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![DY6 Metals](https://investingnews.com/media-library/dy6-metals.png?id=50304707&width=1200&height=796)
Additional Historical Drilling Results Confirms Tundulu REE Potential
DY6 Metals Ltd (ASX: DY6) (“DY6”, “the Company”), a strategic metals explorer targeting Heavy Rare Earths (HREE) and Niobium (Nb) in southern Malawi, is pleased to report the results of historical drilling that confirm the potential for the Tundulu Project to host significant rare earth elements mineralisation.
HIGHLIGHTS
- Additional data includes 7,000m of drilling (55 holes) undertaken at the Tundulu Project, southern Malawi
- Results confirm Tundulu’s potential as a significant REE project enriched in REE- mineralised carbonatites
- Exceptional high-grade intercepts include:1
- 101m @ 1.02% TREO, 3.6% P2O5 from surface (TU030)
- 91m @ 1.09% TREO, 7.6% P2O5 from 46m (TU026)
- 85m @ 1.04% TREO, 2.0% P2O5 from 22m (TU025)
- 109m @ 1.06% TREO, 3.7% P2O5 from 53m (TU035)
- 100m @ 1.09% TREO, 12.6% P2O5 from 30m (TU042)
- 97m @ 1.35% TREO, 14.4% P2O5 from surface (TU050)
- 125m @ 0.82% TREO, 2.3% P2O5 from 54m (TU078)
- 95m @ 1.21% TREO, 0.92% P2O5 from 25m (TU110)
- 87m @ 1.19% TREO, 0.43% P2O5 from 5m (TU071), including 15m @ 3.46% TREO from 73m
- 74m @ 1.55% TREO, 4.4% P2O5 from 72m (TU043), including 11m @ 2.56% TREO from 84m
- 31m @ 2.27% TREO, 0.64% P2O5 from 41m (TU048)
- 30m @ 4.03% TREO, 0.35% P2O5 from surface (TU014)
- Drilling averaged 127m drill depth, with multiple holes ending in mineralisation (TU105B, TU110, TU094, TU087, TU073)
- REE mineralisation remains open towards southern and western directions of Nathace Hill and potentially extends beyond the boundaries of the previously established mineralised area over Tundulu Hill
- Results of recent reconnaissance sampling program align with historical data with visual observation of multiple carbonatite outcrops across the Tundulu project area
- Mineralogy and metallurgical assessment of recent comprehensive reports are underway using experienced REE and phosphate processing consultants in Perth with the aim to commence beneficiation test work in Q3
- Grant of Tundulu licence expected imminently
Historical drill data
The campaign conducted in 2014 comprised 55 holes for 7,000m of drilling (Figure 1).
Figure 1. Tundulu Project Location Map and Historical Drill Hole locations over Nathace Hill
This information builds on shallow historical drilling undertaken by Japanese International Cooperation Agency (JICA) in 1988 (up to a max depth of 50m), which included 41m @ 3.7% TREO, from 8m (JMT- 22) (refer DY6 ASX announcement dated 11/12/23). DY6 continues to compile an extensive exploration database at Tundulu and Nathace Hill comprising geological, geochemical, and geophysical data along with detailed geological mapping and surface sampling which identifies a large REE and apatite-hosted mineralised system.
Tundulu is formed of several hills in a ring around a central vent called Nathace Hill where the majority of the historic surface sampling and drilling was undertaken. The predominate geology at Nathace Hill is REE apatite, REE carbonatites and feldspathic breccia, and comprises a large inner agglomerate vent. Mineral rich carbonatite also occurs at Tundulu Hill east of Nathace and Makhanga Hill west of Nathace and is previously unexplored and prospective for REEs (Figures 2 and 3).
Click here for the full ASX Release
This article includes content from DY6 Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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DY6 Metals
Overview
Rare earth elements (REEs) collectively represent some of the most critical minerals in the world. This group of interrelated minerals has an incredibly broad range of applications — everything from military equipment to consumer electronics. They are also pivotal in the global transition to clean energy and decarbonisation. Neodymium magnets, for instance — composed of neodymium, iron and boron (NdFeB) — are increasingly being used in wind turbines and electric vehicle motors. Dysprosium and Terbium are added to high performance NdFeB magnets to increase the magnet’s resistance to demagnetisation, thereby improving performance through higher operating temperatures.
REEs are also essential to the production of devices such as smartphones, lending context to the news that alongside other critical minerals such as lithium and cobalt, global demand for REEs is expected to increase by as much as 600 percent over the next several decades.
It is clear the world needs to ramp up rare earths production — a challenge DY6 Metals (ASX:DY6) understands. This mineral exploration company holds a 100 percent interest in six highly prospective critical metals projects in Malawi. As one of the most stable jurisdictions in Southern Africa, Malawi is home to considerable mineral wealth — a fact which, alongside its mining-friendly government, has seen the country enjoy significant mining investments over recent years.Successful completion of maiden 35-hole RC and 8 DDH drilling program for 3,643m RC and 900m of DDH at Machinga HREE and Nb project was completed in September 2023. Assay results of the final diamond Drill hole program returned an average of 29 percent heavy rare earth oxide to total rare earth oxide (HREO:TREO) and 3.6 percent dysprosium (Dy) and terbium (Tb) (DyTb:TREO) at a cutoff grade of >0.25 percent TREO.
DY6 expanded its overall strategic footprint in Malawi to a total of 1,080 square kilometres by staking a carbonatite ring complex in southern Malawi known as Tundulu and several licences considered to be highly prospective for lithium. An exclusive prospecting licence application for 91.5 square kilometres was submitted over Tundulu while an additional four exclusive prospecting licence applications totaling 746.7 square kilometres have also been submitted for the company’s Mzimba (West, Central and South) and Karonga projects.
Company Highlights
- DY6 Metals is an ASX-listed company building a portfolio of critical minerals projects in Malawi that are highly prospective for rare earths, niobium and lithium.
- The company has completed a successful $7-million initial public offering.
- DY6 employs an experienced management team which includes geotechnical experts and mining professionals.
- DY6's projects feature near-surface, high-grade historical drillings and/or workings, and are significantly underexplored with considerable potential to define new mineralised zones.
- Malawi as a mining jurisdiction is incredibly prospective for rare earth elements. In recent years, multiple resource companies have been engaged in comprehensive exploration and development within the region, including:
- Malawi is also known for its excellent operating infrastructure, mining-friendly regulations, and push for renewable energy.
Key Projects
Machinga
Machinga project location
Located within the Chilwa Alkaline Province (the same province that hosts Lindian’s Kangankunde project), Machinga is DY6's flagship project. The original exploration licence, covering 42.9 square kilometers, was acquired in light of uranium channel radiometric anomalies located by a country-wide airborne survey in the 1980s. In 2023, the Malawian Department of Mines granted DY6 Metals an additional licence area for Machinga, which increased its total area to 197 square kilometres. The Machinga radiometric anomaly is continuous along a strike of approximately 7 km, indicating that potential to discover further eudialyte-hosted REE mineralisation may be significant.
