Name of the Project
Cowboy State Mine (CSM) project.

Location
Wyoming, in the US.

Project Owner/s
Rare earths developer American Rare Earths, through wholly owned subsidiary Wyoming Rare (USA).

Project Description
American Rare Earths released the updated scoping study on the project in September 30, 2026.

CSM is the first development phase of the broader Halleck Creek project, which hosts a reported Joint Ore Reserves Committee-compliant mineral resource of about 2.63-billion tonnes at 3 292 parts per million total rare-earth oxides.

The proposed openpit development comprises a 4.5-million-tonne-a-year operation over 26 years, producing about 2 500 t/y of neodymium/praseodymium oxide.

Mining and concentration are planned at CSM, with a separate hydrometallurgical refinery in Wyoming.

Potential Job Creation
Not stated in the sources reviewed.

Net Present Value/Internal Rate of Return
The September 2026 scoping study estimates a pretax net present value, at an 8% real discount rate, of $1.3-billion and an internal rate of return of 22.3%, with a payback of 6.8 years.

Capital Expenditure
Initial capital is estimated at $900-million, including $210-million contingency.

Planned Start/End Date
Commissioning is modelled for 2030, followed by commercial production in 2031, subject to studies, approvals and financing.

Latest Developments
The prefeasibility study, recovery optimisation and permitting work are continuing.

Key Contracts, Suppliers and Consultants
Tetra Tech and Stantec (technical study work); WWC Engineering (permitting and water studies); and Nagrom, Saskatchewan Research Council and Novex (metallurgical testwork).

Contact Details for Project Information
American Rare Earths, Australian corporate office, tel +61 2 8054 9779, email info@americanree.com.