American Rare Earths Released Updated Cowboy State Study

The study reveals a projected $1.07 billion value for the Wyoming-based rare earth mining project.

Updated on Sept. 30, 2026 in Electric Vehicles

Isometric editorial illustration of a terraced mineral mining site in rugged high-desert terrain, using bold, flat-colored geometric forms. — American Rare Earths Limited updated its scoping study for the Halleck Creek project in Wyoming, projecting a $1.07 billion asset value. AI Illustration. Upload story photo >

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American Rare Earths Limited has unveiled an updated scoping study for the Cowboy State Mine at the Halleck Creek Project in Wyoming. The project aims to bolster national critical mineral independence with a 26-year mine life.

Why it matters

This project seeks to secure American rare earth resources for the permanent magnet supply chain. By integrating domestic mining, the company aims to reduce reliance on foreign critical mineral imports.

The study outlines a 4.5 million tonne per annum throughput capacity, representing a 50% increase from the base case. Annual neodymium and praseodymium production is estimated at 2,500 tonnes, a 36% increase.

The players

American Rare Earths Limited

This is a mining company focused on developing critical mineral projects within the United States to support domestic supply chains.

Cowboy State Mine

This is the primary extraction site located within the Halleck Creek Project in Wyoming.

The details

The facility requires an initial capital expenditure of approximately US$900 million to begin operations. American Rare Earths plans to fund this through a combination of strategic investors, debt, equity, and government programs.

The previous base case scoping study period occurred in 2025.
The updated scoping study was published on September 30, 2026.
The target date for separated rare earth oxide production is late Q2 2027.

Roadmap

The expansion of the Cowboy State Mine reflects a strategic industry move toward domesticating the permanent magnet supply chain. This project positions the company to compete against established global rare earth producers while addressing the growing demand for materials used in electric vehicle motors.

Increased domestic production of neodymium and praseodymium could stabilize costs for automakers relying on permanent magnets for electric vehicle drivetrains. Investors should note the US$900 million capital requirement as the project progresses toward its 2027 production target.

The takeaway

Domestic mining projects remain critical to the long-term viability of the American electric vehicle manufacturing sector. Securing a reliable supply of neodymium and praseodymium is essential for meeting future automotive demand.