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![Meteoric Resources NL](https://investingnews.com/media-library/meteoric-resources-nl.png?id=52154880&width=1200&height=800)
Neo Performance Materials and Meteoric Resources Sign MOU for Offtake of Caldeira Project in Brazil
Meteoric Resources NL (ASX: MEI) (Meteoric or the Company) is pleased to advise it has entered into a non-binding Memorandum of Understanding (MOU) with Neo Performance Materials Inc. (Neo) (TSX:NEO) for offtake of 3,000 metric tonnes (MT) total rare earth oxide (TREO) per year from its Caldeira Project (Project) in Minas Gerais, Brazil, to supply Neo’s magnet manufacturing plant.
Key Highlights
- The MOU provides the framework for the parties to negotiate a binding commercial offtake agreement for the supply of mixed rare earth carbonate ("MREC") from the Caldeira Project.
- Under the contemplated offtake agreement NPM Silmet OÜ ("Silmet"), Neo’s rare earth separation facility in Sillamäe, Estonia, is expected to purchase 3,000 MT TREO per year from the Caldeira Project’s initial production, and hold a right of first refusal to purchase additional material when the Caldeira Project produces more than 6,000 MT TREO per year.
- Annual offtake of 3,000 MT TREO from the Caldeira Project could supply Neo with as much as 900 MT of Nd-Pr oxide and 30 MT of Dy-Tb oxide, combined, to supply Neo’s sintered rare earth permanent magnet manufacturing plant under development in nearby Narva, Estonia.
- Meteoric expects to obtain a construction permit by Q4 2025 and aims to commence MREC production during the second half of 2027.
- The Minas Gerais region is one of the world’s largest producers of niobium, iron-ore, tantalum, lithium, vanadium and bauxite.
Meteoric Resources’ CEO, Nick Holthouse, said:
"We are very pleased to be bringing this important agreement with Neo to market. This represents Meteoric’s first step in our staged offtake strategy, and are delighted to support Neo in their aim to provide high-performance magnetics for automotive, factory automation, high-efficiency motors, residential appliances, and many other industries. Connecting and integrating into the developing alternate rare earth materials supply chain signals strong external market confidence in the Caldeira Project`s ability to progress to an FID and into production. We look forward to working with NEO and having the benefit of their technical support as we continue to pursue and develop our own downstream capabilities and progress to a binding commercial arrangement.”
Neo Performance Materials’ CEO, Rahim Suleman, said:
"We are laser focused on laying the groundwork for rare earth supply by securing offtake from diverse projects around the world. We are excited to add the Caldeira project to our growing pipeline of prospective sources of rare earth feedstock which could enable us to increase capacity utilization at Silmet and supply the needs of our sintered rare earth magnet plant in Europe when it comes online. The Caldeira Project is one of a group of key MOUs and agreements we have signed in securing feedstock. This provides our customers with maximum supply chain optionality."
Offtake Agreement
The MOU outlines the general terms on which Neo is expected to, subject to final negotiations and customary conditions, enter into a binding offtake agreement for annual purchases of MREC containing 3,000 MT TREO from Meteoric’s Caldeira Project. The term of the offtake agreement is expected to extend until Neo has purchased a total of 30,000 MT TREO, with a customary renewal provision for subsequent terms.
The MOU also contemplates a right of first refusal for Neo to purchase additional MREC that Meteoric produces from the Caldeira Project in excess of 6,000 MT TREO per year, on similar terms.
The precise pricing mechanisms underpinning the offtake agreement, which is expected to be based on standard terms and conditions for such supply, remain subject to final negotiation of the binding offtake agreement.
Click here for the full ASX Release
This article includes content from Meteoric 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.
New Drill Targets Identified at Campo Grande REE Project
- Drilling campaigns to commence imminently at Jaguaquara, 3km away from Sulista discovery which returned grades up to 22.4% TREO -
Equinox Resources Limited (ASX: EQN) (“Equinox Resources” or the “Company”) is pleased to advise that drilling will shortly commence at Jaguaquara and will also test the Jitauna prospects at its “Campo Grande” Rare Earth Project, located in the REE province in Bahia, Brazil.
