Enova Mining Confirms High-Grade Rare Earths and Titanium in Brazil

East Salinas Drilling Confirms Surface Ionic Adsorption Rare Earths

Enova Mining (ASX:ENV) has delivered further evidence of a significant rare earth element (REE) system at its East Salinas project in Brazil. Diamond drilling across four target areas returned multiple high-grade intercepts within saprolite, including a standout 17 metres grading 5,000 ppm total rare earth oxides (TREO) with 19% neodymium-praseodymium (NdPr) ratio from surface (hole EAS-DD-0006). This confirms the presence of ionic adsorption clay (IAC) style mineralisation amenable to low-cost leaching extraction.

The 14-hole program collected over 1,100 core samples, revealing pervasive mineralisation across granite and granodiorite units within the Medina Intrusive Complex. Assays show consistent TREO grades exceeding 1,000 ppm in many intervals, with a peak grade of 12,732 ppm (1.27% TREO) at 24% NdPr from 7-8 metres depth. These results bolster geological confidence in a large, coherent intrusive-hosted REE system beneath surface saprolite.

Metallurgical leach tests on saprolite samples demonstrated promising recoveries using standard IAC protocols, supporting the potential for cost-effective processing. Enova plans to follow up with auger drilling to define saprolite thickness and extent, integrating assay results with geophysical and hyperspectral data to refine future drill targets. The East Salinas results build on earlier announcements and reinforce its status as a priority exploration target for the company. This progress aligns with Enova's strategic focus on critical minerals in Brazil, a jurisdiction increasingly important for global REE supply chains.

CODA East Expands Multi-Element Mineralisation Footprint

Meanwhile, auger drilling at CODA East in Minas Gerais has extended the known footprint of near-surface titanium oxide (TiO₂), rare earth elements, and niobium oxide (Nb₂O₅) mineralisation. Nine holes totaling 161 metres confirmed broad mineralised horizons within saprolitised kamafugite of the Patos Formation, with exceptional intercepts such as 24 metres at 15.03% TiO₂ from surface (hole CDE-AD-007) and 24 metres at 4,801 ppm TREO with 22.4% NdPr from surface.

High niobium grades were also recorded, including 23 metres at 961.9 ppm Nb₂O₅ from surface, highlighting CODA East as a globally significant multi-commodity critical minerals discovery. The mineralised saprolite horizon remains open at depth and along strike, suggesting further upside potential. Enova is advancing metallurgical testwork in collaboration with Brisbane-based Core Resources and Mineral Technologies to optimise extraction pathways for titanium, REEs, and associated elements.

Ongoing auger drilling at CODA XN aims to expand coverage and refine geological understanding ahead of systematic infill and step-out drilling. Tenement transfers for CODA projects are progressing through Brazilian regulatory authorities, with formal approvals expected soon. These developments continue to position Enova as a key player in Brazil's critical minerals sector, complementing its broader portfolio including East Salinas and Charley Creek.

Charley Creek Deep Drilling Targets Fresh Bedrock Mineralisation

Post quarter, Enova commenced deep diamond drilling at its Charley Creek project in Australia's Northern Territory to follow up earlier air-core results that identified >1% TREO mineralisation near surface. The program targets fresh granite gneiss bedrock below alluvial and saprolite layers previously inaccessible to air-core rigs. Seven holes have been collared, with diamond tails planned to reach depths of 450-500 metres.

Concurrent metallurgical testwork is underway to improve recovery of monazite and xenotime minerals from alluvial sands. This includes particle size control and fines recovery improvements, alongside evaluation of centrifugal concentrators to augment existing spiral separators. The Charley Creek work complements Enova's Brazilian exploration and reflects its dual-continent critical minerals strategy.

Corporate Update: $2 Million Equity Raise Strengthens Funding

Supporting its exploration momentum, Enova completed a strongly supported $2 million placement in February 2026, issuing over 333 million shares at $0.006 each. The capital raise was oversubscribed and scaled to meet demand from sophisticated and professional investors. Funds will advance drilling, metallurgical and environmental studies at East Salinas, Charley Creek, and CODA projects, alongside regional exploration and working capital needs.

GBA Capital acted as lead manager, receiving shares and options as broker fees subject to shareholder approval. The placement shares rank equally with existing ordinary shares, issued at a 14% discount to recent trading prices. This funding underpins Enova’s aggressive exploration programs and testwork initiatives, positioning the company to capitalise on growing demand for critical minerals.

Enova holds an extensive portfolio of tenements across Brazil and Australia, including the Lithium Valley Projects and Santo Antonio do Jacinto, continuing regional geochemical exploration and project evaluations. The company’s strategy emphasises systematic exploration and metallurgical optimisation to unlock value from its high-potential assets.

Enova’s recent drilling and assay results, combined with metallurgical progress and strengthened balance sheet, mark a significant step forward in advancing its critical minerals projects. The company is now poised to refine resource models and target resource delineation drilling in coming quarters, with regulatory approvals and assay updates key near-term catalysts.

These developments follow earlier announcements confirming high-grade rare earth mineralisation at East Salinas and expanding multi-element discoveries at CODA, reinforcing Enova’s emerging profile in the critical minerals sector. The deep drilling at Charley Creek adds a complementary Australian dimension to its portfolio, reflecting a diversified approach to rare earth and battery metal exploration.

Investors will be watching how Enova integrates assay results with metallurgical findings to shape its development pathway, while regulatory progress on tenement transfers remains an important operational milestone. The company’s ability to maintain funding momentum and advance its projects through exploration and technical validation will be crucial to its medium-term prospects.

Enova’s exploration manager, Subhajit Deb Roy, who compiled the data, is a competent person under the JORC Code, lending credibility to the reported results. Forward-looking statements remain subject to typical exploration risks, with assay and metallurgical results pending for some samples, and no production guidance provided at this stage.

With critical minerals increasingly central to clean energy transitions, Enova’s Brazilian discoveries and Australian drilling program warrant close attention as they develop.

Deep diamond drilling at Charley Creek and high-grade rare earth mineralisation at East Salinas underpin Enova’s expanding footprint, while the $2 million raise detailed in $2M equity raise provides financial firepower for the next exploration phase.