Bayan Mining and Minerals Unveils Desert Star Discovery

Remarkable Initial REE Results Confirm Significant Mineralisation

Bayan Mining and Minerals (ASX: BMM) has reported outstanding rare earth element (REE) grades from its Desert Star Project in California, with heavy minerals concentrate samples returning up to 26,286 ppm TREO (2.62%) and rock chip samples reaching 7,841 ppm TREO (0.78%).

These exceptional initial results from the company's reconnaissance sampling program validate BMM's geological model that the mineralised corridor from the nearby Mountain Pass Mine extends into the Desert Star Project area. The discovery is particularly significant given that sampling was conducted within just two months of securing the claims in July 2025.

In total, 69 rock chip samples and 29 heavy mineral concentrate samples were collected during the program, with multiple samples returning high-grade REE values:

Top Heavy Minerals Concentrate Results:

• 26,286 ppm TREO (Sample 19440)
• 14,935 ppm TREO (Sample 19419)
• 13,774 ppm TREO (Sample 19441)
• 13,185 ppm TREO (Sample 19444)
• 11,975 ppm TREO (Sample 19421)

Top Rock Chip Results:

• 7,841 ppm TREO (Sample 19415)
• 4,097 ppm TREO (Sample 19378)
• 3,443 ppm TREO (Sample 19413)
• 3,443 ppm TREO (Sample 19411)
• 2,986 ppm TREO (Sample 19366)

"These are truly outstanding early-stage results for Bayan. The discovery of rare earth grades up to 26,286 ppm TREO from initial heavy minerals and up to 7,841 ppm TREO surface sampling is a strong indicator that Desert Star has the potential to host a significant REE system," said Executive Director Fadi Diab.

Strategic Location in America's Critical Mineral Corridor

The Desert Star discovery by Bayan Mining and Minerals occupies a highly strategic position in California's eastern Mojave Desert, situated just 4.5 km northeast of MP Materials' Mountain Pass Mine – the only operating rare earth mine in North America. The Desert Star North project is also located only 3 km north of the Colosseum Gold Mine, which hosts a JORC-2012 compliant Mineral Resource of 27.1 Mt @ 1.26 g/t Au for 1.1 million ounces.

This positioning places Bayan's projects within a globally significant critical minerals corridor with established infrastructure, including:

• Proximity to Interstate 15
• High-voltage power transmission lines
• Union Pacific rail line within 25 km
• Renewable power infrastructure in the Ivanpah Valley

The project's location in the United States is particularly important given the growing focus on domestic critical mineral supply chains and reduced dependence on foreign sources of rare earth elements.

Understanding Rare Earth Elements: Critical Components for Modern Technology

Rare earth elements (REEs) comprise 17 metallic elements essential for numerous high-technology applications, including permanent magnets used in electric vehicles, wind turbines, and defence systems. Despite their name, most REEs are relatively abundant in the Earth's crust, but economically viable concentrations are uncommon.

The Mountain Pass deposit, near Bayan's Desert Star Project, is known for its high concentration of light rare earth elements in bastnasite, a rare earth fluorocarbonate mineral. The deposit formed through igneous processes involving carbonatite intrusions approximately 1.4 billion years ago.

What makes the Desert Star discovery by Bayan Mining and Minerals particularly significant is that the United States currently has only one operating rare earth mine (Mountain Pass), creating a strategic vulnerability in critical technology supply chains. New domestic sources could help reduce reliance on imports from China, which dominates global REE processing. Furthermore, companies like Vital Metals have secured rare earths elsewhere, highlighting the competitive nature of this strategic sector.

Favourable Geology Suggests Significant Potential

Field mapping at Desert Star has outlined geology highly conducive to REE mineralisation, including:

• Structurally complex system of sheared gneiss and pegmatite intrusives
• Fe-carbonate veining
• Pervasive oxidation and brecciation
• Features consistent with large-scale REE-bearing systems

The geological setting shows strong similarities to the world-class Mountain Pass deposit, with evidence suggesting the mineralised corridor extends northeast from Mountain Pass directly into Bayan's Desert Star Project area.

The project sits between the Ivanpah Fault to the east and the Clark Mountain Fault to the west – both major regional structures associated with mineralisation at Mountain Pass and Colosseum. These structures exhibit vertical displacement exceeding 10,000 feet and are recognised as key controls on regional mineralisation. Similar structural controls have been identified in S2 Resources' drilling campaign at other Australian sites.

Extensive Mineralised Footprint Emerging

The initial sampling program has already identified a significant REE footprint across the Desert Star Project. High-grade REE anomalies currently extend across a 1.5 km strike length from just the initial sampling program, suggesting considerable potential for expansion with further exploration.

The sampling focused on variably sheared granitic and pegmatitic gneisses, quartz feldspar pegmatite veins, and associated fracture zones that might be associated with REE-bearing carbonatites. Outcrops commonly exhibited strong iron-oxide staining, Fe-carbonate veining, quartz breccias, and local caliche seams – all indicators of potential rare earth mineralisation.

Rapid Advancement Toward Drill-Ready Targets

In less than two months since securing the Desert Star Project claims in early July, Bayan has moved quickly to validate the project's potential. The company is now advancing several work streams simultaneously:

• Advanced geophysical data interpretation
• Planned detailed ground surveys
• Further targeted sampling
• Development of high-priority drill targets

These programs are designed to fast-track the project toward scout drilling, with Executive Director Fadi Diab noting: "With momentum building, we are now advancing rapidly toward the next phase, integrating geophysical interpretations, conducting detailed ground surveys, and refining drill targets."

The company has also initiated downstream evaluation to secure potential positioning in the U.S. supply chain, recognising the strategic importance of domestic rare earth processing capabilities. In a similar vein, Prospech's Finland rare earth elements project shows how other companies are also pursuing strategic REE assets in Western jurisdictions.

Why Investors Should Watch Bayan Mining and Minerals

The Desert Star discovery by Bayan Mining and Minerals represents a compelling opportunity for investors interested in the critical minerals sector for several key reasons:

1. Strategic Asset Position: Located just 4.5 km from North America's only operating rare earth mine in a region with proven world-class REE deposits.

2. Exceptional Early Results: Initial sampling has returned outstanding grades up to 26,286 ppm TREO, validating the geological model and suggesting significant potential.

3. Domestic Critical Mineral Security: As nations prioritise domestic supply chains for strategic materials, new U.S.-based rare earth discoveries have heightened importance.

4. Rapid Development Timeline: The company has quickly established significant mineralisation and is fast-tracking toward drilling. This approach mirrors Great Boulder Resources' new gold targets development strategy, demonstrating industry best practices.

5. Experienced Management: The exploration team has rapidly assessed and validated the project's potential, demonstrating technical expertise in the REE sector.

The rare earth market has seen increasing strategic focus as clean energy technologies and defence applications drive demand growth. With most global processing controlled by China, new Western sources have become a national security priority, potentially providing long-term market support for companies developing domestic supply.

The Desert Star discovery by Bayan Mining and Minerals represents one of the most promising early-stage rare earth discoveries in the United States, positioned along the same geological trend as a proven world-class deposit and already demonstrating exceptional grades from surface sampling. However, investors should also consider how this compares to other mineral discoveries such as Hammer Metals' discoveries in North Queensland when evaluating the broader exploration landscape.

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