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Results of General Meeting
In accordance with Listing Rule 3.13.2 and section 251AA of the Corporations Act, CuFe Ltd (ASX: CUF) (CuFe or the Company) provides the results of its General Meeting of Shareholders held at 2:00pm (WST) on 10 October 2024, as set out in the attached schedule. The Company advises that the resolution was passed and decided by way of a poll.
The Company confirms that receipt of shareholder approval of the transaction (as referred to in the ASX Announcement of 26 August 2024), satisfies a key condition precedent. The Company is working with the purchaser Newcam Minerals Pty Ltd to finalise the remaining conditions precedent. Completion is expected to occur this month.
This announcement is intended to lift the trading halt requested by the Company on 10 October 2024 in relation to its securities.
Announcement released with authority of the CuFe Board of Directors.
Click here for the full ASX Release
This article includes content from CUFE LTD, 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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CuFe Limited
Overview
CuFe Limited (ASX:CUF) is a multi-commodity exploration and development company with interest in eight projects situated throughout mature mining jurisdictions in Western Australia and the Northern Territory. The company's value proposition is predicated on its high-grade premium product iron ore projects as well as its exposure to copper, lithium and niobium. Its exploration 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.
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.
The JWD iron ore operation is an ultra-flexible high-grade, low-impurity iron ore operation optimised for efficiency, the mine benefits from a low capex, with the capacity to export 60 kt of lump and 15 kt of fines per month at current production rate. CuFe owns 100 percent interest in this operation.
In addition to taking advantage of the growing market for strategic metals, CuFe also has exposure to a near-term iron ore price upside thanks to 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.
Lastly, CuFe has a low-risk 2 percent NSR gold royalty over the Northern Star Crossroads project, where mining is expected to commence in 2024.
CuFe is led by a highly experienced management team adept at identifying opportunities, making discoveries, evaluating and developing projects and maintaining operations. The team is led by executive director Mark Hancock, who has 25 years experience in resource projects across a variety of commodities in senior finance, commercial and marketing roles.
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.
Key Projects
Copper
Tennant Creek
The Tennant Creek project is located in the highly prospective Gecko-Goanna copper-gold corridor of the Northern Territory. A mature project comprising three high-grade copper and gold mineral resources, it contains a combined JORC 2012 mineral resource of 7.3 at 1.7 percent copper and 0.6 g/t gold for 127 kt copper and 145 koz gold. Highly-prospective for further resource growth from resource extensions and new discoveries, Tennant Creek is also located in close proximity to grid power, a gas pipeline, the Stuart highway and the rail line to Darwin.
The area where Tennant Creek is hosted is a re-emerging mineral field with recent neighbouring exploration success from companies such as Emmerson Resources (ASX:ERM) and Tennant Minerals (ASX:TMS). Near-mine targets include the potential to extend resources and open enrichment within the Orlando and Gecko structural corridors.
The current focus for Tennant Creek is to identify and drill high-potential exploration targets with a view to growing the resource base while considering a staged cutback of the existing Orlando open pit to gain access to an ore supply for a fast start option.
Bryah Basin JV projects
Through wholly owned subsidiary Jackson Minerals, CuFe has a 20 percent interest in roughly 804 square kilometres of highly-prospective tenements proximal to the former Sandfire Resources' (ASX:SFR) Doolgunna project and Degrussa copper gold mine, as well as several other prominent gold and copper prospects. Collectively known as the Bryah Basin JV projects, the tenements are currently subject to joint ventures and farm-ins with several companies. The most prominent of these is the Morck Well project, which is under an exploration licence with Auris Minerals (ASX:AUR) alongside the Forrest project.
The Morck Well project tenements cover an area of 600 square kilometres in the highly-prospective region, which has been recognized to have high iron ore potential.
Lithium
North Dam
The North Dam project is a highly prospective lithium tenure situated in the emerging Yilgarn Lithium Belt. Located roughly 50 kilometres south-southeast of the township of Coolgardie, the project is contained within the same lithium belt that contains known spodumene deposits such as Mt Marion, Pioneer Dome, Bald Hill, Manna and Buldania. There have also been several well-known junior exploration successes immediately adjacent to the tenement, including Kali Metals (ASX:KM1), Marquee Resources (ASX:MQR) and Maximum Resources.
To date, work on the project has included defining prospective pegmatites through rock chip sampling, soil sampling and geological mapping. Anomalous lithium and key pathfinder elements have also defined a prospective corridor of roughly 3.5 kilometres in strike length. Columbite and tantalite rock chips selected from a stream bed also contain up to 44 percent niobium and 14.53 percent tantalum.
CuFe has also completed a recent heritage survey and, pending results and conditions, plans to commence a maiden drill program.
Tambourah
The 100 percent owned Tambourah Tenure is a prospective lithium tenure with known gold occurrences. Located roughly 90 kilometres south of the Pilgangoora and Wodgina lithium complexes, and 175 kilometres south of Port Hedland, the project was historically explored for gold and contains known gold occurrences within alluvial material and reef systems. Current work on the project to date has involved geological mapping and rock chip sampling.
