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American Rare Earths (ASX:ARR,OTCQX:ARRNF,ADR:AMRRY) unlocks the USA’s rare earths potential through its strategic, high-value asset in Wyoming. The flagship project, Halleck Creek, is one of North America’s largest REE deposits. With a 2.63-billion-ton JORC resource at 3,292 ppm TREO, American Rare Earths is ramping up its development to bolster the North American critical minerals supply chain.
Halleck Creek offers significant exploration upside, presenting a multi-generational opportunity to establish a sustainable rare earths supply chain in the US. The support from EXIM Bank further highlights the strategic importance of Halleck Creek in reducing U.S. dependency on foreign suppliers.
Key ProjectsThe Halleck Creek project in Albany County, Wyoming, is the cornerstone of ARR’s growth strategy. Recognized as one of the largest, rare-earth deposits in North America, it boasts a JORC-compliant resource of 2.63 billion tons at 3,292 ppm TREO. The deposit is hosted in Precambrian granites and metamorphic rocks, which contain REE-enriched minerals like monazite and bastnaesite. The coarse-grained nature of the mineralization ensures cost-effective extraction and processing.
Company Highlights
- American Rare Earth’s flagship project, Halleck Creek, is one of North America’s largest REE deposits. With a 2.63-billion-ton JORC resource at 3,292 ppm TREO, it holds the potential to meet US rare earths demand for approximately 100 years.
- The company is completely focused on developing a US-based critical minerals supply chain, aligning with US policies to reduce reliance on China for rare earth supply.
- The Halleck Creek project’s planned development consists of two phases. Phase 1 entails development of the Cowboy State mine, which is located entirely on Wyoming state land, enabling faster permitting and streamlined regulatory processes. Subsequently, cash flow generated from CSM will support development of the federal portions of Halleck Creek in Phase 2.
- This phased approach allows ARR to accelerate its pathway to production, enhance shareholder value, and strengthen its position as a key domestic supplier of rare earth elements in the United States.
- Well-positioned to address critical supply chain vulnerabilities, Halleck Creek benefits from strong federal and state support, including a non-binding EXIM Bank letter of interest for funding up to $456 million.
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American Rare Earths is unlocking the USA’s rare earths potential through its strategic, high-value asset in Wyoming, ramping up its development to bolster the North American critical minerals supply chain.
Overview
American Rare Earths (ASX:ARR,OTCQX:ARRNF,ADR:AMRRY) is a critical minerals exploration company focused on its 100 percent owned Halleck Creek project in Wyoming. This project represents the largest known rare earth deposit in the US, with high concentrations of key magnet elements such as neodymium, praseodymium, dysprosium and terbium—essential components for renewable energy, electric vehicles and advanced defense systems.
The US currently depends on China for 80 to 90 percent of its rare earth processing, which poses a significant supply chain risk. Halleck Creek’s vast resource, with a 2.63-billion-ton JORC estimate at 3,292 parts per million (ppm) total rare earth oxide (TREO), provides an opportunity to secure domestic supply for nearly 100 years.
Beyond its substantial resource base, the project offers significant exploration upside, presenting a multi-generational opportunity to establish a sustainable rare earths supply chain in the US. The support from EXIM Bank further highlights the strategic importance of Halleck Creek in reducing U.S. dependency on foreign suppliers.Company Highlights
- American Rare Earth’s flagship project, Halleck Creek, is one of North America’s largest REE deposits. With a 2.63-billion-ton JORC resource at 3,292 ppm TREO, it holds the potential to meet US rare earths demand for approximately 100 years.
- The company is completely focused on developing a US-based critical minerals supply chain, aligning with US policies to reduce reliance on China for rare earth supply.
- The Halleck Creek project’s planned development consists of two phases. Phase 1 entails development of the Cowboy State mine, which is located entirely on Wyoming state land, enabling faster permitting and streamlined regulatory processes. Subsequently, cash flow generated from CSM will support development of the federal portions of Halleck Creek in Phase 2.
- This phased approach allows ARR to accelerate its pathway to production, enhance shareholder value, and strengthen its position as a key domestic supplier of rare earth elements in the United States.
