Lion Rock Deploys 4 Crews to Test 300km² Monazite System That Could Add REE Revenue

Lion Rock Minerals commences monazite-REE drilling at Minta Est

Lion Rock Minerals has deployed four exploration crews to begin a 118-hole Dormer drilling campaign at Minta Est in Cameroon, targeting an interpreted 300km² monazite-REE enriched granite hosted system. The campaign advances the company’s dual-pathway strategy, with monazite-REE exploration progressing alongside Lion Rock’s established rutile province. Expedited assay results are expected August 2026.

The multi-crew deployment is designed to accelerate testing of priority river ravines, tributary junctions and floodplain traps where heavy minerals have been naturally concentrated. The campaign structure — four drilling crews supported by one dedicated sample-preparation team — enables parallel processing to shorten the path from drilling to market-moving data.

For investors, Minta Est represents a second critical minerals pathway that could materially expand the company’s commodity exposure beyond rutile alone. If successful, the monazite-REE system would add exposure to high-demand magnet rare earths used in electric vehicles, wind turbines, advanced electronics and defence applications.

What is monazite and why does it matter for investors

Monazite is a rare earth phosphate mineral that hosts a suite of valuable rare earth elements, including the “magnet rare earths” — neodymium (Nd), praseodymium (Pr), dysprosium (Dy) and terbium (Tb). These elements are essential for the production of high-strength permanent magnets, which are critical components in electric vehicle motors, wind turbine generators, advanced electronics and defence systems.

The strategic value of these rare earths stems from their unique magnetic properties. NdPr magnets provide exceptional strength-to-weight ratios, while dysprosium and terbium improve magnet performance at elevated temperatures — crucial for applications in electric vehicle drive trains and industrial motors.

Monazite is typically recovered as a by-product in mineral sands operations, where it is extracted alongside rutile, ilmenite and zircon. This creates potential co-product economics: a mineral sands operation targeting rutile can generate additional revenue from monazite without dedicated mining infrastructure. The U.S. Department of the Interior includes neodymium, praseodymium, dysprosium and terbium on its 2025 critical minerals list, reflecting global supply chain concerns and policy support for diversified sources.

For Lion Rock, establishing an extractable monazite resource would add a high-value commodity stream to the company’s development profile, with demand drivers tied to electrification and defence sectors.

Historical results point to exceptional monazite concentrations

Previous sampling at Minta Est returned monazite assemblages up to approximately 74% in selected alluvial concentrates, indicating a significant rare earth enrichment. These concentrate grades translate to indicative in-situ TREO grades of 0.5%–1.2% in shallow, free-dig material.

The magnet rare earth distribution is particularly compelling. NdPr content reached up to 22.5% of TREO, while DyTb content reached up to 2.7% of TREO — both metrics that define commercial-grade magnet rare earth deposits. The prior drilling database comprises 299 holes totalling 1,281m, with 452 intervals recording calculated monazite concentrations above 0.2%.

This historical dataset establishes Minta Est as a compelling follow-up target. The current drilling campaign is designed to convert this legacy evidence into resource-grade data that supports mineral resource estimation, metallurgical testing and economic assessment.

Drilling campaign targeting natural heavy mineral traps

The 118-hole programme targets priority river ravines, tributary junctions and floodplain traps where natural hydraulic processes have concentrated heavy minerals. Vertical Dormer holes will be drilled to refusal, typically between approximately 2m and 10m depth, with an expected total metreage of approximately 500m based on historical average depth of 4.3m per hole.

Drilling is being executed with nominal spacing of approximately 400m between drill lines and 40m along lines, with tighter spacing across priority traps to define grade continuity. The operational structure comprises four drilling crews supported by one dedicated sample-preparation team, enabling rolling preparation and dispatch to expedite sample flow to the laboratory.

Expected campaign duration is approximately 6–8 weeks, with drilling, preparation and dispatch progressing in parallel to compress the timeline to results. Assay results are expected August 2026.

Campaign specifications:

• 118 planned Dormer holes
• Expected depth: 2–10m
• Planning metreage: approximately 500m
• Nominal spacing: 400m between lines, 40m along lines
• Duration: 6–8 weeks

For investors, the shallow, free-dig nature of the target mineralisation supports low-cost extraction scenarios if a resource is defined. The parallel sample processing approach is designed to accelerate the path to market-moving assay results, reducing the time between drilling completion and data release.