Niobium
West Arunta
The fully owned West Arunta consists of three tenements located in the highly-prospective region of the same name. The tenure is known to be prospective for carbonatite-hosted niobium and rare earth element mineralization. Spanning roughly 220 square kilometres, it surrounds Lycaon Resources' (ASX:LYN) Stansmore project and is located 70 kilometres north of several prominent recent discoveries.
CuFe has not yet finalised native title arrangements to commence work in the ground so in the meantime it engaged Southern Geoscience Consulting to undertake a geophysical review of publicly available airborne magnetic data for the tenements including re-processing of said data and 3D unconstrained inversion modeling. Analysis of the total magnetic imagery revealed three anomalous areas across the package, resulting in nine target anomalies for further investigation and exploration.
Iron
JWD iron ore mine
The JWD iron ore operation is an optimised and flexible high-grade, low impurity iron ore operation over the Wiluna West JWD deposit. CuFe has 100 percent interest in the iron ore mining rights agreement for the project, which was started for less than $5 million and produces a high-grade, low-impurity lump iron ore for direct shipping.
At its current production rate, the mine has capacity for 60 kt of lump and 15 kt of fines per month. Mining and crushing is conducted by contractors, with the finished product trucked 800 kilometres to the Geraldton port for export in vessels of circa 6Ma0 kt. The mine also benefits from flexible operating contracts and price hedging, allowing CuFe to more readily react to iron ore price volatility.
Although no JORC reserve has been reported, a JORC resource dated June 30, 2023 reveals an estimate of 9.6 Mt at 63.7 percent iron using a 55 percent iron cut-off.
Yarram
The Yarram iron ore project is a mature development opportunity with the potential for low-cost production. CuFe currently holds a 50 percent interest in the project, which includes operatorship. Partially located on an existing mining lease on freehold land, Yarram has a high-grade DSO resource of 5.6 MT at +60 percent iron as well as a low-grade component of 7.1 Mt with the potential for beneficiation.
Situated 110 kilometres from Darwin Port and adjacent to underutilised mining infrastructure, Yarram also features favourable ore body geometry, with existing infrastructure and services contributing to its low capex and opex.
An initial diamond drilling program provided HG core from two deposits within the project. Physical and thermal metallurgical testing confirms the generation of a lump product with roughly 41 percent yield, elevated gangue levels in the very fine fractions and acceptable thermal and materials handling properties, making it suitable as a blast furnace lump burden feed.
CuFe has also undertaken geotechnical testwork on the diamond drill core to provide parameters for pit optimizations and designs. Final pit shells and a high-level mine schedule have been developed for use in regulatory approvals.
Gold Royalty
Crossroad gold project
Through fully owned subsidiary Jackson Minerals, CuFe holds a 2 percent net smelter royalty over M24/462, which contains Northern Star's (ASX:NST) Crossroads gold project. This project is the subject of a recently approved mining proposal envisaging the mining of 2.67 Mt of gold-bearing ore. The project is expected to commence sometime in 2024 and run for a 36-month period, with the majority of ore mined in the second and third years after pre-stripping.
This project represents a potential near-term revenue source for CuFe with no associated costs.
Management Team
Tony Sage — Executive Chairman (BCom, FCPA, CA, FTIA )
Tony Sage is an entrepreneur with over 36 years of experience in corporate advisory services, funds management and capital raising, predominantly within the resource sector. He is based in Western Australia and has continued to be involved in managing and financing listed mining and exploration companies with a diverse commodity base.
Sage has developed global operational experience within Europe, North and South America, Africa, Oceania, Asia and the Middle East. He is currently executive chairman of ASX-listed Cyclone Metals Limited (ASX:CLE) and European Lithium (ASX:EUR).
Mark Hancock — Executive Director
Mark Hancock has over 30 years’ experience in key financial, commercial and marketing roles across a variety of industries with a strong focus on natural resources. During his 13 years at Atlas Iron Ltd, Hancock served in numerous roles including CCO, CFO, Executive Director and Company Secretary. He has also served as a director on a number of ASX listed entities and is currently a director of Centaurus Metals Ltd and Strandline Resources Ltd.
Hancock holds a Bachelor of Business (B.Bus) degree, is a Chartered Accountant (CA) and is a Fellow of the Financial Services Institute of Australia (F FIN).
Nicholas Sage — Non-executive Director
Nicholas Sage is an experienced marketing and communications professional with in excess of 25 years in various management and consulting roles. Sage is based in Western Australia and currently consults to various companies and has held various management roles within Tourism Western Australia. He also runs his own management consulting business.
Scott Meacock — Non-executive Director
Scott Meacock has a wealth of experience as external counsel acting in, and advising on, complex corporate and commercial law transactions and disputes for clients in a wide range of industry sectors including natural resources and financial services.
Meacock currently serves as the Chief Executive Officer and General Counsel of the Gold Valley Group. He holds a Bachelor of Laws (LLB) degree and a Bachelor of Commerce (BComm) degree from the University of Western Australia.
Matthew Ramsden – GM Development
Matthew Ramsden is an experienced geologist and project developer commencing his career in Tasmania before stints in the Pilbara with Rio Tinto and Atlas Iron, where he played a key role in the development and ramp-up of six iron ore mines.
He joined CuFe in 2021 to commence the JWD operations and now has oversight over the company’s exploration and development projects.
Ramsden is a member of the Australasian Institute of Geoscientists.