- Drilling targets at Jaguaquara and Jitauna blocks identified using anomalous high REE grades identified through integrated geochemical surface assays and airborne radiometric maps, associated with thorium anomalies.
- Drilling to commence at the highly prospective Jaguaquara block testing targets located ~3 km away from Brazilian Rare Earths (ASX:BRE) Sulista discovery which returned up to a 22.4% TREO assay result.
- The high priority targets are also located ~2 kms away from BRE’s Pele Project that has returned high grade assays up to 10.4% TREO.
- An additional and equally prospective target area at the Jitauna Block has also been identified which will also be tested in this new drilling campaign.
- Surface samples from the Jaguaquara target region is interpreted to be linked to a regional-scale linear structure extending over 15 km NW-SE, indicating high prospectivity.
- This linear structure starts from the Rio Negro drill target and continues into the Jaguaquara block. Assays results from recent drilling at the Rio Negro Prospect are still pending.
- This region is geologically located on the Volta do Rio Plutonic Suite unit, known for hosting high grade mineralisations of rare earth elements in hard rock.
- The Company is in the final stages of awarding drilling contracts for a larger scale drilling program targeting REE in hard rock.
- Company recently completed a $4m capital raise and has a strong cash position of $5.3m allowing for uninterrupted drilling campaigns across its identified REE prospects
- Recent drilling has only covered ~1% of the Project tenement areas
These new targets have been generated through the continuous regional surface sampling campaign undertaken by the Company where additional regional surface samples have been received. These results assist the exploration team in mapping the areas and focusing on selected prospective areas within the Amargosa, Jitauna, and Jaguaquara blocks for further exploration and drilling as the Company awaits the drill assays from Rio Negro and additional surface samples from the region.
Based on the geochemical surface assay results integrated with the geology and airborne radiometric thorium, uranium, and ternary maps, the samples with anomalous high grade REE grades are associated with regions of thorium anomalies, sometimes with associated uranium and ternary anomalies.
The surface samples with anomalous REE grades from the Rio Negro Target region are interpreted to be associated with a regional-scale linear structure with a NW-SE direction that crosses the entire Rio Negro Target and extends for more than 15 km in the NW direction and into the Jaguaquara block (refer figure 8 below). In this region, surface samples located very close to this lineament and with anomalous REE grades indicate the high potential of the area. These prospects are further highlighted due to their proximity to the high grade discoveries that have been made by Brazilian Rare Earths (ASX: BRE) at their Pele and Sulista Projects. For instance, the Jaguaquara site is located just ~3 km from the Sulista discovery, which has yielded peak assays of up to 22.4% TREO1. Additionally, the Jitauna site is ~2 km from the Sulista discovery. The true potential of the Jaguaquara and Jitauna prospects can be further understood through drilling, drilling campaigns expect to commence imminently.
Equinox Resources Managing Director, Zac Komur, commented:
"We're in the very early stages of exploring our REE ground at our Campo Grande prospects, with only ~1% of our prospects currently drilled. By working through geochemical and geophysical data to pinpoint new additional drill targets, we have identified some high-priority areas for a drilling campaign aimed at delineating hard rock REE deposits.
This process has focused our efforts on areas within the Amargosa, Jitaúna, and Jaguaquara blocks. We plan to deploy in depth drilling programs on these new drilling targets proximal to Brazilian Rare Earths Discovery imminently."
Amargosa, Jitaúna and Jaguaquara are geologically inserted in the Jequié Complex and Volta do Rio Plutonic Suite that is known for hosting high-grade rare earth mineralisations in hard rock. The Jequié Complex is an assemblage of predominant metatonalites, metatrondhjemites and metagranodiorites closely associated with subordinate metabasic to intermediate rocks, metaultramaic rocks as serpentinites and pyroxenites.
The Volta do Rio Plutonic Suite is composed of three main petrographic rock types: granodiorites and monzogranites with normal contents of mafic minerals, a bimodal association of amphibole- bearing-metaleucogranites and associated pegmatites–aplites, maic-ultramaic to intermediate rocks and cumulates.