- Well-positioned to address critical supply chain vulnerabilities, Halleck Creek benefits from strong federal and state support, including a non-binding EXIM Bank letter of interest for funding up to $456 million.
Key Projects
Halleck Creek Project (Wyoming)
The Halleck Creek project in Albany County, Wyoming, is the cornerstone of ARR’s growth strategy. Recognized as one of the largest, rare-earth deposits in North America, it boasts a JORC-compliant resource of 2.63 billion tons at 3,292 ppm TREO. The deposit is hosted in Precambrian granites and metamorphic rocks, which contain REE-enriched minerals like monazite and bastnaesite. The coarse-grained nature of the mineralization ensures cost-effective extraction and processing.
The high TREO content and low levels of impurities make Halleck Creek well-suited for producing separated rare earth oxides, particularly key magnet elements such as neodymium, praseodymium, terbium and dysprosium. The project’s proximity to established infrastructure, including roads and utilities, supports cost-efficient development. Detailed geological surveys have delineated a large, continuous mineralized zone, which currently covers only 16 percent of the total land package. Advanced metallurgical testing has confirmed recovery rates of up to 67 percent, with further optimization efforts ongoing. Drilling campaigns in 2024 successfully expanded resource estimates, validating the deposit’s scalability.
ARR plans to take a phased development approach for Halleck Creek, designed to maximize early value while minimizing risk. Phase 1 entails the development of the Cowboy State mine (CSM), which will focus on mining high-grade zones and generating early cash flow. Phase 1 will be developed entirely on Wyoming state land, enabling faster permitting and streamlined regulatory processes.
According to the Phase 1 Scoping Study, the CSM development is projected to require an initial capex of $380 million, with a 20 percent contingency. The study estimates an NPV of $430 million at a 10 percent discount rate and an IRR of 21.1 percent, based on a 3-million-ton-per-annum throughput rate. The project is expected to have a payback period of 2.9 years and a life of mine exceeding 20 years, with significant potential for future expansion.
In Phase 2, ARR plans to expand operations into federal land areas within the Halleck Creek property. This phase involves de-risking the federal portions of the project by leveraging cash flow from the initial phase and advancing permitting processes in parallel. Additionally, ARR is actively engaging with state regulators and local stakeholders to ensure compliance and support for its phased development approach.
Upcoming Work
ARR is advancing its development efforts on Halleck Creek over several fronts. The company plans to conduct additional drilling aimed at expanding the resource by targeting unexplored zones with known mineralization. In parallel, Phase 2 metallurgical testing will focus on improving recovery rates and producing high purity separated rare earth oxides to enhance project economics. To maintain its accelerated timeline, ARR is making progress on permitting, including advancing state-level approvals and environmental baseline studies for the CSM area. Furthermore, the company plans to initiate a pre-feasibility study (PFS) by late 2025, emphasizing a phased development strategy that includes the CSM as a key component.
La Paz Project (Arizona)
The La Paz project, located in western Arizona, is a promising asset in ARR’s portfolio, featuring a 171-million-ton JORC resource. The deposit is enriched in light rare earth elements, particularly cerium, lanthanum and neodymium, which are critical for renewable energy technologies and electric vehicles. The project benefits from excellent infrastructure, including proximity to roads and power. ARR continues to evaluate the potential for expanding the resource and advancing the project through further drilling and metallurgical testing. Although secondary to Halleck Creek, it holds potential as a long-term asset for ARR’s portfolio.
Beaver Creek (Wyoming)
This project is located near Halleck Creek and shares similar geological characteristics, indicating potential for significant rare earth mineralization. Preliminary fieldwork has identified areas with elevated rare earth element concentrations, and ARR plans to conduct detailed mapping and geophysical surveys to define drill targets.
Searchlight (Nevada)
Situated close to Mountain Pass, the only currently operating rare earth mine in the US, the Searchlight project is strategically located in a region known for its rare earth potential. ARR’s exploration strategy includes leveraging historical data and conducting modern geochemical sampling to identify high-priority areas for further exploration.
