Strong economics, scalable growth: 3 Mtpa base case offers NPV10% of US$558M, IRR 24%, with a low-risk CAPEX of US$456M. Billion-dollar potential: 6 Mtpa case delivers NPV10% of US$1.17B, IRR 28.4%, and CAPEX of US$737M. First-mover advantage: State land tenure accelerates permitting, positioning ARR as a leading U.S.-based rare earths developer independent of tariffs and reliance on foreign processing. Vast Scalability
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