The high-grade mineralisation in hard rock of the Volta do Rio Plutonic Suite can occur from the surface in outcrops and extend up to 75 m deep. The Volta do Rio Plutonic Suite is distinguished by a bi-modal formation of light coloured granite gneiss and REE-Nb-Sc-U cumulate mineralization. The high grade REE-Nb-Sc-U cumulate appears to be layered within the province scale and most likely formed via the separation process of the parent magma.
Click here for the full ASX Release
This article includes content from Equinox Resources 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.
Reconnaissance Sampling Program Commences at Ngala Hill PGE Project to Follow up Historical Targets
DY6 Metals Ltd (ASX: DY6, “DY6” or the “Company”), a strategic metals explorer targeting Heavy Rare Earths (HREE) and Niobium (Nb) in southern Malawi, is pleased to report it is preparing for commencement of a reconnaissance program at the Company’s highly prospective PGE project at Ngala Hill in southern Malawi. The Company has commenced community engagement with local community members at the project site with the purpose to facilitate awareness of the exploration program planned by DY6.
HIGHLIGHTS
- Targeted reconnaissance sampling program commences at DY6’s highly prospective PGE, Cu & Ni project at Ngalla Hill, Southern Malawi
- At Ngala Hill, 3 key target zones of palladium rich Pd+Pt+Au+Cu mineralisation have been identified from historical trenching and limited drill testing
- DY6 will undertake a rock chip and soil sampling program to follow up on known high grade areas as well as aiming to expand the zone of mineralisation
- No significant modern exploration including electromagnetics (EM) to target massive sulphides has been undertaken at Ngala Hill
- Trenching by Placer Dome in 2000 included results of:
- 12m at 3g/t PGE+Au; and
- 70m at 1.12g/t PGE+Au, including 8m at 3.3g/t PGE+Au
- The main mineralised zone has only had limited modern drilling
The Company’s CEO, Mr Lloyd Kaiser said:“Our team in Malawi has actively built strong relationships with local communities across our projects and this early engagement at Ngala Hill is setting the foundation between the Company and the community as we prepare to mobilise the geo team and embark on our first exploration campaign at Ngala.”
Figure 1: Location of the Ngala Hill PGE Project in southern Malawi
Background on the Project
The Ngala Hill ultramafic chonolith is an arcuate-shaped intrusion, with dimensions of approximately 2.4km by 0.7km and was intruded into the underlying Proterozoic Basement Complex gneisses. The Ngala Hill Project is characterised by an intrusive ultramafic suite of pyroxenites and hornblende- pyroxenites that intrude basement gneisses. The pyroxenite facies of the ultramafic complex is prospective for platinum group elements (PGEs), predominantly palladium, and associated copper.
Initial work at Ngala Hill in the late 1960s included geochemical sampling programs undertaken by the British and Malawian Geological Surveys. Phelps Dodge started an exploration program for PGEs on Ngala Hill in 1999 with approximately 600 m of trenching. Metapyroxenite and amphibolite with an PGE- gold-copper nickel association was intersected trenching and yielded 1.41g/t Pt+Pd+Au and 1,430 ppm Cu over a length of 64m.
In 2000, Placer Dome confirmed further anomalies with encouraging results received from several trenches including 12m at 3g/t PGE+Au and 70 m at 1.12g/t PGE+Au, including 8m at 3.3g/t PGE+Au.
Click here for the full ASX Release
This article includes content from DY6 Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
China Strengthens Grip on Rare Earths Sector with New Rules
China's State Council has reportedly rolled out a new set of regulations aimed at strengthening control over the country's rare earths resources and securing its local supply chain.
According to a June 29 Reuters article, the regulations, which are set to take effect on October 1, introduce stringent oversight on the mining, smelting and trading of rare earth elements.
These 17 minerals are key for high-tech applications, including electric vehicle magnets and consumer electronics. China's new rules assert that rare earths resources are owned by the state, which will strictly supervise the industry.
Enterprises involved in the mining, smelting, separation and export of rare earths are now required to maintain detailed records of product flow and input this data into a traceability system.