Siobhán Sweeney — Geology Manager
Siobhán Sweeney brings over 13 years’ geology experience to the CuFe team, from greenfield’s exploration to resource development with a strong focus on target generation and development of iron ore projects. During her 8 years at Atlas Iron Ltd, Sweeney was instrumental in developing critical iron ore projects in the Pilbara such as Miralga Creek and Corunna Downs. Her background in managing complex and challenging exploration programs has been key to delivering successful projects.
Since joining Cufe in July 2021, Sweeney has been tasked with developing and implementing mine geology processes during the start-up phase of the JWD mine. Most recently she has delivered a successful exploration drill campaign to further define the Yarram iron ore deposit.
Sweeney is a member of the Australian Institute of Geoscientists and holds a Bachelor of Science degree (hons) in geology from the National University of Ireland Galway.
CuFe Ltd (ASX: CUF) – Trading Halt
Description
The securities of CuFe Ltd (‘CUF’) will be placed in trading halt at the request of CUF, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Monday, 14 October 2024 or when the announcement is released to the market.
ASX Compliance
Click here for the full ASX Release
This article includes content from CUFE LTD, 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.
WA1 Resources Reports "Excellent" Refining Testwork Results
WA1 Resources (ASX:WA1,OTC Pink:WAORF) revealed results from the initial refining testwork conducted at its 100 percent owned West Arunta niobium project on Monday (October 7).
Located approximately 490 kilometers south of Halls Creek in Western Australia, West Arunta hosts the significant Luni niobium deposit, which was discovered during the company’s first on-site drilling in 2022.
According to a July 2024 mineral resource estimate, Luni contains inferred resources of 200 million tonnes at 1.0 percent niobium pentoxide, including a higher grade resource of 53 million tonnes at 2.1 percent.
“In June we reported that beneficiation testwork successfully produced a high-grade niobium concentrate, primarily via flotation – the first stage in a conventional ferroniobium process flowsheet,” said WA1 Resources Managing Director Paul Savich in a press release.
The refining testwork, which used the niobium concentrate produced from the beneficiation in June, returned a refined concentrate grading 66.9 percent niobium pentoxide at 99.9 percent recovery. WA1 said that they consider this an excellent outcome.
The concentrate can now be used for upcoming conversion testwork, the third and final stage in the process, with the goal of producing ferroniobium end-product.
“In parallel, variability and optimisation testwork of the beneficiation stage is ongoing with the aim of demonstrating mineralisation can be beneficiated from a portion of the Luni deposit to support detailed mine planning and other evaluations,” Savich said. "This will support process flowsheet development and preliminary mass balances to support engineering assessments.”
In September, to protect the rights of the Kiwirrkurra people and itself, WA1 Resources signed a negotiation protocol with native title representative body Tjamu Tjamu.
The protocol was entered into to ensure the project “happens the right way and everyone has a good chance to share the benefits of the project.”
Proposed infrastructure for West Arunta includes an access road connecting Luni to the mid-state highway, which has already secured a miscellaneous licence application following the negotiation protocol and other requisite approvals.
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.
Rare Earths Stocks: 9 Biggest Companies in 2024
Rare earth elements (REEs) are crucial for technologies like smartphone cameras and defense systems.
A select few from the group of 17 are also vital to the expanding electric vehicle industry — neodymium and praseodymium are used in permanent magnet synchronous motors used in EV drive trains.
China's dominance in rare earth production and reserves has prompted countries like the US, Canada and Australia to boost their own mining and processing efforts to secure their supply chains. The pressure on these nations to establish strong supply chains is likely to grow when a US tariff on imports of Chinese rare earth magnets begins in 2026.
The 25 percent tariff, announced by the US government in May 2024, aims to both protect American industries from China's trade practices and support domestic production. One form of magnets the tariffs will affect is sintered neodymium-iron-boron (NdFeB) magnets, crucial for electric vehicle motors and wind turbines.
This marks the first time rare earth magnets are included in Section 301 tariffs, signaling a significant move in the US-China trade conflict. The initiative is part of broader efforts to bolster US energy and national security.
Meanwhile, the EU is also seeking to reduce its reliance on Chinese rare earths through a new law enacted in May, which aims to significantly boost domestic production of critical minerals, including rare earths, by 2030.
In early July, China's State Council introduced new regulations to tighten control over the country's rare earth resources and secure its supply chain. Taking effect on October 1, 2024, these new rules impose strict oversight on the mining, smelting and trading of rare earth elements. They also ban the export of technology for extracting and separating rare earths as well as for making rare earth magnets.
These recent escalations could be a boon to rare earth mineral and rare earth magnet stocks operating in the space outside of China. To help paint a better picture of the REE landscape, the Investing News Network has compiled a list of the biggest rare earths stocks by market cap on US, Canadian and Australian stock exchanges. Data was gathered on October 2, 2024, using TradingView’s stock screener.
US rare earths stocks
To circumvent Chinese tariffs, the US is striving to secure a stable domestic supply of REEs outside China. The US has vast rare earths reserves and is the second largest global REE producer thanks to its sole operating mine, Mountain Pass. However, it currently lacks sufficient processing facilities. American rare earth companies are working to address this imbalance, presenting investment opportunities for those looking to capitalize on the market's growth potential.
