Cadoux Limited has made significant progress in developing its high purity alumina and rare earths projects, advancing engineering design, customer engagement, and funding strategies during the June 2025 quarter.
- Front-end engineering design progressed for Kwinana HPA small-scale demonstration plant
- Expanded customer discussions with Tier 1 battery and ceramics manufacturers
- Minhub rare earths feasibility study nearing completion with favorable pricing outlook
- Ongoing R&D collaborations and ESG initiatives support sustainable development
- Active pursuit of non-dilutive funding to advance project milestones
Engineering Progress on HPA Project
Cadoux Limited has methodically advanced its high purity alumina (HPA) project during the June quarter, focusing on front-end engineering design (FEED) for its small-scale demonstration plant (SSP) at Kwinana, Western Australia. The company has engaged key engineering service providers and finalized equipment specifications, integrating proprietary process technology designed to deliver premium HPA exceeding 99.99% purity. These engineering milestones are critical to de-risking the project and underpinning the forthcoming final investment decision.
Innovations such as closed-cycle acid recovery, leaching optimization, and enhanced calcination processes aim to position Cadoux’s HPA production at the lowest quartile of global operating costs while reducing environmental impact. Site preparation and permitting activities are progressing on schedule, with approvals advancing in parallel to engineering workstreams.
Market Engagement and R&D Initiatives
Customer outreach has expanded with direct discussions involving Tier 1 battery and ceramics manufacturers, aligning product specifications with end-user requirements. Cadoux continues to supply qualification samples of its 4N+ quality HPA, targeting high-growth sectors such as LED lighting and lithium-ion battery separators. Collaborative research and development with Curtin University and other partners is ongoing, exploring downstream applications including nano-HPA and surface-modified variants for emerging battery technologies.
Minhub Rare Earths Project Advances
In parallel, Cadoux’s 50% owned Minhub Operations Pty Ltd is nearing completion of its feasibility study for a mineral separation plant in Darwin. The facility aims to process rare earth concentrates, including neodymium and praseodymium oxides essential for permanent magnets in electric vehicles and wind turbines. Recent US Department of Defence pricing guarantees have bolstered the rare earth market outlook, enhancing Minhub’s projected revenue and EBITDA margins.
Minhub’s scalable, multi-user processing model is designed to support Australia’s critical minerals strategy by providing a secure, ESG-aligned supply chain alternative to Asian dominance. The project benefits from strategic logistics advantages, including proximity to a deep-water port and rail access.
Funding and ESG Commitments
Cadoux is actively engaging with Tier 1 financial institutions to secure non-dilutive funding solutions, including offtake-backed financing and project-level debt, aiming to preserve shareholder value while advancing development milestones. The company ended the quarter with approximately AUD 2 million in cash and is planning further engineering, permitting, and market development activities in the coming months.
Environmental, social, and governance (ESG) initiatives remain a core focus, with Cadoux adopting the United Nations Sustainable Development Goals framework. The company has advanced water management strategies, community engagement, and sustainability reporting, reinforcing its commitment to responsible and low-carbon production practices.
Outlook
With engineering designs maturing, customer qualification underway, and a favorable market environment for critical minerals, Cadoux is positioning itself as a key player in the global clean energy supply chain. The coming quarters will be pivotal as the company seeks to finalize funding arrangements, secure permitting approvals, and progress toward commercial-scale production.
Bottom Line?
Cadoux’s steady engineering and market progress sets the stage for critical funding and commercial milestones ahead.
Questions in the middle?
- When will Cadoux finalize its funding arrangements to support full-scale project development?
- How quickly can customer qualification translate into binding offtake agreements for HPA and rare earth products?
- What impact will evolving rare earth pricing policies have on Minhub’s project economics and investment appeal?