Eclipse Metals Reports $593K Cash, $227K Exploration Spend, and New Uranium Deal

Rare Earths Breakthrough in Greenland

Eclipse Metals Ltd (ASX: EPM) has made notable strides in its Ivigtût Grønnedal project during the March 2025 quarter, reporting further high-grade rare earth element (REE) mineralisation within historic drillholes. The company has leveraged advanced analytical techniques, including portable XRF and detailed mineralogical studies conducted in Canada and Sweden, to validate and expand its understanding of the deposit's extent and quality.

This progress supports Eclipse’s ambition to upgrade and expand its JORC-compliant Mineral Resource Estimate (MRE) for the Grønnedal carbonatite, a deposit known for its rich concentrations of neodymium, praseodymium, dysprosium, and terbium, critical metals for emerging technologies and green energy applications. The company’s integrated geochemical and petrological approach aims to delineate mineralisation controls and guide future drilling campaigns.

Strategic Uranium Project Partnership

In a significant corporate development, Eclipse entered a binding option earn-in agreement with Boss Energy Limited (ASX: BOE) for the Liverpool Uranium Project in Australia’s Northern Territory. Eclipse has committed $250,000 in exploration expenditure over 12 months, with the potential to earn up to an 80% interest by funding up to $8 million in staged exploration over seven years. This deal positions Eclipse to expand its footprint in the uranium sector, complementing its rare earths portfolio and aligning with the growing demand for critical minerals.

The company continues active engagement with the Northern Land Council to facilitate exploration approvals and community protocols, reflecting a measured approach to stakeholder relations and regulatory compliance.

Advancing EU Strategic Project Status

Eclipse is progressing its application under the European Raw Materials Alliance (ERMA) framework, seeking designation of the Ivigtût project as a Strategic Raw Materials Project under the EU’s Critical Raw Materials Act. This status would streamline permitting and unlock access to EU financing mechanisms, reinforcing Eclipse’s strategic positioning in the critical minerals supply chain for net-zero technologies, aerospace, and defence sectors.

While the formal assessment process is ongoing, the European Commission’s recent communication confirms Ivigtût remains under active consideration, underscoring its potential importance to the EU’s long-term raw materials security.

Navigating Greenland’s Evolving Regulatory Landscape

On the regulatory front, Eclipse is advancing Environmental and Social Impact Assessments (EIA/SIA) under Greenland’s updated mining legislation effective January 2024. The company is working closely with the Mineral Licence and Safety Authority to align its permitting strategy with new requirements, including public consultation processes and military zone boundary adjustments that may facilitate smoother future approvals.

This regulatory diligence is critical as Eclipse seeks to transition from exploration to potential development phases, ensuring compliance and community engagement remain priorities.

Financial Position and Outlook

Financially, Eclipse reported a cash balance of $593,000 at quarter end, with exploration expenditure of approximately $227,000. The company generated a net cash inflow of $551,000 from financing activities, reflecting ongoing capital support. Director fees accounted for $152,000 of payments to related parties during the quarter.

Looking ahead, Eclipse plans a capital raising to fund resource expansion and sustain operations, leveraging its advancing dataset and strategic partnerships to enhance shareholder value.