Earnings release
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31 JULY 2026 QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 30 JUNE 2026 Pivotal quarter advances feasibility studies, pilot plant development, leadership capability and U.S. capital markets readiness. American Rare Earths Limited (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) (“ARR” or “the Company”) is pleased to provide an update on activities for the quarter ended 30 June 2026, during which the Company advanced multiple technical, operational and strategic initiatives across the Halleck Creek Rare Earths Project and continued to build the corporate platform required to support a planned NASDAQ listing. The June quarter marked a significant acceleration in the Company's strategy as ARR advanced feasibility studies, pilot plant development, organisational capability and U.S. capital markets initiatives. Under the leadership of Chief Executive Officer Mark Wall, the Company continued to strengthen the technical, operational and corporate foundations required to advance Halleck Creek through its next phase of development while positioning ARR for its planne d NASDAQ listing and deeper alignment with the U.S. market in which its assets are located. HIGHLIGHTS ▪ Advanced multiple workstreams at Halleck Creek, including commencement of Final Feasibility Study (FS) drilling, progression of the pre-feasibility study and continued long-term development planning across the broader Halleck Creek district ▪ Progressed the accelerated pilot plant pathway to pre-production rare earth oxide, supporting the Company's strategy to participate in the U.S. domestic rare earth supply chain ▪ Strengthened leadership and execution capability through key appointments and the proposed appointment of veteran mining executive Matthew Gili as a Non-Executive Director, subject to completion of Australian regulatory formalities ▪ Continued advancing the Company's broader U.S. rare earth and critical minerals portfolio, maintaining strategic optionality across its project pipeline ▪ Advanced the study on the conversion of oxide to metal as an important component of advancing the mine to magnet strategy of the Company ▪ Advanced NASDAQ listing preparations, including progression of PCAOB audit work under BDO, conversion of Halleck Creek resources to SEC S-K 1300 reporting standards and continued evaluation of U.S. listing pathways, including engaging a leading North American financial advisor
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2 HALLECK CREEK RARE EARTHS PROJECT, WYOMING ADVANCING THE NEXT PHASE OF DEVELOPMENT During the quarter, the Company progressed several strategic workstreams at the Halleck Creek Rare Earths Project focused on Feasibility Study activities, accelerating pilot plant development and establishing a long-term development roadmap across the broader district. 2026 FS DRILLING PROGRAM The Company commenced its 2026 drilling program at the Cowboy State Mine within the Halleck Creek Rare Earths Project on 13 May 20261. The program marks the start of feasibility -level drilling and is designed to provide the geological and geotechnical foundation for a Final Feasibility Study (FS) and future development activities. By quarter end, drilling activities were well advanced with 8 of 19 holes completed and core from completed holes being processed and dispatched for assay. The program comprises up to approximately 3,050 metres of HQ core drilling across 19 holes on Red Mountain and is expected to generate approximately 1,045 core samples for assay, with remaining core retained for geotechnical, hydrological, environmental and metallurgical testwork. The drilling program is designed to: • support future ore reserve estimation; • upgrade resource classification within planned early mining phases; and • provide data to support mine design and future development activities. Exploration Staging Area 1 ASX Announcement – dated 27 May 2026
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3 PILOT PLANT PROGRAM ACCELERATING THE PATHWAY TO PRE-PRODUCTION RARE EARTH OXIDE During the quarter, the Company advanced planning for its accelerated pilot plant program to produce pre-production separated NdPr oxide from Halleck Creek ore and engaged metallurgical engineer and rare earth processing specialist Jaye T. Pickarts, P .E. to lead the pilot plant process2. The Company subsequently defined a Wyoming -led pilot plant pathway, executing agreements with Western Research Institute, DISA Technologies and the Saskatchewan Research Council ("SRC") to undertake the various stages of mineral processing and oxide production. The pilot plant program has been structured in three stages: 1. Milling and sizing; 2. Mineral separation and concentration; and 3. Leaching, impurity removal and oxide refining. Initial processing activities will be undertaken in Wyoming before final -stage hydrometallurgical processing and oxide separation at SRC's facilities in Canada. The Company also continued procurement activities for key processing equipment, including two Induced Roll Magnetic Separators and a GradePro Reflux Classifier, to support pilot plant operations. WHOLE OF PROPERTY ASSESSMENT During the quarter, the Company awarded a Whole of Property Assessment ("W OPA") for the Halleck Creek Project.3 The W OPA will integrate geological, metallurgical, mining and permitting data across the Company's entire 8,108 -acre Halleck Creek land package and establish a strategic roadmap for future expansion phases beyond the initial Cowboy State Mine development. The assessment is intended to optimise the long-term development of the broader Halleck Creek district and provide a framework for future development priorities across Red Mountain, Overton Mountain and Bluegrass. STRENGTHENING LEADERSHIP AND EXECUTION CAPABILITY During the quarter, the Company continued to strengthen its technical, operational and project delivery capability to support the next phase of development at Halleck Creek. Brook Brockman was appointed Director of Public and Government Affairs and will lead community, government and business engagement activities in Wyoming4. 2 ASX Announcement – dated 1 April 2026 3 ASX Announcement – dated 7 April 2026 4 ASX Announcement- dated 28 April 2026