Learn more about MP Materials, Energy Fuels and NioCorp Developments, the three largest US rare earths stocks by market cap, below.
1. MP Materials (NYSE:MP)
Market cap: US$2.9 billion
Share price: US$17.54
MP Materials, the largest producer of rare earths outside China, focuses on high-purity separated neodymium and praseodymium (NdPr) oxide, heavy rare earths concentrate, lanthanum, and cerium oxides and carbonates.
The company went public in mid-2020 after acquiring the Mountain Pass mine in California, the only operational US-based rare earths mine and processing facility. In Q3 2023, MP Materials began producing separated NdPr, marking a significant milestone. The company plans to increase rare earth oxide production by 50 percent within four years.
In April, MP Materials was awarded US$58.5 million to support the construction of the first fully integrated rare earth magnet manufacturing facility in the US. This funding, part of the Section 48C Advanced Energy Project tax credit, was granted by the IRS and Treasury following a selection process that evaluated around 250 projects based on their technical and commercial viability, as well as their environmental and community impact.
Located in Fort Worth, Texas, the facility will produce the NdFeB magnets crucial for EVs, wind turbines and defense systems. The company is targeting commercial production by late 2025. MP Materials will source raw materials from its Mountain Pass mine, creating an end-to-end supply chain with integrated recycling.
During the second quarter of 2024, MP reported that NdPr production more than doubled quarter-over-quarter to 272 metric tons. The company expects that output will increase a further 50 percent in the third quarter.
2. Energy Fuels (NYSEAMERICAN:UUUU,TSX:EFR)
Market cap: US$914.91 million
Share price: US$5.59
Energy Fuels is a leading US uranium and rare earths company that operates key uranium production centers including the White Mesa mill in Utah and the Nichols Ranch and Alta Mesa projects in Wyoming and Texas.
The company finished the construction of Phase 1 REE separation infrastructure at White Mesa in early 2024, and in June it reported the successful commercial production of separated neodymium-praseodymium that meets the specifications required for REE-based alloy manufacturing.
According to the company, it believes it is the first US company in decades to achieve commercial-scale, on-spec rare earths separation from monazite. The Phase 1 REE separation circuit was completed under budget and is now operating at full capacity. Energy Fuels anticipates commercial production of 850 to 1,000 metric tons of NdPr per year, making it one of the largest outside China.
Additionally, the mill will produce a heavy REE concentrate for pilot-scale tests to potentially develop commercial dysprosium and terbium separation facilities in the future.
Energy Fuels has also made moves to secure sources of monazite sand to process at its White Mesa mill. In 2023, the company acquired the Bahia project in Brazil to potentially supply 3,000 to 10,000 MT of REE-bearing monazite sand annually.
In early June 2024, Energy Fuels executed a joint venture with Astron (ASX:ATR) for Astron's Donald rare earth and mineral sands project in Victoria, Australia, of which Energy Fuels now has the option to earn 49 percent. After garnering shareholder approval, the joint venture was finalised in late September. Donald is expected to begin production as early as 2026 and supply the White Mesa mill with 7,000 to 8,000 MT of monazite sand in rare earth concentrate annually in Phase 1, with plans to expand output in subsequent phases.
Adding to its rare earth roster, Energy Fuels announced plans to acquire Australian mineral sands company Base Resources (ASX:BSE) in September.
Commenting on the deal and the new assets, Energy Fuels CEO Mark Chalmers highlighted the rare earth portfolio potential. “The Toliara, Bahia and Donald projects are expected to become large-scale, world-class, and low-cost heavy mineral sand projects in the coming years, producing titanium, zirconium and rare earth minerals,” he said.
3. NioCorp Developments (NASDAQ:NB)
Market cap: US$77.32 million
Share price: US$2.00
NioCorp Developments is advancing its Elk Creek project in Nebraska, a leading critical minerals venture featuring North America's highest-grade niobium deposit under development, with significant scandium production capacity. An updated 2022 feasibility study highlighted extended mine life, improved ore grades and enhanced economics for niobium, scandium and titanium.
Recent metallurgical testing has demonstrated the ability to produce high-purity magnetic rare earth oxides at a recovery rate of 92 percent or higher. These results will inform an updated feasibility study, expected in 2024, incorporating rare earth elements into the project’s mineral reserves.
In April, the company delisted from the TSX due to significantly lower trading volumes than its NASDAQ listing.
A day later, NioCorp announced plans to explore the feasibility of integrating the recycling of permanent rare earth magnets into its proposed Elk Creek critical minerals project in Southeast Nebraska. An assessment will be undertaken to better understand the technical and commercial viability of recycling post-consumer neodymium-iron-boron magnets back into separated rare earth oxides, which can then be utilized in the production of new NdFeB magnets.
The initial phase of this investigation will involve bench-scale testing, with potential progression to demonstration-scale testing based on results. Notably, this initiative will be conducted independently of NioCorp's ongoing efforts to update its Elk Creek project's feasibility study.
In May, the company shared the results of a scoping study focused on using a Railveyor system to electrify the Elk Creek mine, which the study found could cut costs, shorten the timeline to full commercial production and lower the mine's carbon footprint. The system would deliver ore to processing facilities using a narrow-gauge light rail system.