Project Highlights:
- A significant HREE project
- 40km east of Lindian’s (ASX:LIN) “Kangankunde”
- Successful completion of maiden 35-hole RC and 8 DDH drilling program for 4,543m at Machinga HREE and Nb project
- Initial exploration focused on historical 2010 drill program for 4000m (Machinga North)
- Future exploration includes extending NE into new licence EL0705 and south along the anomalous zone
- 2023 Maiden Reverse Circulation and Diamond Core drill Assay significant results:
- 15.1 metres @ 1.01 percent TREO, 0.36 percent Nb2 O5 from 23.9 metres (3.71 percent Dy/ Tb/TREO) incl. 4 metres @ 1.75 percent TREO, 0.63 percent Nb2 O5 from 33 metres (3.8 percent Dy/Tb/TREO) drilled downdip (MDD007)
- 13 metres @ 0.65 percent TREO, 0.25 percent Nb2 O5 from surface; incl. 1 metres @ 1.06 percent TREO, 0.37 percent Nb2 O5 from 7 metres, and 1 metres @ 1.28 percent TREO, 0.42 percent Nb2 O5 from 9 metres (MR019)
- 7 metres @ 1.42 percent TREO with 0.49 percent Nb2 O5 from 65 metres (MR011) – 16 metres @ 0.54 percent TREO with 0.21 percent Nb2 O5 from 78 metres, incl. 3 metres @ 1.63 percent TREO, 0.7 percent Nb2 O5 from 87 metres (MR005)
- 11 metres @ 0.74 percent TREO, 0.29 percent Nb2O5 from surface (3.8 percent DyTb/TREO) incl. 2 metres @ 1.36 percent TREO, 0.49 percent Nb2O5 from 6 metres (4 percent Dy/Tb/TREO) (MR024)
Mineralisation
- Strongly mineralised hydrothermal breccia system striking NW-SE and dipping shallowly ~35° to the NE has been confirmed by the recent drilling
- Drill cross sections demonstrate excellent continuity with radiometric contour predicting the mineralised higher-grade zone
- High grade HREE-Nb confirmed from RC and DD drill results at Machinga Central Zone
- The mineralisation at the Machinga alkaline complex contains a higher proportion of valuable dysprosium-terbium (DyTb) with results indicating an average 3.6 percent DyTb:TREO in samples greater than 0.25% TREO.
Salambidwe Project
Straddling the Malawi-Mozambique border, the Salambidwe project covers an area of 24.9 square kilometres, associated with the Salambidwe Ring Complex, which is known for hosting multiple notable carbonate deposits. Geology in the area is also associated with high radiometric values, typically associated with REE mineralization.
Project Highlights:
- Considerable Potential: The Salambidwe project is a virgin rare earth carbonate prospect. While no drilling has taken place at the project, rock-chip samples returned 2.05 percent TREO including 214 ppm dysprosium oxide.
- Area Geology: With a diameter of approximately 6 kilometres, the Salambidwe Ring Complex is largely syenite and nepheline syenite with an agglomerate rock core. Based on this geology and the radiometric signal, the project has the potential for REE mineralisation.
2023 Exploration Program
- DY6 has completed the initial geochemical and geophysical exploration programs at Salambidwe.
- Analytical results have been received for the grid-based soil and rock chip sampling. Results from the 128 soil and 386 rock chips expand the known area of anomalous responses.
- The maximum values from separate rock chip samples were 1.21 percent TREO & 0.12 percent Nb2O5; maximum values from separate soil samples were 0.23 percent TREO & 0.09% Nb2O5.
- The 45-line kilometre airborne geophysical program confirmed the highly concentric nature of the intrusive complex.
- DY6 is assessing the combined geochemical and geophysical data to refine targets prior to a maiden drill program.
Karonga Lithium Project
In 2024, DY6 Metals entered into an exclusive option to acquire an 80 percent interest in the Karonga lithium project, with granted licence EPL0659, spanning 39 square kilometres in northern Malawi. DY6 Metals Ltd submitted four (4) exclusive prospecting licence applications totalling 746.7 km2 in northern Malawi for tenements it considers to be highly prospective for lithium. The Mzimba licences cover a large area (710.5km2) and remain significantly underexplored for LCT pegmatites.
Reconnaissance field work at the Karonga identified some pegmatites of up to 500 metres in length with the potential to host lithium mineralisation. Rock chip samples include visually observed spodumene and lithium micas (lepidolite). Initial reconnaissance indicates huge potential for a major Li discovery and initial ground reconnaissance sampling at Mzimba South licence returned grades of 6.2 percent Li2O (lepidolite mica) and 0.3 percent Li2O (pegmatite rock assemblage), and also high in cesium and rubidium with significant potential for LCT pegmatite hosted mineralisation. The first pass program at Mzimba South consisted of 8 samples from 5 outcrop locations, where artisanal workers have been excavating pegmatites for gemstones (tourmaline, aquamarine and beryl).
Tundulu REE Project
‘Tundulu’ is a known carbonatite ring complex with abundant REE mineralisation, predominantly in the form of bastnaesite and apatite. Shallow historical drilling (1988) (>max depth of 50 metres), includes:
- 41 metres @ 3.7 percent TREO, from 8 metres (JMT-22)
- 17 metres @ 1.3 percent TREO, from surface and 14 metres @ 1.1 percent TREO, from 21 metres (JMT-14)
- 11 metres @ 2.2 percent TREO, from 17 metres and 14 metres @ 4.1 percent TREO, from 36 metres (JMT-17)
- 14 metres @ 1.1 percent TREO, from 3 metres (JMT-07)
Samples from a recent reconnaissance field visit at Tundulu have been despatched for laboratory analysis. Tundulu complements the company’s existing REE and critical metals portfolio in Malawi. A geological team recently undertook a reconnaissance field visit over parts of the licence application area and samples have been submitted for laboratory analysis in South Africa.
Ngala Hill
Situated just east of the Thyolo Fault, the Ngala Hill Project's zone of mineralization contains a strong magnetic anomaly indicative of an oxidized intrusive. Like Salambidwe, Ngala Hill is a relatively fresh asset. It has not been the target of any significant modern exploration efforts, though the results from historical works are nevertheless promising.
Project Highlights:
- Multiple Mineralization Zones: Ngala Hill's deposit takes the form of an ultramafic chonolith that intrudes onto an underlying Proterozoic Basement Complex quartz feldspar-amphibole gneisses. The chonolith is also cut by Karoo-age dolerite dykes. Currently, DY6 has identified three zones of palladium-rich palladium-platinum-gold-copper mineralization worthy of follow-up.
- Promising Historic Results: After trenching the deposit in 2000, Phelps Dodge identified the following mineralization:
- 12 metres at 3 grams per ton (g/t) platinum group elements (PGE)+gold
- 70 metres at 1.12 g/t PGE+gold, including 8 meters at 3.3 g/t PGE+gold
- Presence of Massive Sulphides: Historical exploration has identified massive sulphides with grades of up to 4 g/t palladium+platinum+gold and 0.7 percent copper in saprolite/saprock.
- Close Proximity to Major Infrastructure: Ngala Hill is located close to the Nacala rail/port corridor, with easy access to grid power.
Management Team
Dan Smith - Non-executive Chairman
Dan Smith holds a Bachelor of Arts, is a fellow of the Governance Institute of Australia and has over 15 years’ primary and secondary capital markets expertise. He is a director and co-founder of Minerva Corporate, a boutique corporate services and advisory firm. He has advised on and been involved in over a dozen IPOs/RTOs on the ASX, AIM and NSX. Smith is currently non-executive director for several companies on AIM/ASX operating in the resources sector with a focus on critical minerals and has been heavily involved in project origination and evaluation.
Lloyd Kaiser - Chief Executive Officer
Lloyd Kaiser brings a wealth of knowledge and experience in the rare earths sector having recently held the role of general manager of sales and marketing at Arafura Rare Earths Limited (ASX:ARU) where he successfully negotiated binding rare earth off-take agreements with key automotive and wind energy equipment manufacturers. During his more than 10 years of tenure at Arafura, Kaiser also spent a number of years as general manager of technology and engineering where he successfully delivered technology and process flowsheet development milestones, enabling completion of feasibility and FEED engineering at Arafura’s flagship asset, Nolans Bore, Northern Territory.
