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The assay results – released by SGS Geosol – showed ore from Campo Grande contains refinery-grade extractable alumina and low reactive silica, consolidating earlier results which included gallium intercepts up to 106.5 grams per tonne gallium oxide (Ga₂O₃) and bauxite intervals up to 42.1% of aluminium oxide (Al₂O₃).

This confirms that the project’s bauxite meets the standard for processing in a refinery via the low-temperature Bayer process, which is the industry standard for alumina production from gibbsite-rich ores.

SGS Geosol assessed this by placing samples through alkaline digestion under heat and pressure to mimic Bayer circuit parameters.

Equinox managing director Zac Komur said the results highlighted the value of Campo Grande – which is located in Brazil’s Bahia region – given the presence of these critical minerals.

“Recent results confirm the presence of refinery-grade bauxite, elevated gallium, and rare earth elements within the Campo Grande Project area,” he said.

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Of key importance, Mr Komur added, is the timing: “This project is along a key critical minerals trend in Brazil, at a time of increasing market focus on secure and independent sources of alumina and strategic metals.”

EQN shares rose on the news to trade at around 8.6 cents each.

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The anomaly, which comes before maiden drilling next month, was picked up following Perpetual’s 220-sample soil and auger geochemical program and indicated that the strike length of the outcropping high-grade lithium-bearing pegmatite could expand to more than 1.4 kilometres.

This should open the door for further mineralisation to be found along strike, and builds on previously reported rock chip samples, which revealed more than 7% Li₂O (lithium oxide) and 5.3% Cs₂O (cesium monoxide) at the project.

Adding to this, a significant new lithium target has also been picked up through first-pass soil sampling done 2.3 kilometres southeast of the main pegmatite prospect, with results going beyond 400 ppm Li₂O.

Perpetual’s exploration manager, Allan Stephens, said this sampling work has underscored the value of Perpetual’s assets. “These latest results reinforce the scale and potential of the Igrejinha Project, with the LCT corridor now stretching over 1.4 km and remaining open along strike,” he said.

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“A new lithium anomaly highlights regional upside, supported by high-grade lithium and caesium at an artisanal working. With maiden drilling in early June, Perpetual is entering an exciting phase to unlock value.”

PEC shares have been trading at 1.3 cents.

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The decision to focus on Igrejinha has been influenced by the exceptional assays picked up during a recent program of mapping and sampling work on outcropping spodumene found in the target zone.

A pegmatite measuring more than 15 metres wide, and NE-SW trending was exposed in artisanal workings there, yielding rockchip assays such as 7.6% and 7.5% lithium oxide (Li2O), and channel sample assays of up to 3.26% Li2O. In addition, caesium (Cs₂O) was found grading more than 5.3%.

Location has also proven an attraction, with this target located less than 10 kilometres from globally significant lithium projects, including Sigma Lithium’s low-cost production complex, Lithium Ionic, and CBL, which are also found within the same geological setting as Igrejinha.

Perpetual is planning to roll out a drilling program of 1,500 metres in early June.

Exploration manager Allan Stephens said the drilling work – which will total 1,500 metres and commence in early June – was an important step for the company.

“We are pleased to have secured an experienced drilling partner for our maiden lithiumfocused campaign in Brazil’s renowned Lithium Valley,” he said.

“Igrejinha continues to display strong geological fundamentals, with confirmed high-grademineralisation, scale potential, and proximity to some of South America’s largest spodumene deposits and lowest cost spodumene production in the world.

“Drilling will target surface-exposed mineralisation along a 1.4km NE-SW pegmatite corridor, and we look forward to providing further updates as the program advances.”

At 13:35 AEST, Perpetual shares 1.4 cents – a rise of 7.69% since the market opened.

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The MRE added 389 million tonnes at 2,204 parts per million total rare earth oxides, at a cut-off grade of 1,000ppm.

Within that was 77Mt of indicated resource at a grade of 2,917ppm TREO – with the same 1,000 ppm cut-off grade – plus a high-grade indicated resource area of 32Mt at 4,130ppm TREO (when 3,000ppm is the cut-off grade).

