As governments and companies in Europe, Australia and the United States commit towards the clean energy movement, the demand for rare earths is projected to increase at a CAGR of seven percent through 2030. Rare earths are a group of 17 elements essential to the new world economy –– used in everything from electric vehicles and wind turbines to advanced weapons systems.
Among the most valuable applications of rare earths is its use in Rare Earth Permanent Magnets (REPMs) that account for 90 percent of the sector's value. REPMs are used largely for electric vehicles and wind turbines. Demand for REPMs are expected to increase at a CAGR of 10 percent through 2030, which is even higher than the demand projection for the rare earth industry. As a result, companies with rare earth elements used in the production of REPMs may present an exciting opportunity for investors seeking to capitalize on the market's projected growth.
RareX (ASX:REE) is an exploration company focused on developing rare earths deposits in Australia. The company aims to become a leading producer and supplier of key rare earth elements such as neodymium-praseodymium which are needed for the manufacturing of Rare Earth Permanent Magnets (REPM).
RareX's project portfolio includes its flagship Cummins Range Rare Earths and its NSW Copper Gold JV with Kincora Copper Limited. The company's fully-owned flagship Cummins Range Rare Earths project is a globally-significant advanced rare earth and niobium project located in the tier 1 mining jurisdiction of Western Australia. The company recently published a significant maiden JORC 2012 inferred and indicated mineral resource of 18.8Mt at 1.15% TREO (inc. 0.23% NdPr) + 0.14% Nb2O5 including a high-grade resource of .5Mt at 1.98% TREO (inc. 0.38% NdPr) + 0.21% Nb2O5. RareX is currently completing a significant exploration and resource expansion program targeting primary mineralisation for the first time at Cummins Range
RareX's NSW Copper Gold JV projects provide shareholders with access to high-potential copper and gold projects in the Lachlan Fold Belt in New South Wales.
The Cummins Range project is strategically located in the East Kimberley region on Western Australia near the prospective Browns Range Rare Earth mine owned by Northern Minerals (ASX:NTU) and the operating Nicholson Gold mine owned by Pantoro (ASX:PNR).
The company has developed a low CAPEX development strategy for the Cummins Range Rare Earths project. The low CAPEX strategy involves producing an economically-valuable monazite concentrate and marketing it to refineries in Australia, Southeast Asia and China. RareX is already in the process of proposing facilities that can produce its monazite. Additionally, the project may provide a potential open-pit mining scenario which will further lower its CAPEX.
RareX is committed to an ESG framework that adopts the World Economic Forum (WEF) guidelines for sustainably supplying critical and rare earth metals needed for decarbonization of the global economy and technical applications. The company's ESG framework includes developing the Cummins Range project in a responsible and balanced manner, with due regard for safety, corporate governance, the environment, Indigenous relationships and other important ESG factors.
The company boasts a strong management team with more than 30 years of experience in rare earth metal discovery. RareX is led by the current management of EAU Mining and Met-Chem Consulting Pty Ltd. and former management of Primero Group (ASX:PGX), Peak Resources (ASX:PEK), Arafura Resources Ltd. (ASX:ARU) and Titan Minerals (ASX:TTM). The company's team also features members on the boards of AAEMEG and the Australian Institute of Company Directors.
- RareX aims to become a leading producer and supplier of key rare earth elements such as neodymium-praseodymium which are needed for the manufacturing of Rare Earth Permanent Magnets (REPM).
- The company's fully-owned flagship Cummins Range Rare Earths project is a globally-significant, potentially low CAPEX and advanced rare earth project. The project has a significant maiden JORC 2012 inferred and indicated mineral resource of 18.8Mt at 1.15% TREO (inc. 0.23% NdPr) + 0.14% Nb2O5 including a high-grade resource of .5Mt at 1.98% TREO (inc. 0.38% NdPr) + 0.21% Nb2O5
- RareX is currently completing a significant exploration and resource expansion program targeting primary mineralisation for the first time at Cummins Range
- RareX provides shareholders access to high-potential copper and gold projects in the Lachlan Fold Belt with its NSW Copper Gold projects
- RareX's Cummins Range Rare Earths project is near prospective and productive mines including Browns Range Rare Earth owned by Northern Minerals (ASX:NTU) and the operating Nicholson Gold mine owned by Pantoro (ASX:PNR).
- RareX hold significant equity investments in Kincora Copper Limited, Canada Rare Earths Company and Cosmos Exploration
- The company boasts a strong management team with more than 30 years of experience in rare earth metal discovery. RareX is led by the current management of EAU Mining and Met-Chem Consulting and former management of Primero Group (ASX:PGX), Peak Resources (ASX:PEK), Arafura Resources (ASX:ARU) and Titan Minerals (ASX:TTM).
