MRD: Annual Report to shareholders
Original announcement by asx on
- Company
- Mount Ridley Mines Limited
- Ticker
- MRD
- Exchange
- ASX
- Region
- Western Australia
- Primary commodity
- Rare earth
- Secondary commodities
- Scandium, Gallium
- Document categories
- Metallurgy, Resource update, Other, Drill results
- Extracted
- 2026-09-30 06:17:59 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Mount Ridley Mines Limited reported significant progress in FY2026, primarily driven by the flagship Grass Patch Project in Western Australia. The company announced substantial Mineral Resource Estimates for gallium, scandium, and heavy rare earth elements, including a significant upgrade to the Inferred Scandium MRE to 946Mt at 50.1 ppm Sc. Metallurgical testwork on its proprietary Selectro™ process yielded encouraging recoveries for scandium (up to 92%), HREE (up to 86%), and gallium, with improved reagent efficiency. The co-location of these critical minerals and successful post-year-end capital raise position the company for further development.
Reasoning: The annual report details substantial progress in defining and de-risking the Grass Patch critical minerals project through significant resource upgrades and promising metallurgical advancements, supported by a recent capital raise.
Positive factors
- Significant increase in Scandium Mineral Resource tonnage (946Mt from 367.98Mt).
- High metallurgical recoveries for Scandium (92%), HREE (up to 86%), and Gallium (41.5%) using the proprietary Selectro™ Process.
- Demonstrated improvement in metallurgical efficiency by halving reagent dose.
- Identification of new scandium mineralisation zones and extension of known mineralisation through re-assaying.
- Co-location of multiple critical minerals (Sc, Ga, REE) supporting integrated processing.
- Successful capital raise post-year-end to fund further development.
- All resource estimates are JORC 2012 compliant with Competent Person sign-off.
Negative factors
- All reported resources are in the Inferred category, indicating early stage of confidence.
- Metallurgical testwork is still in optimization phase, not yet at pilot or commercial scale.
- Some drill results are re-assays of historical samples, though they yielded new information.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 35
Classification and evidence
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: The Scandium Mineral Resource Estimate increased from 367.98Mt to 946Mt, representing a 157% increase in tonnage.
Evidence · text
“increasing the Resource from 367.98Mt to 946Mt”
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: The average grade of the Scandium Mineral Resource Estimate decreased from 57.3 ppm Sc to 50.1 ppm Sc.
Evidence · text
“367.98Mt at 57.3 ppm scandium... to 946Mt at 50.1 ppm scandium”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The contained scandium metal increased from 18,855 tonnes to 47,357 tonnes, representing a 151% increase.
Evidence · text
“containing approximately 18,855 tonnes of scandium metal and 28,920 tonnes of scandium oxide... containing approximately 47,357 tonnes of scandium metal”
All Inferrednegative
100% of resource is Inferred category — very early stage, no engineering confidence.
Why it applies: All reported Mineral Resources (Gallium, Scandium, Heavy Rare Earth Elements, and Weld Range TREO) are classified solely in the Inferred category.
Evidence · text
“Inferred Gallium Mineral Resource Estimate”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The Gallium Mineral Resource Estimate and the Heavy Rare Earth Mineral Resource Estimate are explicitly stated as maiden JORC Code (2012) estimates.
Evidence · text
“announcement of a maiden JORC Code (2012) Inferred Gallium Mineral Resource Estimate”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: All Mineral Resource Estimates are reported as JORC Code (2012) compliant.
Evidence · text
“JORC Code (2012) Inferred Gallium Mineral Resource Estimate”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The Mineral Resource Estimates are compiled and reviewed by Mr Alfred Gillman, a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy.
Evidence · text
“The information in this announcement that relates to Mineral Resources is based on information compiled and reviewed by Mr Alfred Gillman, a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The Scandium Mineral Resource Estimate was updated subsequent to year-end, representing a significant upgrade from the maiden estimate.
Evidence · text
“Subsequent to year end, in August 2026, the Company announced a significant upgrade to the JORC Code (2012) Inferred Scandium Mineral Resource Estimate”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Scandium recovery reached 92%, and average heavy rare earth recoveries were approximately 84%, with individual HREE recoveries up to 86%.
Evidence · text
“achieved scandium recovery of approximately 92% and average heavy rare earth recoveries of approximately 84%, with individual HREE recoveries of up to 86%.”
Recovery Improvingpositive
Recovery improved versus a like-for-like prior test program on the same domain and route.
