Conico Expands Greenland Footprint and Targets High-Value Scandium at Mt Thirsty
Conico Ltd has lodged two new exploration licence applications in East Greenland, significantly enlarging its landholding and rare earth element exposure, while advancing a scandium-focused drilling program at its Mt Thirsty joint venture in Western Australia.
- Two large licence applications lodged in Greenland for rare earths and gold-PGE
- Greenland landholding to expand to approximately 6,460 km²
- Phase 2 drilling planned at Mt Thirsty JV targeting high-grade scandium zones
- Cash position remains modest at A$2.53 million with ongoing exploration spend
- Company evaluating further project acquisitions across commodities and regions
Greenland Expansion Targets Rare Earths and Gold-PGE
Conico Ltd (ASX:CNJ) has made a strategic push in East Greenland by lodging exploration licence applications for two large projects: the 862 km² Kai Project and the 390 km² Lilloise Project. These applications, pending regulatory grant, would expand Conico’s Greenland landholding to around 6,460 km², positioning it as one of the largest landholders in the region.
The Kai Project centres on a ~33 km wide alkaline intrusion known for its rare earth element (REE) potential. Its geological architecture mirrors that of the Ilímaussaq complex, home to the world-class Kvanefjeld REE deposit. Notably, this project has never undergone systematic modern REE exploration, giving Conico a first-mover advantage in a highly prospective terrain.
Meanwhile, the Lilloise Project hosts a 10 km diameter layered ultramafic complex prospective for magmatic gold and platinum group elements (Au-PGE). Its proximity to the prolific Skaergaard Intrusion, which boasts a resource of 25.52 million ounces PdEq, underscores its potential. Historical exploration here was limited and lacked modern geophysical surveys or drilling, leaving significant discovery upside.
Mt Thirsty JV Advances Scandium Drilling Plans
In Western Australia, Conico’s 50% owned Mt Thirsty joint venture with Maritana Minerals is gearing up for a Phase 2 drilling campaign targeting scandium, a critical mineral commanding prices near US$860,000 per tonne due to its scarcity and strategic applications in aerospace, defence, and green technologies.
Scandium was first identified at Mt Thirsty during Phase 1 drilling in 2022, revealing multiple mineralised zones with scandium grades exceeding 40 g/t. The upcoming drill program aims to test both the upper and potentially higher-grade lower Ni-Co-Mn-Sc zones, which lie outside the current JORC resource. Existing infrastructure from previous drilling campaigns should help contain mobilisation costs.
Financial Position and Ongoing Exploration
Conico reported exploration expenditure of $46,000 for the quarter, primarily related to Greenland licence management and application costs. There were no mining production or development activities during the period. The company ended June 2026 with cash and cash equivalents of $2.53 million, down slightly from $2.69 million at the prior quarter.
Payments to related parties totalled $69,000, mainly for director salaries and advisory fees. The board also continues to evaluate additional exploration opportunities across various commodities and jurisdictions, signalling an active project generation approach.
Bottom Line?
Conico’s Greenland expansion and Mt Thirsty scandium drilling plans set the stage for potential resource growth, but the success of licence grants and drill results will be pivotal in defining the company’s next chapter.
Questions in the middle?
- Will Conico secure grants for the Kai and Lilloise licences, and on what timeline?
- How will upcoming drilling at Mt Thirsty impact the scandium resource and project economics?
- What partnerships or joint ventures might Conico pursue to accelerate Greenland exploration?
