Elementos Reports 410% Tungsten Grade Uplift with 87% Recovery at Cleveland

Significant Grade Upgrades at Cleveland

Elementos Limited (ASX, ELT) has announced a substantial upgrade in tungsten grades and recoveries at its Cleveland Project in Tasmania following successful X-Ray Transmission (XRT) ore sorting test work. The tests, conducted on samples from the Foleys Zone, demonstrated a remarkable 4.1-fold increase in tungsten grade for the main sample and an even more impressive 6.8-fold uplift for a low-grade sample. These results suggest a strong potential to enhance the project's economic viability by increasing ore quality before processing.

Ore Sorting Technology and Economic Implications

The XRT ore sorting method, performed at TOMRA Sorting Solutions in New South Wales, leverages the higher density of tungsten minerals like wolframite to separate valuable ore from waste rock efficiently. The process achieved tungsten recoveries of 87% for the higher-grade sample and 69% for the lower-grade sample, while rejecting 79% and 90% of mass respectively. This mass reduction implies that the processing plant could be smaller and more cost-effective, potentially lowering both capital and operating expenses.

Resource Re-Evaluation and Future Work

Elementos is currently re-estimating the tungsten Mineral Resource Estimate (MRE) for the Foleys Zone, incorporating these ore sorting results alongside recent drilling data. The 2024 drilling campaign notably intersected over 465 meters of tungsten mineralisation, underscoring the deposit's scale. Further metallurgical test work is planned to refine processing flowsheets, and assays for associated critical minerals are ongoing, which could add further value to the project.

Market Context, Soaring Tungsten Prices

The timing of these technical advancements coincides with a significant surge in tungsten prices, with Ammonia Paratungstate (APT) prices rising approximately 80% in 2025 to over US$61,500 per tonne. This price escalation is driven by China's export restrictions, increased environmental regulations, and steady industrial demand, particularly in high-tech and military sectors. The constrained supply environment and geopolitical factors are prompting strategic restocking globally, enhancing the attractiveness of new tungsten projects like Cleveland.

Strategic Positioning and Outlook

While Elementos remains focused on advancing its Oropesa Tin Project in Spain, the company is intensifying efforts to unlock Cleveland’s value. Managing Director Joe David highlighted the project's potential to become a significant tungsten mine with competitive plant feed grades. The integration of ore sorting technology and rising tungsten prices could position Cleveland favorably in the global market, especially as non-Chinese supply sources remain limited.