This is significant, the company explained, as it now shows an increase in the volumes of critical rare earths recently subject to Chinese Export Control.

Critical rare earth oxides are also an important part of Caldeira’s global resource, which is now set at 1.5 million tonnes (Bt) at 2,359ppm TREO.

Key components include 195,000 tonnes of Yttrium oxide, 195,000t of Praseodymium oxide, 554,000t of Neodymium oxide (light Magnetic), 65,000t of Samarium oxide, 28,000t of Gadolinium oxide, 6,000t of Terbium oxide and 32,000t of Dysprosium oxide (heavy Magnetic), and 2,000t of Lutetium oxide.

Overall, the measured and indicated part of the global resource has grown to 666Mt at 2,685 ppm TREO including 22.5% MREO (magnetic rare earth oxides).

“Barra do Pacu is immediately south of the Capão do Mel resource and with this update, we can now include it in the upcoming pre-feasibility study,” Stuart Gale, the company’s managing director, said.

“Geologically it represents the southern extension of the high-grade Capão do Mel orebody across a licence boundary into the Barra do Pacu licence.

“This resource estimate effectively doubles the Indicated Resource located within 1,000m of the proposed processing plant site. The combined Measured and Indicated Resource for Capão do Mel and Barra do Pacu is in excess of 150Mt at greater than 3,000ppm TREO including greater than 20% MREO.”

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Mr Gale then added that the latter indicates the possibility of a starter area for future mining at the Caldeira Project.

MEI has been trading at 6.9 cents heading into Tuesday.

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The company has signed a non-binding Letter of Intent with Pan American Silver Corp to take on the Lavra Velha gold-copper project, whose mineralisation is broadly categorised as being IOCG (iron oxide copper-gold) style, and which also includes oxidised gold and silver mineralisation close to surface.

Located in Brazil’s Bahia state, the project has a Foreign Estimate of 9.2 million tonnes (Mt)at 1.76 grams per tonne (g/t) of gold (Au) for 520,000k ounces (oz), including an indicated resource of 4.5Mt at 1.96g/t Au for 282,000oz, and an inferred resource of 4.7Mt at 1.56g/t Au for 238,000oz.

The shallow nature of its gold and silver (oxidised) mineralisation has been highlighted through intercepts such as 13.3 metres (m) at 17.1 g/t Au and 17 g/t Ag (silver) from 23m; and 3.5m at 20.1 g/t Au and 7 g/t Ag from 50m.

The priority for Alvo will be the completion of due diligence – already significantly advanced – with this needing to be done within a 45-day exclusivity period.

Alongside its acquisition news, Alvo said it would be undertaking a one-for-two pro rata Non-Renounceable Entitlement Offer to raise A$3.5M, priced at A$0.06 per share, with one-for-two attaching options (with an exercise price of 14cps).

The offer is expected to open to eligible shareholders at 7pm on Friday, April 4.

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“There is exceptional exploration upside to an already substantial resource of 520,000oz Au,conservatively defined by a senior industry producer,” the company’s managing director Rob Smakman said. “Our team is eager to complete due diligence so we can start bringing our exploration skills to the table.”

Alva shares were last trading at 0.8 cents – a rise of 13.3% since the market opened.

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Tin’s importance has been highlighted by researchers at the prestigious Massachusetts Institute of Technology (MIT), who have described it as the highest ranked critical metal on earth. And alongside this, its price has increased recently, due to concerns about anticipated supply shortages and disruptions.

Since December 2024, the price of tin has risen by 30% to nearly US$36,000 per tonne.

So, it makes sense Perpetual would wish to follow up reconnaissance sampling conducted last month, which revealed tin grades reaching more than 20% across multiple samples, with this also building on a peak assay of 7.3% tin (Sn) which was discovered during exploration in July 2024.

The expanded exploration work is still being defined, but is expected to include a review of artisanal workings, detailed sampling of soil and rocks, mapping and trenching.

Executive director Robert Benussi said there was much to be excited about concerning tin and lithium potential at Itinga. “With tin prices remaining strong and recent results confirming high-grade mineralisation at Itinga, we believe now is the ideal time to expand our exploration efforts,” he said.

