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Robust Preliminary Economic Assessment - Conventional Metallurgy - Significant Size - Secure Jurisdiction, good grade, monazite-bastnasite-xenotime rare earth mineralogy.
Mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported Inferred Resources in this MRE are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
Due to its simple gangue and well-understood rare earth mineralogy, the Ashram Deposit is able to produce high-grade mineral concentrates at high recovery (>40% TREO at >75% recovery), in line with active global producers.
The deposit is a single mineralized body outcropping at THE SURFACE AND HAS A DRILL-DELINEATED footprint of over 700 M ALONG STRIKE, 300 M ACROSS, AND 600 M DEEP, and remains open at depth.
The 2024 MRE was completed in accordance with National Instrument 43-101 with an Effective Date of April 4th, 2024, and is based on 117 diamond drill holes totaling 28,783 meters of NQ, HQ, and BTW size drill core.
The mineral resource estimate is as follows:
(a) TREO is sum of lanthanides (as oxides) + yttrium oxide
(b) NdPr distribution calculated as (Nd2O3 + Pr2O3) / TREO x 100
(c) CaF2 calculated from fluorine assay using factor of 2.055 (F to CaF2). Assumes all fluorine is contained within the mineral fluorite (“fluorspar”).
(d) Cut-off expressed as NMR ($)/t only considers payable elements La-Nd-Pr-Tb-Dy.
(e) TbDy distribution calculated as (Tb2O3 + Dy2O3) / TREO x 100.
(f) Prices shown are in CAD
(g) Differences may occur in totals due to rounding.
The updated MRE for the Ashram rare earth and fluorspar deposit firmly establishes it as a globally significant rare earth element (REE) deposit and one of the largest monazite-mineralized carbonatite REE deposits in the world: 73.2 million tonnes (Mt) at 1.89 percent TREO (total rare earth oxide) and 6.6 percent CaF2 (calcium fluoride) (indicated), and 131.1 Mt at 1.91 percent TREO and 4 percent CaF2 (inferred).
Ashram also continues to demonstrate very high NdPr (neodymium-praseodymium) distributions (that is, percentage of neodymium plus praseodymium oxide of the TREO) at 21.2 percent NdPr (indicated) and 21.4 percent NdPr (inferred), exceeding that of several active global producers. The favorable distribution starts at the surface, allowing these high-value elements to be targeted early on in a potential open-pit extraction scenario and, thereby, enhancing the project’s strategic value and operational efficiency.
This enrichment in the magnet feed REEs also extends to dysprosium (Dy) and terbium (Tb).
Mineral Resources are not mineral reserves and do not demonstrate economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.
Mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported inferred resources in the MRE are uncertain in nature and there has been insufficient exploration to define these inferred resources as indicated or measured. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.
Patrik T. Schmidt, M.Sc., P.Geol., Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, has prepared, read and approved all scientific and technical information that relates to the Ashram Rare Earth Element Project on this website.
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