American Rare Earths (ARR) has secured up to $7.1m from the State of Wyoming for its Cowboy State Mine at Halleck Creek in the US.
The grant aims to bolster the development of rare earth elements (REE) projects, contributing to Wyoming’s economic and environmental sustainability.
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The non-dilutive funding agreement involves partnerships with the Wyoming Energy Authority (WEA) and the University of Wyoming Energy Resources Council.
Under the terms of the agreement, the grant is conditional upon a 1:1 match of government and private investment from ARR.
Spanning three years, the funding will be utilised for the company’s project, with ARR committed to providing technical reports on its findings and recommendations for future work programmes to the WEA.
The grant is a significant milestone for ARR, enabling the company to further its exploration and development activities at Halleck Creek.
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By GlobalDataARR chairman Richard Hudson said: “This significant grant not only underscores the technical and economic potential of the Cowboy State Mine at Halleck Creek but also represents a shared vision for advancing sustainable resource development.
“The A$10.7m in non-dilutive funding will accelerate our exploration and development efforts, ensuring we meet our project milestones.
“This partnership reinforces Wyoming’s leadership in the US energy and mining sectors, and we are excited to contribute to the state’s economic and environmental sustainability through this strategic initiative. The funding further validates the direction the company has taken and gives us even greater optimism around the project.”
The company plans to use the funds for further exploration drilling and bulk sampling on state mineral leases and baseline environmental studies for state permitting.
It will also be used for a pilot processing plant focusing on preconcentration of Halleck Creek ore, and pre-feasibility studies and economic assessments.
Earlier this year, ARR secured firm commitments to raise A$13.5m through a placement of 45 million new shares.
Proceeds from the placement are intended to support the company’s Halleck Creek Rare Earths Project in Wyoming, US.