“The Itinga Project represents an exciting, underexplored opportunity, and we are eager to unlock its full potential through targeted exploration activities.”

PEC shares have risen following the news, and just before close they were trading at 1.6 cents – a rise of 14.29% since the market opened.

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The discovery at the Brazillian project was made through metallurgical test work, which showed all four of these rare earth elements could be recovered at high values – and across all prospects – in unoptimised conditions.

Early-stage metallurgical work was conducted by the Australian Nuclear Science and Technology Organisation (ANSTO), on nine composite samples aimed at representing intercepts from shallow auger drilling at the project.

All nine samples confirmed the presence of IAC REE mineralisation, with extremely high recoveries. Results included two metres – five metres, three metres composite head grade 5,327 parts per million TREO (total rare earth oxides) including 1,327 ppm magnetic rare earth oxides with 94% recovery.

Other results included six metres – nine metres, three metres composite head grade 5,362 ppm TREO including 1,802 ppm MREO with 84% recovery.

Notably, the metallurgical features at Raptor have appeared similar to a nearby project operated by Meteoric Resources (ASX:MEI), which hosts a JORC Mineral Resource Estimate of 545 million tonnes at 2,561 ppm.

Follow-up work programs are planned to build on these results, the company said.

PEC shares jumped following the news and at 2:20pm the company was trading at 1.4 cents – a rise of 3.57% since the market opened.

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Twelve holes of drilling at the Minas Gerais region play found intercepts including six metres at 19.5% TiO2 and 4,800ppm TREO from 39 metres downhole; nine metres at 21.8% TiO2 and 7,700ppm TREO from 34 metres downhole; and seven metres at 24.5% TiO2 and 11,000ppm TREO from 39 metres downhole.

Resouro has been running an infill diamond drilling program of 39 holes across the Central Block of Tiros, with further assays due later on in February.

What they have uncovered is a broad zone of high-grade mineralisation with 10% to 12% TiO2 as a typical grade range, in addition to TREO grading between 4,000 to 5,000ppm, plus narrower intervals of very high-grade mineralisation of 19% to 22% TiO2 and 9,000 to 11,000ppm TREO.

The high-grade zone was picked up in eight out of 10 holes.

“These drill hole assays are exceptional on a global scale while remaining characteristic ofTiros mineralisation,” CEO Alistair Stephens said, adding the results point to the value of the company’s titanium and rare earths mineralisation.

“Beyond the impressive tenor of mineralisation, the lateral continuity over widths of 30m to 50m further underscores the project’s significance.”

Resouro last traded at 25 cents – a sharp rise of 21.95% since market open.

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The MREOs were particularly impressive, not only because they were enriched, but also due to the presence of peak zones grading up to 38% – with an average grade of 30.4%, which is 7.4% higher than the global resource average.

Meteoric also found elevated heavy magnetic rare earths comprising up to 2% of TREO.

The drilling work – focused on Agostinho – included 116 holes for 3,301 metres.

“These remarkable results confirm the extensive nature of mineralisation outside the current resource base,” Meteoric chairman Andrew Tunks said.

The work, he added, helped build confidence in high-grade areas across Caldeira.

“It highlights,” he continued, “there is considerable opportunity for Meteoric to target enriched zones of magnetic rare earths and heavy rare earths using our extensive database of project-wide sampling; unmatched inside the Caldera.

“It’s important to remember we have still only infill drilled eight of the 69 licenses available at the Project and continued identification of high-grade mineralisation creates greater optionality for the potential expansion of the Project, at the right time, to support the sustainable supply of rare earth materials to the western world.”

At 12:45 AEDT, Meteoric shares were trading at 8.4 cents – a rise of 4.32% since the market opened.

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The key features of ‘Trend Four’ comprise artisanal workings extending along strike from a newly discovered pegmatite, with the latter found only 650 metres from Trend One – which contains grades of up to 6.8% Li₂O (lithium oxide) – and 300 metres from Trend Three, which has grades up to 0.9% Li₂O from weathered pegmatites.

An initial sampling program at Isabella yielded lithium grades of up to 6.8% Li₂O, indicating its high-grade nature, and with the discovery of Trend Four, Perpetual can say it has delineated four distinct mineralised corridors.