In the preliminary fiscal year financial results released on August 26, NioCorp reported a net loss of US$11.395 million, or US$0.30 per share. The results for the period ending June 30, 2024, marked a year-over-year improvement compared to the previous fiscal year’s loss of US$40.08 million, or US$1.34 per share.
Canadian rare earths stocks
As part of Canada's Critical Minerals Strategy, the government has allocated C$3.8 billion in federal funding for opportunities across the critical minerals entire value chain, from exploration to recycling. Rare earth elements are among the minerals listed as critical.
Additionally, the government designated C$7.5 million in funding to support the establishment of a rare earths processing facility in Saskatoon, Saskatchewan. In mid-September, the Saskatchewan Research Council (SRC) announced that the facility reached commercial-scale production, making it the first in North America to achieve this milestone.
Currently, the facility produces 10 metric tons of neodymium-praseodymium metals per month. The SRC plans to increase monthly production to 40 MT by December, with an annual goal of 400 MT by early 2025.
Learn about Aclara Resources, Ucore Rare Metals and Mkango Resources, the three largest Canada-listed rare earths stocks by market cap, below.
1. Aclara Resources (TSX:ARA)
Market cap: C$83.2 million
Share price: C$0.49
Aclara Resources is advancing its Penco Module project in Chile, characterized by ionic clays abundant in heavy rare earths. Their objective is to generate rare earths concentrate utilizing an environmentally friendly extraction process. This approach aims to eliminate the need for a tailings facility, minimize water consumption and ensure the absence of radioactivity in the final product.
Additionally, the company discovered its Carina Module project in 2023, and in December disclosed an initial inferred resource for the project, encompassing approximately 168 million MT with a grade of 1,510 parts per million total rare earth oxides and 477 parts per million desorbable rare earth oxides.
Aclara successfully concluded its semi-industrial pilot plant program for the Penco Module in September 2023, yielding 107 kilograms of wet high-purity heavy rare earth concentrate from 120 MT of ionic clays. Full-scale production at the Penco Module is slated to commence in the second quarter of 2027.
On March 1, Aclara received its second patent for an innovative process to extract heavy rare earths from ionic clays in an environmentally friendly manner. The patent, granted in Chile and valid for 20 years, focuses on the circular mineral harvesting process and establishes a fully enclosed flowsheet. The company submitted a new environmental impact assessment for its Penco Module project in June that features an improved design addressing environmental and social concerns.
Aclara and Vacuumschmelze, also known as VAC, penned a memorandum of understanding in early July to jointly pursue a "mine-to-magnets" solution for ESG-compliant permanent magnets. The non-binding agreement aims to meet the rising demand for electric vehicles and clean technologies, addressing the limited and Asia-centric supply of rare earth minerals. The partnership seeks to develop a resilient, ESG-focused supply chain for these critical components.
In an August update, Aclara announced that the Environmental Impact Assessment (EIA) for its Penco Module project was moving to the next approval stage.
Later in the month Aclara signed a memorandum of understanding with the State of Goiás and Nova Roma to expedite the Carina Module project, emphasizing its importance for local development and Brazil's critical minerals supply. This was followed by the release of an updated preliminary economic assessment for the Carina Module featuring initial capital costs of US$593 million and sustaining capital costs of US$86 million.
2. Ucore Rare Metals (TSXV:UCU)
Market cap: C$37.11 million
Share price: C$0.60
Ucore Rare Metals is focused on the exploration and separation of rare earth elements in Canada and the US. The company owns the Bokan-Dotson Ridge rare earths project in Alaska and is developing a strategic metals complex for processing heavy and light rare earths in Louisiana. Ucore acquired an 80,800 square foot brownfield facility in Alexandria, Louisiana, for developing its first commercial REE processing facility in January.
In Canada, Ucore's Ontario-based RapidSX demonstration plant, operated by Kingston Process Metallurgy, was commissioned to evaluate the techno-economic advantages, scalability and commercial viability of the RapidSX technology platform for separating and producing REEs like praseodymium, neodymium, terbium and dysprosium. This initiative was supported by a US$4 million award from the US Department of Defense, granted to Ucore's subsidiary, Innovation Metals, to demonstrate the capabilities of the plant.
In late April, Ucore reported that it tested a mixed rare earth carbonate from Defense Metals' Wicheeda project and confirmed it was suitable for commercial-scale processing at Ucore's planned facilities. According to the release, "(Wicheeda) is a source of material that can become a fundamental economic and technical component to Ucore’s plan of developing multiple SMC’s across North America."
On July 9, Ucore announced the execution of a non-binding memorandum of understanding with Cyclic Materials that aims to to qualify Cyclic's recycled rare earth oxide product in Ucore's process. This will start with the use of initial trial quantities of Cyclic's supply to support Ucore's rare earth demonstration program at its RapidSX facility. Additionally, the agreement positions Cyclic Materials as a potential long-term source for Ucore's planned facilities in the US and Canada.
In mid-August Ucore and Meteoric Resources (ASX:MEI) signed a memorandum of understanding for Meteoric to supply 3,000 MT of total rare earth oxides from its Caldeira rare earth ionic clay project in Brazil to Ucore's Louisiana strategic metals complex.
