u/Bansionboy

ARRNF just released its 4th cleansing notice this week, bringing total option exercised to roughly 2.4M shares. Latest filing shows 900,000 shares issued from exercised unlisted options.

Big picture: insiders/holders are actively choosing to exercise options instead of letting them expire, which is another sign confidence and momentum are building ahead of the PFS and potential uplisting developments.

• The Halleck Creek PFS is expected in 2 months.
• Management has already been talking about a Nasdaq uplisting pathway.
• Halleck Creek is already one of the largest rare earth deposits in the United States.
• The initial Cowboy State Mine area is only a fraction of the overall district, meaning this could be developed in phases over many years.
• The U.S. government is aggressively pushing domestic rare earth supply chains, and Wyoming has recently been making moves to simplify oversight tied to critical mineral development.
• Momentum has clearly been building lately, and trading volume has started spiking as more investors begin paying attention ahead of the expected catalysts.

Feels like the market is still pricing this like a small OTC explorer while the company is positioning itself as a future strategic U.S. rare earth producer. If the PFS comes back strong with the uplisting, I think a lot more eyes suddenly show up here.

• The Halleck Creek PFS is expected in 2 months.
• Management has already been talking about a Nasdaq uplisting pathway.
• Halleck Creek is already one of the largest rare earth deposits in the United States.
• The initial Cowboy State Mine area is only a fraction of the overall district, meaning this could be developed in phases over many years.
• The U.S. government is aggressively pushing domestic rare earth supply chains, and Wyoming has recently been making moves to simplify oversight tied to critical mineral development.
• Momentum has clearly been building lately, and trading volume has started spiking as more investors begin paying attention ahead of the expected catalysts.

Feels like the market is still pricing this like a small OTC explorer while the company is positioning itself as a future strategic U.S. rare earth producer. If the PFS comes back strong with the uplisting, I think a lot more eyes suddenly show up here.

Brook Brockman (Public & Government Affairs)

• Wyoming-based, with experience in agriculture, conservation, and rural development.
• Board member of the Platte County Resource District (soil, water, land use) .
• Will handle community relations, landowners, and coordination with local/state/federal officials.
• Also supporting workforce development and local economic initiatives tied to the project.

Taylor Cable (Projects & Engineering)

• Based in Denver with strong background in mineral processing + heavy industrial builds.
• Experience taking projects from feasibility → engineering → construction → commissioning.
• Will lead the transition from technical studies into front-end engineering and plant design.
• Focused on aligning cost estimates, execution strategy, and reducing risk before major capital is deployed.

Updates

• Accelerating Halleck Creek development to position it as an integrated part of the U.S. rare earth mine-to-magnet supply chain
• Established a Wyoming-based pilot plant pathway to reach pre-production rare earth oxide faster, enabling near-term output of separated products
• Awarded a Whole of Property Development Assessment, creating a district-wide roadmap across the full Halleck Creek land package
• Initiated oxide-to-metal studies for the heavy rare earth stream, advancing downstream processing ahead of permanent magnet manufacturing
• Strengthened leadership with a combined CEO/President role, new VP of Corporate Development & Strategy, and a Wyoming-based Director of Public & Government Affairs, plus dedicated permitting and pilot project leads
• Continued active engagement with U.S. government agencies, contributing to critical minerals policy and exploring potential project support
• Launched an AI-supported exploration review at the La Paz project in Arizona
• Pre-Feasibility Study progressing toward completion in late Q3 2026
• Advancing work toward a planned 2026 NASDAQ listing

Cash Flow

• Cash: A$24.8M
• Burn: ~A$2.1M per quarter
• Runway: ~11.7 quarters (~3 years)

Operations (day-to-day)

• Spent A$641K on staff and admin

Investing (project spend)

• Exploration: ~A$1.9M
• Equipment: ~A$226K
• Wyoming grant: +A$390K
• Sold investment: +A$2.9M → Net: +A$1.2M

Financing

• Options: +A$300K

Cash position

• Started: A$23.98M
• Ended: A$24.8M

Also Noteworthy

"The Company has engaged Lucas Hekma to oversee and coordinate all permitting work. Mr. Hekma is a veteran permitting specialist who most recently successfully advanced permitting of the CK Gold Project in Wyoming."

"The Company also appointed Brook Brockman as Director of Public and Government Affairs for its wholly owned subsidiary, Wyoming Rare (USA) Inc. Ms. Brockman is a Wheatland, Wyoming native and brings experience in agriculture, conservation and rural economic development, together with established relationships across Platte and Albany Counties. In her role, Ms. Brockman will lead community, government and stakeholder engagement activities to support permitting, regulatory coordination and local collaboration as the Halleck Creek Project advances through study and development phases."

Most Intriguing

"During the quarter, the Company advanced work towards a NASDAQ listing. The work is expected to be completed by the end of 2026."

I came across something that I think is worth discussing as a community, especially for those of us closely following ARRNF.

Donald Swartz, who previously served as CEO of American Rare Earths, is now behind a new company preparing to go public: Rare Earths Americas Inc. (REA). On the surface, the timing and overlap in focus are… interesting to say the least.

This new company is also centered around rare earth exploration, with projects in the U.S. (Georgia) and Brazil, and is positioning itself as part of the Western push to build a non-China rare earth supply chain. Sound familiar?

A few things stand out:

• It’s a true early-stage explorer — no revenue, no defined reserves on its key U.S. asset, and years away from potential production
• The Shiloh Project in Georgia is being framed as a “new district discovery,” but it currently lacks a defined resource
• The Brazilian assets (Alpha and Constellation) have inferred resources, but still need significant work to prove economic viability
• The company is leaning heavily on the same macro narrative we’ve all been following: critical minerals, supply chain security, and magnet metals (NdPr, Dy, Tb)

What makes this interesting is the leadership overlap and timing. You have a former ARR figure now launching a separate rare earth vehicle that appears to be chasing a similar narrative, possibly targeting a different stage of the development curve.

To be clear, this doesn’t automatically mean anything negative. It could simply be:

• A new opportunity being developed independently
• A different geological thesis or asset base
• Or an attempt to capture earlier-stage upside in parallel to more advanced projects

But it does raise some fair questions worth discussing:

• Why launch a separate company instead of advancing within ARR?
• Are these assets complementary, competitive, or completely unrelated?
• Was his transition planned well in advance, or did it coincide with any shift in ARR’s direction?
• Does this signal confidence in the rare earth macro (enough to launch another company), or fragmentation in the space?
• How much transparency do we have around leadership transitions and new ventures in this space?
• Were there any underlying issues or disagreements that led to the leadership change, or was it purely a strategic transition?

Not drawing conclusions here — just putting the information out there because I think it’s relevant to anyone invested in ARRNF and the rare earth thesis as a whole.

Curious to hear what everyone else thinks.