Resources Top 5: Fresh REE-gallium runway sees Mount Ridley take off

• MRD establishes highly predictive exploration framework at WA gallium and REE project
• LM1 demonstrates scale and exploration potential of 1.6km gold trend at Evanston
• MTM moves to establish American Depositary Receipt program in the US and seek Nasdaq listing

Your standout small cap resources stocks for Tuesday, November 25, 2025.

Mount Ridley Mines (ASX:MRD)

Underscoring a major exploration runway, Mount Ridley Mines (ASX:MRD) has defined seven new high-priority rare earth element and gallium target zones at its namesake project near Esperance in southern WA.

A geophysical reinterpretation by Core Geophysics has boosted the company’s understanding of the scale and potential at the Mount Ridley project and created an entirely untested 33km exploration corridor.

Significantly, the most compelling 12.8km stretch sits next to MRD’s existing gallium resource base of 164.1Mt at 29.8ppm gallium at Block 1 and 372.2Mt at 30.3ppm at Block 2.

Several of the new targets display the same gravity and magnetic signatures as those in the known resource areas, but none have been drilled.

In addition to the near-resource targets, recently acquired tenure to the north and west of Mia (Block 3) has revealed additional zones, expanding the footprint. 

Another important outcome of the review has been refining the geological model controlling REE and gallium mineralisation. The relationship between mineralisation and coincident gravity and magnetic highs, delivers MRD with a framework for ongoing targeting. 

Airborne EM data further supports the model, mapping deeper weathering profiles associated with thicker clay-hosted REE-gallium mineralisation. 

Previous drilling at Keiths (Block 1) and Winstons (Block 2) already demonstrated the presence of elevated heavy rare earths, and the new corridors are now considered prospective for further enrichment. 

MRD director Pedro Kastellorizos said by combining AEM, gravity and magnetic datasets, Mount Ridley now had a highly predictive exploration framework that clearly aligned with where REE–gallium mineralisation had already been discovered.

“The seven new targets display the same geophysical signature as Blocks 1 and 2 yet remain entirely untested, giving us strong confidence in their potential to add to the existing resource,” he said. 

“The 12.8km corridor east of the current resource areas, in particular, stands out as a compelling priority for near-term drilling. 

“These results effectively validate our exploration approach and confirm that the geophysics is mapping the key geological controls that govern REE–gallium enrichment at Mount Ridley.” 

Leeuwin Metals (ASX:LM1)

The scale and exploration potential of the 1.6km trend at Evanston in the Marda gold project in WA has been demonstrated by Leeuwin Metals (ASX:LM1) with strong results from recent drilling.

This comes after geophysics revealed potential for additional mineralisation along strike and down-dip.

Drilling has confirmed an extensive shallow gold trend with results of:

• 7m at 3.55g/t Au from 17m, including 2m at 7.85g/t from 21m;
• 9m at 1.36g/t Au from 13m; and
• 5m at 2.01g/t Au from 32m.

Numerous new DHEM anomalies suggest that mineralisation continues down-dip, with mineralisation remaining open along strike and down-dip.

To continue testing Evanston, a 10,000m RC drill program is set to start this month targeting shallow step-outs and down-dip extensions along the 1.6km trend.

“The latest results continue to highlight Evanston’s strong potential, with multiple standout drill intercepts confirmed across 1.6km of strike,” executive chairman Christopher Piggott said.

“DHEM has revealed compelling down-dip extensions, pointing to the potential for a much larger mineralised system with significant growth upside.

“With a strong balance sheet and a major RC program set to restart at Evanston in the coming weeks, Leeuwin is positioned for a strong finish to the year. 

“The exceptional results delivered across the broader project area this year will feed directly into the maiden resource for the Marda Gold Project.”

Metallium (ASX:MTM)

Metallium (ASX:MTM) is moving to establish an American Depositary Receipt program in the US and intends seeking quotation of the ADRs on the Nasdaq market.

The sponsored ADR program will first be launched on the OTC market, providing direct access for North American investors to trade Metallium securities in US dollars during US market hours.

MTM is targeting its Nasdaq listing for Q3 2026, while maintaining its primary ASX listing.

“Establishing an ADR program and progressing toward a Nasdaq listing is a natural evolution for Metallium as a US-focused industrial technology company,” MD & CEO Michael Walshe said.

“We are seeing sustained interest from U.S. investors, partners, and government stakeholders, and this initiative will strengthen those relationships while providing greater liquidity and visibility for our shareholders.

“This marks another step toward positioning Metallium as a key U.S. industrial technology partner in critical-metals recovery.”

Noble Helium (ASX:NHE)

Noble Helium (ASX:NHE) is working toward resuming development of the North Rukwa project in Tanzania, which is considered one of the world’s most promising primary helium systems. 

Executive chairman Dennis Donald said in the September quarterly that NHE continued to refine the reservoir and charge-system model to confirm a 5-hole drilling campaign targeting the shallow free-gas lead inventory on the western margin, while preparing for the larger eastern gas-phase targets.

“Our key priorities will be to mobilise towards the appraisal drill program at North Rukwa while engaging actively with prospective off-takers and strategic partners.

“We believe the pieces are falling into place: exceptional geology, a strong technical team, a refreshed leadership structure, and a favourable helium market environment.”

Coppermoly (ASX:COY)

While continuing target generation at its portfolio of copper-gold-molybdenum exploration projects in the Mount Isa region of northwest Queensland, Coppermoly (ASX:COY) is assessing future plans for the Wyemandoo Project in Western Australia.

During the September quarter, the company entered into a binding sale agreement with Aldoro Resources (ASX:ARN) to acquire Wyemandoo, which is in a highly prospective region and considered prospective for critical minerals including rubidium, lithium and tungsten.

Completion of the $100,000 transaction is subject to customary conditions precedent, including due diligence, regulatory approvals and assignment documentation.

COY’s exploration in Queensland during the quarter comprised geological evaluation, ground magnetics, IP Survey and RC drilling at the Copper Valley project.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Mount Ridley Mines and Metallium are Stockhead advertisers, they did not sponsor this article.