Kaiser is a chemical engineer with over 30 years of experience in the resource sector spanning multiple commodities and has amassed a large industry network of participants across the rare earths supply chain.
Myles Campion - Non-executive Director
Myles Campion has over 30 years’ experience in the natural resources sector, including exploration geology, resource analysis, fund management, equities research and project and debt financing. He started his career as an exploration and mining geologist in Australia covering base metals and gold. This included being the project geologist at LionOre responsible for the exploration, discovery and BFS completion of the Emily Ann Nickel Sulphide Mine.
Campion’s financial experience ranges from Australian and UK equities research to project and debt financing in London and fund manager for the OEIC Australian Natural Resources Fund for five years in Perth. He has been the executive director of Europa Metals since August 2020 and is a non-executive director at Katoro Gold.
John Kay - Non-executive Director
John Kay is an experienced corporate lawyer and corporate adviser. He has over 15 years’ experience in equity capital markets, M&A and resources gained through both private practice and inhouse roles in Australia and the UK. He currently operates a corporate advisory practice, Arcadia Corporate, which provides corporate advisory and capital raising services to listed and unlisted companies in the small cap mining sector.
Kay has previously held a number of non-executive and company secretarial roles for ASX listed mining and energy companies and has advised on over a dozen IPOs/RTOs on the ASX. He holds a Bachelor of Laws from the University of Western Australia and is admitted to practice as a lawyer in Western Australia and England & Wales.
Nannan He - Non-executive Director
Nannan He has over 10 years of experience in geosciences, chemical material trading, exploration and resources investment. Through her investment vehicle Woodsouth Asset Management, she has been actively examining exploration and resource projects worldwide and has built strong networks, particularly in the Southeast Asian market.
Troth Saindi - Senior Exploration Geologist / Country Manager
Troth Saindi’s more than 17 years of experience in the mineral resource sector spans from exploration geology through to development and production. Troth commenced his career with MSA Group Services in 2006, focusing on gold, PGEs and base metal projects in the Barberton Greenstone Belt and the Bushveld Complex. From 2007 to 2013, Troth worked with Platinum Group Metals (PTM) in the Western and Northern Limbs of the Bushveld complex as a project geologist. He successfully led the discovery team in the new Waterberg PGE deposit, where a high-grade PGE ore seam was named after him (T-Reef). From 2013 to August 2023, Troth worked as group geologist with AIM- listed Bushveld Minerals Ltd managing several exploration projects and supporting the company’s mining operations. In September 2023, Troth joined ASX-listed DY6 Metals as a Senior Exploration Geologist and Country Manager for the company’s Malawi based projects. He is currently managing DY6 Metals’ REE & Lithium projects in Malawi.
Allan Younger - Technical Consultant
Allan Younger is a Geologist with over 40 years’ experience in all facets of the resources industry and most commodities. He is a specialist explorer highly experienced in target generation and project generation with advanced expertise in multi-element geochemistry application and Interpretation. Younger has worked for a number of large international and junior mining and exploration companies, within Australia and internationally, both as employee, contractor or consultant.
Currently, Younger serves as exploration manager for White Cliff Minerals (ASX:WCN), a mineral explorer focussing on rare earths and lithium exploration in Western Australia.Heavy Rare Earths & Niobium Explorer DY6 Metals Lists On ASX Following Successful $7M IPO
Heavy rare earths and niobium explorer DY6 Metals Limited (ASX: DY6) (“DY6”, “the Company”) is pleased to announce that its shares will begin trading on the Australian Securities Exchange at 9am Perth today.
- $7 million successfully raised via IPO, including $2.5 million from Hong Kong- based cornerstone investors, Zhenshi Group and Zhung Nam New Material Company
- Funds to be used for exploration on three 100%-owned rare earths and critical metals projects in southern Malawi
- Malawi is an attractive and stable mining jurisdiction with proven potential for hosting major rare earth deposits including Lindian Resources’ world class Kangankunde discovery (40km east of the Company’s Machinga Project)
- RC drilling is already underway at the flagship Machinga project, with diamond drilling scheduled to commence next month
- Drilling aims to follow up high grade 2010 results by Globe Metals and Mining (ASX:GBE)§Machinga is enriched in heavy rare earths (Dysprosium and Terbium) and Niobium
DY6’s listing follows a successful initial public offering (IPO), which raised $7 million. As part of this, the Company attracted a combined $2.5 million from Hong Kong-based strategic investors, Zhensi Group (HK) Heshi Composite Materials Co., Limited and Zhung Nam New Material Company Limited.
The funds raised in the IPO will be used primarily for exploration at the Company’s three 100%-owned rare earths and critical metals projects located in southern Malawi, a stable and attractive African jurisdiction with proven potential for hosting major mineral deposits.
DY6 has recently commenced a 5,000m program of reverse circulation and diamond drilling at the flagship Machinga project, only 40km east of Lindian Resources’ Kangankunde carbonatite discovery, which is widely regarded as the world’s best undeveloped rare earths project.
Machinga is particularly enriched with high-value heavy rare earth elements dysprosium and terbium. The project also holds significant niobium and tantalum potential as well.
Non-executive Chairman Dan Smith said: “DY6 has recently started its maiden drill program at the exciting Machinga project. In addition to being a potential source of the critical heavy rare earth elements Dysprosium and Terbium, Machinga also contains significant Niobium mineralisation.
The Company is seeking to emulate the success of Lindian Resources in proving up a major critical minerals project in southern Malawi. We believe the projects and the team we have assembled provide us with an excellent opportunity.”
Image 1: RC Drilling underway at Machinga HREO + Nb Project
Six targets have been identified to date within the Machinga North concession and the Company will be following up on previous high grade intercepts from a previous 2010 campaign undertaken by Globe Metals and Mining (ASX:GBE).
DY6’s other projects in southern Malawi, Salambidwe and Ngala Hill, have also been subject to previous exploration: rock chips from Salambidwe returned high grade values of TREO and Nb while soil samples from Ngala Hill and limited previous drilling by Phelps Dodge returned high grade results of Pd, Pt, Au and Cu.
The Company plans to carry out detailed geophysical and geological sampling programs at Salambidwe to aid in defining targets for a maiden drilling campaign towards the end of the year. RC drilling at Ngala Hill is scheduled for around the same time.
Click here for the full ASX Release
This article includes content from DY6 Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
CuFe Limited: Multi-Commodity Assets in Western Australia and Northern Territory
CuFe Limited (ASX:CUF) is a multi-commodity exploration and development company with projects situated in Western Australia and the Northern Territory. The company focuses on its high-grade premium product iron ore projects as well as its exposure to copper, lithium and niobium.CuFe's portfolio includes mature copper targets at Tennant Creek, drill-ready lithium targets at North Dam, and greenfield exploration ground in close proximity to WA1's recent niobium discovery.
CuFe also has exposure to a near-term iron ore price upside via the high-grade JWD iron ore mine. It plans to leverage the mine to take advantage of elevated iron ore price cycles with the ability to cost-effectively suspend production as the market dictates. CuFe is also evaluating the Yarram project, as its close proximity to Darwin port gives it the potential for low opex.
Tennant Creek hosts a mineral resource estimate of 7.3 million tons (Mt) at 1.7 percent copper and 0.6 grams per ton (g/t) gold for 127 kt copper and 145 koz gold. CuFe currently owns a 55 percent interest over 240 kilometres of the highly-prospective tenure, situated in the Northern Territory. CuFe's near-term plan for the mine, based on detailed mine planning, involves a staged cutback of the Orlando open pit to gain access to an ore supply for fast start options.
