Australian Rare Earths Koppamurra PFS Delivers 99% IRR, A$858m NPV

The product is a mixed rare earth oxide containing about 25% magnet rare earths. Average annual production includes 435 tonnes of neodymium-praseodymium, 57 tonnes of dysprosium and terbium, plus yttrium, samarium, gadolinium, and lutetium. The company says the basket matters because several elements are exposed to constrained Western supply chains and Chinese export controls.

The PFS draws on more than 65,000 metres of drilling across 6,042 holes. A bulk sample pit and metallurgical test work with ANSTO, CSIRO, Bureau Veritas, and the University of Toronto underpin the design.

Offtake Talks and Pilot Production

Managing director Travis Beinke said the PFS reflected years of methodical work. "The path ahead is clear: Detailed Feasibility Study initiation, Mining Lease submission, product qualification, adding more tonnes through the drill bit and advancing offtake and funding discussions," he said.

The company expects offtake discussions to accelerate as pilot-scale operations at ANSTO's new critical minerals processing facility in Sydney generate product samples. A mining lease application is targeted for 2026. A detailed feasibility study will follow.

An exploration target of between 680 million tonnes at 820 ppm and 3.62 billion tonnes at 540 ppm provides potential to extend the mine life. The current PFS uses about 71% probable reserves and 29% inferred resources.

Beinke said the PFS was the "hallmark of a project designed with simplicity in mind." The next milestones are the DFS and mining lease application.