Regional interpretation has also indicated extensions of up to three kilometres are possible when extrapolated at both ends.

Perpetual has also been encouraged by the presence of other prospective projects in this territory, dubbed Brazil’s ‘lithium valley’, including Atlas Lithium’s Das Neves – which has uncovered an intersection of 1.47% Li₂O over 95.2 metres – and less than three kilometres from Sigma Lithium’s Sao Jose Project.

Next on the agenda will be a maiden drilling program planned for the first half of 2025, with approval received for this by the Minas Gerais Environmental Agency.

Perpetual shares are trading at 1.6 cents.

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Sales reached 3.14 million barrels of oil equivalent (MMboe) during 4Q24, with the 53% hike explained by the timing of liftings at Karoon’s Baúna development offshore Brazil.

As a result, sales revenues for the quarter were US$222.2 million, bringing overall revenues for 2024 to US$776.5 million – a record for the company.

Also highlighted was Karoon’s completion of an exploration program in the Gulf of Mexico, achieving success with two out of three wells, and an upward revision of 190% in NRI contingent resource at Who Dat East 2C (from 5.4 MMboe to 15.7MMboe).

Karoon is also carrying out an evaluation of the resources at Who Dat South, while an assessment at Who Dat West found no significant hydrocarbons.

Gross production from Who Dat overall was 3% lower compared to 3Q24, mainly due to a planned annual platform shutdown and gas compressor maintenance.

CEO and managing director Dr Julian Fowles said Karoon’s performance in this quarter had been strong.

“Despite a number of operational challenges in the last quarter of 2024, including a 12-day shut-in to repair two FPSO anchor chains at Baúna and an active hurricane season in the US Gulf of Mexico, CY24 full-year production of 10.4 MMboe (NRI basis) was a record for the company,” he said.

“Full-year sales revenue of US$776.5 million was also the highest ever achieved by Karoon.

At 3:32 AEDT, Karoon shares were trading at $1.53 – a rise of 7.7%.

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Crucially, these numbers place the project as one with the highest grade and largest accumulation of MREOs in measured and indicated MRE parameters globally.

The global resource for Colossus also makes it the only publicly known IAC project with more than 600ppm MREO across its overall resource.

These factors, together with superior mixed rare earth carbonate (MREC) recoveries and economical flowsheet design (which is also environmentally friendly), have prompted Viridis to dub this the ‘premier REE development project, even in today’s depressed pricing environment.’

Achievement of the Colossus MRE update was enabled by resource modelling done by BNA Mining Solutions, using data from 1,359 drill holes across Northern Concessions, Southern Complex, Tamoyo, Ribeirão, and Capão Da Onça, including 743 augers, 540 reversecirculation, and 76 diamond drill holes.

Within the resource, there is also premium-grade mineralisation of 106Mt more than 4,000ppm TREO and 1,000ppm MREO (26% MREO/TREO), with this likely to facilitate high value and long-life feedstock to support robust project economics.

Viridis shares jumped on the news, and at 10:39 AEDT, they were trading at 46 cents – a rise of 15% since the market opened.

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The flowsheet refinement work is being done as part of the company’s wider Jaguar Value Engineering Process (JVEP), which aims to optimise the project – defining it specifically as one dedicated to producing concentrate, and building on the feasibility study published in July 2024.

Achieving a concentrate comprising high-grade nickel and low impurities is key to the JVEP since it would mean a reduction in the volume of concentrate to be shipped from the project, therefore reducing freight costs and boosting project economics.

The concentrate result was taken from a recent pilot plant trial at Jaguar – based on the new concentrate design – which delivered more than 30 kilograms of exceptionally high-grade concentrate, grading 34%.

The latter grade was possible due to Jaguar’s ore being millerite rich, one of the top forms of nickel sulphides.

This goes well beyond what is currently on the market, with traditional nickel concentrate normally grading between 12% and 14%. The one produced by Jaguar appears closer to the more lucrative Mixed Sulphide Precipitate (MSP).

However, Centaurus believes the 34% recoveries could push up to 70% once mine planning and geometallurgical test work are complete as part of JVEP. Samples of the current concentrate are being prepared to assist with off-take and strategic partnering discussions.