Company Highlights
- CuFe Limited is an ASX-listed iron, copper, lithium and niobium exploration and development company with a multi-commodity portfolio of assets.
- The company's assets are situated in mature mining regions in Western Australia and the Northern Territory, with access to extensive pre-existing infrastructure.
- CuFe's projects are highly prospective in copper (Tennant Creek, Bryah Basin), lithium (North Dam, Tambourah) and niobium (West Arunta).
- CuFe has 100 percent interest in the iron ore mining rights at the operating Wiluna West JWD mine, known to contain high-grade iron ore product.
- Additionally, the company has a 50 percent interest in the Yarram project, an advanced iron ore development project with potential for low-cost production.
- CuFe also has a 2 percent net smelter royalty over the Crossroads gold project in Kalgoorlie.
- The company is led by a proven and experienced in-house team with expertise in identification, discovery, evaluation, deployment and operations.
This CuFe Limited profile is part of a paid investor education campaign.*
Click here to connect with CuFe Limited (ASX:CUF) to receive an Investor Presentation
HiPurA® HPA Pilot Plant Early-Stage Commissioning Commenced
ChemX Materials Limited (ASX:CMX) (ChemX or the Company), an Australian high purity critical materials developer, is pleased to announce that it has begun early-stage commissioning of the leach circuit within the innovative HiPurA® High Purity Alumina (HPA) 24tpa Pilot Plant in O’Connor, Western Australia.
The leach circuit is a key part of ChemX’s unique flowsheet and comprises the first part of the patented, HiPurA® purification process. It takes the aluminous chemical feedstock and sufficiently upgrades its purity for the solvent extraction (SX) stage.
Figure 1 – CMX Operations Manager (Russell Vallis) pictured in front of the commissioned leach circuit
ChemX, CEO Peter Lee said: “Our 24tpa HiPurA® HPA Pilot Plant is starting to rapidly take shape, and we are pleased to have commissioned the leach circuit. Achieving this milestone delivers on our commitment to commence early-stage commissioning in Q2 of the 2024 calendar year”.
“Structural, mechanical, piping (SMP) activities are progressing well with electrical and control infrastructures accelerating ahead. As with any project integration, key work scopes require careful planning and the HiPurA® HPA Pilot Plant is on track to achieve operational readiness toward the end of the next quarter”.
” We look forward to sharing further commissioning updates in the coming months as we advance towards full Pilot Plant commissioning”.
Click here for the full ASX Release
This article includes content from ChemX Materials, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
CuFe Limited
Overview
CuFe Limited (ASX:CUF) is a multi-commodity exploration and development company with interest in eight projects situated throughout mature mining jurisdictions in Western Australia and the Northern Territory. The company's value proposition is predicated on its high-grade premium product iron ore projects as well as its exposure to copper, lithium and niobium. Its exploration portfolio includes mature copper targets at Tennant Creek, drill-ready lithium targets at North Dam, and greenfield exploration ground in close proximity to WA1's recent niobium discovery.
Tennant Creek hosts a mineral resource estimate of 7.3 million tons (Mt) at 1.7 percent copper and 0.6 grams per ton (g/t) gold for 127 kt copper and 145 koz gold. CuFe currently owns a 55 percent interest over 240 kilometres of the highly-prospective tenure, situated in the Northern Territory. CuFe's near-term plan for the mine, based on detailed mine planning, involves a staged cutback of the Orlando open pit to gain access to an ore supply for fast start options.
The JWD iron ore operation is an ultra-flexible high-grade, low-impurity iron ore operation optimised for efficiency, the mine benefits from a low capex, with the capacity to export 60 kt of lump and 15 kt of fines per month at current production rate. CuFe owns 100 percent interest in this operation.
In addition to taking advantage of the growing market for strategic metals, CuFe also has exposure to a near-term iron ore price upside thanks to the high-grade JWD iron ore mine. It plans to leverage the mine to take advantage of elevated iron ore price cycles with the ability to cost-effectively suspend production as the market dictates. CuFe is also evaluating the Yarram project, as its close proximity to Darwin port gives it the potential for low opex.
Lastly, CuFe has a low-risk 2 percent NSR gold royalty over the Northern Star Crossroads project, where mining is expected to commence in 2024.
CuFe is led by a highly experienced management team adept at identifying opportunities, making discoveries, evaluating and developing projects and maintaining operations. The team is led by executive director Mark Hancock, who has 25 years experience in resource projects across a variety of commodities in senior finance, commercial and marketing roles.
Company Highlights
- CuFe Limited is an ASX-listed iron, copper, lithium and niobium exploration and development company with a multi-commodity portfolio of assets.
- The company's assets are situated in mature mining regions in Western Australia and the Northern Territory, with access to extensive pre-existing infrastructure.
- CuFe's projects are highly prospective in copper (Tennant Creek, Bryah Basin), lithium (North Dam, Tambourah) and niobium (West Arunta).
- CuFe has 100 percent interest in the iron ore mining rights at the operating Wiluna West JWD mine, known to contain high-grade iron ore product.
- Additionally, the company has a 50 percent interest in the Yarram project, an advanced iron ore development project with potential for low-cost production.
- CuFe also has a 2 percent net smelter royalty over the Crossroads gold project in Kalgoorlie.
- The company is led by a proven and experienced in-house team with expertise in identification, discovery, evaluation, deployment and operations.
Key Projects
Copper
Tennant Creek
The Tennant Creek project is located in the highly prospective Gecko-Goanna copper-gold corridor of the Northern Territory. A mature project comprising three high-grade copper and gold mineral resources, it contains a combined JORC 2012 mineral resource of 7.3 at 1.7 percent copper and 0.6 g/t gold for 127 kt copper and 145 koz gold. Highly-prospective for further resource growth from resource extensions and new discoveries, Tennant Creek is also located in close proximity to grid power, a gas pipeline, the Stuart highway and the rail line to Darwin.
The area where Tennant Creek is hosted is a re-emerging mineral field with recent neighbouring exploration success from companies such as Emmerson Resources (ASX:ERM) and Tennant Minerals (ASX:TMS). Near-mine targets include the potential to extend resources and open enrichment within the Orlando and Gecko structural corridors.
The current focus for Tennant Creek is to identify and drill high-potential exploration targets with a view to growing the resource base while considering a staged cutback of the existing Orlando open pit to gain access to an ore supply for a fast start option.
Bryah Basin JV projects
Through wholly owned subsidiary Jackson Minerals, CuFe has a 20 percent interest in roughly 804 square kilometres of highly-prospective tenements proximal to the former Sandfire Resources' (ASX:SFR) Doolgunna project and Degrussa copper gold mine, as well as several other prominent gold and copper prospects. Collectively known as the Bryah Basin JV projects, the tenements are currently subject to joint ventures and farm-ins with several companies. The most prominent of these is the Morck Well project, which is under an exploration licence with Auris Minerals (ASX:AUR) alongside the Forrest project.
The Morck Well project tenements cover an area of 600 square kilometres in the highly-prospective region, which has been recognized to have high iron ore potential.
Lithium
North Dam
The North Dam project is a highly prospective lithium tenure situated in the emerging Yilgarn Lithium Belt. Located roughly 50 kilometres south-southeast of the township of Coolgardie, the project is contained within the same lithium belt that contains known spodumene deposits such as Mt Marion, Pioneer Dome, Bald Hill, Manna and Buldania. There have also been several well-known junior exploration successes immediately adjacent to the tenement, including Kali Metals (ASX:KM1), Marquee Resources (ASX:MQR) and Maximum Resources.