A similar deal was established with Australia’s ABx Group (ASX:ABX) in early September. The agreement will see ABx supply Ucore with mixed rare earth carbonates from its ionic adsorption clay rare earth resource in Northern Tasmania.
3. Mkango Resources (TSXV:MKA)
Market cap: C$31.69 million
Share price: C$0.12
Mkango is positioning itself to be a leader in the production of recycled rare earth magnets, alloys and oxides via its 79.4 percent stake in Maginito with partner CoTec Holdings. Mkango also has mineral assets, including the advanced Songwe Hill rare earths project in Malawi.
Mkango’s mineral assets include the previously mentioned advanced Songwe Hill rare earths project in Malawi, which is targeting neodymium, praseodymium, dysprosium and terbium, and its Pulawy rare earths separation project in Poland. It also holds a diverse exploration portfolio in Malawi that host resources such as rare earths, uranium, tantalum and niobium.
At the end of July, Mkango's wholly owned subsidiaries and the government of Malawi signed a mining development agreement for the Songwe rare earth project confirming the fiscal terms for its development, including a 10 percent interest to Malawi's government and exemption from custom and excise duties imports and exports.
Maginito owns HyProMag, a firm focusing on rare earth magnet recycling at the Tyseley Energy Park in Birmingham, UK. HyProMag is also the licensee of the Hydrogen Processing of Magnet Scrap (HPMS) process, which demagnetizes and liberates rare earth magnets from scrap.
A pilot plant using a long-loop recycling process underpinned by the HPMS process was just commissioned in July, and commercial operations are anticipated to start in Q1 2025. Additionally, Maginito is expanding HyProMag’s recycling technology to the US through the joint venture HyProMag USA, with a feasibility study underway.
In early June, Mkango announced that HyProMag has entered a non-binding memorandum of understanding with Envipro Holdings, a Japanese recycling and materials trading company, to develop rare earth magnet recycling initiatives in Japan and the UK, including marketing and potentially development of its HyProMag technology in Japan, as well as scrap recycling trials in both countries.
In an August update, Mkango reported that HyProMag will receive 350,125 euros to develop its eco-friendly NeoLeach technology, which will further upgrade metals recovered with HPMS. The funding is part of the 8 million euro GREENE project by the European Commission’s Horizon Europe Programme, aiming to improve the resource efficiency and performance of rare earth permanent magnets.
In early October, Mkango and HyProMag secured 218,932 pounds in government grants for recycling strategies under the Innovate UK initiative to advance its recycling routes.
Australian rare earths stocks
Australia ranks among the globe's top rare earths producers and possesses the fifth largest reserves of these minerals. The nation is notable for hosting the largest supplier of rare earths outside of China, which also holds the highest market capitalization among Australian rare earths companies.
Learn more about Lynas Rare Earths, Iluka Resources and Arafura Resources, the three largest ASX-listed rare earths stocks focused stocks by market cap.
1. Lynas Rare Earths (ASX:LYC)
Market cap: AU$7.37 billion
Share price: AU$7.80
Lynas Rare Earths is the leading separated rare earths producer outside of China, with operations in Australia, Malaysia and the US. In Western Australia, Lynas operates the Mount Weld mine and concentrator and is ramping up processing at its Kalgoorlie rare earth processing facility.
In mid-2023, Lynas received AU$20 million from the Australian government's Modern Manufacturing Initiative. This funding supports the Apatite leach circuit project at Lynas’ Kalgoorlie facility. The company marked a pivotal moment in December when the Kalgoorlie facility achieved its first production milestone, signaling the transition from commissioning to full-scale operation.
Additionally, Lynas is working to establish a light rare earths processing facility and a heavy rare earths separation facility in Texas, US. These initiatives not only bolster Lynas's position but also strengthen the rare earths industry in both Australia and the US.
The company processes mined material at its separation facility in Malaysia. In the March 2024 quarter, Lynas reported strong production rates, including 1,724 metric tons of NdPr, following successful ramp-up efforts in Malaysia. Despite a challenging market with low NdPr prices averaging US$47 per kilogram, quarterly sales revenue reached AU$101.2 million.
In late June, Lynas announced plans to begin production of separated dysprosium and terbium products at its Malaysian operations in the 2025 calendar year.
In August, Lynas reported a 92 percent increase in mineral resources and a 63 percent rise in ore reserves at its Mount Weld site. Mineral resources have expanded from 55.4 million to 106.6 million MT at 4.12 percent total rare earth oxides, while ore reserves have grown from 19.7 million to 32 million MT at 6.44 percent.
The new estimates include significant increases in contained heavy rare earth elements and support a mine life of over 20 years at expanded production rates. Additionally, stored tailings were added to the ore reserves as the operations have the ability to reprocess them to recover additional rare earth minerals.
In its full year fiscal results 2024, Lynas reported an AU$226 million decline in net profit after tax. Company CEO Amanda Lacaze attributed the decrease to a challenging market, lower production tallies and upgrading downtime.
“Whilst NdPr production decreased by 8 percent, in a year when we undertook a major works program at Lynas Malaysia, total costs reduced by 17 percent in FY24 vs FY23, a reflection of the continued focus on capturing efficiencies across the business,” she wrote.