China is considered to be a superpower in the rare earths market, with the country accounting for nearly 90 percent of global refined output. Last year, the Asian nation imposed restrictions on the export of germanium and gallium — both of which are essential to the semiconductor industry — citing national security concerns.
In addition, China has banned the export of technology used to produce and extract rare earth magnets.
This decision has sparked fears of increased tensions with western nations, particularly the US, which has accused China of leveraging its economic power to influence global markets. China, however, denies these allegations.
Elsewhere, the EU is working to decrease its reliance on Chinese rare earths through a new law that came into effect last May. It sets ambitious targets to increase domestic production of critical minerals, including rare earths, by 2030.
This initiative is part of the EU’s broader strategy to support green technology — as mentioned, rare earths are vital for the production of magnets used in electric vehicles and other applications like wind turbines.
European explorer Rare Earths Norway recently announced the discovery of the continent's largest deposit of rare earth elements at the Fen Carbonatite Complex in Southeastern Norway. The deposit is estimated to contain 8.8 million metric tons of total rare earth oxides. Of that amount, 1.5 million metric tons are magnet-related rare earths.
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.
ChemX Materials
Overview
ChemX Materials (ASX:CMX) is a critical materials company developing innovative processing technology to produce high purity alumina for advanced technology and clean energy applications.
ChemX Materials’ 100 percent owned, Australian patented HiPurA® process technology offers a low cost and energy intensity production method to produce high purity alumina (HPA).
HPA is used in advanced technology and clean energy applications including lithium-ion batteries, LEDs, semiconductors and synthetic sapphires. Synthetic sapphires are critical in the production of applications such as smart watches, iPhones and laptop screens.Company Highlights
- ChemX Materials Limited (ChemX Materials) is an Australian company developing an innovative, processing technology to produce high-purity alumina (HPA), this process is called HiPurA®.
- ChemX Materials owns 100 percent of HiPurA® and was granted an Australian patent for this technology in January 2024.
- High purity alumina is used in advanced technology and clean energy applications including lithium-ion batteries, LEDs, semiconductors, smart watches and iPhones.
- The HiPurA® process is modular, scalable and uses a readily available aluminous chemical as its feedstock, therefore is not reliant on mine production offtake, all of which enable the technology to be deployed close to end users' manufacturing operations.
- ChemX Materials has proven HiPurA® can produce above 4N (99.99 percent) high purity alumina at micro plant scale. This testwork indicates HiPurA® is low in cost and energy intensity.
- ChemX Materials is constructing a pilot plant to demonstrate HiPurA® can work at scale, which is the next step towards commercialisation. The pilot plant construction is underway and on track for commissioning in June 2024.
Key Business Segments
High Purity Alumina Processing Technology - HiPurA®
ChemX Materials is developing an innovative processing technology to produce high-purity alumina (HPA). This process is called HiPurA®. ChemX Materials owns 100 percent and holds an Australian patent for HiPurA®. ChemX Materials has proven HiPurA® can produce above 4N (99.99 percent) pure HPA at micro plant scale. This test work has also demonstrated that HiPurA® is superior compared to alternative technologies, offering several advantages, including:
- Lower costs – both capital and operating.
- Independent feedstock - – process is not tied to mine production and uses a readily available aluminous industrial chemical.
- Easily scalable – production output can increase based on demand.
- Modular – can be built near end users’ manufacturing operations.
- Optionality – patented technology can be licenced to end users.
- Lower carbon footprint – technology is not energy intensive.
HPA has several applications, the most important being lithium-ion batteries used in electric vehicles (EVs) and energy storage applications. HPA is used in the coating of the battery separator to enhance safety and performance. The outlook for EVs is very promising. With the adoption of EVs growing rapidly year on year as governments across the globe deploy domestic incentives and regulations to reduce the use of internal combustion engines to meet net zero targets.
HPA is also a key in the production of synthetic sapphire, which is used in LEDs, semiconductors, lasers, optical lenses and medical devices.
