
January 29, 2025
American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) ("ARR" or "the Company") is pleased to provide an overview of its quarterly activities for the period ending 31 December 2024. This review highlights the key achievements and ongoing activities that are shaping the Company’s future development. The Company continued its upward trajectory in the fourth quarter of 2024, advancing its Halleck Creek Project. With new partnerships, facility developments, and robust drilling results, ARR is poised to solidify its role as a cornerstone of the U.S. critical minerals supply chain.
Highlights
- Strategic Collaboration with BMO Capital Markets: The engagement of BMO Capital Markets as a financial advisor is a critical milestone in ARR’s strategy to accelerate the development of Halleck Creek by securing strategic investments and partnerships
- High-Grade Drilling Results: The Cowboy State Mine at the Halleck Creek Project yielded some of the highest- grade Total Rare Earth Oxide (TREO) results to date, including:
- 148.0m @ 4,451 ppm TREO (max 6,198 ppm TREO)
- Strategic Facility Secured: ARR’s subsidiary, Wyoming Rare USA Inc., secured a key facility at the Western Research Institute in Wyoming. This facility will centralise operations, house core samples, and serve as the future site for a pilot plant
- $7.1 Million State Grant: ARR received the first reimbursement of over A$450,000 from the Wyoming Energy Authority to support ongoing initiatives
Strategic Engagement
ARR engaged BMO Capital Markets, a global leader in metals and mining financial advisory, to accelerate the development of its Halleck Creek Project in Wyoming. BMO will assist ARR and its U.S. subsidiary, Wyoming Rare USA Inc., in securing strategic investments, partnerships, joint ventures, and offtake agreements to position Halleck Creek as a cornerstone of the U.S. critical minerals supply chain. This move aligns with growing U.S. bipartisan support for onshoring critical minerals and Wyoming’s economic goals. With support from the Wyoming Energy Authority and a Letter of Interest from the U.S. Export-Import Bank, ARR aims to capitalise on favourable market dynamics and establish long-term shareholder value while contributing to the national agenda for a secure, domestic rare earth supply chain.
Drilling Operations
ARR announced on 27 November final assay results from its 2024 drilling campaign at the Cowboy State Mine (CSM) within the Halleck Creek Project, Wyoming. These results highlight some of the highest-grade Total Rare Earth Oxide (TREO) intersections recorded in the region, confirming the project’s potential as a leading North American rare earth resource.
Key Highlights:
- High-Grade Intersections:
- HC24-RM046: 148.0 m @ 4,451 ppm TREO, including 52.5 m @ 5,273 ppm TREO (maximum 6,198 ppm TREO)
- HC24-RM048: 161.5 m @ 4,275 ppm TREO, including 40.5 m @ 5,287 ppm TREO (maximum 5,869 ppm TREO)
- HC24-RM049: 90.0 m @ 4,353 ppm TREO, including 16.5 m @ 5,313 ppm TREO (maximum 6,049 ppm TREO)
Drilling results demonstrate extensive high-grade zones, which will support updated geological models and resource estimates, crucial for advancing the project’s development.
These results emphasise the project’s potential to become a flagship rare earth resource for North America, aligning with the U.S. government’s strategic push to secure domestic critical mineral supply chains for defence and energy transition needs.
2024 Drill Hole Locations and Assay Summaries
With geological maps updated and Odessa Resources Ltd refining resource estimates, ARR announced an updated resource estimate on 29 January 2025 is and progressing a Pre-Feasibility Study (PFS), while engaging with strategic partners to unlock the project’s value.
Facility to Support Halleck Creek Project
Wyoming Rare (USA) Inc. secured a facility at the Western Research Institute in Laramie, Wyoming, marking a major step forward for the Halleck Creek Rare Earths Project. The facility will centralise operations by housing all drill core and assay samples and will also accommodate the construction of a pilot plant to advance rare earth processing capabilities. This partnership with the Western Research Institute, a renowned non-profit organisation specialising in energy systems and materials research, enables collaboration to enhance critical mineral development. The move aligns with Wyoming’s strategic goal of becoming a leader in rare earth element development while supporting the onshoring of critical mineral supply chains for the USA.
Wyoming Grant
The Company has received its first reimbursement of over A$450,000 from the Wyoming Energy Authority (WEA) grant, marking progress in developing the Cowboy State Mine at Halleck Creek. Part of a larger A$10.7 million (US$7.1 million) grant awarded in June 2024, the funds will support exploration drilling, environmental studies, and prefeasibility assessments, helping de-risk the project and achieve the Company’s 2025 goals. This milestone underscores ARR’s commitment to advancing the project and collaborating with the WEA to support Wyoming's energy strategy.
Corporate
After many years of service to the Company farewelled Geoff Hill, a founding shareholder and long-standing member of the Board. ARR thanks Geoff for his exceptional leadership and strategic insights, which have significantly contributed to the Company’s growth and strengthened its position in the rare earths sector. His dedication and guidance leave a lasting legacy, providing a strong foundation for ARR’s future success.
The Company welcomed Mr. Hugh Keller to the Board as a Non-Executive Director, bringing extensive experience from his 34-year legal career at Dawson Waldron (now Ashurst) and various leadership roles across ASX-listed companies, private investment firms, and charities. Currently serving as a Non-Executive Director and Audit Committee Chairman for Cobalt Blue Holdings Limited, Hugh adds expertise in commercial contracts, audit procedures, and team leadership to the Board.