Leadership Team
Chris Gibbs - CEO & Executive Director
Appointed in November 2021, Chris Gibbs brings more than 30 years of experience in the resource sector across Australia, Canada, the US, South America, Africa and Europe. His track record includes driving growth and operational excellence for industry-leading mining companies. Prior to joining ARR, Gibbs held senior positions at Argonaut Gold, Centerra Gold, Barrick Gold, Placer Dome and Millennium Chemicals.
Joe Evers - President
Joe Evers has served in various leadership roles in the energy and mining industry. Most recently, Evers served as general counsel of American Rare Earths. Prior to that, he was corporate counsel at an international mining company and held positions of increasing responsibility in the land and policy departments at a publicly traded oil and gas company. Originally hailing from Sheridan, Wyoming, Evers received a bachelor’s degree and JD/MA in Environment & Natural Resources from the University of Wyoming. Evers was instrumental in securing a US$7.1 million grant from the State of Wyoming with support from partners Wyoming Energy Authority and the University of Wyoming Energy Resources Council.
Dwight Kinnes - Chief Technical Officer
A geologist with decades of experience, Dwight Kinnes has specialized in geological modeling of complex deposits in various international locations. Before joining ARR, he served as president of Highland GeoComputing LLC for 17 years, providing geological field services, modeling, GIS and database management to the mining industry.
Wayne Kernaghan - Company Secretary
Appointed on September 25, 2020. Wayne Kernaghan is a member of the Institute of Chartered Accountants in Australia with over 35 years’ experience in various areas of the mining industry. He is a fellow of the Australian Institute of Company Directors and a chartered secretary.
Board of Directors
Richard Hudson - Chairman
Richard Hudson contributes deep leadership expertise in mining and exploration, with a focus on mineral royalties, mineral economics, financial management, strategic planning and acquisitions. His extensive experience enhances the board's capacity to guide ARR's strategic initiatives.
Sten L Gustafson - Non-executive Director and Deputy Chairman
Sten Gustafson is the chief executive officer and a director of Pyrophyte Acquisition (NYSE:PHYT), a special purpose acquisition company focused on companies that provide products, services, equipment and technologies that support a variety of energy transition solutions. He is a highly experienced energy service industry executive, investment banker and corporate securities attorney. With over 25 years of experience in the global energy sector, Gustafson has advised on more than 100 corporate transactions worldwide worth over US$100 billion in value.
Melissa ‘Mel’ Sanderson - Non-executive Director
Melissa Sanderson’s international career has spanned diplomacy and mining for more than 30 years. She is adept at cross-cultural communication and brings exceptional leadership experience in inclusivity and diversity issues. At global mining leader Freeport-McMoRan, Sanderson sited, staffed and ran a corporate office focused on government and public relations and social responsibility programs. She has also served as a senior diplomat in the US Department of State.
Hugh Keller - Non-executive Director
Hugh Keller had a successful 34 year career as a partner at the law firm Dawson Waldron (now Ashurst) until retirement from full time legal practice in 2010. During this time, Keller served as joint national managing partner, Sydney office managing partner, chairman of the staff superannuation fund, one of the practice leaders, and as a board member. He was a non-executive director of ASX listed Thakral Holdings and a member of its audit committee until the company was acquired in a public takeover by Brookfield. He was a non-executive director of LJ Hooker and a member of its audit committee. He has also served as chairman of a large private investment company, several small investment companies and a private small exploration company. Keller has extensive legal experience and expertise in commercial contracts and arrangements, and public company audit committee procedures and requirements. He has led large teams of professionals and successfully managed people and resources in large projects.
Advancing one of the largest REE deposits in North America
Environmental Approval for Boland Infield Studies & Update on Scaled Column ISR Test
- Cobra is now completing its programme notification process that will see infield testing commence in mid-October and last for approximately two weeks
- Field tests will provide an infield measure of the rate of permeability achievable through the in-situ recovery ("ISR") process
- A large (55kg) bench scale ISR column study underway at the Australian Nuclear and Scientific Technology Organisation ("ANSTO") is currently achieving exceptional permeability rates of 1.5 metres/day
- The column pH dropped from pH7.0 to pH4.0 in just 48 hours, with first liquor assays expected soon
- Being able to replicate similar permeabilities in a field environment will provide robust, high confidence mining parameters for use with future economic studies
Rupert Verco, Managing Director of Cobra, commented:
"It is pleasing to receive DEM approval that will enable our first field testing. Once the programme notification is fulfilled, the team will mobilise to site to install temporary infrastructure and commence testing.