To date, work on the project has included defining prospective pegmatites through rock chip sampling, soil sampling and geological mapping. Anomalous lithium and key pathfinder elements have also defined a prospective corridor of roughly 3.5 kilometres in strike length. Columbite and tantalite rock chips selected from a stream bed also contain up to 44 percent niobium and 14.53 percent tantalum.
CuFe has also completed a recent heritage survey and, pending results and conditions, plans to commence a maiden drill program.
Tambourah
The 100 percent owned Tambourah Tenure is a prospective lithium tenure with known gold occurrences. Located roughly 90 kilometres south of the Pilgangoora and Wodgina lithium complexes, and 175 kilometres south of Port Hedland, the project was historically explored for gold and contains known gold occurrences within alluvial material and reef systems. Current work on the project to date has involved geological mapping and rock chip sampling.
Niobium
West Arunta
The fully owned West Arunta consists of three tenements located in the highly-prospective region of the same name. The tenure is known to be prospective for carbonatite-hosted niobium and rare earth element mineralization. Spanning roughly 220 square kilometres, it surrounds Lycaon Resources' (ASX:LYN) Stansmore project and is located 70 kilometres north of several prominent recent discoveries.
CuFe has not yet finalised native title arrangements to commence work in the ground so in the meantime it engaged Southern Geoscience Consulting to undertake a geophysical review of publicly available airborne magnetic data for the tenements including re-processing of said data and 3D unconstrained inversion modeling. Analysis of the total magnetic imagery revealed three anomalous areas across the package, resulting in nine target anomalies for further investigation and exploration.
Iron
JWD iron ore mine
The JWD iron ore operation is an optimised and flexible high-grade, low impurity iron ore operation over the Wiluna West JWD deposit. CuFe has 100 percent interest in the iron ore mining rights agreement for the project, which was started for less than $5 million and produces a high-grade, low-impurity lump iron ore for direct shipping.
At its current production rate, the mine has capacity for 60 kt of lump and 15 kt of fines per month. Mining and crushing is conducted by contractors, with the finished product trucked 800 kilometres to the Geraldton port for export in vessels of circa 6Ma0 kt. The mine also benefits from flexible operating contracts and price hedging, allowing CuFe to more readily react to iron ore price volatility.
Although no JORC reserve has been reported, a JORC resource dated June 30, 2023 reveals an estimate of 9.6 Mt at 63.7 percent iron using a 55 percent iron cut-off.
Yarram
The Yarram iron ore project is a mature development opportunity with the potential for low-cost production. CuFe currently holds a 50 percent interest in the project, which includes operatorship. Partially located on an existing mining lease on freehold land, Yarram has a high-grade DSO resource of 5.6 MT at +60 percent iron as well as a low-grade component of 7.1 Mt with the potential for beneficiation.
Situated 110 kilometres from Darwin Port and adjacent to underutilised mining infrastructure, Yarram also features favourable ore body geometry, with existing infrastructure and services contributing to its low capex and opex.
An initial diamond drilling program provided HG core from two deposits within the project. Physical and thermal metallurgical testing confirms the generation of a lump product with roughly 41 percent yield, elevated gangue levels in the very fine fractions and acceptable thermal and materials handling properties, making it suitable as a blast furnace lump burden feed.
CuFe has also undertaken geotechnical testwork on the diamond drill core to provide parameters for pit optimizations and designs. Final pit shells and a high-level mine schedule have been developed for use in regulatory approvals.
Gold Royalty
Crossroad gold project
Through fully owned subsidiary Jackson Minerals, CuFe holds a 2 percent net smelter royalty over M24/462, which contains Northern Star's (ASX:NST) Crossroads gold project. This project is the subject of a recently approved mining proposal envisaging the mining of 2.67 Mt of gold-bearing ore. The project is expected to commence sometime in 2024 and run for a 36-month period, with the majority of ore mined in the second and third years after pre-stripping.
This project represents a potential near-term revenue source for CuFe with no associated costs.
Management Team
Tony Sage — Executive Chairman (BCom, FCPA, CA, FTIA )
Tony Sage is an entrepreneur with over 36 years of experience in corporate advisory services, funds management and capital raising, predominantly within the resource sector. He is based in Western Australia and has continued to be involved in managing and financing listed mining and exploration companies with a diverse commodity base.
Sage has developed global operational experience within Europe, North and South America, Africa, Oceania, Asia and the Middle East. He is currently executive chairman of ASX-listed Cyclone Metals Limited (ASX:CLE) and European Lithium (ASX:EUR).
Mark Hancock — Executive Director
Mark Hancock has over 30 years’ experience in key financial, commercial and marketing roles across a variety of industries with a strong focus on natural resources. During his 13 years at Atlas Iron Ltd, Hancock served in numerous roles including CCO, CFO, Executive Director and Company Secretary. He has also served as a director on a number of ASX listed entities and is currently a director of Centaurus Metals Ltd and Strandline Resources Ltd.
Hancock holds a Bachelor of Business (B.Bus) degree, is a Chartered Accountant (CA) and is a Fellow of the Financial Services Institute of Australia (F FIN).
Nicholas Sage — Non-executive Director
Nicholas Sage is an experienced marketing and communications professional with in excess of 25 years in various management and consulting roles. Sage is based in Western Australia and currently consults to various companies and has held various management roles within Tourism Western Australia. He also runs his own management consulting business.
Scott Meacock — Non-executive Director
Scott Meacock has a wealth of experience as external counsel acting in, and advising on, complex corporate and commercial law transactions and disputes for clients in a wide range of industry sectors including natural resources and financial services.
Meacock currently serves as the Chief Executive Officer and General Counsel of the Gold Valley Group. He holds a Bachelor of Laws (LLB) degree and a Bachelor of Commerce (BComm) degree from the University of Western Australia.
Matthew Ramsden – GM Development
Matthew Ramsden is an experienced geologist and project developer commencing his career in Tasmania before stints in the Pilbara with Rio Tinto and Atlas Iron, where he played a key role in the development and ramp-up of six iron ore mines.
He joined CuFe in 2021 to commence the JWD operations and now has oversight over the company’s exploration and development projects.
Ramsden is a member of the Australasian Institute of Geoscientists.
Siobhán Sweeney — Geology Manager
Siobhán Sweeney brings over 13 years’ geology experience to the CuFe team, from greenfield’s exploration to resource development with a strong focus on target generation and development of iron ore projects. During her 8 years at Atlas Iron Ltd, Sweeney was instrumental in developing critical iron ore projects in the Pilbara such as Miralga Creek and Corunna Downs. Her background in managing complex and challenging exploration programs has been key to delivering successful projects.
Since joining Cufe in July 2021, Sweeney has been tasked with developing and implementing mine geology processes during the start-up phase of the JWD mine. Most recently she has delivered a successful exploration drill campaign to further define the Yarram iron ore deposit.
Sweeney is a member of the Australian Institute of Geoscientists and holds a Bachelor of Science degree (hons) in geology from the National University of Ireland Galway.
More High Grade with up to 60% Heavy REE (HREE) - Gyttorp
Bastion Minerals Ltd (ASX:BMO or the Company) is pleased to provide an update on its high-grade REE and copper project in Sweden, the Gyttorp nr 100 project (Gyttorp Project or Gyttorp) and regarding the granting of additional applications.
HIGHLIGHTS:
- Laboratory assays confirm & deliver more high-grade rare earths: TREE+Y up to 8.3% from actinolite skarn, confirming high grade results from recent pXRF1. Rock chip samples have up to 60% HREE present. MREE average 24% over samples in Table 1.