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4 Taylor Cable was appointed Director, Projects & Engineering, bringing extensive experience in developing and delivering mineral processing and heavy industrial facilities from early technical studies through engineering, construction and commissioning5. Subsequent to quarter end, the Company announced the appointment of Andrew Conover as Chief Development Officer6. As a member of the executive leadership team, Mr Conover will be responsible for advancing the Halleck Creek Rare Earths Project through pre-feasibility, final feasibility and development planning activities. He will lead the integration of key technical and project delivery workstreams, including engineering, project controls, risk management and constructability, while helping establish the framework required to progress Halleck Creek through permitting, detailed engineering and future development. The Company also announced that it had agreed to appoint Matthew D. Gili as a Non-Executive Director of the Board, with the appointment to become formally effective upon completion of the necessary Australian regulatory formalities.7 Upon commencement, Mr. Gili is expected to join the Company's Technical Committee and contribute directly to advancing the Halleck Creek Final Feasibility Study programme. The proposed appointment forms part of the Company's broader Board renewal initiatives in preparation for its planned Nasdaq listing and continued growth in the United States. U.S. PROJECT PORTFOLIO The Company continued to progress exploration and technical activities across its broader portfolio of U.S. rare earth and critical mineral assets. The current field season remains centred on the advancement of Halleck Creek as Final Feasibility Study activities accelerate, while technical reviews and target generation programs continue at La Paz, Beaver Creek and Searchlight to develop optionality across the Company's portfolio of strategic U.S. assets. NASDAQ LISTING During and subsequent to the quarter, the Company continued to advance preparations for a planned NASDAQ listing. As previously announced, the Company appointed BDO Audit Pty Ltd to lead the PCAOB audit workstream and engaged Rimon as U.S. securities law adviser 8. Subsequent to quarter end, the Company retained a leading North American financial advisor to support the Board and management in evaluating U.S. listing options and transaction structuring9. The Board remains committed to a NASDAQ listing and is evaluating a range of pathways to achieve that objective, including a NASDAQ compliance listing, as previously announced, alongside other structures that may be available to a U.S.-focused rare earths developer. No decision has been made on the specific pathway, and there is no assurance that any particular transaction will proceed. 5 ASX Announcement- dated 28 April 2026 6 ASX Announcement- dated 20 July 2026 7 ASX Announcement – dated 24 June 2026 8 ASX Announcement- dated 13 May 2026 9 ASX Announcement- dated 30 July 2026
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5 In parallel, the Company is converting Halleck Creek mineral resource reporting to the SEC's Regulation S-K subpart 1300 standard to support U.S. disclosure requirements and investor readiness. The NASDAQ strategy is intended to align the Company's listing platform with the U.S. market in which its flagship Halleck Creek project is located and broaden access to U.S. institutional and retail capital over time. Subsequent to quarter end, Executive Order 14415 further reinforced the strategic relevance of domestic critical minerals supply chains and supports the rationale for aligning the Company’s capital markets platform with the U.S. market in which its flagship Halleck Creek project is located. OUTLOOK The Company remains focused on advancing the Halleck Creek Rare Earths Project and progressing key workstreams to support future development activities and long-term growth. Key priorities for the remainder of 2026 include: • completion of the 2026 drilling program and receipt of assay results; • continued advancement of Final Feasibility Study activities; • progression of the accelerated pilot plant program; • completion of the Whole of Property Assessment; • advance the Company’s study into the conversion of rare earth oxide to the mid-stream metal making process, which is an important step towards realizing the mine to magnet objective; • continued advancement of the Company's broader U.S. rare earth and critical minerals portfolio; • progression of preparations for the NASDAQ listing, including PCAOB audit work and S-K 1300 technical reporting, subject to regulatory approvals and market conditions; and • evaluation of the Prefeasibility Study requirements in the context of the NASDAQ listing pathway and redrafting that will be required to meet the SEC's Regulation S-K subpart 1300 standard. “The June quarter marked a step-change in the execution of ARR’s strategy. We commenced feasibility-stage drilling at Cowboy State Mine, advanced the pilot plant pathway toward pre- production separated NdPr oxide, and initiated the planning work needed to unlock the full scale of the Halleck Creek district. At the same time, we strengthened the team and continued to align the Company’s capital markets, governance and investor relations platform with the United States market where our flagship asset is located. The increased investment during the quarter reflects the scale of work now underway. ARR is no longer simply defining the opportunity at Halleck Creek. We are building the technical, operational and corporate platform required to support the long-term development of Halleck Creek, a U.S. asset of strategic significance, while aligning the Company with the U.S. market in which its flagship asset is located.” - Mark Wall, Chief Executive Officer, American Rare Earths
