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March 2023 Quarterly Activities Report
April 03, 2023
Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) provides its activities report for the quarter ended 31 March 2023.
HIGHLIGHTS
High-Grade Manganese Assay Results (2 February 2023)
- High-grade assay of 11% Manganese returned from within the Company’s wholly owned Critical Elements Project at Yinnietharra
Highly Strategic & Prospective Lithium, REE & Manganese Tenements Acquired including $2M Placement (13 February 2023)
- Four tenements acquired for low cash consideration plus shares. Tenements are highly prospective with known lithium, rare earth element (REE) and manganese mineralisation
- Lithium tenement (Morrissey Hill) has widespread outcropping pegmatites and is directly adjoining and contains the same geology as Red Dirt Metals’ (ASX: RDT) Yinnetharra Lithium Project
- REE and Manganese tenements bordered by FMG Pilbara (ASX:FMG), Firebird Metals (ASX:FRB), and existing Reach tenure in the Gascoyne region
- Reach now commands a significant land holding in the highly prospective Gascoyne region, providing scale, contiguity and excellent exposure
Exploration Manager Appointed (1 March 2023)
- Highly experienced Geologist Steve Vallance appointed as Exploration Manager
Multiple new Lithium (LCT) Pegmatite Targets Confirmed (14 March 2023)
- Independent geological experts RSC consultants have identified four priority target areas for Lithium-Caesium-Tantalum (“LCT”) Pegmatites within the Company’s Critical Elements Projects, located in the centre of the rapidly developing Gascoyne ‘Battery Metals’ Province, WA
1) High-Grade Manganese Assay Results
The Company announced the receipt of final laboratory assay results from the Company’s maiden rock chip sampling programs recently undertaken at its Skyline and Critical Elements projects (the “Project/s”) (ASX Announcement – 18 October 2022). Both projects are located in the emerging Gascoyne Mineral Field in Western Australia.
Importantly, these manganese assay results indicate the potential presence of high-grade manganese at Yinnietharra and in addition to the REE and Niobium, the Company looks forward to progressing its exploration program across each of its Gascoyne projects.
Click here for the full ASX Release
This article includes content from Reach Resources, 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.
RR1:AU
13 October 2023
Odessa Minerals: Exploring for Lithium and Rare Earths in Western Australia's Resource-rich Gascoyne Region
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28 July 2023
Quarterly Activities/Appendix 5B Cash Flow Report
Reach Resources Limited (ASX: RR1) (“Reach” or “the Company”) provides its activities report for the quarter ended 30 June 2023.
HIGHLIGHTS
High-Grade Lithium Results at Yinnetharra (15 May 2023)
- Lithium mineralisation confirmed with rock chip samples reporting highly encouraging assays of up to 2.3% Li2O (lithium oxide); 4295ppm Cs (caesium) and 705.8ppm Ta2O5 (tantalum oxide).
- Multiple large, strike extensive, lithium-bearing pegmatites of the Spodumene-Petalite Subtype (Featherstone, J.M, 2004) confirmed at the Company’s Yinnetharra tenements, directly adjoining Delta Lithium (ASX: DLI) and Minerals 260 (ASX: MI6).
- Results from the Bonzer include:
- 23RRRK0003 - 14,422ppm or 1.4% Li2O, 2873ppm Cs ,714.4ppm Ta2O5 and 4891ppm Rb.
- 23RRRK0002 - 12,832ppm or 1.3% Li2O, 2205ppm Cs, 243.4ppm Ta2O5 and 4108ppm Rb.
- Results from the Bonzer include:
Outcropping Copper Gossan Delivers 33% Cu Assays (18 May 2023)
- High grade copper-oxide mineralisation (malachite) confirmed at the Company’s Morrissey Hill Project, Yinnetharra with rock chip samples reporting highly encouraging assays of up to 33.2% Cu; 0.2 g/t Au and 141.8g/t Ag.