CEO, Chris Gibbs, was appointed as a Non-Executive Director on the Board of Godolphin Resources Limited (ASX: GRL). This appointment aligns with ARR’s increased investment in Godolphin, raising its shareholding to 19.82%, supported by a contribution of up to $510,000 to advance key projects, including the Lewis Ponds Gold and Base Metals Project and the Narraburra Rare Earths Project in New South Wales.
Melissa Sanderson has been appointed Co-Chair of the Critical Minerals Institute (CMI), a global organisation addressing challenges in the minerals sector. This role underscores her expertise in sustainable development and policy advocacy, aligning with ARR's mission to establish a secure North American rare earth elements (REE) supply chain. Mel’s extensive experience in geopolitics and ESG strategies further strengthens ARR’s leadership in advancing a sustainable and ethically sourced REE supply chain.
The Company’s Annual General Meeting was held on November 28, 2024.
Click here for the full ASX Release
This article includes content from American Rare Earths 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.
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12 February
American Rare Earths Limited
Investor Insight
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.
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Advancing one of the largest REE deposits in North America
15h
Wildfire Destroys Mining Camp in NWT, Former MP Slams Territorial Response
A fast-moving wildfire has destroyed the Nechalacho mining camp southeast of Yellowknife, Northwest Territories, erasing cabins and infrastructure at a rare earths project owned by Vital Metals (ASX:VML).
The blaze swept through the camp at Thor Lake on August 30 after strong winds carried it 16 kilometres overnight.
Vital Metals CEO Lisa Riley said the company believed the site was safe until conditions shifted suddenly. “And from one second to the next, it went from being relatively safe to being completely gone,” she told CBC.
The camp, which had been empty since April, was reduced to charred ground, with only one cabin left standing. No workers were injured, but a dock, a boat and a diesel storage tank were destroyed.
Vital Metals holds the project through its Yellowknife subsidiary and is advancing a preliminary economic assessment for deposits containing rare earth metals and niobium, a material used in high-strength steel for cars and pipelines.
Riley said the fire will not significantly delay the project, but acknowledged that logistics will be more difficult in the short term. With the cabins gone, workers expected back in the coming weeks will have to live in tents.
“The biggest change at the moment in terms of moving the project forward (is) that there won’t be a big impact,” she added. “It would have been a lot more costly if the equipment had gone up.”
A helicopter inspection this week showed that some of the most expensive equipment escaped damage. A bulldozer, loader, ore sorter, helipad and airstrip remain intact, with the fire appearing to stop just short of those installations.
Vital Metals reported the incident to the ASX on Thursday (September 4), saying equipment, stockpiles and drill core are safe, and that damage was “modest” and “not anticipated to have any material impact on the Group’s ability to operate.”
NWT Fire said crews are still working to contain the fire this week, with hot spots persisting at Thor Lake.
The destruction at Nechalacho adds another incident to one of the territory's most challenging fire seasons in recent memory. Currently, multiple communities are either under evacuation orders or alerts.
In Fort Providence, residents were forced to leave over the weekend as fire approached within a kilometre.
Among them was Michael McLeod, the Northwest Territories' former Liberal MP, who sharply criticised the territorial government’s handling of the crisis. Speaking at an evacuation centre in a video shared online, McLeod confronted Premier RJ Simpson over what he described as a lack of urgency in preparing communities.
In an interview with CBC, he said the government’s strategy amounted to “wait and see.”
“It should have happened three weeks ago. We should have had the community plastered with fire retardant all around, all the trees in the area, but it didn’t happen and that’s no different from what’s happening in Whatı̀,” McLeod said.
“It should have happened sooner. That isn’t acceptable.”
McLeod, who represented the territory for a decade in Ottawa before stepping down earlier this year, further suggested that the Canadian government may need to take over fire response if the territory can't cope on its own.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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04 September
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
Critical Metals Corp. (Nasdaq: CRML) (“Critical Metals Corp” or the “Company”), a leading critical minerals mining company, today announced for the first time three new assay results from the 2024 diamond drill hole program at the Fjord Deposit at the Tanbreez Rare Earth Project in Greenland.
Highlights – 2024 New Diamond Drill Hole Results
- 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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03 September
Rare Earths Stocks: 9 Biggest Companies in 2025
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 clean energy transition industries such as electric vehicles (EVs) — neodymium and praseodymium are found in the permanent magnet synchronous motors used in EV drive trains.
The rare earths sector has been thrust back into the geopolitical spotlight as supply chains face mounting pressure from escalating US-China trade tensions and tightening global regulations.
In May 2024, the former US administration imposed a 25 percent tariff on Chinese rare earth magnets starting in 2026, marking the first time these components have been targeted under Section 301. The move hits sintered neodymium-iron-boron (NdFeB) magnets, vital for EVs and wind turbines, highlighting their strategic role in clean energy and defense.
Soon after, China’s State Council announced new rules effective October 1, 2024, tightening control over rare earth production and banning the export of extraction and magnet-making technology.
Since taking office in January 2025, US President Donald Trump has escalated the trade conflict, imposing cumulative tariffs of 54 percent on Chinese goods. Beijing responded by heightening export controls on seven strategic rare earth metals associated with global defense, renewable energy and the technology sectors.
