Morella Establishes 8,300t Rubidium Resource at Mt Edon With Growth Potential

Morella’s Mt Edon delivers maiden rubidium resource — 8,300 tonnes of contained Rb₂O established

Morella Corporation (ASX: 1MC) has released a maiden JORC 2012 Inferred Mineral Resource Estimate (MRE) for its Mt Edon Critical Minerals Project in Western Australia, establishing one of the larger reported Australian rubidium inventories. The estimate totals 5.44Mt @ 0.16% Rb₂O, containing approximately 8,300 tonnes Rb₂O, reported at a 0.10% Rb₂O cut-off, and was prepared by independent specialists Snowden Optiro to JORC 2012 standards.

Critically, this MRE covers only two areas — Sophie and Miles & June — within a much broader mineralised pegmatite system. Lithium and tantalum were excluded from the Reasonable Prospects for Eventual Economic Extraction (RPEEE) assessment, representing potential additional value subject to future metallurgical recovery and economic assessment. For investors, this is a foundational technical milestone: it opens the door to resource growth, metallurgical development, and project evaluation.

Mt Edon MRE at a glance — Sophie and Miles & June by the numbers

The resource breaks down across two distinct prospect areas, with Sophie contributing the dominant share of both tonnage and contained Rb₂O.

The MRE also contains approximately 3,600 tonnes of Li₂O at 0.07% Li₂O, though this was excluded from the RPEEE assessment and represents potential upside subject to future work. The RPEEE used an assumed Rb₂CO₃ price of US$400/kg solely for pit shell optimisation purposes — this is not a forecast price.

One useful conversion point: on a stoichiometric basis, one tonne of Rb₂O is equivalent to approximately 1.235 tonnes of Rb₂CO₃ prior to recovery and processing losses, which contextualises the downstream product potential of the inventory.

What is rubidium — and why does the US consider it a critical mineral?

Rubidium is a rare alkali metal that occurs within highly fractionated lithium-caesium-tantalum (LCT) pegmatites — the same geological setting that hosts lithium and tantalum mineralisation at Mt Edon. It is not a commodity most investors encounter regularly, but its applications sit at the high-value end of the technology spectrum.

Key end-use applications for rubidium include:

• Specialty glass and fibre optics
• Advanced electronics
• Atomic clocks and frequency-control devices
• Biomedical applications
• Defence-related technology

The United States included rubidium on its 2025 Critical Minerals List and remains fully import-reliant for rubidium minerals. Unlike established bulk commodities, rubidium does not have a widely quoted transparent benchmark price — commercial value depends on product form, purity, specification, and transaction volume.

For Mt Edon, that means the significance of the inventory is not determined by headline grade alone. What matters is the approximately 8,300 tonnes of contained Rb₂O, the mineralogical characteristics of the deposit, metallurgical recoverability, and the ability to produce a saleable product. Grade is just one input into that equation.

93.6% rubidium extraction achieved — metallurgical results underpin development case

Near-surface geometry supports conventional open-pit mining

The Mt Edon mineralisation outcrops or occurs close to surface, making it suitable for conventional open-cut truck-and-shovel mining. The MRE footprint at Sophie extends over approximately 500m of strike, while Miles & June covers approximately 250m, with both prospects reaching a vertical depth of approximately 120m.

The pegmatites dip at approximately 30° East, which points to the potential for a low stripping ratio. Importantly, mineralisation remains open along strike and at depth — the MRE boundary is not a geological ceiling.

Metallurgical testwork delivers encouraging extraction rates

Metallurgical testwork at Edith Cowan University’s Mineral Recovery Research Centre achieved rubidium extraction of up to 93.6% into solution (the Phase 2 peak result; the Phase 1 peak was 89.3%). These are laboratory-scale results and do not establish overall process recovery or commercial viability.

For the RPEEE assessment, an overall Rb process recovery of 68% through beneficiation, leaching, and purification was assumed — a preliminary figure requiring confirmation through further studies. The ongoing processing pathway under investigation is the Direct Rubidium Extraction method, with extraction optimisation, purification, and flowsheet development continuing with Edith Cowan University.

Managing Director James Brown put the milestone in context:

James Brown, Managing Director, Morella Corporation

“This maiden MRE is an important milestone for Mt Edon and establishes a substantial initial rubidium inventory of approximately 8,300 tonnes of contained Rb₂O from only the Sophie and Miles & June areas… The metallurgical results achieved to date are therefore particularly encouraging, with laboratory-scale rubidium extraction of up to 93.6% into solution.”

Resource growth runway — most of Mt Edon remains untested

The maiden MRE is a starting point, not a ceiling. The broader Mt Edon pegmatite system spans approximately 16km², yet the current estimate covers only a small portion of that footprint. Coherent higher-grade Rb₂O domains have been identified within the broader mineralised envelope, and numerous mapped pegmatites remain untested — including substantial areas to the north of Sophie where drilling has been limited.

The MRE database contains 51 RC drillholes totalling 3,588m, yet only two of many prospects have been formally estimated. That leaves a meaningful exploration inventory waiting to be tested.

Morella’s confirmed next steps are:

1. Additional infill and step-out drilling at Sophie and Miles & June to test extensions and improve confidence in the geological and grade models
2. Targeted diamond drilling to improve structural and geological understanding, provide representative density and metallurgical samples, and assess internal pegmatite zonation
3. Continued metallurgical testwork to confirm the mineralogical deportment and recovery characteristics of rubidium, lithium, and tantalum, and to refine potential processing pathways
4. Expansion of density measurement coverage across the principal lithological and weathering domains
5. Continued geological mapping, geochemical evaluation, and target generation across the broader Mt Edon tenure package

Mt Edon’s location also works in its favour. The project sits approximately 3km south of Paynes Find, 420km north of Perth, immediately adjacent to the Great Northern Highway, with access to Geraldton Port — established infrastructure that supports future development planning.

Key takeaways for investors

• The maiden MRE of 5.44Mt @ 0.16% Rb₂O (approximately 8,300 tonnes contained Rb₂O) establishes one of the larger reported Australian rubidium inventories
• Only two prospects out of a much broader pegmatite system spanning approximately 16km² have been formally estimated, meaning meaningful resource growth potential exists
• Laboratory-scale metallurgical extraction of up to 93.6% into solution supports the processing amenability of the mineralisation
• Rubidium’s inclusion on the US 2025 Critical Minerals List, combined with full US import reliance, underpins the strategic relevance of a substantial domestic Australian inventory

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