ChemX Materials has proven its HiPurA® technology can achieve above 99.99 percent (4N) HPA purity at micro plant scale. Following the technical success of the micro plant, ChemX Materials is constructing a 24 tpa pilot plant in Western Australia. The pilot plant is expected to be operational in June 2024.
In January 2024, ChemX Materials was granted an Australian Patent for its innovative HiPurA® technology. Based on the success of the Australian patent, it is anticipated that ChemX Materials will be afforded similar protections in other international jurisdictions. The patent is important as it provides intellectual property protection as ChemX Materials seeks to commercialise the technology globally.
HPA production from the pilot plant will be used for customer qualification and marketing purposes. ChemX Materials is actively pursuing commercial opportunities globally. Commercialisation options include:
- Build, own, operate a commercial scale plant to sell high purity alumina to end users.
- Licence the HiPurA® technology for deployment at end users’ manufacturing locations.
High Purity Manganese Project
ChemX Materials is developing a high purity manganese project. The Jamieson Tank project is located on two exploration tenements, EL 5920 and EL 6634 in the Eyre Peninsula in South Australia. These tenements collectively cover an area of 718 km2.
ChemX Materials completed a 94-hole drill program at the Jamieson Tank project, totaling 6,164 metres and released its maiden Mineral Resource Estimate in September 2023. The Mineral Resource Estimate reported 13.1 Mt at 5.7 percent manganese, with 21 percent classified as Indicated and 79 percent classified as Inferred.
High purity manganese has essential applications in lithium-ion batteries as a cathode material. Manganese provides energy density, stability and lower costs and is a critical material for modern battery chemistries. As the world pursues decarbonisation it is forecasted that the demand for manganese will grow.
With the objective of the United States Inflation Reduction Act (IRA) to reduce its reliance on Chinese sources of critical minerals, by 2025, the Jamieson Tank project is an important prospect. China currently supplies around 95 percent of the global manganese sulphate.
The South Australian jurisdiction offers excellent infrastructure. The Jamieson Tank project is in a province that is characterised by rapidly growing renewable energy infrastructure (wind, solar and hydrogen) and access to a local skilled workforce. The Jamieson Tank project is accessible by road, approximately 160 kms from the port of Whyalla and near a major regional airport.
The tenements in which the Jamieson Tank project is located also host kaolin and rare earth elements (REE) deposits. The area has historically been well known and explored for its potential for kaolin. The Kelly Tank exploration target is estimated to be 55 - 130 Mt of extractable kaolin.
In 2022, ChemX Materials undertook a drilling program and identified REE hosted within the kaolin throughout the tenements. The drilling program intersected high-grade REE mineralisation with intervals of up to 5 metres @2,468 parts per million total rare earth oxides from 7 metres. Importantly, it remains open in various directions, providing potential exploration upside for future drill programs.
Management Team
Peter Lee – Chief Executive Officer
20+ years’ experience across mining, metals processing and chemical industries within Canada and Australia. Lee has held technical leadership roles with companies including Rio Tinto, BHP, Roy Hill and WSPGolder. He is an expert in refining and electrochemical processes and a registered P. Eng Engineers and Geoscientists of British Columbia, Canada, and a member of AusIMM and AICD.
Warrick Hazeldine – Non-executive Chair
Warrick Haseldine has more than 20 years of experience across capital markets and strategic communications with a focus on battery materials. He is the co-founder of advisory firm Cannings Purple, and former chair and non-executive director of Global Lithium Resources Ltd (ASX:GL1). Hazeldine is currently a director of Surfing WA, advisory board member of Curtin University, and a non-executive director of Purple.
Stephen Strubel – Non-executive Director and Company Secretary
Stephen Strubel is the company founder with 20 years’ experience in finance and corporate governance. Struber held a senior leadership role with Patersons Securities and has been a director and company secretary for ASX-listed companies. He holds a bachelor’s degree in banking and international trade from Victoria University and an MBA from the Australian Institute of Business.
