The company has been conducting ongoing metallurgical variability tests on ore from the Sarytogan Graphite deposit, located in Kazakhstan’s Karaganda region, with this material – taken from the Central Graphite Zone (CGZ)- producing a concentrate between 90.5% and 91.3% TGC based on flotation test work.

Earlier flotation work had focused on composite samples from the Northern Graphite Zone (NGZ) and CGZ, achieving 81% to 85% TGC.

The much better result from CGZ alone involved 3 samples, and produced the high-grade TGC at higher recoveries of 84.7% to 86.8% on all 3. This is expected to boost the marketability of Sarytogan’s concentrate, which was previously known as Micro80C.

Managing director Sean Gregory said the result would a boost to ongoing development work on the project.

“The achievement of greater than 90% TGC in flotation concentrate from the CGZ is a greatachievement,” he said.

“The higher grade is expected to open this product to a broader market and potentially higher prices.

“These improvements will be validated with further tests for integration into the Definitive Feasibility Study underway.”

Sarytogan Graphite has been trading at 4.1 cents.

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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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Jupiter is part of the wider Brothers clay-hosted project, 250 kilometres east of Geraldton.

The critical minerals upgrade was achieved through a simple flotation process, producing a beneficiated product grading 13,310 parts per million (1.331% total rare earth oxides) from composite ore taken from Jupiter.

These results – part of a wider effort to roll out beneficiation at Jupiter – have left Critica confident that a high-grade concentrate can be produced from this ore.

Managing director Philippa Leggat said the development is now considered a top priority for the company after it indentified that Jupiter “holds significant economic and development potential given its high in-situ grades, large scale and premier location within a key Western Australian mining hub.”

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“With those very real dynamics in mind, we are treating this significant project with the respect it deserves,” Ms Leggat continued.

“This means building a strong foundation of robust geological and metallurgical data via rigorous technical work, targeting the establishment and derisking of a valuable, intergenerational development opportunity.”

Critica shares have been up more than 11.7% to sell at 1.9cps.

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The testing involved gravity recovery and cyanide leaching across a range of samples from Mulga Bill – covering multiple mineralisation styles, and including areas with copper grades of up to 6,483 parts per million (ppm).

It resulted in strong gold recoveries, with a low proportion of cyanide-soluble copper, and low cyanide-soluble chalcopyrite being the dominant copper mineral in four of the five sample parcels.

For the 668,000-ounce Side Well project, this was an important step, demonstrating Mulga Bill’s aptitude for conventional gravity recovery and cyanide leaching processing methods (as used by neighbouring gold mills).

Managing director Andrew Paterson said the test work was a boost for both the project and Great Boulder shareholders.

“The results of our metallurgical test work demonstrate Mulga Bill leached extremely effectively and is therefore amenable to standard cyanide leaching,” he said.

“This means it can be processed through a conventional gold plant or any of the existing gold plants in the Meekatharra region.

“This is a hugely important outcome, as it removes one of the last remaining questions around potential mine development at Side Well.”

He continued: “Mulga Bill has the majority of gold ounces known to date so it will always be the engine room of any mining operation here, and hence we’re extremely pleased and excited with this outcome.”

Great Boulder shares have performed strongly since the news, and at 14:02 AEDT, they were trading at 4.8 cents per share – a rise of 2.13% since the market opened.

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The results – which built on previous test work at the project – showed an average gold recovery for all oxidation states in seven composites of more than 91%.

Of the composites, five were subject to conventional gravity/ CIL leach, while two included the addition of flotation and fine grind of float cons.

The work saw a 4-8% improvement in recovery for the Fresh Core and Fresh South composites through the addition of flotation and fine grinding of the float cons intothe circuit. Further work is still required though due to Fresh Core being largely underground material and continues to one kilometre downdip.

In January, initial metallurgical test work on drill samples from LJN4 showed its mineralisation was suitable for conventional gravity and leach processing in order to attain high gold recovery.

