Latest Pilot Plant News

RareX has moved Cummins Range through key permitting and heritage milestones, while stronger metallurgical results broaden the project’s critical-minerals potential. But the explorer’s annual loss widened to A$5.07 million, cash burn remained high and its going-concern assessment still depends on future funding and project development.

Pursuit Minerals posted an A$666,579 FY2026 profit, but the result was driven largely by a fair-value gain on its Kendrick Resources investment rather than operating revenue. The company’s more consequential development is in Argentina, where Rio Grande Sur now carries a 1.264 million tonne LCE resource, a maiden probable reserve and a pre-feasibility case for 5,000 tonnes per year of lithium carbonate.

MRG Metals has reported exceptional rare earth grades at its newly acquired Garies project and advanced its Mozambique portfolio, but the explorer remains dependent on capital markets. The FY26 annual report flags material uncertainty over going concern despite a subsequent A$725,000 placement and a further share purchase plan.

Felix Gold advanced bulk extraction, processing and refinery plans at its Alaska antimony project in FY26, but the push came with a larger loss, falling cash and an auditor-documented material uncertainty over going concern. A potential US$18 million Department of Energy award remains subject to negotiation rather than a committed funding source.

Andromeda Metals completed key early works at its Great White kaolin project and achieved 99.9986% HPA purity at pilot scale. But a $98.9 million impairment, $3.2 million cash balance and material going-concern uncertainty leave funding as the decisive hurdle.

Altamin has completed the core technical work for its Lazio geothermal brine Scoping Study, but auditors have flagged material uncertainty over the company’s ability to continue as a going concern. The ASX-listed developer ended FY2026 with A$2.39 million in cash after raising A$5.39 million during the year.

St George Mining’s Araxá project now boasts a 111.2Mt rare earths resource after a major post-year-end upgrade, alongside 630,000 tonnes of contained niobium. The 2026 annual report shows a company moving rapidly towards development, but still without an ore reserve, mine design or production decision.

Critical Minerals Group has put a substantial economic case around its Lindfield vanadium project, but its FY26 accounts also flag a material uncertainty over funding. The company is targeting a 2027 investment decision while holding less than A$1 million in year-end cash and navigating a leadership change.

Alliance Nickel has approved a second phase of vat leach testing after preliminary NiWest results supported continued evaluation of the alternative processing route. The potential prize is substantial, but quantified recoveries and capital savings remain unproven.

ABx Group has lodged a prospectus for a fully underwritten $2 million share purchase plan, forming part of a broader $4.1 million capital raising for its Deep Leads rare earths project and ALCORE pilot plant. The offer gives eligible shareholders discounted shares and options, but leaves the final price unknown until after applications close and remains subject to shareholder approval.

Victory Metals has set out a 20-year development case for North Stanmore, backed by a 47 million tonne Probable Ore Reserve and a pre-tax NPV8 of A$1.76 billion. The project remains pre-feasibility stage, while the company ended FY2026 with A$11.18 million in cash and no operating revenue.

Australian Rare Earths has converted Koppamurra from an exploration story into a defined rare earths development case, with an A$858 million after-tax PFS NPV and a maiden Ore Reserve. The next test is less geological than financial: the company must fund the path from pilot processing to construction while carrying a material going-concern warning.