• Perpetual Resources keeps on keeping on – up today after kicking off its Raptor REE project exploration in Brazil
  • G11 meanwhile has shared some high-grade copper results from its Koonenberry Belt project in NSW
  • And NTU is also surging after yesterday’s note from Treasurer Chalmers regarding Chinese shareholder divestment


Here are some of the biggest resources winners in early trade, Tuesday June 4.


Perpetual Resources (ASX:PEC)

Fresh from crushing it in May (it didn’t walk away – read > here) thanks to its WA silica sand and Brazilian Lithium Valley operations, PEC is flexing hard again today.

[Ed: That’s the THIRD time you’ve used that PEC flexing gag lately. You’re officially gagged from using it again. Probably.]

The share price is up more than 20% so far today, and about 112% over the past month.

The reason? It’s rare earths this time. Talk about diversifying your sick gainz.

The company has announced the commencement of its exploration program at the Raptor REE project, which is situated in the prolific Caldeira REE complex in Minas Gerais, Brazil.

Specifically, this very initial stage of the operation represents the due diligence exploration phase.

Raptor covers a strategic area of 380 hectares, and has some nearology chops as reason for the company to be excited. It’s located close to Meteoric Resources’ (ASX:MEI) Tier 1 Caldeira ionic clay REE project, which boasts a JORC Mineral Resource Estimate of 545 million tonnes at 2,561ppm TREO comprising 24.1% MREO.

So, what happens in a due diligence op? In this instance, the company aims to: foster good relations with local landowners, identify anomalous REE occurrences via sampling and rock chipping, and possibly execute an auger drilling program to test potential REE grades.

Initial results are expected some time in July, with deeper auger drill results more likely to come in August.

Source: PEC


G11 Resources (ASX:G11)

Formerly known as Odin Metals, G11 is focused on copper and gold exploration, specifically at its Koonenberry Belt project in far western NSW.

The share price is double digits to the good so far today after G11 announced strong new assay and down hole geophysics results from a recent reverse circulation (RC) drilling program at Wilandra Central.

That’s a key target area within the 30km-long Wilandra Copper Corridor of the company’s wholly owned Koonenberry project.

Some of the strongest results included:

• 9m at 2.68% copper from 310m, including 6m at 3.46% copper from 311m;
• 6m at 1.06% copper from 361m, including 3m at 1.83% copper from 363m
• 5m at 2.48% copper from 327m; and
• 4m at 1.33% copper from 264m, including 1m at 3.55% copper from 265m

The company says that the results have successfully extended the Peveril prospect mineralisation an additional 140m down-plunge, to +400m down-plunge (330m below surface). And drilling has also identified a mineralised link between the Peveril and Grasmere prospects, which extends the defined mineralised strike length to 4km.

What next?

Follow-up diamond and RC drilling will “commence immediately”, with 4,000 metres planned. They’re not messing about.

Source: G11

G11 MD and CEO Simon Peters said:

“This is a highly encouraging set of RC drilling results and clearly demonstrates the merit of focusing our exploration activities on Wilandra Central in 2024.

“Wilandra Central now has a 4km strike extent of mineralised structure, which remains open in all directions. This includes higher grade shoots with immediate and substantial mineral resource potential.”


Astron Resources (ASX:ATR)

Astron and a US-based critical minerals company – Energy Fuels – have executed a binding farm in/JV agreement for the development of the Donald rare earths and mineral sands project in Victoria.

For a 49% stake, Energy Fuels will contribute $183m to development and issue ATR with US$17.5m in shares.

ATR says the new JV highlights the development of the Donald project as a major new long-life, source of critical minerals, “establishing a Western rare earth value chain that is aligned with the Australian Government’s critical minerals strategy”.

The JV also includes an offtake agreement with Energy Fuels for 100% of rare earths production from Phases 1 & 2 of the project (indicatively 58 years).

Astron MD Tiger Brown believes the JV is a “transformational moment” in the company’s history, adding:

“In Energy Fuels, we have found a joint venture partner that shares our values, our goals and focus, one that strongly complements our mineral sands experience and aspirations with their own rare earth experience and strategy.”


Northern Minerals (ASX:NTU)

NTU is up about 20% so far today after the news hit yesterday that Federal Treasurer Jim Chalmers has urged five Chinese shareholders to divest a total of 10.4% in rare earths stock Northern Minerals.

Reuben covered this yesterday afternoon/evening in Monsters of Rock, but to paraphrase/steal/recap…

Chalmers has essentially told five Chinese shareholders to divest a total of 613,573,632 shares in NTU.

That’s 10.4% of the entire issued stock to be sold within 60 days, according to the Treasurer’s notice, which, as Reuben points out, indicates a desire to keep local critical minerals out of China’s grasp.

China dominates the rare earths space, controlling 65% of the world’s mining, 85% of the processing, and 92% of rare earth magnet production.

“Now the West, belatedly realising that minerals are critical when you don’t control them, is moving to protect its assets,” wrote our Reubs, adding:

$200m capped NTU has been plugging away at its Browns Range rare earths project in the East Kimberley region of WA since late 2009.

The focus for the company is on producing dysprosium and terbium, which are critical to the manufacturing of permanent magnets used in things like electric vehicles and wind turbines.

There were a few bumps in the road for NTU, but Argonaut says Northern Minerals now has a lower risk development pathway having inked a partnership for Iluka Resources to process its xenotime ore at a new rare earths refinery at Eneabba in WA.

That will avoid development costs and risks associated with a previous strategy to deliver a more expensive integrated mine and refinery for Browns Range.