Mount Ridley Mines (ASX: MRD) reports 122.54Mt inferred Heavy Rare Earth Resource at Mt Ridley

Mount Ridley Managing Director and Chief Executive Officer Allister Caird addressed the company’s newly reported JORC 2012 Inferred Mineral Resource at the Mt Ridley Project in Western Australia, which totals 122.54Mt at 889 ppm TREO with a 41% heavy rare earth oxide ratio.

The estimate defines the scale and distribution of a heavy rare earth dominant system across two resource blocks and confirms that rare earths occur within the same regolith profile as scandium and gallium.

The update also sets the direction for the next phase of work, with further delineation of high heavy rare earth zones, resource expansion drilling and metallurgical studies planned across both defined areas and the broader tenure.

What has materially changed following the 122.54Mt Inferred resource and 41% heavy rare earth composition?

The material change is that we now have a JORC 2012 Inferred Mineral Resource of 122.54Mt at 889 ppm TREO, including 108,954 tonnes of contained TREO and a 41% heavy rare earth component, which formally defines both the scale and composition of a heavy rare earth system. This moves the project from interpreted mineralisation to a reported resource with quantified tonnage, grade and contained metal across two blocks.

Importantly, the composition confirms a high proportion of heavy rare earths within the system, which shifts the project from a general rare earth occurrence to one that is specifically weighted toward heavy rare earths. That is reflected in the contained metal, including dysprosium and terbium, which are key heavy rare earth elements that command a price premium when compared to all other critical minerals (with the exception of maybe scandium, which is also abundant within our project).

The resource extends across a continuous near surface footprint over 15.8 km of strike, supported by 395 drillholes, providing a defined base for further delineation of high heavy rare earth zones.

What does the current resource validate about continuity, and what key uncertainties remain?

The resource validates that the heavy rare earth mineralisation is continuous across both defined blocks, extending over more than 15.8 km of strike and from surface to around 52 metres depth. It confirms a consistent geometry and distribution across multiple zones within the same corridor, supported by drilling across the current footprint.

From a commercial perspective, this establishes a coherent heavy rare earth system rather than isolated zones, providing a base for further delineation.

The remaining uncertainty around resource continuity provides strong upside potential as more than 80% of the project area remains untested by modern and targeted drilling. While metallurgical testwork has indicated a positive response to processing, further work is required to define recovery outcomes for heavy rare earths and support future development decisions. Given the rapid advancement in processing IP, we also see this as a potential value driver for the Company moving forward.

How does the co location of rare earths, scandium and gallium influence development strategy and capital allocation?

The co location of rare earths, scandium and gallium within the same regolith profile allows us to approach development as a single system, with heavy rare earths as the primary focus and scandium and gallium as extremely high value credits to the project..

Our current work program reflects that priority, with metallurgical studies aimed at evaluating recovery of a mixed rare earth product, while assessing scandium and gallium alongside it. A lot of people overlook that Scandium is also a rare earth element and therefore, its processing potential may also be unlocked with that of the broader suite of Mount Ridley’s REE’s.

From a capital allocation perspective, this supports a coordinated program developing an integrated flowsheet design, with a single stream of material handling centred on recovering all 3 critical minerals from the project, rather than requiring separate programs.

With more than 80% of the tenure untested, how are you prioritising drilling and metallurgical work to expand the resource while managing execution risk and spend?

Mount Ridley Mines are prioritising further resource definition across Blocks 1 and 2, focusing on expanding and upgrading areas where heavy rare earth mineralisation has already been defined before moving into new areas. This includes re assaying an extensive suite of archived samples and re logging historical holes to extend known zones.

In parallel, metallurgical studies are being progressed using material from defined resource areas to evaluate recovery pathways for heavy rare earths and inform development options.

Beyond the current footprint, multiple geophysical target corridors have been identified across the broader tenure, providing a structured basis for future drilling across untested areas and further delineation of heavy rare earth zones.

Sequencing resource growth and development pathways

With a defined heavy rare earth resource now in place, the next phase is centred on expanding and upgrading the existing footprint while progressing metallurgical studies that can inform development decisions. The program remains focused on further delineation of high heavy rare earth zones within the current resource blocks, supported by a pipeline of targets across the broader tenure. The update establishes a base for continued resource growth and technical work, with further drilling and study work required to advance the project.

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