Narryer Metals Defines 26-33Mt Rare Earth Target with 78% Extraction Success

• Exploration Target defined at Rocky Gully for scandium oxide, rare earth oxides, and gallium oxide
• Organic acid leach tests show strong rare earth extraction comparable to hydrochloric acid
• High-grade heavy mineral sands drilling results at Muckanippie with titanium-rich ilmenite
• Maiden resource drilling initiated at Rosewood Prospect
• LIDAR mapping advances geological targeting at Fran Project in Canada

Exploration Targets at Rocky Gully

Narryer Metals Limited (ASX, NYM) has reported significant progress in its December 2025 quarter, notably developing an Exploration Target at its Rocky Gully Project in Western Australia. This target focuses on three key commodities, scandium oxide, total rare earth oxides (TREO), and gallium oxide. The company estimates a conceptual range of 18 to 23 million tonnes grading 140 to 170 ppm scandium oxide, 26 to 33 million tonnes at 850 to 1300 ppm TREO, and 30 to 50 million tonnes at 40 to 60 ppm gallium oxide. While these figures remain conceptual pending further drilling, they provide a valuable framework for prioritising upcoming exploration and metallurgical work.

Metallurgical Breakthroughs with Organic Acids

Complementing the exploration advances, metallurgical studies at Rocky Gully have yielded promising results using methanesulfonic acid (MSA), an organic acid with low toxicity and biodegradability. Preliminary leach tests demonstrated extraction rates of up to 78% for neodymium and praseodymium (NdPr), 84% for terbium (Tb), and 82% for dysprosium (Dy). These results are comparable to traditional hydrochloric acid leaching, which achieved slightly higher extraction rates but with greater dissolution of unwanted elements. The use of MSA could offer environmental and processing advantages, positioning Rocky Gully as a potentially low-impact source of critical rare earth elements.

High-Grade Drilling at Muckanippie and Rosewood

In South Australia, drilling at the Muckanippie Project, operated under a joint venture with PTR Minerals, has confirmed thick, high-grade heavy mineral sands at the Nardoo and Duke prospects. Intersections up to 60 metres with heavy mineral grades reaching 40% titanium dioxide (TiO2) were reported, including a high proportion of altered ilmenite, a premium titanium product. The mineralisation remains open along strike, suggesting further upside potential. Concurrently, drilling has commenced at the Rosewood Prospect to define a maiden resource, with results expected in the coming quarter.

Advancing Canadian Critical Minerals Exploration

Beyond Australia, Narryer is progressing its Fran Project in Northwest Territories, Canada, where recent LIDAR surveys have enhanced geological mapping of fractionated pegmatites. These pegmatites are prospective for lithium, tantalum, rubidium, cesium, gallium, and germanium. Fieldwork is planned for mid-2026, aiming to build on historic high-grade grab samples and identify new drill targets.

Financial Position and Outlook

Financially, Narryer Metals reported cash reserves of $0.77 million at the end of December 2025, with ongoing exploration expenditure and no production activities during the quarter. The company issued additional performance rights tied to share price milestones but none have vested yet. Management continues to review complementary project opportunities to strengthen its portfolio amid a tightening market for critical minerals driven by global supply chain dynamics and geopolitical factors.

Bottom Line?

Narryer’s evolving resource targets and metallurgical advances set the stage for a pivotal year ahead, though funding and resource confirmation remain key hurdles.

Questions in the middle?

• Will upcoming drilling at Rocky Gully convert the Exploration Target into a formal Mineral Resource?
• How will the organic acid leaching process scale in commercial metallurgical testing?
• What funding strategies will Narryer pursue to sustain exploration and resource development?