14.3% Niobium & 70.3% HREO-Rare Earth Element NYF Pegmatite (1 June 2023)
- Sensational high-grade results from surface eluvial samples at Wabli Creek, Yinnetharra
- 14.3 % Nb2O5, 6.7% Ta2O5, 3689 ppm TREO with 70.3% HREO
- Independent geological experts RSC have advised that the consistent high-grade niobium and HREO is associated with a ~2.5km long rare element pegmatite swarm identified from historical records at Wabli Creek
- Importantly the mineralisation likely extends under cover (Jacobson et al, 2007)
- Source of high-grade niobium and heavy rare earth oxide (HREO) results confirmed as a rare element pegmatite swarm with niobium, yttrium, fluorine (NYF) geochemical signature
- Rare element (NYF) pegmatites are characterised by their unusual enrichment of niobium and heavy rare earth elements (HREE), in contrast to clay hosted or carbonatite deposits which predominantly contain light rare earth elements (LREE)
- Confirmation of a rare element pegmatite system increases the likelihood of identifying additional high-grade niobium and HREE which are listed as critical minerals by governments worldwide
Latest Assay Results Return up to 10.3% Niobium (28 June 2023)
- Spectacular assay results received from the latest surface eluvial and rock samples taken at the Wabli Creek rare element (NYF) pegmatite field have returned high grade niobium of 10.3% Nb2O5 (23RRRK243) and 2.6% Nb2O5 (23RRRK244). Additional anomalous rare earth elements (REE) results returned of up to 7082 ppm TREO.
- Importantly, samples from the latest program were taken up to 400m east of the previously mapped north-west pegmatite trend spanning ~1.5km, which returned results up to 14.3% Nb2O5, 6.7% Ta2O5, 3689 ppm TREO
- Latest results indicate a potential stacked pegmatite sequence and/or a new niobium/REE mineralisation source.
Click here for the full ASX Release
This article includes content from Reach Resources, 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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18 May 2023
Outcropping Copper Gossan Delivers 33% Cu Assays At Morrissey Hill Project, Yinnetharra
Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to announce that it has received high grade copper, gold and silver results up to 33% copper, 0.2g/t gold and 142g/t silver from its recently completed rock chip sampling program at the Company’s Morrissey Hill Project, Yinnetharra, W. A (Refer to Figure 4).
HIGHLIGHTS
- High grade copper‐oxide mineralisation (malachite) confirmed at the Company’s Morrissey Hill Project, Yinnetharra with rock chip samples reporting highly encouraging assays of up to 33.2% Cu; 0.2 g/t Au and 141.8g/t Ag. (Figure 1).
- Results follow Morrissey Hill assays of up to 2.3% Li2O (ASX Announcement 15 May 2023).
- Mineralisation at the Swallowtail Copper Prospect was mapped over a strike length of at least 150m and remains open in all directions.
- Significant results include:
- 33.2% Cu, 0.2g/t Au and 141.8g/t Ag (23RRRK0039).
- 14.7% Cu, 0.02g/t Au and 55.6g/t Ag (23RRRK0042).
- 4.2% Cu, 0.3g/t Au and 5.7g/t Ag (23RRRK0041).
- 2.3% Cu, 0. 2g/t Au and 5.0g/t Ag (23RRRK0043).
- Historical sampling 3.0km’s west of Swallowtail could potentially extend the strike with historical results returned:
- 18.5% Cu, 1.1g/t Au and 6.8g/t Ag
- 18.5% Cu, 1.1g/t Au and 6.8g/t Ag
- The rock chip results confirm the Company’s targeting methodology and the potential of the area to host significant mineralisation.
- Morrissey has never been drilled & geochemical surveys planned to commence next week.
Commenting on the results CEO Jeremy Bower said:
“The Morrissey Hill tenement at our Yinnetharra Project continues to deliver. These are outstanding copper results and in conjunction with the 2.3% Li20 announced earlier this week, it is clear how prospective the ground is. We’re focused on sourcing the critical and battery minerals of the future and copper is an important part of our strategy. Despite several world class copper‐gold and polymetallic base metal deposits in the East Capricorn Orogen, the West Capricorn and Gascoyne has been massively under‐ explored. We see this as a huge opportunity.
Importantly, we are fully funded to complete our field programs and drilling campaigns earmarked for this year. Our focus remains on thorough geochemical assessment of each target and getting drill rigs out to Morrissey Hill as soon as possible. This will mean consistent news flow for our shareholders over the coming months.”
FIGURE 3: Morrissey Hill showing location of the Swallowtail Prospect along Stringer Fault line
FIGURE 4: Regional location of Reach Yinnetharra projects
The rock chip results confirm the Company’s targeting methodology and the potential of the area to host significant mineralisation. Systematic surface geochemical surveys including soils, stream sediment and rock chip sampling are planned to commence immediately. Results from this work will guide follow up programs which if warranted may include electromagnetic geophysical surveys and drill testing of priority targets.
