The Conversation (0)
January 22, 2025
Eclipse Metals Ltd (ASX: EPM) (Eclipse Metals or the Company) is pleased to update shareholders on recent progress at its Grønnedal prospect, located within the Ivigtût Project in southwestern Greenland. Building on the October 2024 announcement, the Company has taken significant steps to expand its maiden JORC Code (2012) compliant Mineral Resource Estimate (MRE). The current MRE, comprising 1.18Mt grading 6,859ppmm Total Rare Earth Oxides (TREO) (Table 1, Appendix 1), is based on limited shallow drill testing of a small section amounting to less than approximately 5% of a larger carbonatite complex that is enriched in rare earths mineralisation.
Table 1: Eclipse’s Grønnedal Classified Mineral Resource(LREO: Light Rare Earth Oxides, HREO: Heavy Rare Earth Oxides, MREO: Magnet Rare Earth Oxides)
HIGHLIGHTS:
- Calibrated Analysis in Progress: Samples from six historical Grønnedal drill holes are being used to refine and validate XRF results for precise resource estimation.
- Focus on Rare Earth Elements (REE): Analytical emphasis on REE geochemistry, with additional investigation into niobium (Nb) and gallium (Ga) mineralisation.
- Advanced Mineralogical Studies: Mineralogy using TIMA technology aims to correlate geochemical data with mineral phases.
- Results Timeline: Laboratory analyses are underway in Sweden, with outcomes anticipated in Q1 2025.
In 1950, Kryolitselskabet Øresund A/S, (Cryolite Miner), drilled six diamond holes in the vicinity of the Grønnedal resource to test for a potential iron ore deposit. This drilling extends to depths of up to 200m. During 2024 Eclipse completed XRF analyses of the core from these drillholes, which is stored in Gothenburg. The analysis comprised automated core-scanning using the Minalyze XRF TruScan technology developed by Veracio in Gothenburg, Sweden,
The XRF analysis confirmed the qualitative presence of REE mineralisation. Selected intervals of the core are currently being verified by laboratory analysis. This phase focuses on REE geochemistry, particularly neodymium (Nd), praseodymium (Pr), dysprosium (Dy), and terbium (Tb), which are pivotal for magnet applications.
Selected samples are also being analysed by TIMA (TESCAN Integrated Mineral Analyser) mineralogical analysis in order to align chemical analyses with specific mineralogical features, thus enhancing the understanding of resource quality and distribution.
GEOLOGY
The Grønnedal MRE is located at the northern end of Central Carbonatite which covers an area of 1,400m by 750m (Figure 1). The Central Carbonatite forms part of a larger complex that includes the Northern Carbonatite that is yet to be tested for REE. The Central Carbonatite is enclosed within syenitic rocks and is intruded by a series of north-easterly trending dolerite, basaltic and trachytic dykes (Figure 2). The depth to which the carbonatite extends is yet to be determined. Data from the deeper historic diamond drillholes, all of which ended in mineralisation, reveal a minimum vertical extent of 170m.
Figure 1: Geology of the Grønnedal Carbonatite Complex
The footprint of the current MRE is defined through shallow trenching and drilling over a 300m x150m area which represents a small fraction of the Central Carbonatite. The resource is open- ended in all directions and at depth. Confirmation of REE in the historic diamond holes, which were drilled outside of the resource envelope, is considered to be significant as it indicates continuation of mineralisation into areas that remain untested.
Click here for the full ASX Release
This article includes content from Eclipse Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
EPM:AU
21 July
Rick Rule's Top 3 ASX Mining Stock Picks for Investors
Rule Investment Media proprietor Rick Rule has shared his top three ASX mining stocks.
In an interview with the Investing News Network at this year's Rule Symposium, the veteran investor and speculator underlined his appreciation for companies focusing on “off-the-radar” sectors.
“I love tier-one deposits in out-of-favour commodities,” he explained.
Read on for the three ASX companies that Rule listed as his favourites.
1. Meteoric Resources (ASX:MEI)
Meteoric Resources' flagship asset is the Caldeira rare earth ionic clay project.
The Brazil-based property has a global mineral resource estimate of 740 million tonnes at 2,572 parts per million (ppm) total rare earth oxides (TREO) at a 1,000 ppm TREO cut-off grade.
Through the project, the company aims to become the world’s lowest-cost producer of rare earths products.
“I believe Meteoric holds a deposit of at least AU$20 billion in-situ reserves and resources, set to be constructed in the best quartile worldwide,” Rule explained in the interview.
Rule said Brazil is relatively stable, and noted that Caldeira is in proximity to roads, power, workers and water.
