ARR’s focus is on the Halleck Creek asset in Wyoming, as it looks to commercialise and define a 1.4- billion-tonne rare earth deposit containing over 4 million tonnes of rare earths.
American Rare Earths Ltd (ASX:ARR, OTCQB:ARRNF) is undertaking a series of steps to relocate the company as it transitions into an active participant in the US domestic rare earths and critical minerals supply chain.
The company is aiming to upgrade its US OTCQB listing to a NASDAQ listing before calendar year-end. ARR will of course continue its listing on the ASX.
ARR has already engaged US lawyers, accountants and financial groups who are experts in SEC regulations and listing requirements.
This body of work is in progress to dual list and ensure a smooth transition to US equity markets.
BNY Mellon (NYSE:BK) has also been engaged to establish American Depositary Receipts (ADR’s).
In September, the company will also complete the third year of Public Company Accounting Oversight Board (PCAOB) audits to meet SEC regulatory requirements.
US-based directors and officers
ARR has engaged a leading mining industry headhunter based out of Denver Colorado to help identify and ultimately engage US-based mining directors and officers for the company.
The company has identified key roles it needs to continue the development of the Halleck Creek project and the transition to a US-based company.
Over the past few days, a number of the company’s independent directors have been meeting in the US to progress and facilitate the move to the US.
The directors are meeting with potential US-based board, operations, and technical candidates in Arizona, Colorado and Texas.
While in the US, the directors have organized several meetings with financial, exploration and operations groups who will help facilitate the company’s move to the USA in the coming months.
ARR believes the steps taken to expand its US presence and recruit key personnel will help in revaluing the company’s standing as a successful rare earth explorer in the USA, as well as prepare the company to access the US equity markets and provide US investors with a local market.
Halleck Creek Rare Earths Project
ARR is sitting on a 1.43-billion-tonnes rare earths resource at its Halleck Creek asset in Wyoming, making it one of the largest rare earth projects in the United States.
The company is continuing its active exploration program at Halleck Creek along with other new prospects in the state.
ARR is currently finalising an exploration program to upgrade the current JORC resource at Halleck Creek.
The program will include drilling, mapping and geochemical surveys that will be used for economic and feasibility studies.
ARR’s commercial review of Halleck Creek and the start of feasibility studies will be a key milestone for the company.