2. Iluka Resources (ASX:ILU)
Market cap: AU$2.91 billion
Share price: AU$6.82
Iluka Resources is advancing its Eneabba rare earths refinery in Western Australia with significant backing from the Australian government, which aims to bolster the country’s footprint in the global rare earths market by tapping into its abundant reserves. The company also owns zircon operations in Australia, including Jacinth-Ambrosia, the world's largest zircon mine.
Iluka secured an AU$1.25 billion non-recourse loan for Eneabba under the AU$2 billion Critical Minerals Facility administered by Export Finance Australia. This funding will support the development of a fully integrated refinery capable of producing both light and heavy separated rare earth oxides. The facility will process material from Iluka’s own feedstocks and third-party suppliers, with initial production expected to commence by 2025.
Additionally, Iluka is progressing its Wimmera project in Victoria, focusing on mining and beneficiation of fine-grained heavy mineral sands in the Murray Basin. This project aims to supply zircon and rare earths over the long term. A definitive feasibility study for Wimmera is scheduled for completion by the end of 2025.
In the company’s Q2 quarterly results, Iluka noted that Q2 activity at Eneabba included the "progression of major engineering packages, conclusion of camp accommodation works and preparation for commencing the next phase of site works."
On August 21, Iluka released its half year results, which included a AU$106 million revenue decrease compared to the first half of 2023. The company pointed to global macroeconomics, operational and market discipline and capital investments for the reduction.
3. Arafura Resources (ASX:ARU)
Market cap: AU$418.93 million
Share price: AU$0.17
Arafura Resources, an Australian rare earths firm, has secured government funding to advance its Nolans rare earths project in the Northern Territory. Arafura is currently working towards a final investment decision for Nolans, which is shovel ready.
Nolans is envisioned as a vertically integrated operation with on-site processing facilities. A 2022 mine report updates Nolans' expected lifespan to 38 years, targeting an annual production capacity of 4,440 MT of NdPr concentrate. The project's definitive feasibility study highlights significant concentrations of neodymium and praseodymium, alongside all other rare earths in varying quantities.
Arafura has inked a binding offtake agreements with Hyundai Motors (KRX:005380), Kia (KRX:000270), and Siemens Gamesa Renewable Energy. Additionally, the company has a non-binding memorandum of understanding with General Electric Company's (NASDAQ:GE) GE Renewable Energy to collaborate on establishing sustainable rare earths supply chains.
In its update for the June quarter, Arafura noted that it had secured conditional approval for over US$1 billion in debt funding for the Nolans project. With safety preparations underway, Arafura is nearing a final investment decision and is set to begin construction once financing is finalized.
In a late August press release, Arafura announced the signing of a memorandum of understanding with Canada’s Saskatchewan Research Council (SRC) to process rare earths from Arafura’s Nolans project into dysprosium and terbium oxides at SRC’s facility in Canada. The collaboration aims to support global supply chain diversification for energy transition technologies.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Energy Fuels and Aclara Resources are clients of the Investing News Network. This article is not paid-for content.
Strong Drilling Results from Tarraji-Yampi (80%, 100%)
Dreadnought Resources Limited (“Dreadnought”) is pleased to announce results from a diamond drilling program and down hole EM (“DHEM”) surveys at Tarraji-Yampi, located in the Kimberley Region of Western Australia.
HIGHLIGHTS
- Assays from a diamond drilling program (6 holes, 1,524.8m) at Tarraji-Yampi have been received. These holes were designed to test 6 Cu-Au volcanogenic massive sulphide (“VMS”) targets around the Orion deposit and to identify potential off-hole conductors.
- Significant results were returned from the Orion, Orion Repeat, Orion Offset and OR1 targets:
Orion and Orion Repeat: KMDD001: 3m @ 4.5% Cu, 2.2g/t Au, 46.0 g/t Ag, 0.15% Co from 58.3m
And: 16m @ 0.7% Zn, 0.7% Pb, 12.7g/t Ag, 0.1g/t Au from 162m
Including:2m @ 2.6% Zn, 1.1% Pb, 26.8g/t Ag, 0.1g/t Au from 173m
Orion Offset: KMDD004: 5m @ 0.4% Cu, 0.5 g/t Ag from 11m
And: 1m @ 1.3% Zn, 0.7% Pb, 32.2g/t Ag, 0.1g/t Au from 23m
And a 50,000S conductor spanning ~150m x 150m, located ~100m down dip
And: 2m @ 0.9% Zn, 0.2% Pb, 3.8g/t Ag from 106m
And a 15,000S conductor spanning ~90m x 140m located ~80m down dip
OR1: KMDD006: 6m @ 1.2% Cu, 0.08% Co from 27m
Including: 2m @ 2.0% Cu, 0.19% Co from 28m
And a 24,300S conductor spanning ~80m x 200m, located ~180m down dip
- Additionally, a strong 14,500S off hole conductor spanning ~335m x 350m was defined at OR2.
- Results from the regional IP survey are expected in October 2024.