Initial permeabilities achieved in the large-scale column are exceptionally encouraging and will see Rare Earth Elements being recovered in very short time frames using a low-cost lixiviant. Running these two work programmes in parallel will provide invaluable data that will form the basis for estimating future ISR production rates. We expect recovery results of this in-field test to be reported to the market in the coming weeks."
Follow this link to watch a short video of MD Rupert Verco explaining future field studies relevant to this announcement: https://investors.cobraplc.com/link/P4xdBP
Update on Scaled Column ISR Test
- Percolation of lixiviant through a 55kg ISR column containing a composite sample from three drillholes from across the Boland project has commenced using ~0.3M ammonium sulphate ("AMSUL") at pH3
- Recovery rates of individual REEs will be evaluated during the ISR process, with separate liquors to be collected to evaluate the possibility of producing an MREC from both early stage (pH>4.5) and late stage (pH=3.0).
- In two days, the average permeability rate being achieved is 1.5 metres/day
- The current recovered liquor pH is <4.0; previous columns showed REE recoveries from pH5
- Study anticipated to be completed within a fortnight
- First liquor assays expected soon
Figures 1 & 2: photos of the 55kg column subject to ISR studies currently in progress at ANSTO laboratories
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Further information relating to Boland and these results are presented in the appendices.
Enquiries:
Cobra Resources plc Rupert Verco (Australia) Dan Maling (UK) | via Vigo Consulting +44 (0)20 7390 0234 |
SI Capital Limited (Joint Broker) Nick Emerson Sam Lomanto | +44 (0)1483 413 500 |
Global Investment Strategy (Joint Broker) James Sheehan | +44 (0)20 7048 9437 james.sheehan@gisukltd.com |
Vigo Consulting (Financial Public Relations) Ben Simons Anna Stacey | +44 (0)20 7390 0234 cobra@vigoconsulting.com |
The person who arranged for the release of this announcement was Rupert Verco, Managing Director of the Company.
Information in this announcement relates to exploration results that have been reported in the following announcements:
- Exploration update: "Low-Cost Recoveries from Optimised Testing", dated 11th August 2025
- Exploration update: "Rare Earth ISR System beyond Boland", dated 4th August 2025
- Exploration update: "Favourable Boland Metallurgical Results", dated 21st July 2025
- Exploration update: "Boland Project Update", dated 26th June 2025
- Wudinna Project Update: "Boland Aircore Drill Results", dated 25th February 2025
- Wudinna Project Update: "Further Positive Metallurgy Results from Boland Project", dated 16 December 2024
- Wudinna Project Update: "2nd Bench Scale ISR Study & £1.7M Placing", dated 26 November 2024
- Wudinna Project Update: "ISR Bench Scale Study Completion", dated 4 November 2024
- Wudinna Project Update: "ISR bench scale study delivers exceptional results", dated 1 October 2024
- Wudinna Project Update: "ISR bench scale update - Exceptionally high recoveries with low impurities and low acid consumption; on path to disrupt global supply of heavy rare earths", dated 28 August 2024
- Wudinna Project Update: "ISR bench scale update -Further metallurgical success at world leading ISR rare earth project", dated 11 July 2024
Competent Persons Statement
The information in this report that relates to metallurgical results is based on information compiled by Cobra Resources and reviewed by Mr James Davidson who is Principal at Rendement and a Fellow of the Australian Institute of Mining and Metallurgy (F AusIMM). Mr Davidson has sufficient experience that is relevant to the metallurgical testing which was undertaken to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Davidson consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.
