Peak Minerals confirms high-value monazite discovery at Minta Est with rare earth grades up to 1.2% TREO

Peak Minerals Limited (ASX: PUA) has reported a major monazite-rich rare earth discovery at the Minta Est zone of its expansive Minta Rutile Project in Cameroon, revealing heavy mineral sands containing total rare earth oxide (TREO) concentrations of up to 1.2 percent. The June 19, 2025, update includes assay results from 47 new drill holes, all of which intersected mineralisation from surface to end-of-hole. This confirms not only high-grade material but also widespread continuity across a newly delineated 121 square kilometre zone.

The latest findings significantly expand the confirmed mineralised footprint at the Minta Rutile Project to 660 square kilometres. These results come as part of an ongoing large-scale reconnaissance drilling program across a broader 3,500 square kilometre target area. Importantly, all material was processed using standard mineral sands beneficiation methods—highlighting potential for low-cost, scalable development.

The presence of high-value magnet rare earth elements—including neodymium, praseodymium, dysprosium, and terbium—positions the project strategically within the global energy transition supply chain. Analysts view the project as an emerging non-Chinese source of supply at a time when rare earth diversification is being prioritised by Western industries and governments.

How does the Minta Est monazite discovery compare with other known rare earth mineral sands projects globally?

Rare earth enrichment at Minta Est surpasses most historical benchmarks for mineral sands-hosted deposits. The average monazite content from heavy mineral (HM) intercepts stands at 30 percent, with peak values reaching 73.7 percent in pan-concentrated samples. These assemblages also include up to 35.3 percent rutile and 28.1 percent zircon—two additional high-value co-products in global markets.

In-situ grades from mineralised zones average between 0.5 and 1.2 percent TREO, significantly higher than the 0.1 percent TREO grades typically reported from projects such as Base Resources’ Toliara Project in Madagascar. For comparison, Iluka Resources’ Eneabba stockpile contains monazite with an effective TREO grade of 8–10 percent due to its concentrate nature, but this material is not in-situ. Minta Est’s free-dig, near-surface resource combines both economic grade and mineability.

Across seven recent samples from the project, the monazite concentrate revealed an average of 21.3 percent NdPr (neodymium and praseodymium) and 2.2 percent DyTb (dysprosium and terbium), classifying the deposit as rich in both light and heavy magnet rare earths. This is particularly significant as most known monazite sources—including Eneabba and Toliara—are heavily skewed towards light rare earths.

What does the assay data reveal about the scale, consistency, and quality of heavy mineralisation at Minta Est?

The newly reported drill holes from Minta Est covered both residual and alluvial target zones and delivered consistent mineralisation across a vertical depth of approximately four metres. Every drill hole intersected mineralised sands from surface, underscoring the pervasive nature of HM enrichment. Some of the most notable intercepts include 7.0 metres at 3.1 percent HM and 1.0 metre at 7.8 percent HM in alluvial samples, along with residual hits of 5.5 metres at 1.7 percent HM and 2.15 metres at 3.1 percent HM.

The average heavy mineral concentration across the zone is approximately 2.4 percent HM, translating to in-situ grades of 0.7 to 1.8 percent monazite, 0.4 to 0.8 percent rutile, and 0.4 to 0.7 percent zircon. Importantly, these figures exclude the contribution of oversize mineralisation—coarse rutile nuggets exceeding 1 millimetre in diameter. These particles have been visually confirmed across multiple holes but were not captured in the standard <1mm fraction used for current assay calculations.

Peak Minerals has commissioned Allied Mineral Laboratories and Scientific Services to develop a reliable methodology for capturing and quantifying this oversize rutile, which could significantly enhance the total valuable heavy mineral (VHM) content of the project. Further HM and mineral assemblage assays, including oversize fractions, are expected in the current quarter.

How does the geology and processing method influence the economic viability of rare earth recovery at Minta Est?

Monazite hosted in mineral sands is highly favoured in the rare earth supply chain due to the relative simplicity of mining and processing. Unlike hard rock rare earth deposits that require intensive crushing, milling, and complex hydrometallurgy, monazite-bearing sands can be mined using free-dig or dredging techniques. At Minta Est, the use of low-cost, vertical hand auger drilling and gravity plus magnetic separation has already yielded clean monazite concentrates suitable for downstream processing.

The geological setting of Minta Est includes granite intrusions into a mica schist bedrock, which contributes to the elevated presence of zircon and monazite alongside rutile and even incidental gold mineralisation. This multiphase weathering profile supports not only high rare earth content but also a favourable recovery environment for other industrial minerals.

The separation of monazite using gravity concentration and magnetic separation techniques has already been validated in test samples by Allied Mineral Laboratories and Diamantina. These methodologies are consistent with global industry standards and help reduce capital intensity for future development. Analysts see this as a crucial factor supporting long-term project economics.

What are the strategic implications of the Minta Rutile Project for rare earth supply diversification?

The Minta Rutile Project, covering over 8,800 square kilometres with 18 granted permits and three pending applications, is now regarded as one of the most prospective heavy mineral sand systems in central Africa. With ongoing drilling set to expand coverage across a 3,500 square kilometre zone, Peak Minerals has only tested a small portion of its total landholding.

In recent years, rare earth supply chains have faced significant disruptions and geopolitical constraints. China currently accounts for the vast majority of global rare earth refining, creating a dependency that Western governments are actively seeking to reduce. The discovery of high-grade, magnet-focused monazite in Cameroon—hosted in easy-to-process mineral sands—offers a compelling alternative for diversified sourcing.

The 2024 acquisition of Base Resources by Energy Fuels for A$375 million to secure monazite feedstock illustrates the rising strategic value of this mineral class. Analysts expect similar interest to emerge around Minta Est as resource confirmation advances, especially if Peak Minerals is able to demonstrate large-scale tonnage and attractive metallurgy.

What is the market sentiment around Peak Minerals Ltd (ASX: PUA) following the latest discovery update?

Institutional sentiment toward Peak Minerals has strengthened following the consistent delivery of mineralised intercepts across multiple zones of the Minta Rutile Project. The June 19 announcement was particularly well received due to its confirmation of rare earth distribution, mineral assemblage quality, and potential economic grades. Investors view the project’s simplicity, scalability, and alignment with critical minerals strategies as key value drivers.

The stock’s performance on the Australian Securities Exchange has reflected increased optimism as Peak Minerals continues to deliver assay results on schedule. With assays pending for an additional 290 drill holes and coarse rutile data still under evaluation, market participants expect further upside potential in the upcoming reporting cycle.

What are the next steps in progressing the Minta Est discovery toward a resource estimate and project development?

Peak Minerals is now focused on finalising HM and mineral assemblage analysis for both sand and oversize fractions, with results expected over the next several weeks. A microscopy-based characterisation of both HM sinks and coarse mineralisation is underway with Remote Exploration Services in Cape Town to guide geo-metallurgical compositing.

Once assemblage validation is complete, the company will define drill targets for deeper and infill campaigns, with the goal of advancing multiple zones toward a maiden mineral resource estimate. Given the scale of the current footprint and the robust grades already confirmed, the project could rapidly become one of the most significant monazite-rich mineral sands developments in Africa.

Industry observers expect the project to attract attention from downstream rare earth processors and strategic investors, particularly those seeking magnet REE feedstocks that can be brought to market quickly and cost-effectively.