La Paz
171Mt JORC Resource estimate grading 391ppm TREO
Halleck Creek Highlights
Halleck Creek is a large, scalable resource with the potential to secure both the heavy and light rare earths needs for US industry, defense and innovation for +100-years.
Overview
Stage
Development
Location
Wyoming, USA
- The Project deposit has a JORC resource estimate of 2.63 bn tonnes with grades of 3,292 ppm TREO
- Halleck Creek is to be developed in two separate and independent phases:
- Phase 1: The Cowboy State Mine (“CSM”), a 20-year life of mine, with robust economics showing a post-tax NPV10% US$558 mm and ~24% IRR;
- Phase 2: Development of Halleck Creek on Federal Land & Minerals, which has an 80-year plus mine life potential.
- Speed to Come to Market: The CSM has the strategic advantage of a Wyoming State permit to mine process which is typically 2-3 years (vs. federal permits of +10 years).
- Strategic permitting advantage will enable the CSM to meet the immediate term needs of the rapidly growing US magnetics industry
- Strong Government Support to date:
- Received State of Wyoming grant of US$7.1 mm to help advance the development of the Cowboy State Mine
- Received a non-binding letter of interest from the U.S. EXIM Bank for up to US$456 mm debt financing, covering all initial CSM capex
Highlights
Ownership
100%
area
3304 hectares (8165 acres)
Jorc Resource
2.6 Billion tonnes at 3292ppm
Magnetic Rare Earth
26% of TREO
Total Rare Earth Oxides (TREO)
8.64 million tonnes of contained including Neodymium (Nd) and Praseodymium (Pr) oxides
Scoping Study Overview
- Study envisions scalable open pit mining operation
- Robust project economics on the back of a large scalable resource, a low-strip ratio and competitive C1 cash costs
- Project can be scaled to meet increased future market demand
- CSM resources only accounts for ~20% of the larger Halleck Creek resource
| Description | Units | 3 Mtpa Base Case |
| Mine Life | (years) | 20 |
| Resource Size 3 | (mt) | 543 |
| TREO Grade | (ppm) | 3,438 |
| LOM Strip Ratio | (bcm/t) | 0.38 |
| Processing Rate | (mtpa) | 3.0 |
| Overall Recovery of REO Material | (%) | 67% |
| NdPr Eq. LOM Avg. Annual Production1 | (kt) | 2.79 |
| NdPr Eq. LOM Production | (kt) | 57.92 |
| NdPr Eq. LOM C1 Cash Cost1 | (US$/kg) | $35.58 |
| Initial Capex2 | (US$ mm) | $456 |
| Post-Tax NPV10% | (US$ mm) | $558 |
| Post-Tax IRR | (%) | 24.0% |
Source: 2025 Halleck Creek Updated Scoping Study Technical Report (ASX release February 24, 2025)\
Note: Study assumes US$91.0/kg NdPr, US$2.0/kg La, US$10.0/kg SEG, US$1,500.0/kg Tb and US$400.0/kg Dy.
- Excludes ramp-up year.
- Includes 20% contingency.
- Resource size and grade based only on CSM, a subset of the overall Halleck Creek Project. CSM accounts for ~20% of the overall Halleck Creek deposit.
MINERAL RESOURCE STATEMENT
In addition to the Halleck Creek deposit’s immense size and potential ability to support multi-generations of US domestic rare earths needs, the resource’s rare earth oxide distribution is heavily weighted toward key magnet elements, which account for ~26% of the total rare earth oxide (“TREO”) content. In particular, heavy rare earths account for ~11% of the TREO.
| GRADE | CONTAINED | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Tonnage | TREO | LREO | HREO | MREO | TREO | LREO | HREO | MREO | |
| (Mt) | (ppm) | (ppm) | (ppm) | (ppm) | (kt) | (kt) | (kt) | (kt) | |
| Measured & Indicated | 1,479 | 3,334 | 2,963 | 361 | 859 | 4,931 | 4,383 | 535 | 1,271 |
| Inferred | 1,147 | 3,239 | 2,878 | 361 | 837 | 3,716 | 3,302 | 414 | 960 |
| Total Mineral Resource | 2,627 | 3,292 | 2,926 | 361 | 850 | 8,647 | 7,685 | 948 | 2,231 |
Footnote:
1. 2025 Halleck Creek Updated Scoping Study Technical Report. See ASX release dated January 29, 2025 and February 24, 2025 for more details.
Note: TREO = Total Rare Earth Oxides, LREO = Light Rare Earth Oxides, HREO = Heavy Rare Earth Oxides, MREO = Magnet Rare Earth Oxides