The results were reported from an outcropping quartz‐veined gossan, the Swallowtail Prospect, showing visible malachite (copper‐oxide) over a strike length of approximately 150m. The gossan strikes east‐ west, appears to dip steeply towards the south and remains open in both directions. A single historical sample located some 3.0km’s west of Swallowtail, and within the same structural corridor, also reported high grade copper, gold and silver assays indicating a potential strike length of the target zone in excess of 3km’s (Refer to Figure 3).
Click here for the full ASX Release
This article includes content from Reach Resources, 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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14 May 2023
Reach Resources’ Strategic Position Between Two of WA’s Mining Heavyweights
Reach Resources’ (ASX:RR1) strategic position with its Morrissey Hill project has placed the critical mineral explorer on the radar of two of Western Australia’s mining giants Delta Lithium (ASX:DLI) and Minerals 260 (ASX:MI6), according to an article published in The West Australian.
“While Delta and Minerals 260 have between them wrapped up what appears to be the region’s prime ground, both of their maps show a glaring and curious anomaly. Closer inspection reveals that a reasonable chunk of ground, right in the middle of the two bigger players, is held by the $10m market-capped Reach Resources,” the article said.
Reach acquired the Morrissey Hill lithium project in February, at the same time that it acquired the Camel Hill and White Castles tenements prospective for rare earths and manganese, respectively, covering four tenements. Morrissey hosts historical, high-grade lithium, tantalum, rubidium, caesium and niobium, according to Reach.
Click here to connect with Reach Resources’ Limited (ASX:RR1) for an Investor Presentation.
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14 March 2023
Multiple New Lithium (LCT) Pegmatite Targets Confirmed
Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) engaged globally renowned geological consultants RSC Consultants Limited (RSC) to assess the potential of the Company’s Gascoyne projects for:
- Lithium (Li): hard rock, high grade LCT Pegmatites
- Rare Earth Elements, Heavy and Light (HREE; LREE): clay/hard rock hosted
- Manganese (Mn): high grade strata bound, supergene, and• Precious and base metals (Au; Ag; Cu-Pb-Zn)
HIGHLIGHTS
- Independent geological experts RSC consultants have identified four priority target areas for Lithium-Caesium-Tantalum (“LCT”) Pegmatites within the Company’s Critical Elements Projects, located in the centre of the rapidly developing Gascoyne “Battery Metals” Province, WA
- Each of the target areas are associated with confirmed fertile parental granites of the Thirty Three and Durlacher Supersuites and contain the same metasedimentary sequences which host Red Dirt Metals (ASX: RDT) Yinnetharra Lithium Project, less than 10 km’s to the NE of Reach Resources’ tenure
- All of the targets are defined by favourable geology, multi-element pathfinder geochemistry and the presence of mapped Geological Society of Western Australia (GSWA) Tin, Tantalum and Lithium pegmatites
- A helicopter supported field reconnaissance program has been initiated to assess the priority areas in more detail
- Drilling of priority targets is scheduled to commence in CY Q3/4 2023 once all regulatory approvals are received
CEO Jeremy Bower commented:
“RSC’s independent expert analysis confirms our belief that our landholding in the Gascoyne has the potential to host significant battery metal deposits.
Phase 1 of the assessment focused on the lithium potential at our Critical Elements Projects and has not only cemented Morrissey Hill as our primary lithium target but importantly has identified three new lithium target areas. Each of the areas are defined by the presence of a highly fertile parent granite and supported by key multi-element geochemistry including lithium, caesium, tantalum, tin and rubidium which are all well documented associations of lithium bearing “rare metal” LCT pegmatite mineral systems.
This is an exciting time for the Company and our shareholders, and we look forward to delivering updates to the market over the coming months. The Future is within Reach”.
Phase 1 of the assessment focused on the lithium potential of the Company’s Critical Elements Projects which includes the newly acquired Morrissey Hill and Camel Hill projects as well as the Wabli Creek project (Figure 1).
Figure 1: Critical Elements Projects
The assessment included a review of relevant deposit models and mineralisation styles of interest, regional and local geology, local mineral systems, academic papers, open file company and government reports and all available geochemical, geophysical and remote-sensed data sets.