Why it applies: The optimization testwork achieved the stated recoveries while approximately halving the reagent dose used in earlier tests.
Evidence · text
“These results were achieved while approximately halving the reagent dose used in earlier tests, representing an important improvement in the efficiency of the process.”
Bench Scale Onlynegative
Only preliminary bench tests completed — no locked-cycle or pilot work.
Why it applies: The metallurgical testwork is described as 'Phase 1' and 'optimisation testwork' without mention of locked-cycle or pilot scale, implying bench-scale work.
Evidence · text
“commenced a Phase 1 metallurgical testwork program”
Step-Out Extensionpositive · Story-specific tag
Mineralization extended beyond the previously known limit.
Why it applies: The re-assay program identified a new zone of scandium mineralisation approximately 13 kilometres southwest of Block 1, and confirmed extension beyond existing resource boundaries.
Evidence · text
“The program identified a new zone of scandium mineralisation approximately 13 kilometres southwest of Block 1”
QA/QC Disclosedpositive · Story-specific tag
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: The release details a systematic re-assay program of historical drill samples, indicating quality control procedures.
Evidence · text
“continued a systematic re-assay program targeting its extensive inventory of historical drill samples across the Grass Patch Project.”
Stale Data Re-releasenegative · Story-specific tag
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: The drill results are from a re-assay program of historical air-core pulp samples, not new drilling.
Evidence · text
“Phase 1 of the program comprised the re-assay of 3,271 historical air-core pulp samples”
Bonanza Interceptpositive · Story-specific tag
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: Drillhole MRAC0977 returned 22 metres at 134.09 ppm Sc₂O₃, which is approximately 46% above the existing Block 1 Resource grade of 91.8 ppm Sc₂O₃.
Evidence · text
“Results included a significant intersection of 22 metres at 134.09 ppm Sc₂O₃ from 33 metres in drillhole MRAC0977, approximately 46% above the existing Block 1 Resource grade of 91.8 ppm Sc₂O₃.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("flotation")
Extracted facts
Stored fact records: 35. Some facts used in scoring do not have a stored record.
Drill Results (9)
MRAC0977Grass Patch · scandiumGrade: 134.09Grade Unit: ppmIntercept: 22 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- MRAC0977
- Project
- Grass Patch
- Commodity
- scandium
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- MRD
Geometry
- Grade
- 134.09
- Grade Unit
- ppm
- Intercept
- 22 m
- From
- 33 m
- To
- 55 m
- Intercept Depth
- 33 m
Classification
- Sample Type
- drill
- Group ID
- MRAC0977:33-55
Location
- Location
- Central Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2014-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This bonanza intercept significantly exceeds the existing resource grade and extends the known scandium mineralisation, indicating strong exploration potential.
Positive factors
- Exceptional grade (46% above existing resource grade).
- Significant intercept length.
- Identified new mineralisation zone, extending known limits.
- Area remains open for further extension.
Negative factors
- Result is from a re-assay of historical drill material.
Evidence · table
“134.09”
Context: MRAC0977
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
MRAC0962Grass Patch · scandiumGrade: 119.02Grade Unit: ppmIntercept: 20 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- MRAC0962
- Project
- Grass Patch
- Commodity
- scandium
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- MRD
Geometry
- Grade
- 119.02
- Grade Unit
- ppm
- Intercept
- 20 m
- From
- 18 m
- To
- 38 m
- Intercept Depth
- 18 m
Classification
- Sample Type
- drill
- Group ID
- MRAC0962:18-38
Location
- Location
- Central Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2014-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: A strong intercept from the re-assay program, confirming significant scandium grades and contributing to resource expansion.
Positive factors
- High grade.
- Good intercept length.
- Contributes to expanding the scandium mineralisation footprint.
Negative factors
- Result is from a re-assay of historical drill material.
Evidence · table
“119.02”
Context: MRAC0962
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
MRAC0965Grass Patch · scandiumGrade: 117.34Grade Unit: ppmIntercept: 13 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- MRAC0965
- Project
- Grass Patch
- Commodity
- scandium
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- MRD
Geometry
- Grade
- 117.34
- Grade Unit
- ppm
- Intercept
- 13 m
- From
- 12 m
- To
- 25 m
- Intercept Depth
- 12 m
Classification
- Sample Type
- drill
- Group ID
- MRAC0965:12-25
Location
- Location
- Central Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2014-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: A solid intercept from the re-assay program, further supporting the continuity of scandium mineralisation.
Positive factors
- High grade.