Centaurus has been trading at 36 cents.

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The company is aiming to run 2,000 metres of diamond drilling at Esperança in the first quarter of 2025, with drilling contractors and logistics already procured for the inaugural program.

In the lead up to this, it ran Raman spectroscopic analysis at Esperança, with this underscoring the fact that spodumene is the lithium bearing mineral there.

This backed up the discovery of a lithium-bearing pegmatite at the project, announced in November 2024 following a phase of early exploration which included project scalegeological mapping, ground reconnaissance, and soil sampling.

At the same time, Lightning picked up strong soil assays through soil sampling programs at the Caraíbas and Esperança projects – which are also located in the Lithium Valley in Brazil’s Minas Gerais region.

Assays of up to 429 parts per million (ppm) lithium were returned at Caraíbas and 320ppm Lithium at Canabrava.

Lightning has been trading at 6.6 cents.

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The project lies within the Bananal Valley, across a lithium-rich belt in eastern Brazil, with neighbouring mining activity including Latin Resources’ (ASX:LRS) Collina deposit, which holds 70.9 million tonnes at 1.25% lithium oxide (Li2O), lying along regional structural strike from Salinas II.

Gold Mountain conducted soil sampling across the project’s southern section, with samples taken at 50-metre intervals across 100 and 200-metre spaced sampling lines. This revealed lithium anomalies over the 1.5-kilometre strike extent of the soil grid, with coincident anomalies for beryllium, rubidium, tin and thallium.

Looking ahead to its drill program – which is proposed to include around 1,500 metres – the company is prioritising 10 lithium anomaly targets, some of which are coincident with outcrops of weathered pegmatite.

It now moves on to obtaining environmental permits for this, following up previously defined anomalies through extra soil lines in the tenement’s northwest, and continuing with detailed mapping to refine the understanding of pegmatite trends already identified.

At 14:45 AEDT, Gold Mountain‘s share price was sitting at 0.3 cents – a rise of 50% since the market opened.

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The MoU will allow Fangda – through its subsidiary Beijing Fangda Carbon-Tech Co. – to consider several commercial arrangements with St George, including an offtake agreement in which it could secure at least 20% of Araxá; the provision of technical advice on mine development and construction, and various funding options.

The latter could include an investment in St George or pre-payment for offtake.

The agreement – signed on January 15 – is anticipated to lead to a binding partnership between the parties, to be secured within nine months of the MoU.

Niobium is an important element in Fangda’s business as one of the world’s top 16 steel producers; the metal is essential for its high-strength steel products used in construction, bridges, ships, autos, and heavy mining equipment.

The company produces around 20 million tonnes of steel products per year and is aiming to push this to 50Mtpa as 2025 work begins.

“The relationship with Fangda – through potential financial and technical support as well as mine development – is another key milestone in de-risking the project,” St George executive chairman John Prineas said.

“The global niobium sector has only three primary producers – the global leader being CBMM, with its flagship project located immediately adjacent to the Araxá project.

“With extensive near-surface niobium mineralisation already confirmed by historical drilling at the Araxá project – including more than 500 intercepts of +1% Nb2O5 – as well as access to existing regional infrastructure, St George is continuing to position itself to be the next global player in niobium.”

St George has been trading at 2.3 cents.

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This was one of several drilling results picked up from an ongoing program at the multicommodity play – located in the Minas Gerais region – with 63 additional drill holes, with an average depth of 18.8 meters, returning exceptional titanium dioxide (TiO₂) results from the surface.

The average titanium dioxide grade was 10.23%; standout intercepts included 12 metres at 15.32% TiO₂, 61.2 metres at 11.89% TiO₂, and 23.95 metres at 13.38% TiO2.

Additionally, high-grade titanium, total rare earth oxides (TREO), and niobium pentoxide (Nb₂O₅) intercepts were concentrated within 10 to 15 meters from the surface, suggesting strong potential for development opportunities.

“These high-grade titanium intercepts, averaging 10.23% TiO₂ with a consistent grade profile and homogenous distribution, highlight the strong mineralisation continuity of the Mata da Corda project,” Managing Director Zac Komur said.