China’s dominance remains a defining feature of the market: the country accounts for nearly 70 percent of mine output and more than 80 percent of refining capacity. That concentration has created persistent vulnerabilities, especially for medium and heavy rare earths like dysprosium and terbium, which are already in tight supply.
Analysts note that tariffs and export restrictions are setting the stage for a two-tiered market, where ex-China buyers face premiums while domestic Chinese buyers remain insulated.
Despite the volatility, demand fundamentals continue to trend upward. Permanent magnets are driving growth across EVs, clean energy and defense, and efforts to diversify supply are accelerating.
In the US, Washington has increased Department of Defense (DoD) funding and streamlined permitting to support domestic production, while in Europe, a law enacted in May 2024 aims to reduce Chinese reliance by boosting output of critical minerals by 2030.
These recent escalations could be a boon to rare earth minerals and rare earth magnet stocks operating in the space outside of China. Investors are watching closely to see which rare earth companies are best positioned to capture the opportunity.
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 collected on August 21, 2025, using TradingView’s stock screener.
US rare earths stocks
The US is striving to secure stable domestic supply of REEs outside China, a matter that has become even more pressing in 2025 due to the escalation of the US-China trade war and China's new rare earth mineral export restrictions.
The nation has vast rare earths reserves and is the second largest global REE producer thanks to its sole operating rare earth mine, Mountain Pass. However, it currently lacks sufficient processing facilities.
American rare earths 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$11.79 billion
Share price: US$66.60
MP Materials, the largest producer of rare earths in North America, 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.
In April 2024, MP Materials was awarded US$58.5 million under the Section 48C tax credit to build the US’s first fully integrated rare earth magnet plant.
Located in Fort Worth, Texas, the facility began making NdFeB magnets in January, with first deliveries due by year-end. MP Materials sources feedstock from its Mountain Pass mine, creating a fully integrated, closed-loop supply chain with integrated recycling.
In its Q2 2025 results, MP Materials reported an 84 percent year-over-year increase in revenue, which totaled US$57.4 million in Q2. Additionally, the company achieved record NdPr output of 597 metric tons (MT), while its rare earth oxide (REO) production reached 13,145 MT, marking its second-highest quarterly production ever and a 45 percent increase from last year.
In early July, MP penned a deal with the US DoD in which the government would purchase US$400 million worth of preferred stock in the company, making the DoD the company's largest shareholder.
The funds are earmarked for the expansion of its processing capabilities at Mountain Pass and the construction of a second magnet manufacturing facility in the US.
MP also signed a US$500 million deal with Apple (NASDAQ:AAPL) to produce rare earth magnets in the US using only recycled materials. Starting in 2027, MP will supply magnets for hundreds of millions of Apple devices, including iPhones, iPads and MacBooks.
2. Energy Fuels (NYSEAMERICAN:UUUU,TSX:EFR)
Market cap: US$1.97 billion
Share price: US$8.53
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 construction of Phase 1 REE separation infrastructure at White Mesa in early 2024, and in June reported successful commercial production of separated NdPr that meets the specifications required for REE-based alloy manufacturing. The Phase 1 REE separation circuit is now operating at full capacity.
Following its 2023 acquisition of the Bahia heavy mineral sands project in Brazil, Energy Fuels made multiple deals in 2024 with the aim of acquiring feedstock for White Mesa.
In early June of last year, Energy Fuels executed a joint venture that gives it the option to earn a 49 percent stake in Astron's (ASX:ATR) Donald rare earths and mineral sands project in Victoria, Australia. Donald is expected to begin production as early as 2026, and will supply the White Mesa mill with 7,000 to 8,000 MT of monazite sand in rare earths concentrate annually in Phase 1.
In October 2024, Energy Fuels acquired Australian mineral sands company Base Resources, which owns the Toliara project in Madagascar.
As for 2025, in mid-March Energy Fuels inked a memorandum of understanding with South Korea-based POSCO Holdings (NYSE:PKX,KRX:005490) for the potential creation of a non-China REE supply chain for EVs and hybrid EV drivetrains for US, EU, Japanese and South Korean auto markets.
In June 2025, the Government of Victoria approved the work plan for the construction and operation of the Donald rare earth and mineral sand project. The site can now move into construction.
A month later, Energy Fuels achieved pilot-scale production of heavy rare earth oxides at its White Mesa mill and aims for commercial output by late 2026. Additionally, the company noted that it could source feedstock from the Donald project by the end of 2027.
In late August, Energy Fuels successfully produced its first kilogram of 99.9 percent pure dysprosium oxide at pilot scale from White Mesa. Using monazite sourced from Florida and Georgia, Energy Fuels now plans to produce 2 kilograms weekly.
“Multiple magnet manufacturers and OEMs have already expressed their strong interest in obtaining these samples to accelerate their validation processes,” the company said.
3. NioCorp Developments (NASDAQ:NB)
Market cap: US$291.32 million
Share price: US$4.01
NioCorp Developments is advancing its Elk Creek project in Nebraska, which features North America's highest-grade niobium deposit under development, with significant scandium production capacity. The Elk Creek project is fully permitted for construction.
NioCorp is working to secure financing to move the project forward, and the US Export-Import Bank advanced its application for financing to its next stage of due diligence in February.