Information in this announcement has been assessed by Mr Rupert Verco, a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Verco is an employee of Cobra and has more than 17 years' industry experience which is relevant to the style of mineralisation, deposit type, and activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves of JORC. This includes 13 years of Mining, Resource Estimation and Exploration.
About Cobra
Cobra Resources is a South Australian critical minerals developer, advancing assets at all stages of the pre-production pathway.
In 2023, Cobra identified the Boland ionic rare earth discovery at its Wudinna Project in the Gawler Craton - Australia's only rare earth project suitable for in situ recovery (ISR) mining. ISR is a low-cost, low-disturbance extraction method that eliminates the need for excavation, positioning Boland to achieve bottom-quartile recovery costs.
In 2025, Cobra further expanded its portfolio by optioning the Manna Hill Copper Project in the Nackara Arc, South Australia. The project contains multiple underexplored prospects with strong potential to deliver large-scale copper discoveries.
In 2025, Cobra sold its Wudinna Gold Assets to Barton Gold (ASX: BDG) for up to A$15 million in cash and shares.
Regional map showing Cobra's tenements in South Australia
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Appendix 1: Background information - the Boland Project and ISR
- The Boland Project was discovered by Cobra in 2023. Mineralisation is ionically bound to clays and organics within palaeochannel sands within the Narlaby Palaeochannel
- Mineralisation occurs within a permeable sand within an aquifer that is saltier than sea water and is confined by impermeable clays
- ISR is executed through engineered drillhole arrays that allow the injection of mildly acidic ammonium or magnesium sulphate lixiviants, using the confining nature of the geology to direct and lower the acidity of the orebody. This low-cost process enables mines to operate profitably at lower grades and lower rates of recovery
- Once REEs are mobile in solution in groundwater, it is also possible, from an engineering standpoint, to recover the solution to surface via extraction drillholes, without any need for excavation or ground disturbance
- The capital costs of ISR mining are low as they involve no material movements and do not require traditional infrastructure to process ore - i.e. metals are recovered in solution
- Ionic mineralisation is highly desirable owing to its high weighting of valuable HREOs and the cost-effective method in which REEs can be desorbed
- Ionic REE mineralisation in China is mined in an in-situ manner that relies on gravity to permeate mineralisation. The style of ISR process is unconfined and cannot be controlled, increasing the risk for environmental degradation. This low-cost process has enabled China to dominate mine supply of HREOs, supplying over 90% globally
- Confined aquifer ISR is successfully executed globally within the uranium industry, accounting for more than 60% of the world's uranium production. This style of ISR has temporary ground disturbance, and the ground waters are regenerated over time
- Cobra is aiming to demonstrate the economic and environmental benefits of recovering ionic HREOs through the more environmentally aquifer controlled ISR - a world first for rare earths
Figure A1: Comparison between the Chinese and the proposed Boland process for ISR mining of REEs
Appendix 2: Metallurgical sample information
Drillhole | From (m) | To (m) | ID | Pr6O11 ppm | Nd2O3 ppm | Tb2O3 ppm | Dy2O3 ppm | Sm2O3 | TREO ppm |
CBSC0006 | 31.15 | 33.05 | CBSC006-comp | 12 | 48 | 1.3 | 8 | 9 | 264 |
CBSC0009 | 25.55 | 26.89 | CBSC009-comp | 53 | 215 | 6.8 | 38 | 50 | 1,261 |
CBSC0010 | 26.00 | 27 | CBSC0010-comp | 151 | 470 | 9.2 | 52 | 76 | 2,999 |
Composite | CBSC00-06+09+10 | 58 | 194 | 4.8 | 28 | 36 | 1,194 |
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Critical Metals Corp NASDAQ CRML Reports Massive Mineralization Extension & Continues Resource Expansion These (3) 2024 Drilling Holes Intercepted Exceptional Rare Earth Elements Grading TREO Range 0.40% to 0.42% & HREO ∼26% Across our Flagship Core Asset Tanbreez in Greenland
- Consistent high-grade rare earth mineralization intersected in all four reported holes, with Total Rare Earth Oxide (TREO) grades between 0.40% and 0.42%.