This was followed up in mid-2024 with a series of tests focusing on larger sample sizes and deeper (fresh) material, with seven metallurgical samples selected from 46 drill holes at LJN.

The most recent work has also shown – in addition to strong recoveries – that there is no evidence of preg-robbing in any of the seven composites.

At 11:19 AEDT, Magnetic was trading at $1.33 – a rise of 2.31% since the market opened.

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This article originally appeared on Stockhouse and was reproduced with permission.

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Multiple batch flotation tests were run on the material, yielding recoveries of between 85% and 90% copper, as well as a copper concentrate holding grades of 25% to 30%, with an overall lack of deleterious elements.

Alongside these results, Pivotal was pleased to note the presence of substantial precious metals in the copper concentrate, with recoveries including 55% gold, 50% silver, and 38% palladium.

The company is in the process of developing a flowsheet for production of a nickel concentrate, with further precious and cobalt recoveries expected in the nickelcircuit.

Managing director Ivan Fairhall said he was impressed by what the test work had shown.

“Copper is the dominant metal on the project, and these excellent copper resultsare a strong endorsement of the future development potential of the project,” he said.

“Not only have we achieved high copper recoveries, but the production of clean highgrade concentrates containing value adding precious metals byproducts maximises therevenue and financing potential of the deposit, adding significant strategic value to thecompany given the severe copper market deficits being widely forecast.”

PVT shares rose following the news, and at 12:40 AEDT, they were trading at 1 cent: a rise of 25% since the market opened.

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The news – which at time of writing, is the most talked about on the HotCopper forums – shows a marketable antimony concentrate can be produced from the Western Australian project, with Warriedar looking ahead to consolidating Ricciardo with a maiden mineral resource estimate for antimony in the first quarter of 2025.

The company’s confidence in the mineral had begun earlier in the year, when diamond drilling showed intercepts such as 1.9 metres at 28.5% antimony (Sb) could be yielded from Ricciardo. This, plus a review of historical drill data, showed significant potential for antimony there.

The resulting metallurgical test work was built around diamond core from the 2024 program, which achieved an 83% recovery from single-stage closed-circuit flotation with grinding size 65% passing 75 microns (μm).

Warriedar managing director and CEO Amanda Buckingham said, “These initial met results for the primary antimony mineralisation at Ricciardo are undeniably exciting.”

“The context to them is the significant volume of antimony at Ricciardo, including high-grade zones that appear relatively discrete from the higher-grade gold mineralisation, that are not yet well-defined but show serious scale and grade potential.

“While we are excited about this emerging opportunity at Ricciardo, I want to emphasise again however that pursuit of this opportunity will be in parallel with our growth-focussed gold drilling at Golden Range, which remains our current core focus.”

Warriedar shares have moved up today, and at 13:26 AEDT, they were trading at 6 cents – a rise of 1.7% since the market opened.

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The company has carried out a successful program of metallurgical test work – specifically a trial HM separation test – on samples from historical drilling at Rosewood, with lab results showing that from the HM tested, titanium represented a significant fraction.

Further analysis of the HM fraction through X-Ray Diffraction showed between 19 and 21% rutile, between four and 7% anatase and between 68 and 70% pseudo rutile.

The sampling for this test work was taken from composite samples from wide spaced drill holes over 2.5 kilometres, and they returned heavy mineral HM concentrated at 12.0% and 12.5 % from shallow depths.

But Petratherm has also focused its attention away from the historically drilled samples, conducting its own drilling campaign at Rosewood across an area of eight kilometres by two kilometres.

From this campaign, 90 samples have been taken from a representative drill section trending over 1.8 kilometres, with these selected for fast-tracking HM separation analysis with results expected in three to four weeks.

CEO Peter Reid said he saw great potential for the prospect, based on what had been revealed in these tests.

“The initial metallurgical results from historic drilling at the Rosewood prospect are outstanding and beyond our expectations,” he said.

“As the Muckanippie project evolves, it continues to surprise with emerging potential to be a significant source of high value titanium minerals and transformational for the company.”

