As with all metals necessary for electrification, the suite of rare earth elements saw interest skyrocket last year and as nations around the world move quickly to meet zero-emission ambitions, growth in the rare earth market is set to continue.
According to Market Research giant Prescient, the rare earth market is set to hit over 15 billion dollars US by 2030, seeing a compound annual growth rate of 9.1 per cent between 2021 and 2030.
And with Australia becoming the United States’ primary supplier for rare earth elements, Australian-focused discoveries are positioned to make a killing as demand continues to rise.
Rare earth giant Lynas reported a 14.8 per cent rise in quarterly revenue, largely attributed to an improved average selling price for neodymium and praseodymium in China of US$83/kg as growth in electric vehicle and alternative energy markets continue unassuaged.
Numbers like this continue to swell the ambitions of the junior explorers moving towards making the nation’s next big discovery.
Castillo Copper (ASX: CCZ)
Castillo Copper is a new entrant in the rare earth industry, announcing late last year it will be shifting focus at its Broken Hill project in New South Wales towards rare earth after the return of grades up to 2410ppm total rare earth oxides from the Iron Blow prospect, which the company referred to as a game changer.
The company has been working to expand the scale of its REE find and recently completed an auger sampling campaign targeting a 6.5 square kilometre zone to identify the full extent of rare earth mineralisation and provide new targets to drill, with results anticipated in the coming weeks.
Dalaroo Metals (ASX: DAL)
Dalaroo Metals have also been opening up rare earth avenue among base metals, gold and lithium at its Lyons River project in Western Australia, with the company outlining a rare earth-lithium prospective pegmatite district at the project after returning anomalies up to 1278 ppm TREO in soil sampling.
The Gascoyne region host to Dalaroo’s wholly owned 702 square kilometre Lyons River project is emerging as a rare earth district, with mining giant Minerals 260 acquiring the adjoining Ti Tree rare earth-nickel-copper-lithium project for over $15 million amid exceptional rare earth results, discoveries, and resources at surrounding projects.
Cobra Resources (LSE: COBR)
Cobra is another recent addition to the rare earth marketplace, with the company returning a maiden Mineral resource estimate of 20.9 Mt @ 658ppm TREO from its Wudinna project in South Australia’s renowned Gawler Canton, with the company now working to expand its footprint with a 10 thousand metre drill campaign.
Cobra has been working hard over the past few months to develop the dual gold/rare earth resources at Wudinna’s Clarke prospect, with recent results from the prospect further suggesting a significant gold system overlain with a rare earth resource with room to grow.
PVW Resources (ASX: PVW)
PVW has shown itself to be in the right place and time with the right team when it comes to its rare earth potential, with the company identifying a high-priority heavy rare earth target in the Tanami after drilling revealed a peak intersection of 21,865 ppm total rare earth oxides.
What is particularly exciting about Tanami is that it has a similar geological setting to the renowned Wolverine deposit, one of the world’s largest heavy rare earth deposits, which multiple members of the PVW team had a hand in discovering.