Resources Top 5: European Lithium leaps to record as Tanbreez rare earths shine

• Tanbreez project positioned to play major role in supply of critical minerals to West
• Early results of up to 9m at 5.23g/t gold including 4m at 10.68g/t from LM1’s Evanston prospect 
• IVR reaches two-year high on back of strong silver news

Your standout small cap resources stocks for Monday, October 6, 2025.

European Lithium (ASX:EUR)

The Tanbreez rare earths project of Nasdaq-listed Critical Metals Corp (CRML) and European Lithium (ASX:EUR) is being positioned to play a major role in the supply of critical minerals from Greenland to the West.

Two announcements last week have seen EUR’s price surge, although chair Tony Sage believes the company is significantly undervalued, particularly considering its stake in CRML was valued at around $678 million at last Thursday’s closing price.

A move by CRML to increase its ownership in Tanbreez to 92.5% and a planned EUR share buyback have seen EUR hit a record 26.5c, a surge of almost 141% and volume of more than 129m.

EUR’s planned buyback would see the company purchase up to 135m of its shares on-market, representing about 10% of total shares on issue and valued at roughly $12.6m on Friday, October 3.

“In the Board’s view, the buy-back therefore represents a fantastic opportunity to buy shares back at a significant discount and add value to our remaining shares on issue,” Sage said on Friday.

EUR and CRML, which is ~68% held by EUR, own 7.5% and 42% of the giant Tanbreez rare earths project with a resource of 45Mt grading 0.38% TREO at the Fjord deposit, which covers just a small part of the kakortokite host rock. Exploration has also flagged the potential to host tantalum, niobium, hafnium and zirconium.

Last week CRML amended the agreement to acquire a controlling interest in Tanbreez Mining Greenland AS, which holds the interest.

Subject to government approval, CRML now has the right to increase ownership to 92.5% upon issuing 14.5m shares to Rimbal, a company controlled by geologist and project founder Gregory Barnes.

Under the original agreement, consideration for this increase was an unspecified number of CRML shares to the value of US$116m. The amendment provides a firm number of 14.5m shares with an implied value of US$8 per share. 

Based on the closing share price of CRML being US$6.49 as of September 29, 2025, this represents a premium of ~23%.

EUR will continue to maintain its 7.5% minority interest.

Leeuwin Metals (ASX:LM1)

Buoyed by early drilling results of up to 9m at 5.23g/t gold from 57m, including 4m at 10.68g/t, from the Evanston prospect within the Marda gold project, investors sent Leeuwin Metals (ASX:LM1) shares up 55.3% to 29.5c, a high of almost two years.

The shallow, high-grade results are from the company’s maiden RC drill program Evanston, which is also the first large-scale drilling at the prospect for more than 20 years.

Other results include:

• 8m at 6.05g/t Au from 12m; and
• 11m at 3.12g/t Au from 85m, including 6m at 4.88g/t from 85m.

These shallow intersections confirm strong near-surface mineralisation and show Evanston has the potential to be a significant discovery with plenty of room to grow along strike and at depth, where mineralisation remains open.

Assays from a further 31 holes are expected in coming weeks.

Leeuwin’s first-ever Down Hole Electromagnetic survey at Evanston, which was recently completed, has also picked up a new target, suggesting the system could repeat below current drilling.

“These exceptional results reveal Evanston is a significant opportunity, with multiple zones grading above 5g/t gold and could emerge as a significant discovery,” Leeuwin executive chairman Christopher Piggott said.

“Recent DHEM indicates the potential for repeating structures at depth further highlighting the significant exploration upside. This new tool will greatly enhance our ability to expedite the discovery process, with an expanded DHEM program now underway.

“With assays pending for a further 31 holes, and drilling will resume at Evanston later this quarter. All these results, along with the strong assays already received from drilling at other targets, will feed into the maiden resource for the Marda Gold Project.”

Leeuwin remains well positioned for strong news flow with further drilling planned at Evanston and a maiden mineral resource estimate for the Marda gold project anticipated before the end of the year.

Investigator Resources (ASX:IVR)

With a $10m raising under its belt to support progress at the nation’s highest-graded undeveloped primary silver project, Paris in South Australia, Investigator Resources (ASX:IVR) reached a two-year high of 6.3c, a lift of 12.5% on the previous close.

Largest shareholder Jupiter Asset Management and several new and existing institutional investors committed to the placement.

In the latest edition of Stockhead’s Explorers Podcast, Barry FitzGerald chats with newly appointed IVR managing director Lachlan Wallace to dig deeper into the project and what’s making it shine.

Wallace came to the Investigator helm seeing the Paris project’s enormous potential, as discussed in the podcast.

He and Barry go into its history, current development, permitting, the silver sector, the register, the broader potential across a 15km corridor, optimising the project, its hub and spoke potential, and what else lies ahead on Investigator’s march to DFS and a landmark first silver pour.

Cobalt Blue Holdings (ASX:COB)

After paying the final $1m instalment of a Promissory Note held by American Rare Earths (ASX:ARR), Cobalt Blue Holdings (ASX:COB) hit a 12-month high of 13c, a lift of 64.56%.

As a result, COB has discharged all obligations in respect of the note and the tenement package for the Broken Hill Cobalt Project (BHCP) is unencumbered.

The note was issued to ARR in January 2020 as part of COB’s acquisition of ARR’s interest in the BHCP. 

That took COB to 100% ownership and legal title in the project, which is 25km southwest of Broken Hill in far western NSW. 

BHCP hosts a JORC resource of 126.5Mt at 867ppm cobalt equivalent containing 87,000t cobalt, 9,510t sulphur and 17,000t nickel.

“We thank ARR for their support since 2017 on the Broken Hill Cobalt Project. We look forward to advancing the project as the cobalt market continues to adapt to the improving market conditions,” CEO Dr Andrew Tong said.

Battery Age Minerals (ASX:BM8)

(Up on no news)

Another to reach a 12-month high was Battery Age Minerals (ASX:BM8), which hit 15.5c, a lift of 58.16%.

BM8 is advancing a critical and precious metals portfolio in Austria, Canada and Argentina.

During FY25 milestones were achieved at the flagship Bleiberg zinc-lead-germanium project in Austria and the new El Aguila gold-silver project in Argentina. 

At Bleiburg a permit has been approved for a maiden drilling campaign, which is expected shortly.

Germanium grades of up to 1,500g/t were confirmed in historical Bleiberg mine concentrates and these are among the highest globally while germanium-76 isotope was identified, underpinning the project’s relevance for next-generation semiconductors.

Drilling is also expected shortly at El Aguila after an Integrated exploration program was completed including geophysics, mapping, 838 soil samples with petrography confirming free-milling gold and silver.

Environmental baseline surveys have been finalised and a maiden drilling permit application lodged.