Petratherm shares jumped after the news was released, and by 13:02 AEDT, they were trading at 8 cents – a rise of 60% since the market opened.

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The grades in these two minerals in particular is higher when compared to the MREC produced by other clay-hosted project.

The maiden MREC was produced through process development testing on samples from Narraburra, with the resulting product being suitable for sale to specialist refining companies for processing into rare earth metals and oxides.

This initiative was part of Godolphin’s third phase of metallurgical testing on the project, which also revealed leach extraction rates of 90% for magnet rare earth oxide (MREO), with concentrations of impurities in leach solutions set at typical levels, and very low acid consumption.

The overall recovery of MREO for the testing was 77% – from MREC through to clay, and the MREC product specifically comprised 57.6% wet tonnes (wt) total rare earth oxides (TREO).

Of this, heavy rare earth oxides make up 66% of the TREO.

Managing director Jeneta Owens said this was an important result for Godolphin.

“We are thrilled to have achieved a major breakthrough with the completion of this metallurgical test work at Narraburra,” she said.

“This is a critical step in understanding the optimal conditions to process the Project’s REE mineralisation in an efficient and cost-effective manner.

“Pleasingly, this has led to the creation of the Project’s first MREC, which will allow for the commencement of discussions with potential off take partners.”

Godolphin shares rose on the news, and at 10:40 AEDT, they were trading at two cents – a rise of 17.65% since the market opened.

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The testwork was carried out at a laboratory in Australia and focused on upgrading the concentrating, increasing the average graphite grade from 94% to 98% TGC without any reduction in recovery.

This 98% TGC setting is significant as it indicates the concentrate’s suitability as active anode material for lithium-ion batteries. Higher purity graphite content is also beneficial when it comes to downstream processing as it suggests a lower consumption of reagents to purify the material.

NGX has dispatched the upgraded concentrate to tier-one customers for assessment. It will also be integrated into downstream testwork as part of the graphite explorer’s ongoing qualification program.

NGX director Peter Fox said he was pleased with the result, given the efficient upgrade based on simple amendments to the flowsheet.

“In a current market with a benchmark of 94% TGC, this cost-efficiency and environmental advantages of producing concentrate at 98% TGC purity are significant, presenting a compelling opportunity for industry stakeholders and downstream end-users to take notice,” he said.

“NGX looks forward to updating shareholders on the sample provided to a Tier-1 anodematerial producer and progress on the Company’s own vertically integrated ore-to-anode materials development.”

NGX has been trading at 15 cents.

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During the program, 63 samples were collected from 37 locations, focused on a high-grade 83 metre historical trench at the project, with the highest grade showing 3.35% TREO (total rare earth oxides) and 27.5% P2O5.

Within this result, DY6 also discovered that the average heavy rare earth oxides (HREO) made up 13% of the TREO basket, and that the levels of deleterious elements such as mercury, lead and cadmium in the phosphorus-rich rocks were low and sometimes undetectable.

Heavy rare earth elements included 2.5% Dy (dysprosium) & Tb (terbium).

DY6 is undertaking the metallurgical testing to assess historical studies done at Tundulu, in addition to findings from a 2017 metallurgical report which was completed by previous operators of the licence.

This round of test work – conducted by Nagrom metallurgical and analytical laboratory in Perth – will seek to validate beneficiation results yielded by the previous laboratory.

DY6 is seeking to ascertain the early-stage viability of producing two product streams: a REE commercially saleable concentrate and a mixed phosphate concentrate containing rare earths.

According to the testing done by Nagrom, mot samples showed excellent phosphorus (P) solubility of over 40%, with one returning solubility of 81%.

DY6 shares rose on the news, and at 14:43 AEDT, they were trading at 6.5 cents – a rise of 3.17% since the market opened.

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The program of hydrometallurgical work involved wet screening, bulk sighter flotation, thermal roast/water leach and acid sighter leaching.