An updated 2022 feasibility study highlights an extended mine life, improved ore grades and enhanced economics for niobium, scandium and titanium.
In April 2024, NioCorp began exploring integrating permanent rare earth magnet recycling at its Elk Creek project to produce separated rare earth oxides which could then be used to produce new NdFeB magnets. It completed initial bench-scale tests in October.
2025 has been busy for NioCorp. It completed a US$45 million public offering in July, which, combined with an additional US$15 million, will be used to accelerate pre-construction activities at Elk Creek.
NioCorp also secured up to US$10 million from the US DoD under the Defense Production Act’s Title III program. The funding, tied to milestone achievements, is aimed at establishing the country’s first domestic scandium mine-to-manufacture supply chain.
The award is expected to bolster NioCorp’s efforts to secure up to US$800 million in debt financing from the US Export-Import Bank.
In an effort to bolster its Nebraska land position, NioCorp acquired three key land parcels associated with the Elk Creek project in early August. The adjacent parcels will house production operations and infrastructure.
NioCorp is currently awaiting the results from the Phase I drilling campaign completed in mid-August. The program aims to convert portions of the resource from the indicated and probable categories to measured and proven.
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 value chain, from exploration to recycling.
REEs are among the minerals listed as critical.
Additionally, the government has designated C$7.5 million to support the establishment of a rare earths processing facility in Saskatoon, Saskatchewan. In mid-September 2024, the Saskatchewan Research Council (SRC) announced that the facility reached commercial-scale production, making it the first in North America to achieve this milestone.
The SRC plans to produce 400 MT annually once it is fully operational.
Learn about Aclara Resources, Mkango Resources and Ucore Rare Metals, the three largest Canada-listed rare earth stocks by market cap, below.
1. Aclara Resources (TSX:ARA)
Market cap: C$321.18 million
Share price: C$1.46
Aclara Resources is advancing its Penco Module project in Chile, characterized by ionic clays abundant in heavy rare earths, and its Carina Module project in Brazil.
Its objective at the Penco Module is to generate rare earths concentrate via an environmentally friendly extraction process. This approach aims to eliminate the need for a tailings facility, minimize water use and ensure the absence of radioactivity in the final product.
Aclara successfully concluded a semi-industrial pilot plant program for Penco Module in 2023, yielding 107 kilograms of wet high-purity heavy rare earths concentrate from 120 MT of ionic clays. Aclara and Vacuumschmelze penned a memorandum of understanding in early July 2024 to jointly pursue a "mine-to-magnets" solution for ESG-compliant permanent magnets.
The company submitted a new environmental impact assessment (EIA) for the project in June 2024, and it moved to the next stage in August.
In May 2025, Aclara received the second round of technical observations (Second ICSARA) from the Environmental Service Assessment Authority, including 205 questions regarding technical aspects of the EIA. The company plans to submit its response during Q3 2025.
Aclara is also advancing its Carina Module project in Brazil, which it discovered in 2023. In December of that year, Aclara disclosed an initial inferred resource for the project, saying it encompasses approximately 168 million MT grading 1,510 parts per million TREO and 477 parts per million desorbable rare earth oxides.
In August 2024, Aclara released an updated preliminary economic assessment for Carina Module featuring initial capital costs of US$593 million and sustaining capital costs of US$86 million. Later in the month, the company signed a memorandum of understanding (MoU) with the State of Goiás and Nova Roma to expedite the Carina Module project.
In late May 2025, Aclara submitted its EIA for the Carina Module, and anticipates its approval during Q4 2025. The company also reiterated its expectations to produce an average of 191 MT of dysprosium and terbium annually. As well as yearly output targets of 1,350 MT of neodymium and praseodymium.
On the innovation side, Aclara is deepening its tech-driven approach to rare earths through a long-term letter of intent (LOI) with Stanford’s Mineral-X initiative to leverage AI, data science and decision modeling to build a more resilient heavy rare earth supply chain.
Meanwhile, an MoU with Virginia Tech covers operation of Aclara’s pilot plant showcasing its solvent-extraction technology for producing high-purity rare earth elements.
2. Mkango Resources (TSXV:MKA)
Market cap: C$262.87 million
Share price: C$0.79
Mkango Resources is advancing as a producer of recycled rare earth magnets, alloys, and oxides, through its 79.4 percent stake in Maginito with partner CoTec Holdings (TSXV:CTH,OTCQB:CTHCF).
Mkango’s assets include Malawi’s Songwe Hill project, targeting neodymium, praseodymium, dysprosium, and terbium, and the Pulawy rare earths separation project in Poland, alongside a broader exploration portfolio in Malawi.
In July 2024, Mkango and the Malawian government signed a mining development agreement for the Songwe rare earths project, granting Malawi a 10 percent stake and customs and excise exemptions. Through Maginito, Mkango also owns HyProMag, which licenses the Hydrogen Processing of Magnet Scrap (HPMS) process to recycle rare earth magnets from scrap.
A pilot plant using a long-loop recycling process underpinned by the HPMS process was commissioned in July 2024. Additionally, Maginito is expanding HyProMag’s recycling technology to the US through the joint venture HyProMag USA, with a positive feasibility study completed in November 2024.
