Terrain Minerals Uncovers High-Grade Rare Earth Zones at Lort River with Strong Heavy Rare Earth Content

Broad Rare Earth System Confirmed with Exceptional High-Grade Intervals

Terrain Minerals (ASX:TMX) has unveiled assay results from its recently completed 35-hole air core drilling program at the Lort River Rare Earths Project, located roughly 50 kilometres northwest of Esperance in Western Australia. The results confirm a widespread clay-hosted rare earth system, with 25 of the 35 holes returning total rare earth oxide (TREO) values exceeding 200ppm. The highlight is hole LTAC028, which delivered an 8-metre interval averaging 3,349ppm TREO from 27 metres depth, including a peak 3-metre composite grading 5,568ppm TREO with a heavy rare earth oxide (HREO) proportion of 37%, a rare feat in Australian clay-hosted deposits.

This high-grade zone is significant not only for its grade but also its heavy rare earth content, including dysprosium and terbium, critical elements for permanent magnets used in electric vehicles and renewable energy technologies. The system’s mineralisation remains open at depth, with ten holes ending in mineralisation, suggesting the potential for extensions beyond the current drilling limits.

Balanced Rare Earth Basket with Strategic Magnet Elements

The Lort River deposit exhibits a balanced rare earth element profile, dominated by light rare earth oxides such as cerium and lanthanum, but crucially enriched in magnet rare earth oxides, neodymium and praseodymium, which together make up nearly a quarter of the basket. The heavy rare earth fraction, led by yttrium and dysprosium, averages 12–15% but spikes to over 30% in discrete zones like LTAC028, enhancing the project's strategic value in the global supply chain.

Low uranium and thorium levels across mineralised samples indicate minimal radioactivity concerns, which bodes well for environmental management and processing. Terrain is advancing an environmentally focused beneficiation and acid-leach processing route, supported financially by the Western Australian Government, aiming to employ biodegradable organic reagents rather than conventional industry acids.

Next Steps: Deeper Drilling and Processing Validation

Pending single-metre assay results from priority holes will refine the understanding of grade distribution and guide the upcoming reverse circulation (RC) drilling program planned for early 2027. This next phase aims to penetrate deeper than the air core program and deliver a maiden Mineral Resource Estimate, a critical milestone for the project’s advancement.

The company also plans to twin hole LTAC051, which returned an impressive near-surface composite of 3 metres at 5,725ppm TREO, to confirm this result after some sample loss during the initial program. Meanwhile, metallurgical test work with Curtin University under a government-backed initiative is ongoing to de-risk the processing pathway specific to Lort River’s clay-hosted mineralisation.

Strategic Positioning Amid Global Rare Earth Supply Shifts

Lort River’s location in a Tier-1 jurisdiction with established infrastructure, including sealed roads, regional power, and proximity to the Port of Esperance, positions it favourably against global peers. The project aligns with recent geopolitical trends where the G7 nations have pledged to reduce reliance on Chinese rare earth supplies, currently dominating about 90% of global processing. This strategic backdrop underscores the potential significance of Lort River as a secure, non-Chinese source of critical rare earths.

Terrain’s deliberate focus on projects with both extraction and processing viability reflects a broader industry challenge. The company’s environmentally conscious processing approach and government partnerships could provide a competitive edge in a market increasingly sensitive to sustainability and supply chain security.