The latter segment (acid sighter leaching) also picked up recoveries of 87.8% HREE (heavy rare earth elements) and 90.8% LREE (light rare earth elements).

Additionally, bulk flotation work showed a high recovery to flotation concentrate of minus 0.15mm fraction, with Indiana now focusing on a program of hydrometallurgical (or acid leaching) test work, as well as beneficiation optimisation test work in the near future.

Also a priority for the company in future work will be determining if more efficient clay separation is achievable from the ore – with this to be assessed through potential attritioning of the coarser fraction.

Minos – which measures 6 kilometres by 4.5 kilometres – is only one part of Indiana’s Central Gawler Craton exploration project (CGCP) in South Australia, which itself covers 5,713 square kilometres.

Previous drilling from the prospect have indicated its potential for high-grade REEs: with intercepts such as 26 metres at 4,767ppm (parts per million) TREO and 1,894ppm MREO from 46 metres, including 1 metre at 46,721ppm TREO and 22,255ppm MREO from 48 metres.

Executive Chair Bronwyn Barnes said this program of work had proven promising for Indiana’s expectations for Minos.

“These latest results from Minos clearly demonstrate the strong REE potential of this project area in South Australia. Initial ‘sighter’ test work has focused on beneficiation of the clay hosted REE at Minos and provided outstanding results,” she said.

“High recoveries of both TREO and MREO to a 4% TREO flotation concentrate is particularly encouraging.

“We look forward to the next phase of hydrometallurgical test work which will focus on acid leaching of the concentrate.

“These results give the company the confidence to continue drilling to better define the size potential of our 6km x 4.5 km REE target which remains open in all directions.”

Perhaps due to uncertainty around such early-stage work – or the call for future assessment of more efficient clay separation – investors seemed unenthused by the news. At 12:43 AEST, shares in Indiana were trading at 9.2 cents – a fall of 2.13% since the market opened.

The test work also revealed that levels of unwanted materials – in particular silica and aluminium – were below 3 percent, the grade needed to meet DRI (direct reduced iron) requirements.

Australian Laboratory Services (ALS) – which carried out the metallurgical work – experimented with several grind sizes, initially processing with a coarse grind size, and finding that through this, industry standard grade of iron ‘fines’ could be produced.

Higher grades are also being sought for the Buena Vista ore, through flotation testwork which is currently underway, and Magnum intends to supply key customers with a bulk magnetite concentrate for them to undertake in-house testing.

Managing director Neil Goodman said the testing had revealed a strong standard of ore for the project.

“This test work has proven that the Buena Vista magnetite orebody can deliver a premium magnetite concentrate from across the mineralisation style seen there,” he said.

“Significantly, deleterious elements, particularly alumina, silica, phosphorous and sulphur, are well below that needed to deliver a DRI product that is in increasing demand in the push to decarbonise the steel industry.”

Magnum has been trading at 1.4 cents.

They discuss Whitehaven Coal (ASX:WHC); coking coal (used to make steel); thermal coal (used for electricity generation); coal pricing; and, political risks around coal.

Mr Sala Tenna discusses the company’s policy of returning capital to shareholders, and its acquisition of the Daunia and Blackwater metallurgical coal mines in a $3.2 billion deal announced last October.

The mines were previously owned by BHP Group (ASX:BHP) and Mitsubishi Development Pty Ltd. The Daunia mine backs onto WHC’s Winchester South asset.

Whitehaven last traded at $7.75.

Talk Ya Book was created by Chris Judd in 2019 as a show where fund managers could share their highest conviction investment idea but more importantly showcase their investment framework to the public.

In 2023, Chris joined the people he interviews in the world of funds management by creating the Cerutty Macro Fund. Chris is the founder and portfolio manager of the fund which looks to invest in long term, secular, macro trends.

Disclaimers: Juddcorp Pty Ltd ACN 635 629 631 is a corporate authorised representative (CAR) (CAR Number 1300536) of Boutique Capital Pty Ltd ACN 621 697 621 AFSL 508011.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.