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6 BALANC E SHEE T AND CASH POSITION The Company has a cash position of A$18.5m at 30 June 2026. The Company raised approximately A$1.64m via the exercise of 6.26m unlisted options and continues to hold its financial asset associated with ASX listed Cobalt Blue Holdings (ASX: COB) of A$0.3m. The Company had net cash expenditure of A$1.0m for operating costs and A$7.0m for project development (net of reimbursement from the Wyoming Energy Authority (WEA) grant) activities during the quarter. The project development expenditure reflects the acceleration of feasibility study drilling, pilot plant activities, technical studies and broader project development workstreams, including deposits associated with the pilot plant program and feasibility study drilling. 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. ABOUT THE HALLECK CREEK RARE EARTHS PROJECT The Halleck Creek Rare Earths Project, located in Wyoming, hosts the largest known rare earth deposit in the United States on a total rare earth oxide (TREO) basis10. The Cowboy State Mine area within Halleck Creek offers cost-efficient open-pit mining methods on Wyoming State land, benefiting from a mature permitting framework in Wyoming. The project is currently progressing feasibility-stage drilling alongside a Whole of Property Assessment awarded to a leading U.S. engineering firm. Halleck Creek is strategically positioned to reduce U.S. reliance on rare earth imports, predominantly from China, while meeting growing domestic demand from defense, advanced manufacturing, electric vehicles, wind energy, and semiconductor industries. The project includes plans for onsite mineral processing and separation facilities, and the Company is engaged with U.S. Government-supported R&D programs to develop innovative extraction and processing technologies. 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. American 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. The Company is progressing toward a NASDAQ listing and is evaluating a range of pathways to achieve that objective . Further information is available at www.americanree.com. 10 Refer ASX announcement dated 4 February 2025
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7 INVESTOR CONTACT Investor Relations Nick Lissolo nlissolo@americanree.com www.americanree.com Stock Information ASX: ARR OTCQX: ARRNF ADR: AMRRY FORWARD LOOKING STATEMENTS This announcement contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include statements regarding the planned NASDAQ listing; the pathways under review to achieve that listing, including a NASDAQ compliance listing and other potential structures; the Company's engagement of a leading North American financial advisor to assist with the evaluation of U.S. listing options; the PCAOB audit workstream led by BDO; the conversion of Halleck Creek mineral resource reporting to SEC Regulation S-K subpart 1300; the advancement of the Halleck Creek Rare Earths Project toward feasibility and production; processing technology development; project financing; and the strategic benefits of the Board appointment described herein. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. Factors include, without limitation: the Board's ultimate selection among the pathways under review; failure to complete the NASDAQ listing on the timelines described or at all; changes in market conditions or investor demand; delays or adverse findings in the PCAOB audit process; delays or changes in the S-K 1300 technical reporting process; delays in permitting or regulatory approvals; changes in commodity prices; capital cost overruns; changes in technology or processing pathways; and general economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update forward-looking statements except as required by applicable law.
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8 Appendix 1 – La Paz Tenements 30 June 2026 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
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9 Appendix 2 – Halleck Creek Tenements 30 June 2026 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
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10 Appendix 3 – Searchlight Tenements 30 June 2026 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 30 June 2026 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%
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) 11 + 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 30 JUNE 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 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 (431) (1,681) (e) administration and corporate costs (778) (3,494) 1.3 Dividends received (see note 3) - - 1.4 Interest received 210 812 1.5 Interest and other costs of finance paid - - 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 (999) (4,363) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment 111 (828) (d) exploration & evaluation (7,193) (12,873) (e) Wyoming State grant 233 1,496 (f) other non-current assets - -
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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. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - 2,898 (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 (6,849) (9,307) 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 1,638 7,922 3.4 Transaction costs related to issues of equity securities or convertible debt securities - (900) 3.5 Proceeds from borrowings: Promissory Note - 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 (37) (154) 3.10 Net cash from / (used in) financing activities 1,601 22,868 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 24,798 9,353 4.2 Net cash from / (used in) operating activities (item 1.9 above) (999) (4,363) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (6,849) (9,307)
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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. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 4.4 Net cash from / (used in) financing activities (item 3.10 above) 1,601 22,868 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 18,551 18,551 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 18,551 24,798 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) 18,551 24,798 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 80 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.
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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) 14 + 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) (999) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)+ item 2.1(e)) (6,960) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (7,959) 8.4 Cash and cash equivalents at quarter end (item 4.6) 18,551 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 18,551 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.33 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
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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) 15 + 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: 31 July 2026 Authorised by: The Board of American Rare Earths Limited 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.