American Rare Earths Limited announced the retirement of long-serving Chairman of the board, Mr. Francis Creagh O?Connor effective at the Annual General Meeting which took place on November 16, 2023. Mr. Kenneth ?Ken? Traub, who joined the Board on August 18, 2023, has become Chairman effective immediately after Mr. O'Connor's retirement.

Mr. O?Connor has been Chairman of the board of the Company since its inception in 2011 and has overseen its transformation from the developer of a cobalt project near Broken Hill in Australia to a US-based explorer and developer of potentially the largest rare earths project in the United States. Mr. O?Connor has accepted the title ?Chairman Emeritus?, reflecting the honorary role he will perform providing wisdom and guidance to the board. With more than 30 years of successful experience serving American and global public companies as a chairman, director, CEO and investor, Mr. Traub has an outstanding track record in transforming a wide range of businesses through driving strategic, financial, operational and governance initiatives to maximize shareholder value.

Mr. Traub is also currently on the board of directors of Tidewater Inc., the leading global owner and operator of offshore support vessels for the energy industry. Mr. Traub earned an MBA from Harvard Business School in 1988.