Click here for the full ASX Release
This article includes content from Reach Resources, 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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09 January
Australian Rare Earths Finalises AU$5 Million Federal Government Grant Agreement
Australian Rare Earths (ASX:AR3) has signed and finalised its AU$5 million grant agreement under the Australian government's International Partnerships in Critical Minerals (IPCM) program.
The funding will go toward the advancement of the company's Koppamura project in South Australia and Victoria.
“The grant validates the potential of the Koppamurra Rare Earths Project and its strategic importance in building diverse, resilient and sustainable supply chains through strong and secure international partnerships,” the company said.
Koppamura is said to host all four key rare elements, namely praseodymium, neodymium, terbium and dysprosium. Its JORC-compliant resource stands at 186 million tonnes at 712 parts per million total rare earth oxide.
With the funding in hand, the company will proceed to additional metallurgical testwork, as well as the completion of a prefeasibility study for the project. The money will also support the construction and operation of a demonstration plant to validate process design and significantly derisk the development pathway.
Australian Rare Earths said it will match the grant funding, bringing the planned expenditure to AU$ 10 million. A portion of the matched funding may also be eligible for the Australian Government Research and Development tax incentive refundable tax offset.
Australian Rare Earths had received an initial installment of AU$750,000 at the time of this writing. The remainder will be completed upon the company’s provision of progress reports, which will outline the advancement on agreed activities. Reports will be made by the company every six months, with the first due on July 30.
Completion of the activities is expected by December 31, 2026, while the grant agreement end date is June 9, 2027.
This past October, another ASX-listed rare earths company, Australian Strategic Materials (ASX:ASM,OTC Pink:ASMMF), also received a AU$5 million grant from the IPCM program. The amount was dedicated to developing the Dubbo rare earths project in New South Wales. Australian Strategic also matched the funding amount to increase expenditure.
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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08 January
EVZ Secures Energy and Resources Sector Contracts Worth AU$28.5 Million
Australian engineering services company EVZ (ASX:EVZ) said on Tuesday (January 7) that it has been awarded two contracts in the energy and resources sector through its subsidiary Brockman Engineering.
The contracts are for the engineering and construction of the Hastings fuel terminal expansion, and for storage tanks for the Eneabba rare earths refinery project in Western Australia. In total they amount to AU$28.5 million.
“We are very pleased with the ongoing success of our businesses in the Energy & Resources sectors, as they expand their presence and grow their backlog for the upcoming periods,” said CEO Scott Farthing.
The Hastings fuel terminal expansion contract covers the engineering and construction of the project’s next stage for United Terminals, including adding two new bulk fuel storage tanks, civil groundworks and associated balance of plant works.
The other contract is for a package of five bulk storage tanks that will form part of the Eneabba rare earths refinery project. It will be completed in conjunction with Tank Industries, a water tank designer and manufacturer based in Australia.
Enneabba is set to be Australia’s first fully integrated rare earths refinery.
“Brockman and Tank Industries have worked very closely with our client Iluka Rare Earth and their EPCM company Fluor Australia to develop innovative process storage solutions for the plant that meet their specific technical requirements,” EVZ said.
EVZ will now design and fabricate the tanks for Hastings, with mobilisation to the site scheduled in the first quarter of 2025. Completion is anticipated in the third quarter of 2026. Meanwhile, mobilisation for the Enneabba rare earths refinery is scheduled for the third quarter of 2025, with completion expected in the first half of 2026.
“These project successes place our businesses amongst the top innovative providers in their industry and provide a firm base from which to grow revenues and profits as our market sector-focused strategic plan evolves,” Farthing said.
EVZ said both projects will contribute to its revenue and earnings in its 2025 and 2025 fiscal years.
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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23 December 2024
Rare Earths Stocks: 5 Biggest ASX Companies in 2024
Prices and demand for rare earths have taken a hit in recent years. However, the long-term outlook for these important materials remains positive.
Rare earth elements (REEs) are key metals for high-tech applications, including permanent magnets, which have widespread potential, especially in the technology and electric vehicle sectors.
With future demand looking strong, countries around the world are keen to secure rare earths from sources outside of China — which is good news for rare earths companies in Australia. Indeed, looking at the next couple of decades, the International Energy Agency notes that rare earths demand could double by 2040.
For investors interested in getting a foot in the market, below is a list of the largest ASX rare earths stocks by market cap. Data for this stocks list was collected using TradingView's stock screener on December 17, 2024.