Cummins Range Rare Earths
The Cummins Range Rare Earths project is an advanced high-quality rare earths project located 130 kilometres away from the town of Halls Creek and airstrip in the tier 1 Kimberley region of Western Australia in Australia. The project has access to infrastructure including power and water, and is accessible via the Great Northern Highway, Tanami Track and pastoral tracks. Cummins Range is located near Northern Minerals' Browns Range Rare Earth Mine and Pantoro's Nicholson's Gold Mine.
The Cummins Range project has a maiden JORC 2012 inferred and indicated mineral resource of 18.8Mt at 1.15% TREO (inc. 0.23% NdPr) + 0.14% Nb2O5 including a high-grade resource of .5Mt at 1.98% TREO (inc. 0.38% NdPr) + 0.21% Nb2O5 In mid-2020, the company completed 6,143 metres of drilling on the project that returned high grades including 36m at 4.6 percent TREO and 0.32 percent Nb2O5 from the surface and 3m at 25.1 percent TREO and 0.45 percent Nb2O5.
During 2021 RareX has been undertaking a significant resource expansion drilling program taregting primary mineralisation for the first time. In October 2021, the company announced the commencement of a scoping study on the Cummins Range project which it hopes to complete by the first quarter of 2022 to establish an economic value of the project. Currently, the company is focused on upgrading the resource at the Cummins Range project through an aggressive drill program. RareX expects the project will require relatively low CAPEX based on a potential open-pit mining scenario due to the mineralization presence.
The NSW Copper Gold JV
The NSW Copper Gold projects include multiple prospective copper-gold projects located in New South Wales in Australia in JV witho Kincora Copper. Under the agreement, RareX will retain 35 percent free carry in the projects.. RareX will also owns approximately 5 percent of Kincora Copper.
Comos Explroation Limited (ASX: CX1): Byro East Project
Rare X has recently listed CosmosEexploration Limited with its main project being the Byro East Project. The Byro East project is a magmatic nickel-copper-PGE project located in Western Australia. The project was initially anticipated to be a rare earths project. However, the nearby Julimar discovery by Chalice Mining and further geological assessment has set the Byro East project up to be a prospective nickel-copper-PGE project. The project is surrounded by properties owned by Buxton Resources, Chalice Gold Mines and other private companies.
The Byro east project features the Milly Milly intrusions which are considered to be geologically similar to the Gonneville intrusion at the Julimar discovery. The company plans to begin exploration to evaluate a nickel-copper gossan at the surface as well as other geochemical targets.
Jeremy Robinson - Managing Director
Jeremy Robinson is the founder of RareX that was acquired by Sagon. Robinson has worked in both the capital markets and in-house for junior and mid-cap mining companies for the past 15 years.
Robinson is an experienced mining executive. He has held senior roles at Mungana Goldmines Ltd. and Kagara Limited. Robinson holds a Bachelor of Commerce with a major in Corporate Finance, Investment Finance and Marketing from the University of Western Australia.
Oonagh Malone - Company Secretary
Oonagh Malone is a principal of a corporate advisory firm that provides secretarial and administrative services for companies. She has over 9 years of experience in administrative support roles for listed exploration companies and is a member of the Governance Institute of Australia. Malone is a non-executive director of Hawkstone Mining Ltd. and Carbine Resources Ltd. She is currently the company secretary of multiple ASX-listed companies, including Boss Resources Ltd., Bunji Corporation Ltd., Caprice Resources Ltd., Clancy Exploration Ltd., Hawkstone Mining Ltd. and New Century Resources Ltd.
James Durrant - General Manager Projects
James Durant is a mining and mechanical engineer with a background in tier 1 and junior mining company operational leadership and project development. Durant's experience stems from across Africa and Australia. Durant started his career with BHP Billiton.
Durant is experienced in greenfield project development from exploration through to development. His experience includes leading the engineering, socio-environmental and infield investigation programmes for Danakali's Colluli Potash project in Eritrea and Canyon's Minim Martap Bauxite project in Cameroon. He has also led in-country teams and has supported projects through permitting and agreement negotiation, funding and major contracts including off-take.
Currently, Durant is the general manager of projects for RareX Ltd. Durant leads the Cummins Range Rare Earths and Critical Metals project in Western Australia for RareX. Additionally, Durant is the director of EAU Mining which is an Arabian-Nubian Shield-focused resources company. Durant is also the director of AAMEG which is the peak body representing Australian companies engaged in the development of Africa's resource industry.
Gavin Beer - Lead Consultant Metallurgist
Gavin Beer has more than 30 years of experience in technical and operational roles in the mining industry with the last 12 being exclusively within the rare earth and technology metals sector. Beer is a Chartered Professional and a Member of the Australian Institute of Mining and Metallurgy. Beer is also qualified as a Competent Person for both JORC and NI 43-101 reporting concerning his metallurgical expertise.