Alwyn Vorster – Non-executive Director
Alwyn Vorster has 30+ years’ experience in the resources industry, spanning several commodities including rare earths, iron ore, bauxite, potash and salt. Vorster has several senior leadership positions including chief executive officer of Hastings (ASX:HAS) and managing director of BCI Minerals (ASX:BCI) and Iron Ore Holdings (ASX:IOH). Vorster is currently non-executive director of Lindian Resources (ASX:LIN) and Arrow Minerals (ASX:AMD).
CuFe Limited: Multi-Commodity Assets in Western Australia and Northern Territory
CuFe Limited (ASX:CUF) is a multi-commodity exploration and development company with projects situated in Western Australia and the Northern Territory. The company focuses on its high-grade premium product iron ore projects as well as its exposure to copper, lithium and niobium.CuFe's portfolio includes mature copper targets at Tennant Creek, drill-ready lithium targets at North Dam, and greenfield exploration ground in close proximity to WA1's recent niobium discovery.
CuFe also has exposure to a near-term iron ore price upside via the high-grade JWD iron ore mine. It plans to leverage the mine to take advantage of elevated iron ore price cycles with the ability to cost-effectively suspend production as the market dictates. CuFe is also evaluating the Yarram project, as its close proximity to Darwin port gives it the potential for low opex.
Tennant Creek hosts a mineral resource estimate of 7.3 million tons (Mt) at 1.7 percent copper and 0.6 grams per ton (g/t) gold for 127 kt copper and 145 koz gold. CuFe currently owns a 55 percent interest over 240 kilometres of the highly-prospective tenure, situated in the Northern Territory. CuFe's near-term plan for the mine, based on detailed mine planning, involves a staged cutback of the Orlando open pit to gain access to an ore supply for fast start options.
Company Highlights
- CuFe Limited is an ASX-listed iron, copper, lithium and niobium exploration and development company with a multi-commodity portfolio of assets.
- The company's assets are situated in mature mining regions in Western Australia and the Northern Territory, with access to extensive pre-existing infrastructure.
- CuFe's projects are highly prospective in copper (Tennant Creek, Bryah Basin), lithium (North Dam, Tambourah) and niobium (West Arunta).
- CuFe has 100 percent interest in the iron ore mining rights at the operating Wiluna West JWD mine, known to contain high-grade iron ore product.
- Additionally, the company has a 50 percent interest in the Yarram project, an advanced iron ore development project with potential for low-cost production.
- CuFe also has a 2 percent net smelter royalty over the Crossroads gold project in Kalgoorlie.
- The company is led by a proven and experienced in-house team with expertise in identification, discovery, evaluation, deployment and operations.
This CuFe Limited profile is part of a paid investor education campaign.*
Click here to connect with CuFe Limited (ASX:CUF) to receive an Investor Presentation
HiPurA® HPA Pilot Plant Early-Stage Commissioning Commenced
ChemX Materials Limited (ASX:CMX) (ChemX or the Company), an Australian high purity critical materials developer, is pleased to announce that it has begun early-stage commissioning of the leach circuit within the innovative HiPurA® High Purity Alumina (HPA) 24tpa Pilot Plant in O’Connor, Western Australia.
The leach circuit is a key part of ChemX’s unique flowsheet and comprises the first part of the patented, HiPurA® purification process. It takes the aluminous chemical feedstock and sufficiently upgrades its purity for the solvent extraction (SX) stage.
Figure 1 – CMX Operations Manager (Russell Vallis) pictured in front of the commissioned leach circuit
ChemX, CEO Peter Lee said: “Our 24tpa HiPurA® HPA Pilot Plant is starting to rapidly take shape, and we are pleased to have commissioned the leach circuit. Achieving this milestone delivers on our commitment to commence early-stage commissioning in Q2 of the 2024 calendar year”.
“Structural, mechanical, piping (SMP) activities are progressing well with electrical and control infrastructures accelerating ahead. As with any project integration, key work scopes require careful planning and the HiPurA® HPA Pilot Plant is on track to achieve operational readiness toward the end of the next quarter”.
” We look forward to sharing further commissioning updates in the coming months as we advance towards full Pilot Plant commissioning”.
Click here for the full ASX Release
This article includes content from ChemX Materials, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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