However, he warned that Meteoric is a risky investment that requires patience.
“Bottom line on this, I could easily lose half my money if I'm wrong, and there's going to be lots of volatility," he said. However, Rule believes that if things go right, Meteoric could provide a 10, 20 or 30 to one return.
2. Sovereign Metals (ASX:SVM,OTCQX:SVMLF)
The second stock mentioned by Rule was Sovereign Metals, a rutile and graphite developer in Malawi. The firm describes itself as the next largest, lowest-cost and lowest-carbon producer of the two critical minerals.
“Those are also commodities that are off the radar screen,” Rule said. "Nobody cares about graphite. Very few people can spell rutile. And again, it's an enormous deposit."
Sovereign’s flagship project is the Kasiya rutile-graphite project, which holds 17.9 million tonnes of rutile; according to the company, it is the world’s largest-known rutile deposit.
It is also the world’s second largest-known flake graphite deposit, with 24.4 million tonnes of graphite.
On June 10, testwork by Japanese firm Toho Titanium (TSE:5727) confirmed that natural rutile from Kasiya is suitable for high-performance titanium metal production. “It is of a quality that can be used without any issues,” the announcement reads, with the project’s rutile exceeding the 95 percent rutile grade requirement.
Rule underlined that both Australians and North Americans are overlooking Sovereign.
3. Centaurus Metals (ASX:CTM,OTCQX:CTTZF)
Centaurus Metals, which is also in Brazil, is the third ASX stock shared by Rule.
“It’s a junior and it's in the nickel business,” he said, adding that investors currently hate nickel. “I believe (Centaurus holds) the best undeveloped sulphide nickel deposit in the world."
Centaurus acquired its Jaguar nickel sulphide project in Brazil's Carajás mineral province from mining giant Vale (NYSE:VALE) in April 2020. The company says the project is the “cornerstone” of its ambition to build a diversified Brazilian critical minerals business with best-in-class ESG credentials.
Jaguar’s resource estimate stands at 138.2 million tonnes at 0.87 percent nickel for 1.2 million tonnes of contained nickel.
One more ASX mining stock pick from Rule
Toward the end of the interview, Rule mentioned Emerald Resources (ASX:EMR).
“I have a huge position in Emerald, but I probably wouldn’t enter it today. Still, I have huge built-in gains,” he said.
“That’s something people can take a look at, only if they’re not as fond of hate as I am.”
Watch the full interview with Rick Rule above.
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.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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16 July
Apple, MP Materials Ink US$500 Million Deal to Build US Rare Earth Magnet Supply Chain
Apple (NASDAQ:AAPL) and MP Materials (NYSE:MP) have signed a US$500 million supply agreement to manufacture rare earth magnets in the US from 100 percent recycled materials.
Under the deal, MP will deliver recycled magnets starting in 2027 to support “hundreds of millions” of Apple devices, including iPhones, iPads and MacBooks. Announced on Tuesday (July 15), the deal marks a major step forward in Apple’s plan to build more sustainable domestic supply chains for its core technologies.
“American innovation drives everything we do at Apple, and we’re proud to deepen our investment in the US economy,” Apple CEO Tim Cook said in a press release. “Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States.”
The two companies spent nearly five years developing recycling technologies capable of meeting Apple’s stringent performance and environmental standards. Now, MP will build a commercial-scale recycling line at its Mountain Pass site to process magnet scrap and recovered components from decommissioned products.
To fulfill Apple’s requirements, MP will also expand its Fort Worth, Texas, facility — dubbed “Independence” — creating dozens of new roles in manufacturing, as well as research and development.
“We are proud to partner with Apple to launch MP’s recycling platform and scale up our magnetics business,” said MP CEO James Litinsky in a separate Tuesday press release. “This collaboration deepens our vertical integration, strengthens supply chain resilience, and reinforces America’s industrial capacity at a pivotal moment.”
MP's share price soared 20 percent following the news, pushing its market cap to near US$10 billion.
Analysts view the deal as a validation of MP’s strategy to build a fully domestic rare earth magnet supply chain and as a boost to national efforts to reduce reliance on China, which controls roughly 70 percent of global rare earths supply.
MP currently operates the only active US rare earths mine at Mountain Pass. Rare earth magnets produced from its materials power devices ranging from consumer electronics and electric vehicles to wind turbines and defense systems.
MP teams up with defense department
Just days before the Apple deal, MP secured a US$400 million preferred equity investment from the US Department of Defense (DoD), making the Pentagon its largest shareholder.