- High proportion of heavy rare earth oxides (HREO) ~26% of TREO, reinforcing the deposit’s potential strategic value.
- Significant zirconium oxide (ZrO₂) grades of 1.57–1.58% across all holes.
- Gallium oxide (Ga₂O₃) assays between 93–99 ppm, providing a potential additional economic credit.
- All holes drilled vertically (-90°) through sub-horizontal, stratiform kakortokite layers, intersecting mineralisation at approximately true thicknesses.
- Mineralisation remains open at depth in all reported holes.
- Drilling confirms continuity of grade and mineralogy across multiple sections of the Fjord Deposit, consistent with historical data.
- All the drill holes were collared within the Fjord Deposit with 23.6MT @ 0.42% TREO Maiden Mineral Resource.
- The holes are part of the ongoing 2024–2025 Fjord Resource Upgrade program, with over 1900 m drilled to date in 2025 and further assays pending.
Tony Sage, Executive Chairman of the Company, commented:
“These additional 2024 diamond drill hole results indicate the consistent grades of rare earth and gallium, with a high proportion of critical heavy rare earths. Our rare earth grades and gallium concentration, position Tanbreez as a strategically important asset for Western supply chains. With China's control over the rare earth market and gallium, securing sources of these critical minerals has become paramount for U.S. defense capabilities and national security. The progress we've made, with 1,316 meters of diamond core drilling completed in 2024, and over 1,850 meters of drilling as part of our 2025 Fjord Resource Upgrade resource extension program, significantly strengthens our ability to build on our substantial resource base. With further assays pending and more drilling underway, we see strong potential to grow the scale and nature of the project's mineral inventory.”
Summary New Drill Hole Results
Drill hole collars and assay Tables 1 and 2 and Figure 1 and Appendix 1, 2 and 3.
| Hole ID | Depth (m) | TREO (%) | HREO (% of TREO) | ZrO₂ (%) | Ga₂O₃ (ppm) | ||||||
| D-24 | 85.70 | 0.42 | 26.3% | 1.58 | 99 | ||||||
| E-24 | 62.30 | 0.40 | 26.5% | 1.57 | 93 | ||||||
| F-24 | 107.45 | 0.40 | 25.5 | 1.57 | 93 | ||||||
| Cut-off | 0.30 |
Table 1 – 2024 New assay results summary for D-24, E-24, F-24
New Drill Hole Results
Drill Hole D-24
Drilled vertically to 85.7m from surface and intersected high-grade rare earths and metal oxides mineralisation averaging:
- 0.42% TREO (including 25.9%,HREO)
- 1.57% ZrO2 zirconium oxide,
- 100ppm Ta2O5 tantalum pentoxide,
- 1340ppm Nb2O5 niobium pentoxide,
- 99ppm Ga2O3 gallium oxide,
- Mineralisation open at bottom of the hole,
- Mineralisation average from surface to 63m downhole.
Drill Hole E-24
Drilled vertically to 62.3m from surface and intersected high-grade rare earths and metal oxides mineralisation averaging:
- 0.39% TREO (including 26.2%,HREO)
- 1.56% ZrO2 zirconium oxide,
- 100ppm Ta2O5 tantalum pentoxide,
- 1330ppm Nb2O5 niobium pentoxide,
- 90ppm Ga2O3 gallium oxide,
- Mineralisation open at bottom of the hole,
- Mineralisation average from surface to 61.3m downhole.
Drill Hole F-24
Drilled vertically to 107.45m from surface and intersected high-grade rare earths and metal oxides mineralisation averaging:
- 0.40% TREO (including 25.6%,HREO)
- 1.57% ZrO2 zirconium oxide,
- 100ppm Ta2O5 tantalum pentoxide,
- 1260ppm Nb2O5 niobium pentoxide,
- 93ppm Ga2O3 gallium oxide,
- Mineralisation open at bottom of the hole,
- Mineralisation average from surface to 72m downhole.
Figure 1 - Tanbreez Site Visit August 29 Malcolm Day Director CRML, Greg Barnes JV Partner, George Karageorge CTO, Anna Wingle Tanbreez Mining Greenland
Figure 2 - Fjord and Hill Deposit drill hole locations for 2007, 2010, 2013, 2024 in red with 2025 drill hole collars completed in July with 9 diamond holes awaiting drilling.
