Proactive: American Rare Earths progresses US expansion and proposed Nasdaq listing with new directors and management team
To enhance its position in the rare earths industry and expand its footprint in the US, including a proposed Nasdaq listing, American Rare Earths Ltd (ASX:ARR, OTCQB:ARRNF) will make key appointments to its leadership team, including adding new directors and establishing a Denver-based management team.
A new chief executive officer and chief financial officer will be appointed to the US team, and together with ARR’s North America president Mel Sanderson, will drive commercialisation efforts, conduct feasibility studies and oversee exploration activities in Wyoming, Arizona and Montana.
Fortifying market position
“We are dedicated to enhancing our presence in the US market and as part of this effort, we are actively working on upgrading our OTC listing and expanding our presence among US investors as we prepare for a Nasdaq listing,” ARR chairman Creagh O’Connor said in a letter to shareholders.
“The addition of these three new directors will bring a wealth of mining and financial expertise to our board, further enhancing the depth and capabilities of our leadership team.
“Their strong industry standing and extensive experience will be invaluable as we navigate the next phase of growth and development for American Rare Earths.”
Transformative plan
The plan, which ARR described as a significant transformation, has the full support of chief executive officer and managing director Chris Gibbs, who will continue to contribute to the company as a non-executive director and consultant based in Australia.
“Under the leadership of the new US-based team, with guidance from Chris Gibbs, American Rare Earths is well-positioned for accelerated growth and value creation,” O’Connor added.
Director retirement
Meanwhile, ARR also announced the retirement of Clarence McAllister from the board due to professional and personal considerations.
O’Connor thanked McAllister on behalf of the board for his contributions over the past two years, particularly his involvement in expanding the company and progressing towards becoming a US-based entity.
ARR will announce full details of the new appointments as soon as the necessary documentation and governance procedures are finalised.