The funds will support a second magnet manufacturing plant — called the 10X facility — which is slated for commissioning in 2028 and will increase MP’s annual magnet output to 10,000 metric tons.
The government has also committed to purchasing 100 percent of the magnets produced at the new plant for 10 years, guaranteeing a floor price of US$110 per kilogram for neodymium-praseodymium oxide.
If market prices fall below that level, the DoD will pay the difference. Once production begins, the government will also receive 30 percent of any profits above the guaranteed price.
With operations spanning mining, separation, metallization and magnet production, MP is currently the only US firm with end-to-end capabilities for rare earth magnet manufacturing. The company is also expecting a US$150 million Pentagon loan to enhance its heavy rare earths separation capabilities at Mountain Pass.
MP’s Independence facility in Texas, alongside the upcoming 10X plant, anchors its downstream production strategy. The recycled feedstock used for Apple’s magnets will be sourced from post-industrial waste and retired electronics — reducing environmental impact while reinforcing resource resilience.
Apple, for its part, is pressing ahead with its US$500 billion US manufacturing initiative.
Earlier this year, it announced plans for a new artificial intelligence server factory in Texas and signaled continued interest in reshoring key parts of its production ecosystem.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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16 July
Updated Announcement -Metallurgical Test Holes
11 July
Rare Earths Firm MP Materials to Get US$400 Million Defense Department Investment
The US Department of Defense (DoD) will become the largest shareholder in MP Materials (NYSE:MP) after agreeing to purchase US$400 million worth of preferred stock in the company.
MP Materials is known for owning and operating the only US rare earths mine.
The rare earths producer said the proceeds from the investment will fund the expansion of its processing capabilities at the Mountain Pass mine in California and support the construction of a second magnet manufacturing facility in the US.
The materials mined and processed by MP Materials are critical to the production of permanent magnets used in military systems, including the F-35 fighter jet, drones, and submarines.
The US has depended heavily on foreign imports for these materials — primarily from China, which accounted for about 70 percent of rare earth imports in 2023, according to the US Geological Survey.
In a press release issued on Thursday (July 10), MP Materials described the agreement as a "transformational public-private partnership." The company also said the deal will "dramatically accelerate the build-out of an end-to-end US rare earth magnet supply chain and reduce foreign dependency."
The investment gives the Pentagon newly created preferred stock convertible into common shares, along with a 10-year warrant to buy additional stock at US$30.03 per share. If fully converted and exercised, the DoD would own 15 percent of MP Materials, based on current share counts as of Wednesday (July 9). That would exceed the 8.61 percent stake held by CEO James Litinsky and the 8.27 percent stake held by BlackRock Fund Advisors.
Litinsky emphasized that the deal does not equate to government control of the company. “This is not a nationalization,” he told CNBC. “We remain a thriving public company. We now have a great new partner in our economically largest shareholder, DoD, but we still control our company. We control our destiny. We’re shareholder driven.”
MP’s new magnet facility, called 10X, will increase the company’s magnet manufacturing capacity to 10,000 metric tons annually once it begins commissioning in 2028. The exact location of the facility has not yet been disclosed.
The Pentagon has committed to purchasing 100 percent of the magnets produced at the 10X facility for 10 years.
Additionally, the DoD will guarantee a minimum price of US$110 per kilogram for MP’s neodymium-praseodymium oxide, a key material for magnet production.
If market prices fall below that level, the Pentagon will pay the difference quarterly. In return, once the new facility is operational, the government will receive 30 percent of any upside above US$110 per kilogram.
To further support the buildout, MP Materials expects to receive a US$150 million loan from the Pentagon within 30 days to expand its heavy rare earth separation capabilities at Mountain Pass, the only active rare earth mine in the US.
It is also commissioning a magnetics facility in Texas, known as Independence, to bolster its downstream processing capabilities.
As the only domestic miner with vertically integrated capabilities and a clear path to rare earth magnet production at scale, MP Materials now sits at the center of the Biden-to-Trump era effort to bring critical minerals supply chains back to American soil.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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04 July
Top 5 Canadian Mining Stocks This Week: Mkango Gains 90 Percent on Spinout News
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
On Monday (June 30), Statistics Canada released its natural resource indicator report for the first quarter of 2025.
The data shows a 1.6 percent growth quarter-over-quarter in the real gross domestic product (GDP) of the sector during the three-month period, indicating that the sector outpaced the broader economy, which posted an increase of just 0.5 percent.
The energy subsector led the way with a 2.2 percent gain, driven by increases of 2 percent in crude oil and 3.4 percent in electricity.