- Good intercept length.
- Contributes to expanding the scandium mineralisation footprint.
Negative factors
- Result is from a re-assay of historical drill material.
Evidence · table
“117.34”
Context: MRAC0965
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
MRAC0964Grass Patch · scandiumGrade: 115.57Grade Unit: ppmIntercept: 6 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- MRAC0964
- Project
- Grass Patch
- Commodity
- scandium
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- MRD
Geometry
- Grade
- 115.57
- Grade Unit
- ppm
- Intercept
- 6 m
- From
- 18 m
- To
- 24 m
- Intercept Depth
- 18 m
Classification
- Sample Type
- drill
- Group ID
- MRAC0964:18-24
Location
- Location
- Central Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2014-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: A high-grade intercept from the re-assay program, adding to the overall scandium potential.
Positive factors
- High grade.
Negative factors
- Result is from a re-assay of historical drill material.
- Shorter intercept length.
Evidence · table
“115.57”
Context: MRAC0964
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
MRAC0971Grass Patch · scandiumGrade: 104.68Grade Unit: ppmIntercept: 18 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- MRAC0971
- Project
- Grass Patch
- Commodity
- scandium
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- MRD
Geometry
- Grade
- 104.68
- Grade Unit
- ppm
- Intercept
- 18 m
- From
- 9 m
- To
- 27 m
- Intercept Depth
- 9 m
Classification
- Sample Type
- drill
- Group ID
- MRAC0971:9-27
Location
- Location
- Central Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2014-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: A strong intercept from the re-assay program, further supporting the continuity of scandium mineralisation.
Positive factors
- High grade.
- Good intercept length.
- Contributes to expanding the scandium mineralisation footprint.
Negative factors
- Result is from a re-assay of historical drill material.
Evidence · table
“104.68”
Context: MRAC0971
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
MRAC0961Grass Patch · scandiumGrade: 97.65Grade Unit: ppmIntercept: 28 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- MRAC0961
- Project
- Grass Patch
- Commodity
- scandium
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- MRD
Geometry
- Grade
- 97.65
- Grade Unit
- ppm
- Intercept
- 28 m
- From
- 12 m
- To
- 40 m
- Intercept Depth
- 12 m
Classification
- Sample Type
- drill
- Group ID
- MRAC0961:12-40
Location
- Location
- Central Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2014-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: A strong and long intercept from the re-assay program, indicating good continuity of scandium mineralisation.
Positive factors
- High grade.
- Significant intercept length.
- Contributes to expanding the scandium mineralisation footprint.
Negative factors
- Result is from a re-assay of historical drill material.
Evidence · table
“97.65”
Context: MRAC0961
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
MRAC0982Grass Patch · scandiumGrade: 96.74Grade Unit: ppmIntercept: 19 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- MRAC0982
- Project
- Grass Patch
- Commodity
- scandium
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- MRD
Geometry
- Grade
- 96.74
- Grade Unit
- ppm
- Intercept
- 19 m
- From
- 29 m
- To
- 48 m
- Intercept Depth
- 29 m
Classification
- Sample Type
- drill
- Group ID
- MRAC0982:29-48
Location
- Location
- Central Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2014-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: A strong intercept from the re-assay program, further supporting the continuity of scandium mineralisation.
Positive factors
- High grade.
- Good intercept length.
- Contributes to expanding the scandium mineralisation footprint.
Negative factors
- Result is from a re-assay of historical drill material.
Evidence · table
“96.74”
Context: MRAC0982
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
MRAC1045Grass Patch · scandiumGrade: 93.77Grade Unit: ppmIntercept: 6 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- MRAC1045
- Project
- Grass Patch
- Commodity
- scandium
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- MRD
Geometry
- Grade
- 93.77
- Grade Unit
- ppm
- Intercept
- 6 m
- From
- 36 m
- To
- 42 m
- Intercept Depth
- 36 m
Classification
- Sample Type
- drill
- Group ID
- MRAC1045:36-42
Location
- Location
- Central Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2014-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: A high-grade intercept from the re-assay program, adding to the overall scandium potential.
Positive factors
- High grade.
Negative factors
- Result is from a re-assay of historical drill material.
- Shorter intercept length.
