High-Grade Rutile Results Strengthen Lion Rock Minerals Development Strategy

Lion Rock Minerals Delivers High-Grade Rutile Results as Strategic Investor Tronox Secures Major Government Backing

Lion Rock Minerals (ASX: LRM) has announced compelling high-grade rutile results from its expansive Minta Project in Cameroon, with insitu rutile grades of up to 1.8% from recent drilling activities. The results reinforce the company's position in one of the world's largest under-explored rutile and rare-earth provinces.

Furthermore, its strategic partner Tronox has secured substantial government support for rare-earth expansion plans. This development strengthens the partnership between both companies and demonstrates growing institutional confidence in critical minerals supply chains.

Outstanding Mineralogy Results Validate Reconnaissance Strategy

The latest batch of mineralogy results from Lion Rock's reconnaissance drilling programme has delivered exceptional outcomes across the 5,000km² target area. Moreover, these high-grade rutile results from Lion Rock Minerals showcase the project's significant potential for development.

Key highlights include:

• 1.8% residual insitu rutile from surface sample MRAU0494
• 1.1% residual insitu rutile from 3.9m depth at sample MRAU0453
• Five locations recording 1% or more total insitu rutile from residual targets
• 40 locations with significant insitu rutile grades of ≥0.5%, averaging 0.7%

The reconnaissance programme, completed at nominal 1km x 10km spacing, has successfully identified high-priority zones for follow-up drilling. Notably, a clear decrease in value is evident in the southwest regions, where rutile falls to just 7.2% of the heavy mineral assemblage.

In contrast, the exceptional prospectivity in central and northeastern areas shows rutile grades reaching up to 2.2%. This zonation provides clear direction for future exploration activities.

Heavy Mineral Intercepts Demonstrate Project Scale

Standout heavy mineral (HM) results further validate the project's potential across multiple target types. Additionally, these results demonstrate consistent mineralisation across different geological settings.

Residual Targets:

• 2.81m at 11.34% HM from surface
• 5.67m at 9.21% HM from surface

Alluvial Targets:

• 4m at 12.5% HM from surface
• 8m at 11.1% HM from 1m

These impressive intercepts confirm the substantial scale and high-value mineral assemblage across the Minta Project. Consequently, mineralisation is now confirmed over a 3,800km² footprint.

What Makes Tronox's US$600 Million Government Support Significant?

In a significant development for the critical minerals sector, strategic investor Tronox Holdings (NYSE: TROX) has received conditional, non-binding support of up to US$600 million. This funding comes from the Export-Import Bank of the United States and Export Finance Australia.

The government backing would advance Tronox's rare-earth supply chain development in Western Australia, including:

• Mine extensions and infrastructure development
• Construction of a cracking-and-leaching facility
• Production of mixed light-and-heavy rare-earth carbonate

This government backing, combined with Tronox's recent US$400 million debt financing and 5% strategic investment in Lion Rock, demonstrates strong alignment. Furthermore, it highlights the strategic importance of critical minerals supply chain development.

Understanding Heavy Mineral Concentrates: The Foundation of Value

Heavy mineral concentrates represent a critical component in modern technology supply chains. These naturally occurring concentrations contain valuable minerals like rutile (titanium dioxide), zircon, and rare-earth bearing monazite.

Rutile, the primary target at Minta, serves as the raw material for titanium dioxide (TiO2). This white pigment is essential for paints, plastics, and paper production. Additionally, the mineral's high titanium content makes it crucial for aerospace applications and high-performance welding electrodes.

For investors, heavy mineral concentrates offer exposure to multiple critical minerals from a single deposit. This provides diversification within the materials sector whilst reducing exploration risk.

The dual residual-alluvial nature of Minta's mineralisation creates multiple extraction pathways. In addition, this geological diversity potentially reduces development risk whilst maximising resource potential.

Results Summary Table

Strategic Focus on High-Value Zones

CEO Casper Adson highlighted the strategic alignment with Tronox, noting:

"The continued strengthening of Tronox's rare-earth strategy – underpinned by its recent US$400 million debt raise and the conditional support of up to US$600 million from EFA and EXIM – is highly aligned with Lion Rock's long-term vision for the Minta Project."

The company is now advancing a targeted exploration strategy focusing on specific high-priority areas. Moreover, this focused approach maximises exploration efficiency whilst accelerating resource definition timelines.

Minta Est Zone: Targeting the unique monazite-enriched granite intrusion with dual residual-alluvial approach. These expansive river basins are mapped at 750m wide extending for up to 20km.

High-Grade Rutile Corridors: Concentrating on zones where multiple results exceed 1% insitu rutile. These corridors span across the 3,800km² proven footprint.

How Will Laboratory Development Accelerate Timeline?

Lion Rock's Yaoundé laboratory construction is advancing, with Heavy Liquid Separation commissioning scheduled for January 2026. This in-country analytical capability will deliver multiple benefits for operational efficiency.

The laboratory will:

• Materially accelerate turnaround times
• Improve data quality and decision-making
• Support rapid resource definition

Independent analysis by In-2-Dredging has confirmed that the Minta Est alluvial channels are suitable for dredge-mining development. However, this remains subject to economic resource delineation through continued exploration.

Investment Thesis: Scale Meets Strategic Alignment

Lion Rock's investment proposition centres on three key pillars that distinguish it from other exploration companies. Furthermore, these advantages create multiple pathways to value creation.

1. Exceptional Scale: The 3,800km² proven mineralisation footprint represents one of the largest under-explored rutile provinces globally
2. Strategic Partnership: Tronox's 5% equity position and US$600 million government-backed funding create potential for supply chain integration
3. Multiple Deposit Styles: Dual residual-alluvial targeting provides diversified development pathways

The reconnaissance programme has successfully validated the prospectivity model across this vast area. Additionally, the high-grade rutile results from Lion Rock Minerals demonstrate clear zonation that enables focused resource definition efforts.

Upcoming Catalysts Timeline

Why Should Investors Monitor Lion Rock Minerals?

The convergence of exceptional geology, strategic partnerships, and government support positions Lion Rock as a compelling critical minerals investment opportunity. With high-grade rutile results from Lion Rock Minerals reaching up to 1.8% across a 3,800km² footprint, the company has demonstrated the scale and grade potential that could support a significant development.

Tronox's strategic involvement, reinforced by substantial government backing, provides both technical expertise and potential off-take alignment. In addition, the establishment of in-country analytical capabilities and focused exploration on the highest-value zones should accelerate progress toward resource definition.

As global demand for critical minerals intensifies, Lion Rock's position in Cameroon's under-explored mineral sands province, combined with its strategic partnership structure, warrants continued investor attention. Furthermore, the company's systematic approach to resource definition positions it well for future development opportunities.

Key Takeaway:
Lion Rock Minerals has established one of the largest proven rutile footprints globally, with high-grade results and strategic alignment with a government-backed partner. The focused exploration strategy and accelerating analytical capabilities position the company for significant value creation as it advances toward resource definition.

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