Drill Hole Statistics
Drill hole collars and assay Tables 1 and 2 and Figure 1 and Appendix 1, 1A , 2 and 3.
| Hole ID | Depth From | Depth To | Interval | TREO% | HREO% | ZrO2 % | Ta2O5 ppm | Nb2O5 ppm | Ga2O5 ppm | |
| A1-24 | - | 40.00 | 40.00 | 0.48 | 0.13 | 1.86 | 134 | 1513 | 103 | |
| A2-24 | - | 41.00 | 41.00 | 0.51 | 0.14 | 1.96 | 145 | 1685 | 96 | |
| B-24 | - | 58.00 | 58.00 | 0.49 | 0.13 | 1.99 | 144 | 1651 | 101 | |
| C-24 | - | 65.00 | 65.00 | 0.54 | 0.14 | 1.98 | 156 | 1741 | 89 | |
| D-24 | 1.00 | 63.00 | 62.00 | 0.42 | 0.11 | 1.58 | 112 | 1344 | 99 | |
| E-24 | 1.00 | 62.30 | 61.30 | 0.40 | 0.11 | 1.57 | 105 | 1336 | 93 | |
| F-24 | 0.00 | 72.00 | 72.00 | 0.40 | 0.10 | 1.57 | 103 | 1256 | 93 |
Table 2 - 2024 Drill Hole Assay results summary to date 2024 diamond drill hole program in the Fjord Area. Assay results are reported for drill holes D, E and F. A1, A2, B and C were reported on 22 August 2025. Remaining assay results for holes G to Z are expected to be reported in Q3, 2025.
Background – Fjord Deposit Drilling
The 2024–2025 drilling campaign in the Fjord area has targeted confirmatory and step-out holes to:
- Validate historical drilling data.
- Refine the geological model for resource estimation.
- Provide material for metallurgical and environmental test work.
All drill holes in this program are vertical, intersecting the sub-horizontal layers at true thickness. The three holes reported here return TREO grades between ~0.40% and 0.42% with approximately 26% HREO, along with ZrO₂ values of 1.57–1.58% and gallium oxide contents of 93–99 ppm. These results are consistent with historical assays and demonstrate the persistence of grade and mineralogy across the Fjord deposit.
From a deposit classification perspective, the kakortokite-hosted REE mineralisation is best described as stratiform magmatic, confined entirely to the kakortokite unit and not observed in adjacent lithologies such as lujavrite or naujaite. This strong lithological control underpins confidence in resource modelling, supports bulk mining strategies, and provides reliable input for geology domaining.
Given the continuity of mineralization over several kilometres, the Fjord deposit represents a significant portion of the overall Tanbreez mineral inventory. Ongoing drilling is expected to further delineate these resources, with pending assays from additional holes likely to extend the known mineralised envelope and refine the grade distribution.
Sampling over the 2024 diamond holes was taken over kakortokite intervals above the Black Madonna lower boundary.
- Collar data: All collar locations, RLs, azimuths, dips, and hole lengths have been clearly presented in Table 2 of the report.
- Assay data: Table 1 in the report provides the suite of weighted average downhole assay results for TREO, HREO, Ga₂O₃, and other oxides.
- True widths: All drill holes are vertical (-90°) through sub horizontal mineralised layers, so intersections are true widths.
- No cut-off grades or metal equivalents were applied. All assays are reported at face value.
Gallium Results
The gallium oxide Ga2O3 mineralization assay results ranges from low to high is 90ppm to 100ppm for the four 2024 drillholes published to date.
Drill holes that were not assayed for gallium, tantalum and niobium in 2013 will be assayed from existing pulps submitted to ALS Metallurgical in Perth for analysis in the coming months.
ALS laboratories will also assay all sample for gallium for the 2024 and 2025 drill holes with results that will be published in September and October 2025. The gallium oxide results for all diamond holes published to date may add a credit to the TREO-HREO mixed concentrate.
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