Evidence · table
“93.77”
Context: MRAC1045
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
MRAC0981Grass Patch · scandiumGrade: 93.28Grade Unit: ppmIntercept: 41 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- MRAC0981
- Project
- Grass Patch
- Commodity
- scandium
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- MRD
Geometry
- Grade
- 93.28
- Grade Unit
- ppm
- Intercept
- 41 m
- From
- 25 m
- To
- 66 m
- Intercept Depth
- 25 m
Classification
- Sample Type
- drill
- Group ID
- MRAC0981:25-66
Location
- Location
- Central Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2014-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: A strong and long intercept from the re-assay program, indicating good continuity of scandium mineralisation.
Positive factors
- High grade.
- Significant intercept length.
- Contributes to expanding the scandium mineralisation footprint.
Negative factors
- Result is from a re-assay of historical drill material.
Evidence · table
“93.28”
Context: MRAC0981
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
Resource Estimates (12)
inferredGrass Patch · galliumTonnes: 838771284Grade: 29.3Grade Unit: ppmContained Metal: 24584Contained Unit: tView all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- gallium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Alfred Gillman
- Resource group id
- resource:f3329da09be61a1abaa9
Resource Data
- Category
- inferred
- Tonnes
- 838771284
- Grade
- 29.3
- Grade Unit
- ppm
- Contained Metal
- 24584
- Contained Unit
- t
- Cutoff Grade
- 25
- Cutoff Unit
- ppm
Prior Estimate
- Resource Date
- 2025-10-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This is the first formal resource estimate for gallium at Grass Patch, establishing a significant tonnage in the inferred category, which is a positive step for the project.
Positive factors
- Maiden resource estimate for gallium, establishing a large-scale system.
- JORC 2012 compliant with Competent Person sign-off.
- Co-located with other critical minerals, supporting integrated processing.
Negative factors
- Resource is entirely in the Inferred category.
Evidence · table
“29.3”
Context: 838,771,284
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredGrass Patch · scandiumTonnes: 946086943Grade: 50.1Grade Unit: ppmContained Metal: 47357Contained Unit: tView all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- scandium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Alfred Gillman
- Resource group id
- resource:ab12254fadcf57328307
Resource Data
- Category
- inferred
- Tonnes
- 946086943
- Grade
- 50.1
- Grade Unit
- ppm
- Contained Metal
- 47357
- Contained Unit
- t
- Cutoff Grade
- 25
- Cutoff Unit
- ppm
Prior Estimate
- Resource Date
- 2026-08-01
- Prior Tonnes
- 367980000
- Prior Grade
- 57.3
- Prior Contained Metal
- 18855
- Prior Cutoff Grade
- 25
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The substantial increase in scandium tonnage and contained metal represents a major de-risking and scale-up for the project, despite a slight decrease in average grade.
Positive factors
- Significant upgrade to the Scandium Mineral Resource, with a substantial increase in tonnage and contained metal.
- JORC 2012 compliant with Competent Person sign-off.
- Co-located with other critical minerals, supporting integrated processing.
Negative factors
- Resource is entirely in the Inferred category.
- Average grade has declined compared to the prior estimate.
Evidence · table
“50.1”
Context: 946,086,943
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 946086943 against 367980000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 50.1 against 57.3 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 47357 against 18855 previously
inferredGrass Patch · rare earthTonnes: 122546251Grade: 889Grade Unit: ppmContained Metal: 108954Contained Unit: tView all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- rare earth
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Alfred Gillman
- Resource group id
- resource:98f7123262be8cafd91e
Resource Data
- Category
- inferred
- Tonnes
- 122546251
- Grade
- 889
- Grade Unit
- ppm
- Contained Metal
- 108954
- Contained Unit
- t
- Cutoff Grade
- 300
- Cutoff Unit
- ppm
Prior Estimate
- Resource Date
- 2026-03-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The establishment of a maiden rare earth resource, particularly with a high HREO component, is a significant positive for the project's multi-commodity potential.
Positive factors
- Maiden resource estimate for rare earth elements, establishing a significant tonnage.
- High proportion of Heavy Rare Earth Oxides (41% of TREO).
- JORC 2012 compliant with Competent Person sign-off.
- Spatially co-located with scandium and gallium resources, enabling integrated processing.
Negative factors
- Resource is entirely in the Inferred category.
Evidence · table
“889”
Context: 122,546,251
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredGrass Patch · rare earthTonnes: 122546251Grade: 364Grade Unit: ppmContained Metal: 44610Contained Unit: tView all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- rare earth
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Alfred Gillman
- Resource group id
- resource:98f7123262be8cafd91e
Resource Data
- Category
- inferred
- Tonnes
- 122546251
- Grade
- 364
- Grade Unit
- ppm
- Contained Metal
- 44610
- Contained Unit
- t
- Cutoff Grade
- 300
- Cutoff Unit
- ppm
Prior Estimate
- Resource Date
- 2026-03-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The establishment of a maiden rare earth resource, particularly with a high HREO component, is a significant positive for the project's multi-commodity potential.