1. Lynas Rare Earths (ASX:LYC)
Market cap: AU$6.29 billion
Share price: AU$6.64
Lynas Rare Earths is Australia's largest rare earths miner, as well as the only significant rare earth materials producer in the world outside of China. Focused on integrated delivery, Lynas is a miner and supplier of high-grade rare earths. According to the company, its Mount Weld asset in Western Australia is one of the highest-grade rare earths mines in the world.
In June, the company announced that its Lynas Malaysia facility is on track to commence first production of two separated heavy rare earths products, dysprosium and terbium, in 2025.
Lynas Rare Earth's AU$800 million Kalgoorlie rare earths processing facility officially opened in Western Australia in November.
During the fourth quarter of 2024, Lynas reported neodymium and praseodymium (NdPr) production of 1,504 tonnes. Its total rare earth oxide production reached 2,188 tonnes during the same period.
2. Iluka Resources (ASX:ILU)
Market cap: AU$2.16 billion
Share price: AU$5.09
Iluka Resources has decades of experience in the mining industry, mostly in the production of zircon and high-grade titanium dioxide-derived rutile and synthetic rutile. However, in recent years, it has developed a rare earths portfolio.
At its Eneabba operation in Western Australia, Iluka has a strategic monazite-rich mineral stockpile that it plans to process. The company is currently working on a feasibility study for a fully integrated rare earths refinery at Eneabba, which would produce separated rare earth oxides from its own feedstock and potentially from third-party feedstock as well. Construction will start once earthworks have been completed, with first production at the refinery expected in 2025.
Iluka’s Wimmera project in Victoria, Australia, also has the potential to be a long-term supplier of zircon and rare earths. Iluka is currently working towards a definitive feasibility study for the project.
3. Brazilian Rare Earths (ASX:BRE)
Market cap: AU$520.2 million
Share price: AU$2.20
Brazilian Rare Earths is advancing its district-scale Rocha da Rocha rare earth province in the state of Bahia, Brazil.
The company's 1,410 square kilometres of mining claims are highly prospective for both heavy and light rare earths, with grades of over 40 percent total rare earth oxides (TREO) found. The company’s exploration campaigns have identified three styles of rare earths mineralisation across the project area, including source rock for high-grade niobium and scandium, shallow high-grade monazite sand and ionic clay rare earths mineralisation.
Brazilian Rare Earths’ current resource estimate for Rocha da Rocha stands at 510 million tonnes at 1,513 parts per million TREO. This includes the high-grade Monte Alto project with a monazite sand rare earths resource of 25.2 million tonnes at 1 percent TREO; it has a higher-grade shallow, free-dig resource core of 4.1 million tonnes at 3.2 percent TREO. The company is working toward completing an updated resource estimate for the district.
In December, Brazilian Rare Earths announced it had received approval for the final exploration report for the Monte Alto exploration licence, a significant milestone in securing a mining permit for the project. The company is preparing an economic development plan that will be underpinned by the project's scoping study, which management expects to complete in Q2 2025.
4. Arafura Rare Earths (ASX:ARU)
Market cap: AU$271.09 million
Share price: AU$0.11
Arafura Rare Earths is advancing its Nolans NdPr project in Australia's Northern Territory, and is currently in the midst of construction. Arafura has plans for Nolans to be a vertically integrated NdPr operation with processing facilities on site. According to the company, the Nolans project will supply around 4 percent of global NdPr oxide demand once complete, with an annual production capacity of 4,400 tonnes of NdPr concentrate.
The company has signed several offtake agreements, including one with Siemens Gamesa Renewable Energy that commences in 2026. The deal guarantees a five year contract under which Arafura will supply Siemens Gamesa with NdPr from Nolans. The supply deal will kick off at 200 tonnes for the first year, before increasing over time as the project reaches nameplate production.
According to Arafura's quarterly report for the period ended September 2024, the Nolans project is shovel ready, with construction set to commence once funding is secured. A final investment decision is expected to be made in the first half of 2025.
5. Northern Minerals (ASX:NTU)
Market cap: AU$165.97 million
Share price: AU$0.02
Northern Minerals is focused on developing its Browns Range dysprosium-terbium project in Western Australia and bringing the project's Wolverine deposit into production.
The company has a long-term rare earths concentrate supply agreement with Iluka Resources for all concentrate produced from Browns Range until 30,500 tonnes of contained rare earth oxides have been delivered.