While the feasibility study was based on two HPMS vessels, HyProMag announced in March 2025 that conceptual studies are underway to expand the capacity to three vessels and the addition of "long-loop chemical processing" to complement the HPMS short-loop recycling process.
In an August 2024 update for investors, Mkango reported that HyProMag will receive 350,125 euros to develop its eco-friendly NeoLeach technology, which will further upgrade metals recovered with HPMS. The funding, part of the 8 million euro GREENE project, aims to improve the resource efficiency and performance of rare earth permanent magnets.
Mkango completed a C$4.11 million private placement in early February 2025 to help fund the advancement of its rare earth magnet recycling projects in the UK and Germany. The next month, the company provided an update on the construction of its UK magnet recycling and manufacturing facility, which is on track to begin initial commercial production by the end of Q2 2025.
In late March, the European Commission designated Mkango's Pulawy project in Poland as a strategic project under the Critical Raw Materials Act.
In June, HyProMag USA received a “Make More in America” LOI from the US Export-Import Bank. The letter signals potential financing of up to US$92 million for the company’s first integrated rare earth recycling and magnet manufacturing facility in Dallas-Fort Worth, with a 10 year repayment term.
Later in the month, Mkango updated on its advanced pilot program and the scale-up of HPMS technology, aiming to produce domestically sourced, short-loop recycled rare earth magnets with a minimal carbon footprint in the UK and Germany in 2025, and the US in 2027. The company commenced initial production runs on its commercial-scale HPMS vessel at Tyseley Energy Park in Birmingham in early July.
On July 3, Mkango signed a definitive merger deal with Crown PropTech Acquisitions that would see several of Mkango’s subsidiaries, including Lancaster Exploration, combine with Crown to form Mkango Rare Earths. The combined company will be a vertically integrated rare earth firm that owns the Songwe Hill and Pulawy projects, and its shares are expected to trade on Nasdaq.
In the US, Intelligent Lifecycle Solutions started stockpiling feedstock under its supply and pre-processing agreement with HyProMag USA in late August. Pre-processing is slated to start before year-end 2025 at ILS facilities in South Carolina and Nevada.
3. Ucore Rare Metals (TSXV:UCU)
Market cap: C$231.44 million
Share price: C$2.60
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 earth project in Alaska and is developing a strategic metals complex for processing heavy and light rare earth elements in Louisiana, US. Ucore acquired an 80,800 square foot brownfields facility in Alexandria, Louisiana, for developing its first commercial REE processing facility in January 2024.
In Canada, 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 DoD granted to Ucore's subsidiary, Innovation Metals.
Last year, Ucore entered and advanced partnerships with several companies. In April, Ucore tested mixed rare earths carbonate from Defense Metals' (TSXV:DEFN,OTCQB:DFMTF) Wicheeda project and confirmed it was suitable for commercial-scale processing at Ucore's planned facilities. A few months later, Ucore executed a non-binding MoU with Cyclic Materials to qualify Cyclic's recycled rare earth oxide product in Ucore's process.
In August 2024, Ucore and Meteoric Resources (ASX:MEI) signed an MoU for Meteoric to supply 3,000 MT of TREO from its Caldeira project in Brazil to Ucore's Louisiana strategic metals complex, and Ucore established a similar deal with Australia’s ABx Group (ASX:ABX) in early September under which ABx would supply Ucore with mixed rare earth carbonates from its Deep Leads ionic adsorption clay rare earths resource in Northern Tasmania.
At the start of 2025, Ucore was awarded C$500,000 via its partnership with Ontario’s Critical Minerals Innovation Fund to help finance the advancement of the company’s Canadian RapidSX commercial demonstration facility.
As for its Louisiana facility, the company received an US$18.4 million investment from the US DoD in May, its largest funding commitment to date. The funding will support construction of Ucore’s first commercial-scale RapidSX refining machine in Louisiana.
In late August, Ucore entered a non-binding LOI with Critical Metals (NASDAQ:CRML) for a 10 year offtake of heavy rare earth feedstock from Critical’s Tanbreez project in Greenland that will supply its Louisiana facility, with smaller volumes first processed at its demo facility in Ontario.
Australian rare earths stocks
Australia ranks among the globe's top rare earths producers and possesses the fourth largest rare earths reserves. The nation is notable for hosting the largest supplier of rare earths outside of China.
Learn more about Lynas Rare Earths, Iluka Resources and Arafura Resources, the three largest ASX-listed rare earths stocks focused stocks by market cap.
1. Lynas Rare Earths (ASX:LYC)
Market cap: AU$13.08 billion
Share price: AU$14.61
Well-known ASX-listed rare earths stock Lynas Rare Earths is the leading separated rare earths producer outside of China, with operations in Australia and Malaysia.
In Western Australia, Lynas operates the Mount Weld mine and concentrator and is ramping up processing at its Kalgoorlie rare earths processing facility.
Lynas secured AU$20 million from Australia’s Modern Manufacturing Initiative in mid-2023 to advance its apatite leach circuit at the Kalgoorlie plant. By December, the facility hit its first production milestone, marking the shift from commissioning to full-scale operations. Lynas’ new large-scale downstream Kalgoorlie rare earths processing facility came online in November 2024.