Positive factors
- Maiden resource estimate for rare earth elements, establishing a significant tonnage.
- High proportion of Heavy Rare Earth Oxides (41% of TREO).
- JORC 2012 compliant with Competent Person sign-off.
- Spatially co-located with scandium and gallium resources, enabling integrated processing.
Negative factors
- Resource is entirely in the Inferred category.
Evidence · table
“364”
Context: 122,546,251
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredGrass Patch · rare earthTonnes: 122546251Grade: 525Grade Unit: ppmView all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- rare earth
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Alfred Gillman
- Resource group id
- resource:98f7123262be8cafd91e
Resource Data
- Category
- inferred
- Tonnes
- 122546251
- Grade
- 525
- Grade Unit
- ppm
- Cutoff Grade
- 300
- Cutoff Unit
- ppm
Prior Estimate
- Resource Date
- 2026-03-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The establishment of a maiden rare earth resource, particularly with a high HREO component, is a significant positive for the project's multi-commodity potential.
Positive factors
- Maiden resource estimate for rare earth elements, establishing a significant tonnage.
- High proportion of Heavy Rare Earth Oxides (41% of TREO).
- JORC 2012 compliant with Competent Person sign-off.
- Spatially co-located with scandium and gallium resources, enabling integrated processing.
Negative factors
- Resource is entirely in the Inferred category.
Evidence · table
“525”
Context: 122,546,251
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredGrass Patch · rare earthTonnes: 122546251Grade: 233Grade Unit: ppmView all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- rare earth
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Alfred Gillman
- Resource group id
- resource:98f7123262be8cafd91e
Resource Data
- Category
- inferred
- Tonnes
- 122546251
- Grade
- 233
- Grade Unit
- ppm
- Cutoff Grade
- 300
- Cutoff Unit
- ppm
Prior Estimate
- Resource Date
- 2026-03-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The establishment of a maiden rare earth resource, particularly with a high HREO component, is a significant positive for the project's multi-commodity potential.
Positive factors
- Maiden resource estimate for rare earth elements, establishing a significant tonnage.
- High proportion of Heavy Rare Earth Oxides (41% of TREO).
- JORC 2012 compliant with Competent Person sign-off.
- Spatially co-located with scandium and gallium resources, enabling integrated processing.
Negative factors
- Resource is entirely in the Inferred category.
Evidence · table
“233”
Context: 122,546,251
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredWeld Range · rare earthTonnes: 168000000Grade: 1201Grade Unit: ppmView all detailsHide details
Identity
- Project
- Weld Range
- Commodity
- rare earth
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Alfred Gillman
- Resource group id
- resource:5042d0039d91e62b3ac7
Resource Data
- Category
- inferred
- Tonnes
- 168000000
- Grade
- 1201
- Grade Unit
- ppm
- Cutoff Grade
- 750
- Cutoff Unit
- ppm
Prior Estimate
- Resource Date
- 2026-09-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This resource estimate expands the company's critical minerals portfolio to the Weld Range Project, adding a substantial inferred TREO resource.
Positive factors
- Establishes a significant TREO resource at the Mia Prospect.
- JORC 2012 compliant with Competent Person sign-off.
Negative factors
- Resource is entirely in the Inferred category.
- No prior estimate for comparison.
Evidence · table
“1201”
Context: 168,000,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredWeld Range · praseodymiumTonnes: 168000000Grade: 57Grade Unit: ppmView all detailsHide details
Identity
- Project
- Weld Range
- Commodity
- praseodymium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Alfred Gillman
- Resource group id
- resource:5042d0039d91e62b3ac7
Resource Data
- Category
- inferred
- Tonnes
- 168000000
- Grade
- 57
- Grade Unit
- ppm
- Cutoff Grade
- 750
- Cutoff Unit
- ppm
Prior Estimate
- Resource Date
- 2026-09-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This resource estimate expands the company's critical minerals portfolio to the Weld Range Project, adding a substantial inferred TREO resource.
Positive factors
- Establishes a significant TREO resource at the Mia Prospect.
- JORC 2012 compliant with Competent Person sign-off.
Negative factors
- Resource is entirely in the Inferred category.
- No prior estimate for comparison.