Northern Minerals is developing Browns Range through a three stage system, and the project has been producing heavy rare earth carbonate since 2018. The company is now working on a definitive feasibility study for a commercial-scale mining operation and beneficiation plant at Browns Range that will respectively extract and process ore from Wolverine.
Northern Minerals is on track to complete a definitive feasibility study in Q3 2025, and is targeting first production in Q4 2027.
FAQs for ASX rare earths stocks
What are rare earths?
Rare earths are a category of elements that share many chemical properties. In fact, all but two — yttrium and scandium — are also called lanthanides. These elements are commonly found in the same deposits and are necessary for diverse technological applications such as rare earth magnets.
In total there are 17 rare earth elements, and they are split into light and heavy rare earths, with each segment being grouped together on the periodic table. On the light side, there are cerium, lanthanum, praseodymium, neodymium, promethium, europium, gadolinium and samarium, and on the heavy side there are dysprosium, yttrium, terbium, holmium, erbium, thulium, ytterbium, yttrium and lutetium.
Which countries have the most rare earths?
In terms of both rare earths reserves and rare earths production, China is the frontrunner by a long shot, with 44 million tonnes of reserves and 240,000 tonnes of production in 2023. However, Vietnam, Brazil and Russia all have reserves above 10 million tonnes. With regards to production, the US is in second place at 43,000 tonnes due to the Mountain Pass mine in California, and Myanmar is in third place with 38,000 tonnes.
What makes rare earths rare?
Rare earths are actually relatively abundant in the Earth's crust, contrary to what their name suggests. However, they're quite dispersed instead of being found concentrated in specific areas, which means locating economic deposits to mine is difficult.
As China controls much of global rare earths production, many countries have deemed them critical minerals and are prioritizing supply chain security.
This is an updated version of an article originally published by the Investing News Network in 2018.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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20 December 2024
Wyoming Rare USA Secures Strategic Facility to Support Halleck Creek Project
American Rare Earths Limited (ARR) (ASX: ARR | OTCQX: ARRNF, AMRRY) is pleased to announce that its wholly owned subsidiary, Wyoming Rare (USA) Inc., has secured a facility at the Western Research Institute in Laramie, Wyoming. This significant development marks a key step forward in the company’s efforts to progress the Halleck Creek Rare Earths Project and enhance its operational capabilities in the region.
This follows the recent award of a USD $7.1 million grant from the State of Wyoming to support the advancement of the company’s rare earth processing initiatives. The facility, situated in a strategic location, will serve as a hub for exploration, processing, and future development activities, enabling the company to align its efforts with state-backed initiatives to bolster critical mineral development.
Key Features of the Facility and Partnership:
- Centralised Operations: The facility will house all drill core and assay samples collected to date, providing a central location for streamlined operations.
- Future Pilot Plant Site: The space will accommodate the construction of a pilot plant, advancing the development and testing of processing capabilities for the project.
- Collaboration: This partnership lays the groundwork for further synergies, leveraging the Western Research Institute’s expertise.
The Western Research Institute, located in Laramie, Wyoming, is a multi-million dollar, not-for-profit, research organisation renowned for work in advanced energy systems, environmental technologies and materials research and technologies. Their Headquarters and Advanced Technology Centre includes laboratories, pilot facilities and room for new development.
“This is an exciting milestone for the company and our progression of the Cowboy State Mine at Halleck Creek,” said Joe Evers, President of Wyoming Rare (USA) Inc. “The support of the State of Wyoming and our collaboration with the Western Research Institute highlights Wyoming’s commitment to becoming a leader in critical minerals development. This facility helps to advance our mission of onshoring critical mineral supply chains for the USA while highlighting Wyoming’s position a leader in critical minerals and rare earth elements.”
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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19 December 2024
Victory Metals Signs Rare Earths Offtake MOU for North Stanmore with Sumitomo
Victory Metals (ASX:VTM) said Tuesday (December 17) that it has signed a strategic non-binding memorandum of understanding (MOU) with Sumitomo (TSE:8053), a leading integrated trading and investment enterprise.
The MOU establishes a potential long-term mixed rare earth carbonate offtake partnership between the two companies. It will have an initial five year offtake term with a possible five year extension.
According to Victory Metals, its target is to provide Sumitomo with 30 percent of the annual mixed rare earth carbonate production from the North Stanmore heavy rare earth elements (HREE) project.