The minerals and mining sector increased by just 0.4 percent overall. Within it, the manufacturing of metallic mineral products grew 4 percent, and non-metallic mineral extraction rose 3.2 percent.
On the other hand, metallic mineral extraction declined by 2.9 percent
Although real GDP increased, exports declined at the start of the year. Energy exports fell by 1.8 percent, due to a 12.4 percent decrease in outgoing refined petroleum products. Similarly, mineral and mining exports were also down by a more modest 0.9 percent.
South of the border, the “One Big Beautiful Bill” was passed by the US Congress on Thursday (July 3). The legislation is a cornerstone policy of President Donald Trump’s economic policy and includes several significant tax and spending cuts.
Among the provisions is an extension of US$4.5 trillion in tax breaks originally enacted by Trump in 2017 during his first term.
The package will increase defense and national security spending, including significantly increased funding for Immigration and Customs Enforcement and money earmarked for the development of the “Golden Dome” missile defense system.
To offset the decrease in tax income and increase in spending, the government made US$1.2 trillion in cuts to Medicaid and food stamps and clawed back green energy tax credits.
Critics of the bill have warned that it would result in increased deficit spending by the government, as shortfalls are expected to add more than US$3.3 trillion to the federal deficit over the next decade.
Markets and commodities react
In Canada, markets were closed on Tuesday (July 1) for the Canada Day holiday. Equity markets saw moderate gains this week with the S&P/TSX Composite Index (INDEXTSI:OSPTX) rising 1.24 percent to close at 27,036.16 on Friday.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) fared better, gaining 3.9 percent to 755.22, while the CSE Composite Index (CSE:CSECOMP) climbed 1.9 percent to 120.92.
Markets in the US also had a shortened week and were closed on Friday for the July 4 holiday. US equities were also in positive territory this week, with the S&P 500 (INDEXSP:INX) gaining 2.09 percent to close Thursday at 6,279.36, the Nasdaq 100 (INDEXNASDAQ:NDX) climbing 1.7 percent to 22,866.97 and the Dow Jones Industrial Average (INDEXDJX:.DJI) rising 0.77 percent to 44,828.54.
The gold price rose 1.85 percent to US$3,333.90 by Friday at 4 p.m. EDT, while the silver price ended the week up 2.39 percent to US$36.85.
In base metals, the COMEX copper price was unchanged this week at US$5.12 per pound. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) gained 1.49 percent to close at 552.55.
Top Canadian mining stocks this week
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stock data for this article was retrieved at 4 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Mkango Resources (TSXV:MKA)
Weekly gain: 90 percent
Market cap: C$147.17 million
Share price: C$0.57
Mkango Resources is a rare earths exploration and development company focused on advancing rare earths mining and recycling projects. The company owns the Songwe Hill rare earths project in Southeast Malawi. The property comprises 11 retention licenses and has undergone historic exploration dating back to the 1980s.
A July 2022 feasibility study for the property demonstrated economic viability with a post-tax net present value of US$559 million, an internal rate of return of 31.5 percent and a payback period of 2.5 years.
The report was based on a February 2019 reserve estimate that reported measured and indicated total rare earth oxide (TREO) resources of 297,400 metric tons from 21.03 million metric tons of ore with an average grade of 1.5 percent and inferred resources of 366,200 metric tons of TREOs from 27.54 million metric tons of ore with an average grade of 1.33 percent.
The company is also developing the Pulawy rare earth separation plant in Poland in partnership with Grupa Azoty Zakłady Azotowe. Once complete, the plant is expected to produce 2,000 metric tons per year of neodymium, praseodymium and didymium oxides. It will also produce 50 metric tons per year of dysprosium and terbium oxides.
Additionally, Mkango holds a 79.4 percent interest in Maginito, which owns HyProMag, a company specializing in the recycling of rare earth magnets. The remaining 20.6 percent interest is held by CoTec Holdings (TSXV:CTH,OTCQB:CTHCF).
Shares in Mkango were up this week after the company announced on Thursday that it had entered into a definitive business combination agreement with Crown PropTech Acquisitions. The company stated that its subsidiary, Lancaster Exploration, and other subsidiaries would merge with Crown PropTech to create what it describes as a vertically integrated, global rare earths platform that incorporates Songwe Hill and the Pulawy separation plant. The combined entity will be named Mkango Rare Earths and trade on the Nasdaq.
Following the deal, which is targeted to close in Q4, Mkango will focus on its rare earths recycling business.
