Cowboy State Mine Study Strengthens Foundation for Domestic U.S. Rare Earth Supply

American Rare Earths announced an updated Scoping Study for Cowboy State Mine showing a larger development platform with 50% greater processing capacity (4.5 Mtpa), 36% higher annual NdPr oxide production (~2,500 tonnes), and a 26-year mine life. The project has an estimated after-tax NPV of approximately US$1.07 billion at 8% discount rate with initial capital of US$900 million. The company is advancing recovery optimization work and pursuing a domestic U.S. rare earth supply chain strategy.