Lion Rock’s Tronox Deal Raises Stakes Amid Pending Assay Results and Uranium Plans

Expanding the Minta Mineralised Footprint

Lion Rock Minerals Limited (ASX, LRM) has reported substantial progress in its September 2025 quarter activities, notably confirming the expansion of a major mineralised system at its flagship Minta Rutile and Monazite Projects in Cameroon. Drilling results have extended the heavy mineral (HM) footprint to over 2,750 square kilometres within a broader 3,500 square kilometre target area, with key intercepts revealing grades as high as 8.0% HM. These results underscore the continuity and scale of mineralisation, although the company cautions that infill drilling and laboratory assays are required to fully validate these findings.

Premium-Grade Rutile and Strategic Funding

Independent analysis by TZ Minerals International has confirmed the presence of premium-grade natural rutile nuggets at Minta, boasting titanium dioxide (TiO₂) content up to 98.6%, free from deleterious elements. This positions the deposit as highly attractive for titanium metal, welding, and pigment markets. Complementing these technical milestones, Lion Rock successfully completed a $3.5 million placement to a European investor at $0.035 per share, with new shares voluntarily escrowed for 12 months, signaling strong investor confidence.

Strategic Partnership with Tronox Holdings

Post quarter-end, Lion Rock announced a transformative strategic alliance with Tronox Holdings plc (NYSE, TROX), a global leader in titanium dioxide pigment and zircon production. Tronox subscribed for approximately 153 million shares at $0.056 each, raising $8.6 million and securing a roughly 5% stake in Lion Rock. This partnership brings not only capital but also technical expertise across the mine-to-pigment value chain, enabling Lion Rock to accelerate metallurgical testwork, resource definition, and product qualification. The collaboration also includes establishing in-country laboratory capacity at Minta, further de-risking the project’s commercial pathway.

Corporate Rebranding and Broader Exploration Portfolio

Reflecting its evolving strategic focus, the company changed its name from Peak Minerals Limited to Lion Rock Minerals Limited, effective 15 August 2025, along with a new ASX ticker, LRM. This rebranding aligns with its commitment to critical minerals exploration, particularly titanium feedstocks, zircon, and rare-earth-bearing monazite. Beyond Cameroon, Lion Rock maintains exploration interests in uranium projects at Kitongo and Lolo in Cameroon, as well as kaolin assets in Victoria, Australia, and the Green Rocks project in Western Australia. While historical uranium data requires confirmation, the company is preparing exploration programs pending tenement grants.

Financial Position and Outlook

With approximately $10.5 million in cash following the Tronox placement, Lion Rock is fully funded for its proposed 2026 exploration programs. The company spent about $2 million on exploration activities during the quarter, focusing on drilling, assays, and geological consulting at Minta and its Australian tenements. The upcoming Annual General Meeting on 20 November 2025 is expected to provide further insights into the company’s strategic direction and operational plans.