The fundraising was well-received, with strong support from investors familiar with the project. The funds will primarily support drilling activities (5,000 to 7,000 meters of air core drilling) and optimization of the in-situ recovery (ISR) process for Rare Earth extraction.
The company aims to demonstrate the cost competitiveness of ISR compared to conventional mining methods and targets the second half of 2025 to progress towards setting up a pilot plant for ISR mining.
Ongoing bench-scale ISR tests and environmental studies are underway, with results expected in May/June.
The company is also evaluating opportunities regarding its gold and uranium assets within the Wooden project area.
By Mark Fairbairn Recorcded 26/422024
