Narryer Metals Advances Critical Minerals Projects and Secures $1.056M Strategic Placement

Promising Metallurgical Progress at Rocky Gully

Narryer Metals Limited (ASX:NYM) continues to push forward on its Rocky Gully project in Western Australia, focusing on critical minerals like scandium, gallium, and rare earth elements (REE). The company’s metallurgical program is honing in on optimising extraction methods, with recent tests showing methanesulfonic acid (MSA) leaching achieving up to 78% extraction for neodymium and praseodymium, and over 80% for terbium and dysprosium. This organic acid method promises lower environmental impact and reduced dissolution of gangue minerals compared to hydrochloric acid, potentially lowering processing costs. Further results are expected next quarter, as Narryer refines acid strengths and temperature conditions in its flowsheet development.

These advances build on prior findings, including the delineation of extensive scandium mineralisation over 1.6 kilometres strike and high-grade REE intersections exceeding 1% TREO at the Ivar Prospect. The near-surface, soft clay-hosted mineralisation combined with proximity to existing infrastructure positions Rocky Gully as a potentially low-cost producer in a low sovereign risk jurisdiction.

Progress Toward Maiden Resource at Muckanippie

In South Australia, the Muckanippie Joint Venture tenement is shaping up as a significant heavy mineral sands (HMS) project. Recent drilling at Rosewood West is being processed to define a maiden JORC resource, with assay results anticipated in the coming months. The project hosts high-grade titanium mineralisation, including saprolite targets at Nardoo and Duke showing intersections up to 60 metres thick and heavy mineral grades reaching 40%, featuring high-quality ilmenite.

Continued mineralogical and metallurgical studies aim to unlock value from these saprolite zones, complementing the drilling data. Water drilling exploration is also slated for the next quarter, indicating a methodical approach to resource definition and project advancement.

New Scandium-REE Project at Pingrup Offers Regional Synergies

Adding to its portfolio, Narryer secured a 78 km² tenement at Pingrup, Western Australia, granted during the quarter. This new scandium-REE project shares mineralogical characteristics with Rocky Gully, suggesting potential operational and developmental synergies. Located just 180 kilometres northeast of Rocky Gully and accessible via sealed roads to Albany port, Pingrup is poised for further evaluation, including desktop studies and stakeholder engagement, with drilling possible in future phases.

$1.056 Million Capital Raise Attracts Strategic Investor

Post quarter end, Narryer completed a placement raising $1.056 million at $0.03 per share, a 30% premium to the last closing price. The placement shares were issued in two tranches, with the first tranche of over 31 million shares issued under placement capacity, and a second tranche reserved for directors pending shareholder approval. The capital raise attracted new and existing strategic shareholders, notably Perth-based mining investor Tim Goyder, who brings a track record of successful investments in resources. Existing major shareholders Mimaro Group and Raffe Capital also participated.

This injection of funds aims to bolster working capital and support ongoing exploration and metallurgical programs across Narryer’s Australian and Canadian assets. At quarter end, the company held $0.55 million in cash, with exploration expenditure around $57,000 focused mainly on Rocky Gully metallurgical and geological studies.

Performance Rights and Project Portfolio

Narryer maintains close to 9 million unvested performance rights tied to share price milestones ranging from $0.40 to $0.70, expiring between 2027 and 2029. These incentives align management interests with shareholder value creation as the company advances its projects.

Alongside its core Australian projects, Narryer’s portfolio includes Canadian tenements in Quebec and the Northwest Territories, held via subsidiaries and joint ventures, maintaining exposure to lithium and other critical minerals.

The company continues to review complementary project opportunities, signaling an active approach to portfolio expansion in the critical minerals sector.

These developments follow a series of exploration and metallurgical updates, including the company’s earlier Exploration Target at Rocky Gully and Promising Exploration Targets and Breakthrough Metallurgy announcements, positioning Narryer as a player to watch in the evolving critical minerals landscape.