Bayan Mining Reports High-Grade Rare Earth Results and Drill Readiness

Exceptional Rare Earth Grades at Desert Star

Bayan Mining and Minerals Ltd (ASX:BMM) has reported a significant leap in rare earth element (REE) grades from its Desert Star project in San Bernardino County, California. Follow-up surface sampling in its Phase 2 program returned total rare earth oxide (TREO) grades up to 66,810 ppm (6.68%) from rock chip samples and a remarkable 91,092 ppm (9.1%) from heavy mineral concentrate samples. These results represent a material increase over the initial reconnaissance campaign and underscore Desert Star’s potential within a globally recognised rare earth district.

The high-grade samples show a dominant light rare earth element (LREE) assemblage, accounting for approximately 94% of TREO, with a significant neodymium-praseodymium (Nd-Pr) component making up 23-29% of TREO. This magnet REE component is crucial for permanent magnet manufacturing, a key driver of rare earth demand. Mineralogical and petrographic analyses are underway to confirm the primary REE host minerals and textures, which will inform targeting and resource modelling.

Drill Ready with Expanded Depth and Target Confidence

Desert Star is now fully permitted for drilling, with U.S. Bureau of Land Management approval extending the maximum drill depth from 200m to 300m. This allows the maiden drill program to test a low-susceptibility, high-density geophysical target identified through detailed 3D modelling, starting at around 100m depth and intensifying near 300m. The drill program is designed to intersect zones where high-grade surface mineralisation coincides with favourable radiometric, magnetic, and gravity survey responses, aiming to establish the scale and continuity of the mineralisation.

Adding to the operational momentum, Bayan has secured a reverse circulation drill rig for the maiden campaign planned to commence in June 2026, targeting up to 1,000 metres of drilling. This builds on the recent final permitting milestone and the confirmation of monazite-hosted REE mineralisation at Desert Star, which underpins the project’s technical foundation and strategic proximity to the Mountain Pass mine, the largest rare earth operation in the U.S. monazite-hosted mineralisation confirmation

Strategic Expansion and Expert Guidance at Bayan Springs South

Meanwhile, at Bayan Springs South in Nevada, Bayan has made significant progress with permitting and land acquisition. The submission of a Plan of Operations to the U.S. Forest Service clears the final hurdle for Phase 1 drilling, which will comprise up to six diamond core holes totalling 3,000 metres. The drill targets have been refined with the input of Charles Weakly, a former Barrick Gold district geologist with over 35 years of experience in Carlin-style gold systems. His expertise is expected to de-risk the program by optimising drill locations and prioritising feeder structures.

In a tactical move to secure prospective ground, Bayan staked 13 additional lode claims, increasing the Bayan Springs South project area by 13%. These new claims cover eastern extensions of CSAMT-defined alteration corridors associated with Carlin-style mineralisation, enhancing the project’s structural footprint ahead of drilling.

Leadership Strengthened and Defense Consortium Membership

Bayan’s leadership team has been bolstered with the appointment of Nathan Kong as CEO, effective late January 2026. Kong brings over 17 years of mining and technical experience from tier-one operators including Rio Tinto and Iluka Resources, alongside expertise in IPOs and corporate transactions. Additionally, John Ganser, a rare earth specialist with 45 years in project studies and processing, has joined to support Desert Star’s downstream processing strategy.

Strategically, Bayan has secured membership in the U.S. Defense Industrial Base Consortium (DIBC), a government-backed initiative that offers pathways to Department of War programs and non-dilutive funding. This aligns with Bayan’s patented yttrium upgrade and rare earth processing technologies, positioning the company to engage in defense supply chains and accelerate pilot-scale development activities. The consortium membership was recently highlighted as a key step in Bayan’s strategic positioning within the critical minerals sector. U.S. Defense Industrial Base Consortium membership

Financial Position and Exploration Outlook

Exploration expenditure for the quarter was $201,000 AUD, focused on fieldwork, geological mapping, sampling, and drill planning. Bayan ended the quarter with $2.1 million AUD in cash and equivalents, providing an estimated 5.4 quarters of funding at current expenditure rates. No mining production or development activities occurred during the period, consistent with the company’s exploration and permitting focus.

Bayan continues to evaluate strategic project opportunities across a range of commodities, leveraging its board and management expertise to identify value accretive acquisitions or partnerships. The next critical catalysts will be the commencement and results of the Desert Star maiden drilling program and the Phase 1 drilling at Bayan Springs South, alongside mineralogy and petrography outcomes that will refine resource potential and processing pathways.