Lion Rock Unveils High-Grade Rutile and Rare Earths, Backed by Tronox Partnership

Exceptional Rutile and Rare Earth Discoveries at Minta

Lion Rock Minerals Limited (ASX, LRM) has delivered a compelling update on its Minta Monazite & Rutile Project in Cameroon, revealing exceptional rutile grades and a high-value rare-earth mineral assemblage. First-pass reconnaissance drilling confirmed in-situ rutile grades reaching 2.2%, with rutile comprising up to 71% of the heavy mineral assemblage in some samples. These results underscore the scale and quality of the mineralised system across a vast footprint exceeding 5,000 square kilometres.

Adding to the project's allure, Lion Rock identified a unique ~250 square kilometre monazite-enriched granite at Minta Est, which hosts heavy rare earth elements alongside monazite, xenotime, and zircon. This discovery positions Minta Est as a significant hub for both titanium feedstocks and rare-earth minerals, potentially delivering a premium combined basket value for future development.

Accelerated Infill Drilling and Laboratory Development

Building on these promising results, Lion Rock commenced a substantial infill drilling campaign comprising over 1,000 holes, with 285 completed by the end of December 2025. The program targets the monazite-enriched granite and associated residual and alluvial systems, aiming to tighten drill spacing, define mineralisation continuity, and generate robust data to support resource estimation and processing studies.

Complementing the drilling efforts, the company is advancing the construction of an in-country laboratory in Yaoundé, equipped with heavy-liquid separation capabilities. Scheduled for commissioning in the first quarter of 2026, this facility is expected to significantly reduce assay turnaround times and enhance data quality, thereby accelerating the project's development timeline.

Strategic Partnership with Tronox Holdings

In a strategic move, Lion Rock secured an A$8.6 million placement from Tronox Holdings plc (NYSE, TROX), a global leader in titanium dioxide pigment and zircon production. Tronox acquired approximately 5% of Lion Rock, bringing not only capital but also technical expertise to support metallurgical flowsheet development and product qualification. This partnership aligns Lion Rock with an industry heavyweight actively expanding its rare-earth value chain, enhancing the project's credibility and potential market reach.

The funds from this placement have been deployed to accelerate drilling, mineralogy, metallurgical planning, and laboratory development at Minta Est, ensuring the company is well-positioned to execute its 2026 exploration and testwork programs.

Broader Portfolio and Corporate Developments

Beyond Minta, Lion Rock continues to hold uranium exploration projects in Cameroon, Kitongo and Lolo, pending permitting, with historical data indicating promising mineralisation that requires confirmation. The company is also reviewing its Green Rocks project in Western Australia for potential divestment, focusing resources on its core African assets. Additionally, the Yendon Kaolin project in Victoria remains under desktop review, with tenure recently extended.

During the quarter, Lion Rock spent approximately A$1.37 million on exploration activities, primarily focused on the Minta Project. The company maintains a strong cash position of A$8.54 million at quarter-end, supported by the recent strategic placement, providing a solid runway for ongoing and future exploration initiatives.