Evidence · table
“57”
Context: 168,000,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredWeld Range · neodymiumTonnes: 168000000Grade: 215Grade Unit: ppmView all detailsHide details
Identity
- Project
- Weld Range
- Commodity
- neodymium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Alfred Gillman
- Resource group id
- resource:5042d0039d91e62b3ac7
Resource Data
- Category
- inferred
- Tonnes
- 168000000
- Grade
- 215
- Grade Unit
- ppm
- Cutoff Grade
- 750
- Cutoff Unit
- ppm
Prior Estimate
- Resource Date
- 2026-09-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This resource estimate expands the company's critical minerals portfolio to the Weld Range Project, adding a substantial inferred TREO resource.
Positive factors
- Establishes a significant TREO resource at the Mia Prospect.
- JORC 2012 compliant with Competent Person sign-off.
Negative factors
- Resource is entirely in the Inferred category.
- No prior estimate for comparison.
Evidence · table
“215”
Context: 168,000,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredWeld Range · terbiumTonnes: 168000000Grade: 4Grade Unit: ppmView all detailsHide details
Identity
- Project
- Weld Range
- Commodity
- terbium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Alfred Gillman
- Resource group id
- resource:5042d0039d91e62b3ac7
Resource Data
- Category
- inferred
- Tonnes
- 168000000
- Grade
- 4
- Grade Unit
- ppm
- Cutoff Grade
- 750
- Cutoff Unit
- ppm
Prior Estimate
- Resource Date
- 2026-09-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This resource estimate expands the company's critical minerals portfolio to the Weld Range Project, adding a substantial inferred TREO resource.
Positive factors
- Establishes a significant TREO resource at the Mia Prospect.
- JORC 2012 compliant with Competent Person sign-off.
Negative factors
- Resource is entirely in the Inferred category.
- No prior estimate for comparison.
Evidence · table
“4”
Context: 168,000,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredWeld Range · dysprosiumTonnes: 168000000Grade: 25Grade Unit: ppmView all detailsHide details
Identity
- Project
- Weld Range
- Commodity
- dysprosium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Alfred Gillman
- Resource group id
- resource:5042d0039d91e62b3ac7
Resource Data
- Category
- inferred
- Tonnes
- 168000000
- Grade
- 25
- Grade Unit
- ppm
- Cutoff Grade
- 750
- Cutoff Unit
- ppm
Prior Estimate
- Resource Date
- 2026-09-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This resource estimate expands the company's critical minerals portfolio to the Weld Range Project, adding a substantial inferred TREO resource.
Positive factors
- Establishes a significant TREO resource at the Mia Prospect.
- JORC 2012 compliant with Competent Person sign-off.
Negative factors
- Resource is entirely in the Inferred category.
- No prior estimate for comparison.
Evidence · table
“25”
Context: 168,000,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredWeld Range · rare earthTonnes: 168000000Grade: 301Grade Unit: ppmView all detailsHide details
Identity
- Project
- Weld Range
- Commodity
- rare earth
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Alfred Gillman
- Resource group id
- resource:5042d0039d91e62b3ac7
Resource Data
- Category
- inferred
- Tonnes
- 168000000
- Grade
- 301
- Grade Unit
- ppm
- Cutoff Grade
- 750
- Cutoff Unit
- ppm
Prior Estimate
- Resource Date
- 2026-09-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This resource estimate expands the company's critical minerals portfolio to the Weld Range Project, adding a substantial inferred TREO resource.
Positive factors
- Establishes a significant TREO resource at the Mia Prospect.
- JORC 2012 compliant with Competent Person sign-off.
Negative factors
- Resource is entirely in the Inferred category.
- No prior estimate for comparison.
Evidence · table
“301”
Context: 168,000,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Metallurgical Results (14)
leachGrass Patch · neodymiumRecovery: 81.7 %View all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- neodymium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Test Work
- Program Status
- optimization
- Test Type
- leach
- Processing Route
- Selectro™ Process
Recovery
- Recovery
- 81.7 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Chris Larder
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High recovery for Neodymium demonstrates the effectiveness of the Selectro™ Process for rare earth elements.
Positive factors
- High recovery achieved for Neodymium.
- Part of an optimization program, indicating continuous improvement efforts.
- Proprietary process (Selectro™) shows promising results.
Negative factors
- Testwork is still at an optimization stage, not yet pilot scale.
