Eclipse’s Greenland drilling push reaches its next test

Two-rig drilling begins at 208Mt Grønnedal resource

Eclipse Metals Ltd (ASX:EPM) has moved its flagship Greenland project into its most consequential exploration phase yet, with two diamond rigs now working double shifts at Grønnedal. The 17-hole program covers about 2,355 metres and is designed both to test extensions beyond the existing resource and to improve confidence in selected parts of the 202Mt Inferred category.

“Grønnedal Drillhole Location Plan”

“Ivigtût REE Project”

Caption and image © Eclipse Metals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

The campaign builds on a 208Mt JORC 2012 resource grading 7,239 parts per million total rare earth oxides, including about 1.5Mt of contained TREO and a 6Mt Indicated component. Infill drilling may support future conversion to the Indicated category, but any classification change remains dependent on assay results and separate assessment by the Competent Person. The program therefore offers a clear technical catalyst, without yet changing the resource itself.

The new campaign follows the company’s earlier resource expansion, which more than doubled Grønnedal from 89Mt to 208Mt, while the latest field program also collected 54 rock-chip samples. Results from those samples are expected in the December quarter and will be assessed alongside mapping, geophysics and drilling to refine targets.

“Plan view of Grønnedal Resource Area and Drillhole Location Plan.”

“Grønnedal Location Map Showing the Location of Composite Sampling.”

Caption and image © Eclipse Metals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

Eclipse’s metallurgical work provides another strand to the Grønnedal story. Quantitative automated mineralogy on four composites from the 2025 drilling found that 87.5% to 94.3% of contained neodymium and praseodymium was hosted in identified REE-bearing mineral groups. That is mineralogical deportment, not a recovery rate or concentrate grade. The next stage will test flotation, selective regrinding, gangue rejection and hydrometallurgy to determine whether the early observations can be converted into a workable flowsheet.

Those results extend the earlier NdPr mineralogical testwork (58b9fa27-9de3-4eaa-a63a-e751ac6f84e0), which identified up to 94.3% of NdPr in REE minerals ahead of flotation trials. Eclipse also reported preliminary combined density and magnetic separation results on one composite that removed 39% of mass while retaining about 70% of TREE, producing an upgrade factor of 1.3. The company stressed that further representative testing is required.

Ivigtût adds a second critical-minerals resource

South Greenland is no longer a single-asset REE proposition for Eclipse. The company reported a maiden 4.87Mt Inferred resource at the historic Ivigtût mine, grading 188 parts per million HfO₂, 61ppm Ga₂O₃, 147ppm Y₂O₃ and 3,380ppm zirconium at a 60ppm HfO₂ cut-off. The estimate contains approximately 917 tonnes of HfO₂, 297 tonnes of Ga₂O₃, 714 tonnes of Y₂O₃ and 16,454 tonnes of zirconium.

“Plan view of Ivigtût Resource Area and Drillhole Location Plan.”

“Ivigtût Project Location Map”

Caption and image © Eclipse Metals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

The Ivigtût resource sits about 5km from Grønnedal and complements the high-grade fluorite and broader gallium, rubidium, niobium, tantalum, hafnium and yttrium mineralisation identified in earlier drilling. That work included intersections such as 10 metres at 32.2% fluorine and broad gallium enrichment, but the current resource remains Inferred and requires further technical, mineralogical and metallurgical assessment.

At the same time, Eclipse regained 100% ownership of its Liverpool Uranium Project after Boss Energy Limited (ASX:BOE) withdrew from the option and earn-in agreement. The company has begun a strategic review covering third-party funding, joint ventures, farm-outs and other participation structures. Traditional Owner consent has also been received for a defined exploration program at EL 27584, including airborne surveying, rock-chip sampling and up to 12 helicopter-supported diamond drillholes.

Cash position leaves funding question alongside exploration progress

The operational progress comes with a straightforward financial constraint. Eclipse ended September with $2.987 million in cash after net operating outflows of $1.056 million, including $658,000 on exploration and evaluation and $491,000 on administration and corporate costs. On the quarter’s reported spending rate, the Appendix 5B calculates 2.8 quarters of available funding.

That estimate is not a forecast of future expenditure, and the company’s drilling, metallurgy and project-development work could alter the rate materially. Eclipse said it continued discussions with international corporate and capital-markets advisers, but no binding financing or corporate transaction had been completed by quarter end. The strategic conversations remain preliminary and confidential, leaving the company to advance a capital-intensive program while it considers how to fund the next stage.