- Gyttorp property shows highly elevated MREE (neodymium, praseodymium, terbium and dysprosium). These are those favoured for new green technology applications and those which tend to have the highest value.
- Further high-grade copper confirmed by laboratory assays: High-grade copper mineralisation in rock chips up to 5.1% confirmed in the copper trend at Gyttorp (Table 2) with mineralisation associated with 1 km of discontinuous old mine workings.
- Importantly, ahead of drilling, a ground magnetic survey is planned across the >3km long trend that suggests the project has significant scale.
- Bastion’s Gyttorp nr 100 property hosts almost 200 recorded mineral occurrences and old mines (refer ASX announcement of 19 June 2023). Records suggest there has been no systematic sampling or evaluation of these occurrences for REE. Many of these occurrences are described as magnetite-rich skarns (Fe-skarns) and sampling by Bastion (and the SGU) has confirmed the presence of high-grade REE, which may be present in significant quantities.
- Work underway to obtain access to historical drill core in newly granted properties and exploration applications: Sampling and pXRF analysis of cores is planned to evaluate the copper mineralised intersections and analyse for REE, which were not analysed previously, including.
- Grindgruvan 2 drillhole in Striberg project, 148.3 to 152.5 m, 4.2 m @ 1.1% Cu and 173.5-181.8 m, 8.3 m @ 0.82% Cu.
The exploration tenure is located near Gyttorp in the Bergslagen district of Sweden, 180 km west of Stockholm. Sweden is home to Europe’s largest REE discovery in the Kiruna area2. The Gyttorp nr 100 property (Figure 1) is highly prospective for high-grade REEs (Figure 2). The Project is situated on the southern end of a belt of iron and REE-enriched skarns, more than 100 kilometres long, known locally as the “REE-line”.
Commenting on the High-Grade Assay Results, Executive Chairman, Mr Ross Landles, said:
“We are pleased to have received the laboratory assays, which confirm the tenor of the pXRF results we announced earlier this month. These show elevated REE or copper across most samples, with values up to 8.3% REE+Y and 5.1% copper. Importantly, the results show high concentrations of heavy REE in some samples, and a general enrichment in magnetic REE’s Nd, Pr, Dy and Tb.”
“These results confirm the high-grade nature of the project and support our intention to carry out a detailed ground magnetic survey over the 3 km REE trend and area of elevated copper, to define drill targets, once the magnetic survey is interpreted. The results suggest Bastion may have the potential to become a major player in the discovery of rare earths and critical metals.”
As previously noted, Sweden is home to Europe’s largest REE discovery in recent times. Currently, no REE are mined in Europe, with China providing nearly 98% of the EU’s supply. Gyttorp and Bastion’s new critical minerals projects provide the potential to change this dynamic.
The Swedish Geological Survey (SGU) previously took samples in the Gyttorp property which showed highly elevated Magnet Rare Earth Elements (MREE; neodymium, praseodymium, terbium and dysprosium). These are those favoured for new green technology applications and those which tend to have the highest value.
Rock chip samples were analysed by ALS laboratories using the ME-MS89L fusion method. The results are very promising, confirming, both visual and pXRF results. The > 3 km long trend (Figures 2 and 3) suggests the project has scale and the ground magnetic survey planned will assist defining this. Laboratory assay results are generally lower than the pXRF results, as the latter analyses small areas of samples, whereas the laboratory assays analyse the entire rock chip sample for a broad range of elements.
Setting
Sweden is the home of Europe’s largest REE discovery at Per Geijer near Kiruna1 and has a well- documented history of rare earth element discovery and mining. Mineral deposits in the Bergslagen district (Figure 4) are predominantly hosted in skarns, which have been mined for base metals, iron, manganese, tungsten and molybdenum.
The skarns, characterised by calcium-silicate minerals often associated with magnetite, occur in deformed and metamorphosed volcano-sedimentary sequences of Paleoproterozoic age (about 1.9 billion years old). The district is the location of the discovery of the rare earth element cerium in 1804, at the Bastnäs deposit. This was originally mined for iron and copper and 160 tonnes of rare earth- bearing minerals, including cerite and bastnasite, were mined to depths of 30m between 1860 and 19192. The Bastnäs REE mineral field is located approximately 50 km northeast of the Bastion’s new tenure at Gyttorp.
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This article includes content from Bastion Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Exceptional Clay Hosted Rare Earth Grades Intersected at Poços
Enova Mining Ltd (ASX: ENV) is pleased to announce high grade REE assay results from sampling at Poços1
KEY HIGHLIGHTS
- Enova confirms significant assay results for a non-invasive shallow subsurface auger sampling programme at Poços; highlights of these are results greater than 2,000 ppm TREO2 are as follows:
- A1-TR001-001 including 3m @2,744
- A1-TR003-001 including 3m @3,030
- A1-TR006-001 including 3m @3,508
- A1-TR008-001 including 2m @2,113
- A1-TR009-001 including 3m @3,964
- A1-TR010-001 including 3m @2,524
- A2-TR001-001 including 1m @2,786
- A2-TR002-001 including 2m @2,043
- A2-TR006-001 including 2m @2,099
- A3-TR002-001 including 3m @2,306
- A3-TR005-001 including 2m @2,145
- A4-TR001-001 including 2m @2,488
- A4-TR001-001 including 3m @4,950
- Peak rare earth element (REE) assays were 5,158 ppm TREO or 0.52% TREO, 5,042 ppm TREO or 0.50% TREO, 4,650 ppm TREO or 0.47% TREO, providing guidance for a high-grade exploration target at Poços,
- REE enriched tenements at Poços confirm the areas’ potential for a prospect scale high grade REE deposit,
- Shallow surface and subsurface sampling confirmed surface saprolite clay systems w
- across all Poços tenements, with potential deeper mineralisation upside.
- The project is located nearby to townships, well-developed highways, infrastructure, water access, hydroelectric power and well connected to a commercial port.
ANNOUNCEMENT
Enova Mining Ltd (ASX: ENV) (“Enova” or the “Company”) is pleased to announce assay results from non-invasive shallow surface and subsurface auger sampling at Poços tenements 832.174/2023, 832.175/2023, 832.177/2023, 832.179/2023 and 830.652/2020. The locations of the auger sampling and significant assay intercepts are provided in Figure 2. In accordance with ASX reporting of mineral results, details of the sampling, assay results and other technical details are contained in JORC Table 1 and Significant Results and Auger Sampling Data for Poços Project in Table 2 in Appendix A.
The Poços alkaline complex massif region (Poços) hosts world-class rare earth element (REE) mineral discoveries. Enova aims to replicate the success of peers in the region. Refer to Figure 1 (below) for a location plan of Enova’s tenements and surrounding tenements of IAC REE significance.
Figure 1: Regional location of Poços tenements
Enova is assessing results from the current exploration program and the potential for future air-core drilling program. Regarding tenements overlain by the Pedra Branca APA area and buffer zone, identified during Due Diligence, further clarification is being sought regarding requirements for more impactful exploration in the future, such as air-core/reverse circulation drilling and future development.
Mr. Eric Vesel Managing Director of Enova, commented:
“The assay results from the Poços sampling programme confirm the prospectivity of the tenements, which is not surprising for tenements within the alkaline complex. The largest tenement, located near the southern rim of the complex, was encouraging but with mixed results (Above and below 1000ppm TREO). Overall, the Poços results have returned exceptional near- surface grades which has significant unexplored deeper saprolite strata worthy of follow up exploration. This Phase 1 exploration work was part of our initial reconnaissance to investigate our portfolio of prospective REE tenements.