In August 2024, the firm reported a 92 percent increase in mineral resources and a 63 percent rise in ore reserves at Mount Weld. Resources grew to 106.6 million MT at 4.12 percent TREO, while reserves increased to 32 million MT at 6.44 percent TREO, including added tailings. The updated estimates boost contained heavy rare earths and support a mine life exceeding 20 years at higher production rates.
Lynas also processes mined material at its separation facility in Malaysia. After commissioning the new heavy rare earth separation circuit earlier in the year, the site achieved first production of dysprosium oxide in May 2025.
Later in the month, Lynas penned a non-binding memorandum of understanding with Menteri Besar, the Kelantan state investment arm in Malaysia, to supply mixed rare earth carbonate (MREC). Subsequently, the Malaysian facility reported the first production of terbium oxide.
According to Lynas, the Malaysian milestones mark the first commercial production of separated dysprosium and terbium oxides outside China in decades.
During its June fiscal quarter, the company also signed an MoU with Korea’s JS Link to develop a magnet plant in Malaysia and advanced key expansion projects at Mt Weld and Kalgoorlie.
On August 27, Lynas released its 2025 annual results and its new long-term strategy named Towards 2030. The company produced 10,462 metric tons of rare earth oxides, including 6,558 metric tons of NdPr, in its fiscal 2025.
While it had previously been working with the US DoD to establish a rare earth processing facility in Texas, Lynas shared that it is now uncertain if the facility will be built, in part due to permitting issues with the site. It is negotiating an offtake with the DoD for production from its current operations instead.
2. Iluka Resources (ASX:ILU)
Market cap: AU$2.71 billion
Share price: AU$6.34
Iluka Resources is advancing its Eneabba rare earths refinery in Western Australia with backing from the Australian government, which aims to bolster the country’s footprint in the global rare earths market. The company also owns zircon operations in Australia, including Jacinth-Ambrosia, the world's largest zircon mine.
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.
Iluka secured an AU$1.25 billion non-recourse loan for Eneabba under the AU$2 billion Critical Minerals Facility administered by Export Finance Australia, and the Australian government agreed to an additional AU$400 million in funding in December 2024.
This funding will support the development of Eneabba as Australia's first 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 commissioning expected in 2027.
In early August 2025, Iluka signed a 15 year deal with Lindian Resources (ASX:LIN) for the annual supply of 6,000 MT of rare earth concentrate from Lindian’s Kangankunde project in Malawi. The feedstock will be processed at Eneabba, accounting for about 10 percent of the refinery’s capacity.
Also in August, Iluka released its half year results, which were impacted by global economic uncertainty and a subdued mineral sands market, according to the company. The data noted a 8 percent year-over-year revenue decline to AU$558 million in the mineral sands segment.
3. Arafura Resources (ASX:ARU)
Market cap: AU$468.22 million
Share price: AU$0.19
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 toward 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 binding offtake agreements with Hyundai Motor (KRX:005380,OTC Pink:HYMTF), Kia (KRX:000270) and Siemens Gamesa Renewable Energy. Additionally, the company has a non-binding memorandum of understanding with GE Vernova's (NYSE:GEV) GE Renewable Energy to collaborate on establishing sustainable rare earths supply chains.
In late August 2024, Arafura signed a memorandum of understanding with Canada’s Saskatchewan Research Council to process rare earths from Arafura’s Nolans project into dysprosium and terbium oxides at SRC’s rare earths processing facility in Saskatchewan. The collaboration aims to support global supply chain diversification for energy transition technologies.
The company received a AU$200 million investment commitment from Australia's National Reconstruction Fund in January 2025.
In March 2025, Arafura announced a binding offtake agreement with Traxys Europe through which Arafura will supply a minimum of 100 MT per year of NdPr oxide over a five-year term from the Nolans project. Arafura has the option to increase the offtake to a maximum of 300 MT per year at its discretion.
The company provided an update in its annual report released in July, noting the Nolans project has advanced to the appraisal stage for 100 million euros in funding from the 1 billion euro German Raw Materials Fund, becoming only the second project to reach this phase. The proposed financing is linked to NdPr oxide supply, supported by Arafura’s existing offtake deal with Siemens Gamesa for 520 MT annually.
As of August 2025, Arafura has secured conditional approval for over US$1 billion in debt funding for the Nolans project.
In August, Arafura received a conditional letter of interest from Export Finance Australia to bolster equity alongside existing debt funding, and completed a AU$80M a “two-tranche institutional placement” at AU$0.19 per share. It also launched a AU$5M share purchase plan at the same price.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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02 September
Critical Metals Corp NASDAQ CRML – Surpasses 70% Completion Milestone of the Tanbreez Bankable Feasibility Study & Remains on Schedule for Completion on or Before Q4 2025
Critical Metals Corp. (Nasdaq: CRML) (“Critical Metals Corp” or the “Company”), a leading critical minerals mining company, today announced that Tanbreez Mining Greenland A/S (“Tanbreez”) is approximately 70% complete on the final stages of the Bankable Feasibility Study (BFS) for a 500,000 tons per annum mining and processing operation at the Tanbreez Rare Earth Project in South Greenland. The BFS is being led by Danish engineering firm NIRAS A/S (“NIRAS”), a globally leading multidisciplinary engineering and environmental consultancy based in Denmark. The BFS remains on track for submission in Q4 2025. In addition, NIRAS has completed environmental fieldwork for the 2025 baseline sampling program.