Evidence · table
“81.7%”
Context: Nd
leachGrass Patch · praseodymiumRecovery: 81.3 %View all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- praseodymium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Test Work
- Program Status
- optimization
- Test Type
- leach
- Processing Route
- Selectro™ Process
Recovery
- Recovery
- 81.3 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Chris Larder
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High recovery for Praseodymium demonstrates the effectiveness of the Selectro™ Process for rare earth elements.
Positive factors
- High recovery achieved for Praseodymium.
- Part of an optimization program, indicating continuous improvement efforts.
- Proprietary process (Selectro™) shows promising results.
Negative factors
- Testwork is still at an optimization stage, not yet pilot scale.
Evidence · table
“81.3%”
Context: Pr
leachGrass Patch · lanthanumRecovery: 75.9 %View all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- lanthanum
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Test Work
- Program Status
- optimization
- Test Type
- leach
- Processing Route
- Selectro™ Process
Recovery
- Recovery
- 75.9 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Chris Larder
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Good recovery for Lanthanum demonstrates the effectiveness of the Selectro™ Process for rare earth elements.
Positive factors
- Good recovery achieved for Lanthanum.
- Part of an optimization program, indicating continuous improvement efforts.
- Proprietary process (Selectro™) shows promising results.
Negative factors
- Testwork is still at an optimization stage, not yet pilot scale.
Evidence · table
“75.9%”
Context: La
leachGrass Patch · ceriumRecovery: 75.7 %View all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- cerium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Test Work
- Program Status
- optimization
- Test Type
- leach
- Processing Route
- Selectro™ Process
Recovery
- Recovery
- 75.7 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Chris Larder
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Good recovery for Cerium demonstrates the effectiveness of the Selectro™ Process for rare earth elements.
Positive factors
- Good recovery achieved for Cerium.
- Part of an optimization program, indicating continuous improvement efforts.
- Proprietary process (Selectro™) shows promising results.
Negative factors
- Testwork is still at an optimization stage, not yet pilot scale.
Evidence · table
“75.7%”
Context: Ce
leachGrass Patch · samariumRecovery: 80.4 %View all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- samarium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Test Work
- Program Status
- optimization
- Test Type
- leach
- Processing Route
- Selectro™ Process
Recovery
- Recovery
- 80.4 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Chris Larder
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High recovery for Samarium demonstrates the effectiveness of the Selectro™ Process for rare earth elements.
Positive factors
- High recovery achieved for Samarium.
- Part of an optimization program, indicating continuous improvement efforts.
- Proprietary process (Selectro™) shows promising results.
Negative factors
- Testwork is still at an optimization stage, not yet pilot scale.
Evidence · table
“80.4%”
Context: Sm
leachGrass Patch · dysprosiumRecovery: 85 %View all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- dysprosium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Test Work
- Program Status
- optimization
- Test Type
- leach
- Processing Route
- Selectro™ Process
Recovery
- Recovery
- 85 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Chris Larder
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Exceptional recovery for Dysprosium highlights the potential of the Selectro™ Process for high-value heavy rare earth elements.
Positive factors
- Very high recovery achieved for Dysprosium, a critical HREE.
- Part of an optimization program, indicating continuous improvement efforts.
- Proprietary process (Selectro™) shows promising results.
Negative factors
- Testwork is still at an optimization stage, not yet pilot scale.
Evidence · table
“85.0%”
Context: Dy
leachGrass Patch · terbiumRecovery: 83.1 %View all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- terbium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Test Work
- Program Status
- optimization
- Test Type
- leach
- Processing Route
- Selectro™ Process
Recovery
- Recovery
- 83.1 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Chris Larder
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Exceptional recovery for Terbium highlights the potential of the Selectro™ Process for high-value heavy rare earth elements.
Positive factors
- Very high recovery achieved for Terbium, a critical HREE.
- Part of an optimization program, indicating continuous improvement efforts.
- Proprietary process (Selectro™) shows promising results.
Negative factors
- Testwork is still at an optimization stage, not yet pilot scale.
Evidence · table
“83.1%”
Context: Tb
leachGrass Patch · yttriumRecovery: 86.3 %View all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- yttrium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Test Work
- Program Status
- optimization
- Test Type
- leach
- Processing Route
- Selectro™ Process
Recovery
- Recovery
- 86.3 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Chris Larder
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Exceptional recovery for Yttrium highlights the potential of the Selectro™ Process for high-value heavy rare earth elements.
Positive factors
- Very high recovery achieved for Yttrium, a critical HREE.
- Part of an optimization program, indicating continuous improvement efforts.