Mr Komur believes the drilling results pointed to a continually growing positive story.

“Combined with the potential for niobium and rare earth co-product credits, this district-scale discovery, staked just a year ago, marks a pivotal achievement.

“These latest results advance us toward our target of delivering our maiden Mineral Resource Estimate in H1 CY2025 and demonstrate the substantial value being built within our portfolio.”

Equinox shares last traded at 15.2 cents – a rise of 52.5% since the market opened.

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The company is in the process of finalising its acquisition of Araxá, with the deal set to close in the first quarter of 2025.

But it is already looking ahead to how the project – which boasts large-scale niobium and rare earths mineralisation grading up to 8% Nb2O5 and 33% TREO – might be exploited in the future.

According to the first MoU, which was announced on Thursday, St George will partner with SENAI on the production of rare earth magnets at the organisation’s planned La Fab facility in the same state – which is Brazil and Latin America’s first permanent magnet-making facility.

La Fab will commence production by 2024’s end, with an initial rate of 100 magnets per annum, although this is expected to double within the first 3 years of production.

A second MoU will bring St George and SENAI together to develop sustainable methods for the processing of niobium and rare earths products.

St George’s executive chairman John Prineas said the agreements would set up a pipeline of viable projects involving Araxá.

“We continue to build a strong platform to drive the Araxá Project forward and deliver the successful development of a mining operation,” he said.

“The partnership agreements signed with SENAI will support the development of downstream opportunities for St George – further integrating our proposed Araxá operation into Brazil’s supply chains for critical metals.

“SENAI is Brazil’s leading scientific and research organisation and has an outstanding track record of collaborating with the private sector to advance business through innovative technology.”

St George has been trading flat at 2.5 cents.

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Assays from 35 holes drilled at the program yielded results such as 10.2 metres at 15.0% TiO₂ (titanium dioxide) in one hole and 15m at 13.6% TiO₂ in another, showcasing significant high-grade potential.

Equinox pointed out 43 intercepts went beyond 12.0% TiO₂ across 85.6 meters, and that the highest grade titanium occurred within the top 15 metres.

The drilling was also impressive in terms of what it showed for total rare earth oxides (TREO), with strong levels of magnetic rare earth oxide (MREO) content in particular.

This included three metres at 6,847 ppm (parts per million) TREO (27% MREO), with 31 intercepts exceeding 3,000 ppm TREO totaling 53.4 meters.

Equinox is aiming to progress an MRE in the first half of the 2025 calendar year, with ongoing drilling at the Patos and Pindaibas prospects, which comprise only 1.4% of the whole Mata da Corda project area of 972 square kilometres.

Equinox shares moved up after the news, and at 13:49 AEDT, they were trading at 14.5 cents – a rise of 3.57% since the market opened.

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The company is investigating mineralisation focused on two distinct pegmatite trends at Isabella, with assays from exploration work including 5.4% in two areas (both of which included samples exceeding the maximum detection limit), 2.9%, 2.2%, and 1.7%.

This comes after a previous assay grading 5.6% had been reported in July.

Taken together, the exploration work has revealed the presence of high-grade lithium at three locations along a distinct pegmatite trend extending over a kilometre. Regional interpretation suggests this trend could extend for up to 3km of prospective mineralised corridor when extrapolated at both ends.

Early-stage mapping at the licenses indicated the possibility of ‘parallel and/or stacked’ pegmatite formations. This suggests possible repetitions and enhancing the potential for significant mineralised scale.

Executive chairman Julian Babarczy said the results were another stage in Perpetual’s achievements at the play, located in the Brazil’s Minas Gerais state.

“The Isabella Project is quickly proving itself as a prime exploration opportunity in the heartof the prolific Lithium Valley in Brazil,” he said.

“In just a few months, we have expanded on initial reconnaissance findings and have confirmed spodumene mineralisation in multiple locations along an initial two pegmatite trends extending over >1 km, with clear potential for additional growth.”

Perpetual shares have moved up on the results, and at 10:48 AEDT, they were trading at 1.9 cents – a rise of 11.76% since the market opened.

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