Our team is currently focused on the CODA maiden drill programme; we recognise the importance of assessing all our other projects. We have arranged a consulting exploration team to explore our Juquiá tenements, a potential carbonatite prospect. There is also REE potential within our Santo Antonio (do Jacinto) tenements based on a strong thorium anomaly3, as shared by SI6’s Pimenta Project.
Enova is now in the envious position of holding two major potential IAC REE project areas: POÇOS and CODA with further areas currently under investigation. It’s remarkable that in such a short period of time, Enova has acquired and brought from concept to exploration stage, two major projects with significant upside and worthy of development.”
Click here for the full ASX Release
This article includes content from Enova Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Rare Earths Stocks: 9 Biggest Companies in 2024
Rare earth elements (REEs) are crucial for technologies like smartphone cameras and defense systems.
A select few from the group of 17 are also vital to the expanding electric vehicle industry — neodymium and praseodymium are used in permanent magnet synchronous motors used in EV drive trains.
China's dominance in rare earth production and reserves has prompted countries like the US, Canada and Australia to boost their own mining and processing efforts to secure their supply chains. The pressure on these nations to establish strong supply chains is likely to grow when a US tariff on imports of Chinese rare earth magnets begins in 2026.
The 25 percent tariff, announced by the US government in May 2024, aims to both protect American industries from China's trade practices and support domestic production. One form of magnets the tariffs will affect is sintered neodymium-iron-boron (NdFeB) magnets, crucial for electric vehicle motors and wind turbines.
This marks the first time rare earth magnets are included in Section 301 tariffs, signaling a significant move in the US-China trade conflict. The initiative is part of broader efforts to bolster US energy and national security.
This move could be a boon to rare earth mineral and rare earth magnet stocks operating in the space outside of China. To help paint a better picture of the REE landscape, the Investing News Network has compiled a list of the biggest rare earths stocks by market cap on US, Canadian and Australian stock exchanges. Data was gathered on June 12, 2024, using TradingView’s stock screener.
US rare earths stocks
Ahead of the Chinese tariffs, the US is striving to secure a stable domestic supply of REEs outside China. The US has vast rare earths reserves and is the second largest global REE producer thanks to its sole operating mine, Mountain Pass. However, it currently lacks sufficient processing facilities. American rare earth companies are working to address this imbalance, presenting investment opportunities for those looking to capitalize on the market's growth potential.
Learn more about MP Materials, Energy Fuels and NioCorp Developments, the three largest US rare earths stocks by market cap, below.
1. MP Materials (NYSE:MP)
Market cap: US$2.44 billion; share price: US$14.75
MP Materials, the largest producer of rare earths outside China, focuses on high-purity separated neodymium and praseodymium (NdPr) oxide, heavy rare earths concentrate, lanthanum, and cerium oxides and carbonates. The company went public in mid-2020 after acquiring the Mountain Pass mine in California, the only operational US-based rare earths mine and processing facility. In Q3 2023, MP Materials began producing separated NdPr, marking a significant milestone. The company plans to increase rare earth oxide production by 50 percent within four years.
In April, MP Materials was awarded US$58.5 million to support the construction of the first fully integrated rare earth magnet manufacturing facility in the US. This funding, part of the Section 48C Advanced Energy Project tax credit, was granted by the IRS and Treasury following a selection process that evaluated around 250 projects based on their technical and commercial viability, as well as their environmental and community impact.
Located in Fort Worth, Texas, the facility will produce the NdFeB magnets crucial for EVs, wind turbines and defense systems. The company is targeting commercial production by late 2025. MP Materials will source raw materials from its Mountain Pass mine, creating an end-to-end supply chain with integrated recycling.
2. Energy Fuels (NYSEAMERICAN:UUUU,TSX:EFR)
Market cap: US$967.2 million; share price: US$8.07
Energy Fuels is a leading US uranium and rare earths company that operates key uranium production centers including the White Mesa mill in Utah and the Nichols Ranch and Alta Mesa projects in Wyoming and Texas.
The company finished the construction of Phase 1 REE separation infrastructure at White Mesa in early 2024, and in June it reported the successful commercial production of separated NdPr that meets the specifications required for REE-based alloy manufacturing.
According to the company, it is the first US company in decades to achieve commercial-scale, on-spec REE separation from monazite. The Phase 1 REE separation circuit was completed under budget and is now operating at full capacity. Energy Fuels anticipates commercial production of 850 to 1,000 metric tons of NdPr per year.
Energy Fuels has also made moves to secure sources of monazite sand to process at its White Mesa mill. In 2023, the company acquired the Bahia project in Brazil to potentially supply 3,000 to 10,000 MT of REE-bearing monazite sand annually. Additionally, in early June 2024, Energy Fuels executed a joint venture with Astron (ASX:ATR) for Astron's Donald rare earth and mineral sands project in Victoria, Australia, which Energy Fuels has the option to earn 49 percent of. Donald is expected to begin production as early as 2026 and produce 7,000 to 8,000 metric tons of rare earth concentrate annually, with plans to expand output in subsequent phases.
3. NioCorp Developments (NASDAQ:NB)
Market cap: US$77.42 million; current share price: US$2.10
NioCorp Developments is advancing its Elk Creek project in Nebraska, a leading critical minerals venture featuring North America's highest-grade niobium deposit under development, with significant scandium production capacity. An updated 2022 feasibility study highlighted extended mine life, improved ore grades and enhanced economics for niobium, scandium and titanium.
Recent metallurgical testing has demonstrated the ability to produce high-purity magnetic rare earth oxides at a recovery rate of 92 percent or higher. These results will inform an updated feasibility study, expected in 2024, incorporating rare earth elements into the project’s mineral reserves.
In April the company delisted from the TSX due to significantly lower trading volumes than its NASDAQ listing.
A day later NioCorp announced plans to explore the feasibility of integrating the recycling of permanent rare earth magnets into its proposed Elk Creek Critical Minerals Project in southeast Nebraska. An assessment will be undertaken to better understand the technical and commercial viability of recycling post-consumer neodymium-iron-boron (NdFeB) magnets back into separated rare earth oxides, which can then be utilized in the production of new NdFeB magnets.
The initial phase of this investigation will involve bench-scale testing, with potential progression to demonstration-scale testing based on results. Notably, this initiative will be conducted independently of NioCorp's ongoing efforts to update its Elk Creek Project Feasibility Study.
Canadian rare earths stocks
As part of Canada's Critical Minerals Strategy, the government has allocated C$3.8 billion in federal funding for opportunities across the critical minerals entire value chain, from exploration to recycling. Rare earth elements are among the minerals listed as critical. Additionally, the government has designated C$7.5 million in funding to support the establishment of a rare earth element processing facility in Saskatchewan.
Learn more about Aclara Resources, Ucore Rare Metals and Mkango Resources, the three largest Canada-listed rare earths stocks focused stocks by market cap.
1. Aclara Resources (TSX:ARA)
Market cap: C$89.86 million; share price: C$0.54
Aclara Resources is advancing its Penco Module project in Chile, characterized by ionic clays abundant in heavy rare earths. Their objective is to generate rare earths concentrate utilizing an environmentally friendly extraction process. This approach aims to eliminate the need for a tailings facility, minimize water consumption and ensure the absence of radioactivity in the final product.
Additionally, the company discovered its Carina Module project in 2023, and in December disclosed an initial inferred resource for the project, encompassing approximately 168 million MT with a grade of 1,510 parts per million total rare earth oxides and 477 parts per million desorbable rare earth oxides.
