Australian Rare Earths Limited announced that Mr. Don Hyma's employment as Managing Director of the Company ceased on 19 August 2022. Mr. Hyma commenced in the position of Managing Director on 5 October 2021. The Company's Technical Director and executive Board member, Mr. Rick Pobjoy, has been appointed as Acting Managing Director and will manage the day to day operations of the Company and, in conjunction with the Board, will continue to progress the development of the Company's Koppamurra Project (the Project).

Mr. Pobjoy previously acted as AR3's Managing Director from its listing in July 2021 until 4 October 2021. Since listing he has led the Company's highly successful exploration and drilling program as well as the metallurgical process development. He has also played a pivotal role in AR3's engagement with communities.

It is expected that Mr. Pobjoy will undertake the role of Acting Managing Director for the remainder of the current financial year during which time he will lead the Company's focus on increasing the Project's indicated resource and developing all aspects of the Koppamurra Project.