American Rare Earths has signed a non-binding Memorandum of Understanding with U.S. rare earth metallurgy specialist Novex, LLC to establish a domestic pathway for converting separated rare earth oxides from the Halleck Creek project in Wyoming into permanent magnet metals.

The 12-month framework targets a definitive long-term agreement covering process optimization, the metallization of demonstration plant output, and the joint design of a domestic rare earth metal production facility in Wyoming. Under the accord, Novex will receive neodymium-praseodymium oxide from the company's demonstration plant and convert it into high-purity metal suitable for magnet manufacturing.

The collaboration follows an internal technology review that identified high-temperature molten salt electrolysis as the cleanest metallization route. Novex brings an operating technology development center in Bellingham, Washington, and a multi-year track record of federally funded development work with the U.S. Department of Energy and U.S. Department of War.

“This MoU is a critical step in advancing our stated intention of building the only fully U.S. domestic vertically integrated mine-to-magnet supply chain. Putting our massive Wyoming resource alongside their technical capability is an important step in developing the cornerstone of U.S. domestic rare earth and magnet production, in Wyoming.”
— Mark Wall, Chief Executive Officer, American Rare Earths

Halleck Creek is the largest known deposit of total contained rare earth oxides in the United States on a TREO basis, carrying a JORC-compliant resource of approximately 2.63 billion tonnes. The project sits on Wyoming State land and is backed by a non-binding U.S. Export-Import Bank letter of interest for up to US$456 million in funding.

Alongside its processing initiatives, American Rare Earths is working toward a planned Nasdaq dual-listing in the second half of 2026, alongside PCAOB audit work and the conversion of Halleck Creek resources to SEC S-K 1300 standards.

Read the full announcement: MoU signed with Novex to advance oxide to metal production