American Rare Earths (ASX:ARR) reported progress at its Halleck Creek project in Wyoming during the quarter ended Sept. 30, according to a Friday filing with the Australian bourse.

The company achieved technical milestones, de-risking project development, including this month's completion of the impurity removal neutralization test, minimizing the formation of gypsum and silica gel during rare earth processing, the filing said.

The company plans to integrate ongoing optimization test work into the pre-feasibility study and beneficiation demonstration plant design in the December quarter.

The company had a cash position of AU$21.2 million as of Sept. 30, with financial assets associated with Cobalt Blue (ASX:COB) and Godolphin Resources (ASX:GRL) of AU$1.8 million, per the filing.

American Rare Earths shares were down nearly 13% in afternoon trade Friday, while Cobalt Blue shares fell nearly 18% and Godolphin Resources shares fell nearly 26%.