Tony Sage, Executive Chairman of the Company, commented:
“The progress on the final BFS engineering and the completion of the 868 baseline sampling program represent a major milestone in unlocking the full potential of the Tanbreez Rare Earth Project. Our partnership with NIRAS ensures that both technical and environmental aspects are being addressed to the highest standards, reinforcing our commitment to responsible development.”
This final BFS phase includes:
• Completion of mine design and process plant engineering
• Tailings management and water treatment strategies
• Integration of environmental and regulatory inputs
• Preparation of documentation for submission to Greenland’s MLSA

Figure 1. Proposed plant and port site.
The engineering scope encompasses detailed design of the two open pit mining phases, including blasting and haulage logistics, crushing and magnetic separation circuits, slurry transport systems, and tailings deposition infrastructure at Lake Foster. It also includes port and haul road layouts, diesel power generation, and worker accommodation facilities. NIRAS is integrating hydrological modelling, dust dispersion controls, and closure planning into the final design to ensure long-term environmental compliance, operational efficiency, and alignment with Greenland’s regulatory framework.

Figure 2 – NIRAS engineers at the proposed Tanbreez port site 27/8/2025
Once completed, which is expected in the fourth quarter of 2025, the BFS will form the central component of the Tanbreez updated Exploitation License documentation, to be submitted to the Mineral License and Safety Authority (MLSA) of Greenland, in accordance with the Greenlandic Mineral Resources Act and the specific terms of the granted exploitation license MIN 2020-54.

Figure 3 – NIRAS team undertaking August 2025 baseline marine sampling
This submission will support the progression of the project towards final approval to commence potential commercial mining operations.

Figure 4 - NIRAS FS finalization team
Completion of 2025 Baseline Sampling Program
In parallel, Critical Metals Corp confirms that environmental fieldwork for the 2025 baseline sampling program has officially been completed. This program—coordinated by NIRAS ran through August 2025 and was designed to close spatial and seasonal gaps in the existing baseline dataset.
Key components of the sampling campaign included:
- Bergerhoff dust monitoring
- All-year freshwater sampling across 19 stations
- Sediment coring in Lake Foster and Kangerluarsuk Fjord
- Arctic char population update via electrofishing
- Intertidal sampling of mussels, bladderwrack, and sea scorpion

Figure 5 – NIRAS team undertaking baseline marine fauna sampling August 2025
These efforts support the Environmental Impact Assessment (EIA) and reinforce Tanbreez’s commitment to responsible development.
About NIRAS
With nearly 70 years of experience, NIRAS has grown from a Danish consultancy into an international leader in sustainable progress. Founded by visionary engineers Jørgen Kristian Nielsen and Konrad Rauschenberger in 1956, NIRAS’s early projects in Greenland laid the foundation for their expertise in resilient and innovative solutions. Their decentralized structure fosters local expertise, adaptability and collaboration across borders and disciplines, ensuring sustainable value creation for their clients and the communities they serve.
As a multidisciplinary consultancy company with more than 3,000 employees located in 62 offices across Europe, Africa, Asia, North, and South America, NIRAS work within multiple areas from processing plants and construction over energy, water, environment, and infrastructure to third world aid and urban planning. NIRAS have 8,000 ongoing projects in more than 140 countries and their trademark is the crosscutting approach, always grounded and tailored to achieve the best outcomes for their clients and communities.
About Tanbreez
The Tanbreez Rare Earth Project is one of the world’s largest hard rock rare earth elements (REE) deposits, located in southern Greenland near the town of Qaqortoq. The project is notable for its high concentration of heavy rare earth oxides (HREOs), which are critical for high-tech applications, clean energy, and defence industries. Unlike other major TREO deposits, Tanbreez contains very low levels of uranium and thorium, making it more environmentally and politically viable.
- Deposit Type: Kakortokite (a stratiform layered igneous rock rich in TREOs)
- Kakortokite Estimate: ~4.7 billion tonnes of REE-bearing mineralisation
- Heavy REE Content: ~27% of Total Rare Earth Oxides (TREO)
- Location: Near Qaqortoq, southern Greenland
- Target drilling: ongoing to achieve Measured and Indicated Mineral Resources
- Project Stage: advanced Bankable Feasibility Study phase
Kakortokite host may not always contain any economic mineralisation of TREO.
About Critical Metals Corp.
Critical Metals Corp (Nasdaq: CRML) is a leading mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners. Its flagship Project, Tanbreez, is one of the world's largest rare earth deposits and is located in Southern Greenland. The deposit is expected to have access to key transportation outlets as the area features year-round direct shipping access via deep water fjords that lead directly to the North Atlantic Ocean.
Another key asset is the Wolfsberg Lithium Project located in Carinthia, 270 km south of Vienna, Austria. The Wolfsberg Lithium Project is the first fully permitted mine in Europe and is strategically located with access to established road and rail infrastructure and is expected to be the next major producer of key lithium products to support the European market. Wolfsberg is well positioned with offtake and downstream partners to become a unique and valuable asset in an expanding geostrategic critical metals portfolio.
With this strategic asset portfolio, Critical Metals Corp is positioned to become a reliable and sustainable supplier of critical minerals essential for defense applications, the clean energy transition, and next-generation technologies in the western world.