Dreadnought’s Managing Director, Dean Tuck, commented: “This drilling program was designed to identify new zones of mineralisation within and around the same feeder structures as Orion to better understand the Cu-Au VMS system. This program has delivered 6 new zones of mineralisation and four off-hole conductors that warrant follow up drilling. This is a successful outcome for the program and validation of the VMS model of mineralisation. As part of this program, an EIS co-funded IP survey was undertaken to test the effectiveness of IP at identifying Grant’s Find style Epithermal / Mesothermal Cu-Au mineralisation. The significant intersection of this style of mineralisation at OR1 underscores the importance of this work and we expect the results of that survey in October 2024.”
Figure 1: Photo of the Topdrill diamond rig at Orion Repeat.
Technical Discussion of Diamond Drilling
In the Phase 1 drill program (6 holes, 1,640m), 5 of the 6 targets were located along the same interpreted feeder structure as the Orion deposit and were defined by highly conductive, magnetic anomalies associated with elevated pathfinder geochemistry. These targets include the depth extension of Orion. The 6-hole Phase 1 drill program targets are discussed and summarised below.
Click here for the full ASX Release
This article includes content from Dreadnought 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.
Energy Fuels: Uranium Sector Strong, Now Ramping Up Rare Earths
Following the closure of Energy Fuels' (TSX:EFR,NYSEAMERICAN:UUUU)acquisition of Base Resources, Curtis Moore discussed the buildout of the company's rare earths and heavy mineral sands businesses.
"We are creating a truly diversified critical minerals company. This diversification is based upon on our core uranium processing and our core uranium production capabilities, which remain the heart of our business," he said.
"We have been and will be the number one uranium producer in the US ... however, on top of this uranium capability that we have, we've been able to bolt on a world-significant rare earth business and also a world-significant heavy mineral sand business," added Moore, who is SVP of marketing and corporate development at Energy Fuels.
Base Resources holds the Madagascar-based Toliara project, which once up and running will be a source of heavy mineral sands, as well as monazite, which can be used to produce the magnet rare earths used in electric vehicles.
Moore explained that Energy Fuels will be able to process the monazite at its White Mesa mill in Utah.
Using feed from Toliara, as well as the Donald project in Australia and Bahia project in Brazil, the company eventually expects to be able to produce 5,000 to 6,000 metric tons of neodymium-praseodymium oxide annually, as well as about 300 to 400 metric tons of dysprosium and terbium oxides. Moore estimated that it will take two to three years to get to that level of output as the company expands White Mesa and gets Toliara, Donald and Bahia going.
"When you're talking about those levels of rare earths, that's about the same size as a Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF) or an MP Materials (NYSE:MP), and we expect to be highly competitive on costs," he said.
Watch the interview above for more of Moore's thoughts on rare earths, heavy mineral sands and uranium.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Energy Fuels is a client of the Investing News Network. This article is not paid-for content.
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.
SRC and Defense Metals Sign MOU for Rare Earths Processing in Canada
Defense Metals (TSXV:DEFN,OTCQB:DFMTF) has signed a memorandum of understanding (MOU) with the Saskatchewan Research Council (SRC) to support the development of a domestic rare earths supply chain.
The collaboration was announced on Thursday (September 26) and has three main objectives.
The organizations will explore potential joint initiatives related to the processing and supply of rare earth materials, and will discuss the use of the SRC's rare earths separation technology for Defense Metals’ products.
They also plan to pursue negotiations for a long-term supply agreement.
The SRC has developed proprietary technologies for rare earths separation, while Defense Metals is developing its Wicheeda rare earths project, located about 80 kilometers north of Prince George in BC, Canada.
Guy de Selliers, executive chairman of Defense Metals, emphasized the partnership's strategic importance in enhancing North American supply chains for critical materials.
“By working together with SRC, we believe we can make substantial progress toward closing the rare earth supply chain loop and ensuring the availability of these critical materials for green energy and defense applications that are essential for national security,” he said in a press release shared by the company.
The agreement coincides with broader national efforts to reduce reliance on foreign sources for critical minerals.
The Canadian government is prioritizing the development of domestic mineral industries through its Critical Minerals Strategy, which seeks to support the country's economic security and competitiveness in clean energy and defense.
The partnership is expected to contribute to national security objectives by ensuring the availability of key rare earths that are essential for a range of modern technologies, including electric vehicles and military systems.
The MOU with Defense Metals is one of several recent moves in the sector by the SRC.
The SRC recently achieved commercial-scale production at its rare earths processing facility in Saskatoon, Saskatchewan. The facility, which became operational this past summer, is now producing rare earth metals at commercial levels, with an initial output of 10 metric tons per month of neodymium-praseodymium metals.
The facility’s purities exceed 99.5 percent, and its conversion rate is reported to be over 98 percent.
This milestone makes the Canadian province the first jurisdiction in North America to achieve commercial-scale rare earths production. The SRC plans to ramp up production to 40 metric tons per month by December of this year, and aims to reach an annual production capacity of 400 metric tons by early 2025.
Last month, the SRC signed a similar MOU with Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF) to explore the processing of rare earth materials from Arafura’s Nolans project in Australia at SRC’s Saskatoon facility.
This agreement focuses on processing heavy rare earths like dysprosium and terbium, which are used in high-performance magnets for electric vehicles and other technologies.
The rare earths industry has gained increasing attention due to the growing demand for clean energy technologies amid the ongoing energy transition. However, the supply chain remains vulnerable due to China's dominance.
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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