"We are extremely pleased to be partnering with Sumitomo Corporation, a globally recognised powerhouse with extensive industry expertise and a proven track record of securing critical mineral supplies,” said CEO and Executive Director Brendan Clark. “This agreement reflects the strategic value of the North Stanmore Project and confirms the global significance of our unique heavy rare earth element composition within the North Stanmore clay deposit."
North Stanmore is located approximately six kilometres from Cue, Western Australia, and holds six tenements.
A resource estimate published in July shows that the project holds 235 million tonnes, with 63 percent in the indicated category. Victory Metals said this represents Australia's largest indicated resource for HREE-dominant deposits.
The company will discuss pricing with Sumitomo during negotiations for a binding term sheet, which they aim to enter by October 31, 2025. Other material terms will be discussed at that time as well.
“We plan to utilize our global network to sell the rare earths produced by Victory. We look forward to future partnerships,” Sumitomo commented in Tuesday's press release.
“Sumitomo’s financial strength, global logistics expertise and commitment to sustainable growth make it the ideal long-term partner for Victory Metals as we continue to progress (North Stanmore) towards development," Clark added.
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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16 December 2024
Ucore Receives US$1.8 Million DoD Payment to Build North American Rare Earths Supply Chain
Critical minerals company Ucore Rare Metals (TSXV:UCU,OTCQX:UURAF) announced the receipt of a US$1.8 million payment from the US Department of Defense (DoD) on December 13.
The funding will support Ucore’s subsidiary, Innovation Metals, in demonstrating its RapidSX rare earths separation technology at a commercial demonstration facility in Kingston, Ontario.
This effort forms part of a broader initiative to establish a sustainable rare earths supply chain in North America, a key step in moving away from foreign sources for these essential materials.
With the US$1.8 million in hand, Ucore has now been awarded a total of US$2.3 million by the Department of Defense. The funds come under a US$4 million other transaction agreement announced in June 2023.
Ucore is focused on two main objectives: showcasing the commercial viability of its separation technology, and enhancing the establishment of domestic processing facilities for heavy and light rare earth elements.
The company's December 13 release also outlines modifications to its Department of Defense deal.
These modifications are centered on aligning payment milestones with Ucore's strategic objectives, including operating its demonstration plant for 2,600 operational hours in a simulated commercial environment, and thousands of hours of conventional solvent extraction pilot operations for comparative analysis.
Combating China’s rare earths dominance
Rare earths, used in electric vehicles, wind turbines and defense systems, are critical to modern industries.
However, China has long dominated the global supply chain for these critical minerals, controlling about 85 percent of the processing capacity and 90 percent of the rare earth magnet market. These magnets are essential in various advanced technologies, including missile guidance systems and military aircraft.
The National Defense Authorization Act of 2024 underscores the strategic importance of rare earths, with provisions banning the use of rare earth imports from China in the defense sector beginning in January 2027.
This legislative move highlights the urgency of building domestic supply chain solutions to mitigate the risks associated with dependence on a single foreign source of these materials.
Ucore’s initiatives aim to disrupt China's rare earths supply chain dominance by creating sustainable processing infrastructure in the US and Canada. Currently the company is developing a heavy and light rare earths processing facility in Louisiana, is planning to expand with complexes in Canada and Alaska.
Long-term plans include the development of its Bokan-Dotson Ridge heavy rare earths project in Alaska.
In collaboration with the Canadian government, Ucore is also working on a C$4.28 million light rare earth demonstration project, which is scheduled for completion by mid-2025.
Challenges in building domestic REE infrastructure
The US and its allies face significant barriers in competing with China’s rare earth industry.
While countries like the US possess substantial reserves of rare earth elements, processing them domestically remains a challenge. China’s state-backed infrastructure and vertically integrated operations allow the Asian nation to maintain lower production costs and market dominance in the sector.
Efforts to rebuild domestic capabilities require substantial investment and technological innovation.
Even the Mountain Pass mine in California, operated by MP Materials (NYSE:MP), shows how the US relies on foreign infrastructure for processing, as raw materials from the site are still sent to China for refinement.
Ucore’s RapidSX technology, which combines traditional solvent extraction with advanced engineering, is designed to address these challenges. By streamlining the separation process, the company is aiming to make domestic processing of rare earths more efficient and economically viable.
Since 2020, the Department of Defense has allocated over US$439 million to rare earths companies for developing mining, processing and manufacturing capabilities
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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