Reach Resources’ Gold Development Poised to Fund its Rare Earths Exploration, CEO Says

Reach Resources (ASX:RR1) is eyeing its gold project in the Gascoyne region of Western Australia as a potential revenue stream to fund the company’s promising rare earth element (REE) exploration activities.

CEO Jeremy Bower said his company is looking to continue to develop its gold resource at Payne’s Find, a former gold rush settlement about 430 kilometres northeast of Perth, which would give the company the near-term ability to self-fund its REE exploration work. Reach Resources’ REE assets in the Gascoyne province — the Skyline rare earths and Critical Elements rare earths projects — are both known to contain REE mineralization.

“The potential for us to self-fund going forward is certainly a point of difference to some of the usual junior exploration companies that don't have that immediate or near-term ability to fund themselves,” Bower said.

The Gascoyne region has had recent considerable success in discovering REEs, and Reach Resources’ assets there are next door to Australian rare earths company Hastings Technology Metals (ASX:HAS,OTC Pink:HSRMF), as well as several other REE exploration and development firms. REEs are essential for developing clean technologies and are increasingly becoming critically important in the push toward a green economy. The current geopolitical climate has also highlighted the need to develop REE sources outside of China.

China currently controls about 97 percent of rare earths production, said Bower. The ability for other regions, such as Australia, North America and Europe, to develop and produce their own REEs will give these countries an economic advantage, particularly against the backdrop of a world that is rapidly transitioning toward renewable energy and green technologies that will require rare earth materials, he added.

Watch the full interview with Reach Resources CEO Jeremy Bower above.

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