Lion Rock Advances Minta Project with High-Grade Rutile and Rare Earths

High-Grade Rutile and Rare Earths Bolster Minta Project

Lion Rock Minerals Limited (ASX:LRM) made significant progress during the March 2026 quarter at its flagship Minta Rutile & Monazite Project in Cameroon, reporting insitu rutile grades reaching 2.6% and multiple intercepts exceeding 1% rutile. These results span both residual and alluvial deposits, underpinning the company’s dual development strategy across a sprawling 5,000km² footprint. Notably, standout rutile intercepts included a 4-metre section grading 1.8%, confirming the widespread nature of high-grade mineralisation.

These latest assay results build on the company’s earlier findings, which identified a 24-kilometre strike length of rutile mineralisation in the Ayong Yerap basin, now being aggressively targeted through an expanded infill drilling campaign. Over the quarter, Lion Rock completed 681 holes totalling 3,310 metres focused on rutile targets, alongside 299 holes for 1,281 metres at the monazite-enriched granite zone at Minta Est. The combined 980-hole program aims to supply the data needed for a maiden Mineral Resource Estimate anticipated in the second half of 2026.

The confirmation of a ~250km² monazite-enriched granite at Minta Est as the local source of monazite, xenotime, and zircon adds a rare-earth dimension to the project’s value proposition. Visual identification of large, angular monazite crystals in residual soil samples supports a short transport distance from source to deposit, reinforcing the geological model for this high-value domain. The presence of heavy rare earth elements within the monazite further enhances the combined basket value of the mineral assemblage. Assays from this infill program are pending and expected during Q2 2026.

In-Country Laboratory to Accelerate Resource Definition

To improve assay turnaround and support ongoing mineralogy studies, Lion Rock has commissioned an in-country laboratory in Yaoundé equipped with heavy-liquid separation capability. This facility will reduce reliance on offshore labs, enabling faster iteration between drilling results and geological modelling. The lab’s commissioning aligns with the company’s ramped-up drilling efforts and will be pivotal in advancing resource estimation and early process design.

Corporate Changes and Strategic Divestments

On the corporate front, Lion Rock announced a leadership transition with CEO Casper Adson stepping into a technical advisory role to leverage his operational expertise, while the Board initiates a search for a new CEO with a stronger in-country presence to accelerate exploration and development activities. Strategic consultants with African mining experience have been engaged to assist with this transition and potential Board restructuring.

Meanwhile, the company completed the divestment of its non-core Green Rocks Project tenements in Western Australia, selling 100% of shares in two subsidiaries for a total of AUD 200,000. This move reflects a focus on the Minta Project and other core assets, trimming holding costs associated with the Green Rocks tenure.

Uranium Projects Await Permitting

Lion Rock continues preparatory work for exploration at its Kitongo and Lolo Uranium Projects in Cameroon, pending final permitting. Historical drilling by Mega Uranium Ltd indicated high-grade uranium mineralisation, but Lion Rock notes these results remain unverified and plans confirmation drilling once permits are granted. The Kitongo Project covers approximately 2,200km² in the Adamoua Province, while Lolo spans 240km² in the South region.

Financial Position and Outlook

The company spent approximately AUD 1.26 million on exploration and project activities during the quarter, primarily focused on the Minta Project. Lion Rock ended the period with a healthy cash balance of AUD 6.87 million, supporting ongoing drilling and laboratory workstreams. The expanded infill drilling and laboratory commissioning position the company well to deliver a maiden Mineral Resource Estimate in H2 2026, a key milestone for unlocking the project’s value.

With multiple drill rigs operating and assays pending, the market will be watching how these results translate into resource confidence and whether the new CEO can accelerate the project’s development trajectory. The dual residual-alluvial strategy, validated by recent results, remains central to Lion Rock’s approach and could provide a flexible pathway to commercialisation.

These developments follow the company’s earlier high-grade rutile intercepts over 24km and the CEO succession announcement that signalled a strategic pivot to boost in-country operational presence.