American Rare Earths (ASX:ARR) appointed BMO Capital Markets as its financial adviser, according to a Monday filing with the Australian bourse.

The move comes after the establishment of a subsidiary, Wyoming Rare USA, which will be responsible for the Halleck Creek rare earth project, the filing said.

BMO Capital Markets will lead efforts to explore strategic partnerships, offtake, or joint venture agreements to support the development of the project, the filing added.

Company shares slid almost 2% in recent Monday trade.

Price (AUD): $0.27, Change: $-0.01, Percent Change: -1.85%