- Proprietary process (Selectro™) shows promising results.
Negative factors
- Testwork is still at an optimization stage, not yet pilot scale.
Evidence · table
“86.3%”
Context: Y
leachGrass Patch · erbiumRecovery: 83.2 %View all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- erbium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Test Work
- Program Status
- optimization
- Test Type
- leach
- Processing Route
- Selectro™ Process
Recovery
- Recovery
- 83.2 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Chris Larder
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Exceptional recovery for Erbium highlights the potential of the Selectro™ Process for high-value heavy rare earth elements.
Positive factors
- Very high recovery achieved for Erbium, a critical HREE.
- Part of an optimization program, indicating continuous improvement efforts.
- Proprietary process (Selectro™) shows promising results.
Negative factors
- Testwork is still at an optimization stage, not yet pilot scale.
Evidence · table
“83.2%”
Context: Er
leachGrass Patch · europiumRecovery: 78.7 %View all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- europium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Test Work
- Program Status
- optimization
- Test Type
- leach
- Processing Route
- Selectro™ Process
Recovery
- Recovery
- 78.7 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Chris Larder
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High recovery for Europium highlights the potential of the Selectro™ Process for high-value heavy rare earth elements.
Positive factors
- High recovery achieved for Europium, a critical HREE.
- Part of an optimization program, indicating continuous improvement efforts.
- Proprietary process (Selectro™) shows promising results.
Negative factors
- Testwork is still at an optimization stage, not yet pilot scale.
Evidence · table
“78.7%”
Context: Eu
leachGrass Patch · gadoliniumRecovery: 85.3 %View all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- gadolinium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Test Work
- Program Status
- optimization
- Test Type
- leach
- Processing Route
- Selectro™ Process
Recovery
- Recovery
- 85.3 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Chris Larder
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Exceptional recovery for Gadolinium highlights the potential of the Selectro™ Process for high-value heavy rare earth elements.
Positive factors
- Very high recovery achieved for Gadolinium, a critical HREE.
- Part of an optimization program, indicating continuous improvement efforts.
- Proprietary process (Selectro™) shows promising results.
Negative factors
- Testwork is still at an optimization stage, not yet pilot scale.
Evidence · table
“85.3%”
Context: Gd
leachGrass Patch · holmiumRecovery: 86.2 %View all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- holmium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Test Work
- Program Status
- optimization
- Test Type
- leach
- Processing Route
- Selectro™ Process
Recovery
- Recovery
- 86.2 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Chris Larder
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Exceptional recovery for Holmium highlights the potential of the Selectro™ Process for high-value heavy rare earth elements.
Positive factors
- Very high recovery achieved for Holmium, a critical HREE.
- Part of an optimization program, indicating continuous improvement efforts.
- Proprietary process (Selectro™) shows promising results.
Negative factors
- Testwork is still at an optimization stage, not yet pilot scale.
Evidence · table
“86.2%”
Context: Ho
leachGrass Patch · scandiumRecovery: 92 %View all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- scandium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Test Work
- Program Status
- optimization
- Test Type
- leach
- Processing Route
- Selectro™ Process
Recovery
- Recovery
- 92 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Chris Larder
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The very high scandium recovery, coupled with improved reagent efficiency, is a highly positive indicator for the commercial viability of the Selectro™ Process.
Positive factors
- Exceptional recovery achieved for Scandium.
- Part of an optimization program, indicating continuous improvement efforts.
- Proprietary process (Selectro™) shows promising results.
- Reagent dose was halved, indicating improved efficiency.
Negative factors
- Testwork is still at an optimization stage, not yet pilot scale.
Evidence · table
“92.0%”
Context: Scandium
leachGrass Patch · galliumRecovery: 41.5 %View all detailsHide details
Identity
- Project
- Grass Patch
- Commodity
- gallium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- MRD
Test Work
- Program Status
- optimization
- Test Type
- leach
- Processing Route
- Selectro™ Process
Recovery
- Recovery
- 41.5 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Chris Larder
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Gallium recovery, while positive, is lower than other critical minerals, suggesting further optimization may be needed for this specific element.
Positive factors
- Recovery achieved for Gallium.
- Part of an optimization program, indicating continuous improvement efforts.
- Proprietary process (Selectro™) shows promising results.
Negative factors
- Recovery is lower compared to other commodities tested.
- Testwork is still at an optimization stage, not yet pilot scale.
Evidence · table
“41.5%”
Context: Ga
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.