 Cash and cash equivalents at quarter end (item 4.6) 23,980 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 23,980 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 8.93 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) 13 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 28 January 2026 Authorised by: The Audit and Risk Committee of American Rare Earths Limited (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that w ishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair vie w of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only