• Remaining 49% of flagship Narraburra project bought from JV partner EX9 for very favourable terms for GRL
  • Considerably strengthens GRL’s landholding which is now includes 100%-ownership of over 500km2 of highly-prospective rare earth ELs
  • Narraburra has 94.9Mt JORC 2012 rare earths resource with high-grade magnet elements
  • Flexible development pathways under discussion with interested parties


Special Report: Critical minerals explorer Godolphin Resources now owns 100% of the Narraburra rare earths (REE) project in NSW after buying out JV partner EX9.

Narraburra is a highly prospective REE project with a 94.9Mt @ 739 parts per million (ppm) total rare earths oxides (TREO) – including a high-grade 20Mt component of 20Mt @ 1,079ppm TREO.

Godolphin Resources (ASX:GRL) recently expanded the project a further 110km2 and has received Phase 2 metallurgy results through ANSTO, achieving huge 80-95% magnet REE recoveries – the high-value rare earths such as neodymium and praseodymium (NdPr).


Exploration licenses at the Narraburra REE project. Pic supplied: (GRL)


Acquisition and further development

GRL’s stake in Narraburra has risen from 51% to full ownership after buying out its JV partner EX9 through a $150,000 cash payment and $100,000 worth of GRL shares with added performance rights.

It will acquire full ownership of EX9’s licenses, taking GRL’s project landholding to over 500km2.

GRL MD Jeneta Owens says the strategic decision to move to 100% ownership in Narraburra reflects the company’s belief it can develop a significant REE asset.

“This view has been further strengthened by recent developments, highlighted by strong metallurgy results and the successful commissioning of a scoping study based on the existing resource estimate.

“By approving this acquisition, the Godolphin Board and management team have capitalised on an opportunity to acquire full ownership of Narraburra on attractive commercial terms, leaving the company well-positioned to execute our stated exploration and development strategy.

“With control of two new exploration licences adjacent to our existing tenements, we’ll expand our 2024 works program at Narraburra to include further drilling and exploration activities alongside our ongoing project development plans.

“Exploration and development at Narraburra will be complemented by a flexible funding pathway, where discussions with interested counterparties for potential asset sales from within Godolphin’s diversified project portfolio are ongoing.

“We look forward to now focusing our resources and efforts on building Narraburra into a flagship rare earths asset within the Australian resources sector.”



This article was developed in collaboration with Godolphin Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.