American Rare Earths Novex MoU

American Rare Earths (ASX: ARR) signed a non-binding memorandum of understanding (MoU) with US rare earth metallurgy specialist Novex LLC to convert rare earth oxides from its Halleck Creek Rare Earths Project in United States — Wyoming into metals for permanent magnets. The agreement, signed through subsidiary Wyoming Rare (USA) Inc., covers process optimisation, metallisation of demonstration plant output, and joint design of a domestic rare earth metal production facility. The companies aim to finalise a definitive long-term collaboration and supply agreement within 12 months. The MoU follows American Rare Earths' technology review that identified high-temperature molten salt electrolysis as the preferred metallisation route. The partnership targets building a fully US-based mine-to-magnet supply chain, reducing reliance on China, which controls most rare earth processing. This comes amid US defence restrictions on Chinese-sourced rare earth magnets starting January 2027 and China's April 2025 export licensing on several rare earth elements. Halleck Creek is the largest US rare earth deposit with a 2.63 billion tonne resource and has received a non-binding US Export-Import Bank letter of interest for up to US$456 million in funding.