AMERICAN RARE EARTHS LIMITED

AMERICAN RARE EARTHS LIMITED's ordinary share count grew 17.5% between July 2024 and July 2026, to 581M shares. The company raised capital 11 times in that period for total disclosed proceeds of A$32.6M, most recently a A$15.0M placement in July 2025. Options and rights on issue could convert into 61M new shares, equal to 10.5% of the current share count, of which 7% are in the money at the current share price; the nearest expiry is August 2026. At the March 2026 quarter the company reported A$21.2M in available cash, about 7.8 quarters of funding at its recent spending rate. No proposed securities issues (Appendix 3B) are pending.