For more information, please visit https://www.criticalmetalscorp.com/.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements may include expectations of our business and the plans and objectives of management for future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this news release, forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “designed to” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors discussed under the “Risk Factors” section in the Company’s Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. These forward-looking statements are based on information available as of the date of this news release, and expectations, forecasts and assumptions as of that date, involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Critical Metals Corp.
Investor Relations: ir@criticalmetalscorp.com
Media: pr@criticalmetalscorp.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/88d85eb6-7ec7-4eb8-a7f1-9541d0ea1e07
https://www.globenewswire.com/NewsRoom/AttachmentNg/78882267-a354-4f9d-bfc5-904be7463263
https://www.globenewswire.com/NewsRoom/AttachmentNg/2ee43546-681a-4bee-ab33-8753fe41123b
https://www.globenewswire.com/NewsRoom/AttachmentNg/4b7e57a1-6ec0-45eb-b5c2-1fe2fc557de3
https://www.globenewswire.com/NewsRoom/AttachmentNg/e76ca157-f762-463b-a9ef-4b68773af474
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01 September
Critica Set to Produce First Rare Earths as Jupiter Project Progresses
Critica (ASX:CRI,OTC Pink:VTMLF) has delivered the first composite concentrate from its flagship Jupiter project to the Australian Nuclear Science and Technology Organisation (ANSTO) for independent leach testwork.
ANSTO will process the concentrate to produce mixed rare earth carbonate (MREC), while specialist consultancy Minutech will conduct hydrometallurgical programs to gauge processing routes.
Located in Yalgoo, Western Australia, Jupiter currently holds a global inferred resource of 1.8 billion tonnes at 1,700 parts per million (ppm) total rare earth oxides (TREO), including 520 million tonnes at 2,200 ppm TREO.
On August 13, Critica confirmed the project’s standing as Australia’s largest and highest-grade clay-hosted magnet rare earth oxide (MREO) inferred resource by both total tonnage and contained MREO.
According to the company, mineralisation at Jupiter can easily be upgraded by over 800 percent via two beneficiation steps, which “points to a materially smaller wet plant and lower capital and operating intensity.”
Additionally, Jupiter contains low uranium and thorium levels, which could ease permitting and international offtake.
“ANSTO's independent leach test program, alongside Minutech's, will define the most effective chemistry to produce Jupiter MREC and directly inform our pilot work and staged duties,” Deysel said in an August 26 release.
With a focus on four key magnet rare earths — namely neodymium, praseodymium, dysprosium and terbium — Critica aims to assist in the global energy transition. The company is also looking to support long-term demand from areas including the electric vehicle, wind turbine, medical and defence sectors.
“With infrastructure advantages and extensive additional targets across our tenure, Jupiter is shaping as a cornerstone of Australia’s rare earth supply chain," added Deysel.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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27 August
Ucore Strikes Rare Earth Offtake Deal With Critical Metals
Ucore Rare Metals (TSXV:UCU,OTCQX:UURAF) has moved to shore up future supplies of heavy rare earths through a preliminary offtake deal with Critical Metals (NASDAQ:CRML).
The Halifax-based company announced Tuesday (August 26) it had signed a non-binding letter of intent with Critical Metals, which plans to develop the Tanbreez rare earth project in Southern Greenland.
Under the proposed 10 year arrangement, Critical Metals would deliver a rare earth carbonate or oxide product to Ucore, starting in 2027 or upon commercial production, whichever comes later.
The feedstock is slated for processing at Ucore’s Strategic Metals Complex in Louisiana, a facility backed by both the Pentagon and the state of Louisiana. Smaller volumes will be processed first at Ucore’s demonstration plant in Kingston.
“Critical Metals Corp’s Tanbreez offers tremendous opportunities for Ucore given the significant concentration of heavy rare earths it contains, which are essential for the production of rare earth permanent magnets,” Ucore Chief Executive Pat Ryan said in a statement. “Both Critical Metals Corp and Ucore share a vision to lessen China’s grip of the rare earth ecosystem in the West, and we look forward to our partnership.”
Critical Metals’ executive chairman Tony Sage also said the collaboration would help fill gaps in Western supply chains for strategic minerals.
“These materials are critical to a number of western defense and consumer applications and we look forward to teaming up with Ucore and their exceptional team to support the development of a robust supply chain in America that isn’t reliant on China,” he said.
Rare earth elements, particularly the heavy segment such as terbium and dysprosium, are crucial for high-performance magnets used in fighter jets, missiles, radar, electric vehicles and renewable energy systems.
China currently controls the vast majority of mining and separation capacity, leaving Western nations exposed to potential export restrictions and supply chain disruptions.
Incidentally, the offtake announcement comes weeks after Ucore recieved a US$18.4 million Phase 2 award from the US Department of Defense to scale up its Louisiana refining complex.
The project builds on an earlier US$4 million Phase 1 program in which the company successfully demonstrated the separation of terbium and dysprosium at its Ontario pilot facility.
In addition, the Pentagon funding supports the installation of the company’s proprietary RapidSX separation technology at commercial scale. Ucore said the award will culminate with the construction of a first commercial RapidSX machine at the Louisiana site.
Pentagon officials have repeatedly warned that China’s dominance in the sector poses a strategic vulnerability, and have stepped up efforts to seed alternative supply chains in North America.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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