RareX Eyes Multiple Pathways to Value as Critical Minerals Strategy Matures
As RareX enters FY2027, the company is reinforcing a diversified critical minerals strategy spanning advanced project development, exploration, project generation and strategic partnerships. With governments across Australia, the United States and Europe investing heavily to secure critical minerals supply chains outside China, the company’s multi-pronged approach positions it to benefit from this structural demand trend without relying on a single project or exploration outcome.
RareX heads into FY2027 with a four-pronged critical minerals portfolio
The company’s portfolio is structured across four distinct pillars, each providing complementary exposure to the critical minerals sector:
- Advanced development: Cummins Range rare earths and phosphate project in Western Australia
- Exploration: Khaleesi and Piper projects targeting gallium, rare earths and niobium
- Strategic M&A: Mrima Hill project in Kenya, pursued through a consortium with Iluka Resources
- Strategic investments: Holdings in Kincora Copper (ASX:KCC), EAU Lithium (post-merger with Cosmos, ASX:C1X), and Canada Rare Earth Corporation (LL.V)
This portfolio structure means value creation is not dependent on a single asset or exploration outcome. The company maintains exposure to near-term commercial pathways through Cummins Range, exploration upside through Khaleesi and Piper, and a potential second production-scale asset through Mrima Hill. For investors, this diversification spreads risk across multiple projects at different stages of development while maintaining exposure to the same underlying commodity tailwinds.
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Cummins Range moves into its commercial evaluation phase
Cummins Range serves as the foundation asset in RareX’s portfolio. Over recent years, the company has advanced the project from exploration into one of Australia’s more advanced undeveloped rare earth projects through resource definition, metallurgical optimisation, engineering studies and permitting.
With this technical foundation in place, the project is now entering a new phase. The company is evaluating commercial pathways including potential strategic partnering opportunities and other value-accretive alternatives to identify the approach that best maximises long-term shareholder value.
James Durrant, Managing Director and CEO
“RareX has reached an important stage with key initiatives entering new phases. Over recent years, we have systematically advanced Cummins Range while building an exploration pipeline and strategic partnerships and investments that provide multiple opportunities to create long-term value. As we enter FY2027, we’re executing that strategy against a backdrop of accelerating global demand for secure critical minerals supply chains outside China, and we believe RareX is well positioned to benefit from that shift.”
Understanding critical minerals — why the supply chain race matters
Critical minerals are a group of elements essential to advanced technologies, defence systems, semiconductors and the energy transition. This category includes rare earths (used in magnets for electric vehicles and wind turbines), gallium (semiconductors and solar panels), niobium (high-strength steel and superconductors), and scandium (aerospace alloys and fuel cells). What makes these minerals “critical” is not just their importance to modern technology, but the concentration of their supply chains — particularly their dominance by China.
Governments across Australia, the US and Europe are investing heavily to secure alternative supply sources outside Chinese control. This creates a structural demand tailwind for companies developing critical minerals projects in allied jurisdictions. RareX’s portfolio provides exposure to multiple minerals within this group:
- Rare earths & phosphate — Cummins Range
- Gallium, rare earths & niobium — Khaleesi
- Rare earths & niobium — Piper
- Niobium & rare earths — Mrima Hill
Exploration pipeline led by Khaleesi drilling
RareXploration serves as the company’s discovery engine and a key long-term pillar of its strategy. The immediate priority is the Khaleesi project, where drilling is expected to commence shortly across five priority targets within the project’s 790km² landholding. The programme targets gallium, rare earth elements and niobium.
This first phase of drilling is designed to test initial priority targets within a much larger district-scale opportunity. Results are expected over the coming months, providing a steady pipeline of exploration newsflow. For investors, the Khaleesi programme represents a near-term catalyst that could add material value if drilling confirms the scale and grade of mineralisation across the five target areas.
Beyond Khaleesi, the company is advancing the Piper Project in the Northern Territory, positioned along trend from both Nolans Bore and the Luni niobium deposit. RareXploration is also assessing new project generation and business development opportunities in prospective critical minerals jurisdictions to build a sustainable pipeline of discovery opportunities.
Mrima Hill — the potential second production-scale asset
The proposed Mrima Hill Critical Minerals Project represents one of RareX’s most significant growth opportunities. Through its consortium with Iluka Resources, the company is progressing through the Kenyan Government’s competitive tender process. If successful, Mrima Hill would add a second production-scale critical minerals asset to the portfolio and establish a strategic partnership with one of Australia’s leading critical minerals companies.
The RareX–Iluka consortium has been advancing the proposal since 2022, with an outcome anticipated during the upcoming quarter (Q1 FY2027, July–September 2026). If successful, the project would provide RareX with exposure to a globally significant niobium and rare earths asset and an established downstream processing pathway through Iluka’s Eneabba refinery.
Cautionary Note: At present, there are no guarantees that the consortium’s application for the Mrima Hill Project will be accepted and that the consortium will be invited to negotiate with NAMICO and the State Department for Mining the terms on which the proposed Prospecting Licence will be granted. The grant of the Prospecting Licence remains subject to the discretion of NAMICO and the Cabinet Secretary, and investors are cautioned not to place undue reliance on the grant of the Prospecting Licence.
| Asset | Type | Key Minerals | Location | Status / Next Step |
|---|---|---|---|---|
| Cummins Range | Advanced development | Rare earths, phosphate | Western Australia | Commercial evaluation phase |
| Khaleesi | Exploration | Gallium, rare earths, niobium | East Yilgarn, WA | Drilling commencing shortly |
| Piper | Exploration | Rare earths, niobium | Northern Territory | Progressing |
| Mrima Hill | Strategic M&A | Niobium, rare earths | Kenya | Tender outcome expected this quarter |
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Multiple pathways to long-term value
Together, Cummins Range, RareXploration and the proposed Mrima Hill Project provide RareX with multiple complementary pathways to create long-term shareholder value. The integrated portfolio spans advanced project development, exploration, project generation and strategic partnerships, positioning the company to capitalise on the growing global focus on secure critical minerals supply chains.
The company maintains material investments in Kincora Copper (ASX:KCC), EAU Lithium following its merger with Cosmos Exploration (ASX:C1X), and Canada Rare Earth Corporation (LL.V), providing additional exposure to the broader critical minerals sector.
For further information and to engage with the company’s announcements, visit the RareX investor hub.
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