Beer has been responsible for the development of flow sheets for 8 rare earth projects globally and is recognized as one of the world's preeminent metallurgical experts in the rare earth industry.
Beer is the founder and principal of Met-Chem Consulting Pty Ltd. which is a specialist consultancy focused on rare earths and critical metals processing. Met-Chem Consulting Pty Ltd. has been engaged by more than 20 rare earth companies globally including Hastings Technology Metals Ltd. (ASX:HAS), Pensana Metals Ltd. (ASX:PM8) and Mkango Resources Ltd. (AIM:MKA).
Beer was previously the general manager of metallurgy at Peak Resources Ltd. (ASX:PEK) and manager of metallurgy at Arafura Resources Ltd. (ASX:ARU).
Beer will be responsible for supervising the metallurgical test work and flowsheet design and optimization at the Cummins Range Rare Earths Project.
Guy Moulang - Head of Exploration
Guy Moulang has more than 15 years of experience in technology metals, base metals and gold exploration. Moulang has a Bachelor of Science from James Cook University and is a Member of the Australian Institute of Geoscientists (AIG).
Moulang spent 10 years at Kagara Ltd. where he played an integral role in taking Kagara from an ASX-listed junior company to an ASX-200 company with a market capitalization of A$1.5 billion. Moulang was involved with the company through the discovery and drilling out of multiple base metal orebodies.
Moulang will be responsible for overseeing the Sagon's exploration activities at Cummins Range Rare Earths Project.
Jayson Meyers - Consultant Geophysicist
Jayson Meyers founded Resource Potentials Pty Ltd. in 2001. Meyers is currently a principal geophysicist and director of Resource Potentials Pty Ltd. Meyers has a Bachelor of Science in Geology from California State University in 1987, Master of Science in Geochemistry from the University of Miami in 1989 and Ph.D. in Geophysics from the University of Miami in 1995.
Meyers has a broad global understanding of geology and exploration which has contributed to discoveries. These discoveries include gold, manganese, iron, base metals, industrial metals, coal, diamonds and hydrocarbons. Meyers is experienced with project management, evaluation, due diligence, land access, native title cooperation, environmental issues, local legal and political frameworks and contract negotiations.
Meyers has a long research and teaching association with Curtin University and CRCs in the area of geophysical exploration for blind mineral deposits under regolith cover or along with deep structures. Meyers was jointly awarded the Laric Hawkins Award in 2000 for the Most Innovative Use of a Geophysical Technique presented by the Australian Society of Exploration Geophysicists. Meyers is also an author of many peer-reviewed articles.
Meyers is a fellow of AIG and a member of ASEG, AGU and the Society of Economic Geologists.
John Young - Chairman
John Young is a highly experienced geologist and was co-founder and executive director of successful ASX200 lithium producer Pilbara Minerals Ltd. (ASX: PLS). Young played a critical role in growing Pilbara from a junior ASX-listed company to a globally significant $2 billion lithium producer in the Pilbara region of Western Australia. Young currently serves as a non-executive director of ASX-listed Bardoc Gold Ltd. and Trek Metals Ltd.
Shaun Hardcastle - Non-Executive Director
Shaun Hardcastle has over 10 years of experience as a corporate and finance lawyer. Hardcastle has extensive experience in corporate governance, risk management and compliance. He has been involved in a broad range of cross-border and domestic transactions including joint ventures, corporate restructuring, project finance, resources and asset/equity sales and acquisitions.
Hardcastle has practiced law both in Australia and overseas. Hardcastle is a partner at Bellanhouse Lawyers. Hardcastle is currently a non-executive director of ASX-listed companies Hawkstone Mining Ltd. (ASX: HWK) and Schrole Group Ltd. (ASX: SCL).
Cameron Henry - Non-Executive Director
Cameron Henry is the founding managing director of the ASX-listed engineering firm Primero Group Ltd. (ASX: PGX). Henry has led Primero Group's strategic and operational direction resulting in its successful listing on the ASX in 2018 and its rapid global growth.
He has been instrumental in positioning the Primero Group to grow within the resources sector as a leader in sub-$150 million CAPEX EPC projects. He has ensured it can differentiate its services offering across design, construction and operation. Primero Group now operates in several regions globally with annual revenues of approximately A$200 million.
Henry has over 20 years of industry experience in the development and delivery of minerals processing, energy and infrastructure projects across Australia, Indonesia and North and South America.
He has been a member of the Australian Institute of Company Directors since 2013. Henry has previously held non-executive roles with ASX-listed resource company Titan Minerals Ltd.
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