2. Lithium South Development (TSXV:LIS)
Weekly gain: 50 percent
Market cap: C$55.61 million
Share price: C$0.18
Lithium South Development is an explorer and developer advancing its Hombre Muerto North lithium brine project in Argentina. The property consists of nine concessions covering a land package of 5,687 hectares.
According to its April 2024 preliminary economic assessment, the company is planning to install production wells at the Tramo, Natalia Maria and Alba Sabrina concessions. The assessment demonstrated project economics with a post-tax net present value of US$934 million, an internal rate of return of 31.6 percent and a payback period of 2.5 years.
The included resource estimate for the three concessions reported a combined measured and indicated lithium resource of 297,400 metric tons from 404.1 million cubic meters of brine with an average concentration of 736 milligrams per liter.
The most recent news from Lithium South was released on June 25, when the company provided an update on its environmental impact assessment. Lithium South said that it had received a response from the mining secretariat of the Salta Province regarding the assessment and was in the process of responding to obtain final approval, which would allow the company to construct a pilot plant for its definitive feasibility study.
3. Oceanic Iron Ore (TSXV:FEO)
Weekly gain: 46.81 percent
Market cap: C$55.61 million
Share price: C$0.345
Oceanic Iron Ore is an exploration and development company working to advance its Ungava Bay iron projects in Northern Québec, Canada.
The properties consist of 3,000 claims covering a total land package of 1,500 square kilometers across three project areas: Hopes Advance, Morgan Lake and Roberts Lake.
A January 2020 preliminary economic assessment for Hopes Advance presented project economics, showing a post-tax net present value of US$1.4 billion, an internal rate of return of 16.8 percent and a payback period of 6.7 years.
The report also included a reserve estimate for Hopes Advance with a measured and indicated resource of 515 million metric tons of iron concentrate from 1.39 billion metric tons of ore with an average grade of 32.1 percent.
On Monday, Oceanic settled C$139,666 in accrued interest from several debentures by issuing common shares at a price of C$0.24. While shares didn’t move much, they picked up steam significantly in the latter half of the week.
4. Excellon Resources (TSXV:EXN)
Weekly gain: 44.44 percent
Market cap: C$55.61 million
Share price: C$0.325
Excellon Resources is an exploration and development company that is advancing its recently acquired Mallay silver mine in Peru back into production.
Mining at the site produced 6 million ounces of silver, 45 million pounds of zinc and 35 million pounds of lead between 2012 and 2018 before the operation was placed on care and maintenance.
On June 24, Excellon announced that it had completed its acquisition of Minera CRC, and its Mallay mine and Tres Cerros gold-silver project in Peru.
Excellon began the court-supervised acquisition process in October 2024. On March 11, Excellon announced that it had entered into a definitive agreement with Adar Mining and Premier Silver, which resolved any outstanding disputes between Adar, Premier, and Minera, and paved the way to complete the transaction.
In the June release, the company stated that it will immediately commence the next phase of its strategy to restart the mine. As Mallay is fully permitted with infrastructure in place, Excellon is aiming for run-rate silver production in Q2 of next year.
Additionally, the company announced on Thursday that it had appointed Mike Hoffman to its board of directors. Hoffman has been in the mining sector for over 35 years, and has experience with developing mines in Latin America.
5. Benz Mining (TSXV:BZ)
Weekly gain: 40.54 percent
Market cap: C$121.72 million
Share price: C$0.52
Benz Mining is a gold exploration company that is focused on advancing projects in Québec and Western Australia.
Its flagship Eastmain project consists of an 8,000 hectare property located in Central Québec within the Upper Eastmain Greenstone belt. The most recent resource estimate from May 2023 reported an indicated resource of 384,000 ounces of gold from 1.3 metric tons of ore grading 9 g/t gold, and an inferred resource of 621,000 ounces of gold from 3.8 metric tons grading 5.1 g/t.
Earlier this year, Benz acquired the Glenburgh and Mt Egerton gold projects in Western Australia from Spartan Resources (ASX:SPR). It has spent much of 2025 exploring Glenburgh, which covers an area of 786 square kilometers and features 50 kilometers of strike. The site hosts six priority extension targets and 5 kilometers of exploration trend with over 100 parts per billion gold.
A November 2024 resource estimate for Glenburgh showed an indicated and inferred resource of 510,000 ounces of gold from 16.3 million metric tons of ore with an average grade of 1 g/t gold.
On June 30, the company reported that it had encountered high-grade intercepts during its drill program at Glenburgh. One hole returned a grade of 2.9 g/t over 72 meters which included an intersection of 5.1 g/t over 39 meters at a depth of 319 meters.
The company stated that the results represent a significant step forward in “understanding and expanding the gold system.”
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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