Aclara successfully concluded its semi-industrial pilot plant program for the Penco Module in September 2023, yielding 107 kilograms of wet high-purity heavy rare earth concentrate from 120 MT of ionic clays. Full-scale production at the Penco Module is slated to commence in the second quarter of 2027.
On March 1, Aclara received its second patent for an innovative process to extract heavy rare earths from ionic clays in an environmentally friendly manner. The patent, granted in Chile and valid for 20 years, focuses on the circular mineral harvesting process and establishes a fully enclosed flowsheet. The company submitted a new environmental Impact Assessment (EIA) for its Penco Module project in June that features an improved design addressing environmental and social concerns.
2. Ucore Rare Metals (TSXV:UCU)
Market cap: C$40.18 million; share price: C$0.67
Ucore Rare Metals is focused on the exploration and separation of rare earth elements in Canada and the US. The company owns the Bokan-Dotson Ridge rare earths project in Alaska and is developing a strategic metals complex for processing heavy and light rare earths in Louisiana. Ucore acquired an 80,800-square-foot brownfield facility in Alexandria, Louisiana, for developing its first commercial REE processing facility in January.
Ucore's Ontario-based RapidSX demonstration plant, operated by Kingston Process Metallurgy, was commissioned to evaluate the techno-economic advantages, scalability and commercial viability of the RapidSX technology platform for separating and producing REEs like praseodymium, neodymium, terbium and dysprosium. This initiative was supported by a US$4 million award from the US Department of Defense, granted to Ucore's subsidiary, Innovation Metals, to demonstrate the capabilities of the plant.
In late April, Ucore reported that it tested a mixed rare earth carbonate from Defense Metals' Wicheeda project and confirmed it was suitable for commercial-scale processing at Ucore's planned facilities. According to the release, "(Wicheeda) is a source of material that can become a fundamental economic and technical component to Ucore’s plan of developing multiple SMC’s across North America."
3. Mkango Resources (TSXV:MKA)
Market cap: C$30.87 million; share price: C$0.11
Mkango is positioning itself to be a leader in the production of recycled rare earth magnets, alloys and oxides. The company holds a 79.4 percent stake in Maginito, which owns HyProMag, a firm focusing on rare earth magnet recycling in the UK. Additionally, Maginito and CoTec are expanding HyProMag’s recycling technology to the US through their joint venture, HyProMag USA.
Mkango’s mineral assets include the advanced Songwe Hill rare earths project and its Pulawy rare earths separation project in Poland. It also holds a diverse exploration portfolio in Malawi that host resources such as rare earths, uranium, tantalum and niobium. Negotiations with the government of Malawi regarding the mining development agreement for Songwe Hill are ongoing, and Mkango is performing a strategic review based on the asset's definitive feasibility study to potentially lower costs.
In early June, Mkango announced that HyProMag has entered a non-binding memorandum of understanding with Envipro Holdings, a Japanese recycling and materials trading company, to develop rare earth magnet recycling initiatives in Japan and the UK, including marketing and potentially development of its HyProMag technology in Japan, as well as scrap recycling trials in both countries.
“ We see Japan as a major growth opportunity for Mkango and HyProMag, given its substantial and longstanding rare earth market presence and strategic alignment with the development of more robust rare earth supply chains and the objectives of the Minerals Security Partnership, of which Japan is a member,” Will Dawes, CEO of Mkango, said in the release.
Australian rare earths stocks
Australia ranks among the globe's top rare earths producers and possesses the fifth largest reserves of these minerals. The nation is notable for hosting the largest supplier of rare earths outside of China, which also holds the highest market capitalization among Australian rare earths companies.
Learn more about Lynas Rare Earths, Iluka Resources and Arafura Resources, the three largest ASX-listed rare earths stocks by market cap.
1. Lynas Rare Earths (ASX:LYC)
Market cap: AU$6.13 billion; share price: AU$6.54
Lynas Rare Earths is the leading separated rare earths producer outside of China, operating the Mount Weld mine and concentrator in Western Australia. The company processes mined material at its separation facility in Malaysia. Lynas is also ramping up processing at its Kalgoorlie rare earth processing facility in Australia.
In mid-2023, Lynas received AU$20 million from the Australian government's Modern Manufacturing Initiative. This funding supports the Apatite leach circuit project at Lynas’ Kalgoorlie facility. The company marked a pivotal moment in December when the Kalgoorlie facility achieved its first production milestone, signaling the transition from commissioning to full-scale operation.
Additionally, Lynas is working to establish a light rare earths processing facility and a heavy rare earths separation facility in Texas, US. These initiatives not only bolster Lynas's position but also strengthen the rare earths industry in both Australia and the US.
In the March 2024 quarter, Lynas reported strong production rates, including 1,724 MT of NdPr, following successful ramp-up efforts in Malaysia. Despite a challenging market with low NdPr prices averaging US$47 per kilogram, quarterly sales revenue reached AU$101.2 million.
The quarterly report also noted that progress on the Mount Weld expansion project is proceeding as scheduled. Stage One, focusing on concentrate dewatering, is well advanced with structural, mechanical, piping and electrical work underway. Simultaneously, Stage Two construction is accelerating with all essential equipment on site and concrete activities progressing.
2. Iluka Resources (ASX:ILU)
Market cap: AU$2.99 billion; share price: AU$6.89
Iluka Resources is advancing its Eneabba rare earths refinery in Western Australia with significant backing from the Australian government, which aims to bolster the country’s footprint in the global rare earths market by tapping into its abundant reserves.
Under the AU$2 billion Critical Minerals Facility, administered by Export Finance Australia, Iluka secured an AU$1.25 billion non-recourse loan. This funding will support the development of a fully integrated refinery capable of producing both light and heavy separated rare earth oxides. The facility will process material from Iluka’s own feedstocks and third-party suppliers, with initial production expected to commence by 2025.
Additionally, Iluka is progressing its Wimmera project in Victoria, focusing on mining and beneficiation of fine-grained heavy mineral sands in the Murray Basin. This project aims to supply zircon and rare earths over the long term. A definitive feasibility study for Wimmera is scheduled for completion by the end of 2025.
3. Arafura Resources (ASX:ARU)
Market cap: AU$415.85 million; share price: AU$0.17
Arafura Resources, an Australian rare earths firm, has secured government funding to advance its Nolans rare earths project in the Northern Territory. Arafura is currently working towards a final investment decision for Nolans, which is shovel ready.
Nolans is envisioned as a vertically integrated operation with on-site processing facilities. A 2022 mine report updates Nolans' expected lifespan to 38 years, targeting an annual production capacity of 4,440 MT of NdPr concentrate. The project's definitive feasibility study highlights significant concentrations of neodymium and praseodymium, alongside all other rare earths in varying quantities.
Arafura has inked a binding offtake agreements with Hyundai Motors (KRX:005380), Kia (KRX:000270), and Siemens Gamesa Renewable Energy. Additionally, the company has a non-binding memorandum of understanding with General Electric Company's (NASDAQ:GE) GE Renewable Energy to collaborate on establishing sustainable rare earths supply chains.
In the most recent quarterly update Arafura highlighted the activities over the three-month period. The company secured US$533 million in commonwealth government support through a debt finance package, expediting efforts to secure remaining debt and equity funding.
Gas supply agreements were also finalized for the Nolans project, and operational readiness continued with safety case preparations under WorkSafe legislation. A share purchase plan raised AU$6.5 million to support interim funding for debt and larger-scale activities.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Energy Fuels and Aclara Resources are clients of the Investing News Network. This article is not paid-for content.
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