Desk · Economic studies · Mixed basket
ASX:ARR · ARRNF · OTCQX
American Rare Earths
Halleck Creek, Wyoming — one of the largest US TREO inventories, low grade, alkaline. PFS-stage. Size is not a mine.
Building
Pulse Timeline
Isoelectric line is the baseline Pulse. Spike height is catalyst strength. Wide gaps or a flat line = stalled progress / life support.
- 1) 12-01 PFS
- 2) 12-01 Listing
Lead II · 25 mm/s · Pulse 10 mm/mV · snapshot 2026-08-22
Building
Cadence is real, not yet a cluster. Next print has to land.
- Last beat
- —
- Beats / 90d
- 0
- Recent gap
- —
0 beats in 180d
- — No dated beat in the trailing window.
- — Next: Halleck Creek PFS / starter-pit design (101d).
- — Nasdaq path is a sequence, not a filing.
Trading
- Last
- A$0.320
- 1d
- +1.6%
- Mkt cap
- $155M
- Volume
- 2.4M
- 52-week
- A$0.14 – A$0.55
- 1m
- —
- 3m
- —
- 1y
- —
Shares — · EV / MagREO $0.9M/kt · snapshot, not a live tape
Company & people
HQ
Sydney / Wyoming
Focus
Mixed basket · Hard rock
CEO Donald Swartz
- Donald Swartz, CEO
Mine / project
Flagship
Halleck Creek (Cowboy State)
Location
Albany County, Wyoming · United States
Deposit
Alkaline igneous / clinopyroxenite
Resource
Multi-billion-tonne, ~0.3% TREO-class inventory. Contained NdPr is large; grade and flowsheet are the argument.
Desk basket
2300 Mt · 0.33% TREO · 180 kt MagREO (desk)
Radioactivity
Low — permit tell vs peers
Capital, loans, grants & support
State of Wyoming partner
Jurisdictional support; US deposit
The Pulse
Wyoming is the right country. Grade is the problem. A PFS that shows a starter pit at a payable MagREO, not a 2 Bt headline, is the pulse. OTCQX + ADR are already there; Nasdaq is a structure choice they have started saying out loud.
ASX + OTCQX (ARRNF) + ADR (AMRRY ~US$13). PCAOB audit and S-K 1300 conversion are live. Ordinary shares ~US$0.27 still fail a $4 bid if they list the ASX line. Structure is the remaining listing question; grade is the remaining mine question.
Next: 1 Dec 2026 — Halleck Creek PFS / starter-pit design
Nasdaq path
Home listing is not Nasdaq. Bid price, registration, and a real asset gate are.
- 01 · DoneASX listing
Primary listing ARR. Halleck Creek is a Wyoming asset sitting on an Australian board — that is the tell.
- 02 · DoneOTCQX (ARRNF) + ADR (AMRRY)
Upgraded from OTCQB. ADR last ~US$13 — the ADR already clears a $4 print if they listed that security.
- 03 · DoneDTC / ADR settlement
OTCQX + sponsored ADR. US accounts can hold this today.
- 04 · LiveUS holder tape
North American adviser engaged. Wall: “listing platform should reflect” a US asset. Roadshow is live.
- 05 · NextPCAOB audit + S-K 13001 Dec 2026
BDO on PCAOB. Converting Halleck Creek to SEC S-K 1300. PFS/starter pit still has to work at the grade.
- 06 · LiveSEC registration
They are building the file: PCAOB + S-K 1300. That is more than most ASX names. It is still not a 20-F on file.
- 07 · GapNasdaq $4 bid
Ordinary ARRNF ~US$0.27. ADR AMRRY ~US$13. Structure choice (ADR vs ordinary vs IPO) is the bid question, not geology.
- 08 · NextNasdaq application
Management has said Nasdaq and is evaluating direct listing vs US IPO vs alternative structures. No filing. Inventory is not a listing.
Catalysts
Halleck Creek PFS / starter-pit design
Desk note
Stays on this device. Not the press release.
Pulse = Catalyst proximity + government/strategic support + Nasdaq-path / listing signals + valuation & execution + stage progress. Method