Summit Minerals Reports Up to 97% Tantalum Recovery in Equador Project Tests

Leadership and Strategic Refocus

Summit Minerals Limited (ASX, SUM) marked a pivotal quarter ending 30 June 2025 with the appointment of Dr Matthew Cobb as Managing Director, transitioning from his role as CEO. This leadership change coincides with a strategic recalibration focused on advancing the company’s Brazilian battery minerals portfolio through targeted, cost-efficient exploration.

Dr Cobb emphasized the importance of building a robust technical foundation, highlighting the company’s commitment to lower-cost, high-value exploration activities that will inform future development decisions. His approach reflects a measured and data-driven pathway to unlocking value in Summit’s assets.

Equador Niobium Project, Metallurgical Breakthroughs

The standout development this quarter was the release of preliminary metallurgical test results from the Equador Niobium Project. Conducted by Independent Metallurgical Operations Ltd, the initial beneficiation tests exceeded expectations, demonstrating the potential to produce high-grade niobium (Nb) and tantalum (Ta) concentrates using relatively simple density separation techniques.

Notably, heavy liquid separation (HLS) achieved tantalum concentrates up to 3.6% and niobium concentrates up to 1.3%, with specific size fractions reaching even higher grades. Recovery rates were impressive, with gravity table tests yielding tantalum recoveries between 91% and 97%, and niobium recoveries between 86% and 92%. These results suggest a viable processing route that could underpin future project economics.

Summit is now collecting a second series of bulk samples for detailed mineralogical assessment to optimize processing parameters further. This next phase aims to refine gravity separation methods and crush size to maximize recovery and concentrate grades.

Soil Sampling and Exploration Pipeline

Complementing metallurgical progress, Summit has initiated a comprehensive soil sampling program across its Brazilian projects in Paraíba and Rio Grande do Norte states. The program targets a newly identified “pegmatite corridor” at Equador, designed to detect geochemical anomalies that will guide more focused mapping and drilling efforts.

This systematic approach aims to efficiently prioritize drilling targets, reducing costs and enhancing the likelihood of resource delineation. Following Equador, similar sampling strategies will be applied to Juazeirinho and Barra Lithium projects, further expanding the company’s exploration footprint.

Financial Position and Outlook

During the quarter, Summit reported exploration and evaluation expenditure of $180,000, with no production activities recorded. The company ended the period with $1.405 million in cash, reflecting ongoing investment in exploration and metallurgical work. Payments to related parties, including director fees and consulting, were disclosed as part of normal corporate governance.

Looking ahead, Dr Cobb plans to visit additional Brazilian projects in Minas Gerais to assess sampling methodologies and stakeholder engagement, aiming to prioritize exploration activities aligned with the 2025 work program.

Summit Minerals continues to advance its portfolio of battery mineral projects, including rare earth elements and lithium assets in Brazil, Canada, and Australia, positioning itself to capitalize on growing demand for critical minerals.