Campaign objectives and evaluation pathway

The drilling campaign has been structured to progress from exploration to resource definition through three primary technical objectives:

1. Define the highest-grade monazite-bearing centres across multiple drill lines
2. Confirm continuity, thickness and basal enrichment of priority alluvial traps
3. Advance the strongest domains toward infill drilling, bulk sampling and maiden Mineral Resource Estimate (MRE) evaluation

Samples will undergo a comprehensive analytical programme covering heavy mineral (HM) content, full mineralogical characterisation, complete rare earth element (REE) suite analysis, thorium/uranium (Th/U) ratios, selective leach testing, and product quality assessment. This suite of tests is designed to answer the critical questions for resource definition: What is the grade? Where is the mineralisation? Can it be extracted? What is the product quality?

Established mineral sands recovery methods support extraction of monazite, rutile and zircon, providing a proven processing pathway for heavy mineral separates. The free-dig nature of the target material eliminates the need for drilling or blasting, supporting low-cost extraction if a resource is defined.

For investors, this campaign represents the bridge from historical evidence to resource-grade data. The mineralogical and recovery work will determine whether the monazite can be economically extracted using conventional mineral sands processing, a critical step toward commercial viability.

U.S. Embassy visit highlights international critical minerals interest

Lion Rock hosted a delegation from the U.S. Embassy, including a U.S. Government Critical Minerals Specialist, on a two-day site visit to the Minta project. The delegation met with the Mayor of Minta, who reaffirmed strong support for the project. The visit reflects the broader trilateral partnership between Cameroon, the United States and Australia on diversifying critical minerals supply chains.

Minta offers potential exposure to at least 12 of the 60 minerals on the 2025 U.S. critical minerals list, including the highly sought-after magnet rare earths being targeted at Minta Est. The U.S. critical minerals list identifies elements vital to the U.S. economy and national security that face potential risks from disrupted supply chains.

Theuns de Bruyn, CEO

“Such is the growing international recognition of our Minta Monazite & Rutile Project, we were delighted to host a delegation from the U.S. Embassy last week, including a U.S. Government Critical Minerals Specialist, on a two-day site visit and meeting with the Mayor of Minta, who reaffirmed his strong support. The visit reflects the broader trilateral Cameroon, United States and Australian partnership on diversifying critical-minerals supply chains, to which Minta offers potential exposure through at least 12 of the 60 minerals on the 2025 U.S. critical minerals list, including the highly sought after magnet rare earths targeted at Minta Est.”

For investors, high-level government engagement signals geopolitical relevance of the project. Critical minerals supply diversification is a policy priority for Western governments, potentially supporting future offtake agreements or project financing discussions. The combination of local government support and international strategic interest creates a favourable political and commercial environment for project advancement.

Minta Est adds second growth pathway to rutile story

Minta Est is being advanced as a separate monazite-REE region alongside the broader rutile workstream at Mboma, Loum and Minta 1. This dual-pathway approach positions Lion Rock as a multi-mineral critical minerals developer rather than a single-commodity project. Monazite, xenotime and zircon can potentially add product credits alongside rutile, broadening revenue potential and diversifying commodity price exposure.

The strategic positioning reflects a district-scale opportunity: Lion Rock is developing a multi-mineral critical minerals district where heavy mineral assemblages vary across the 8,800km² tenement package. At Mboma and Loum, the focus is shallow residual rutile suitable for low-cost free-dig extraction. At Minta Est, the focus shifts to monazite-bearing rare earths in alluvial traps. Both pathways share common infrastructure requirements and processing methods, creating potential operational synergies.

Further drilling on rutile targets will resume once assay and data validation queues are cleared, providing better geological control and a clearer ranking framework of rutile-in-HM distribution across the broader project.

Theuns de Bruyn, CEO

“Minta Est is a major rare-earth opportunity emerging alongside our rapidly expanding natural high-grade rutile province. Historical results have already delivered exceptional monazite concentrations at a time the world’s demand of magnet rare earths is rapidly growing for electric vehicles, wind power, advanced electronics and defence.”

For investors, a multi-commodity asset profile can diversify revenue risk and enhance project economics through co-product credits. The rare earth pathway provides optionality beyond the primary rutile development focus, with exposure to demand drivers in electrification and defence sectors that operate independently of titanium dioxide markets.

Catalysts and timelines ahead

Near-term milestones for Lion Rock include:

• Drilling completion: Approximately 6–8 weeks from campaign commencement
• Assay results: Expected August 2026
• Interpretation of completed drilling: Analysis of data from Loum, Minta 1, Minta Nord and Minta Sud
• Follow-up drilling: Expected to focus on strongest grade and assemblage domains over next 6–12 months

The August 2026 assay results represent the next material data point for investors to assess the scale, grade and continuity of the monazite-REE system. These results will determine whether Minta Est progresses to infill drilling and bulk sampling, the precursors to maiden resource estimation. Concurrent interpretation of completed rutile drilling will refine the company’s understanding of grade distribution across the broader Minta province, supporting future drill targeting and resource definition work.

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