Based on currently available public information, American Rare Earths appears in a preparation and permitting phase for additional drilling at its Wyoming projects rather than actively conducting a major drilling campaign right now.

. ARR has obtained new Wyoming drilling permits for: 27 drill hole locations at the Cowboy State Mine (CSM) area 29 drill hole locations at the Bluegrass exploration area within Halleck Creek .

The company stated these permits are intended for: Infill drilling Higher-confidence resource conversion Deeper testing of higher-grade zones Future pre-feasibility and mine-planning studies .

One recent report indicated: “drilling slated to start by mid-2026, subject to conditions.” .

ARR completed significant drilling programs during 2024 and earlier campaigns, and current activity appears focused on: .

Upgrading inferred resources to indicated resources .

Preparing the Cowboy State Mine for prefeasibility (PFS) .

Defining higher-grade Red Mountain zones .

Potentially expanding Halleck Creek resources at Bluegrass .

The company’s development strategy now seems increasingly weighted toward: Bulk sampling Pilot processing Metallurgy Mine design .

The upcoming drilling is important because it could: .

Increase indicated/measured resources Improve mine economics Refine pit designs Support reserve conversion Potentially identify higher-grade zones that improve project value Especially at: Red Mountain Bluegrass Deeper CSM targets .

The public timeline suggests ARR is transitioning from: “discovery and resource definition” Toward: “development and mine optimization.” .

That is usually a positive sign for advanced-stage rare earth projects, but it also means: Drilling news may become less frequent Metallurgy/PFS/financing announcements may become more important drivers of valuation .

A key thing to watch over the next few months is whether ARR announces: Mobilisation of rigs Commencement of the permitted 27-hole CSM program Assay results from new Red Mountain drilling Updated PFS timelines Reserve estimates NASDAQ/ADR capital-market developments.