Key Highlights

  • Phase 1 laboratory test work achieved up to an 11.2 times increase in yttrium purity.
  • Nine ion exchange column runs were completed by the University of Queensland Hydrometallurgy Research Group.
  • The separation mechanism covered by a Colorado School of Mines Patent was effective on both clay-hosted and Mountain Pass bastnaesite feeds.
  • Yttrium oxide was reportedly trading at about US$765 per kilogram outside China as at October 2026.

Bayan (ASX:BMM) has reported results from a completed Phase 1 research program with the University of Queensland, according to an announcement dated 12 November 2026. The laboratory test work achieved up to an 11.2 times upgrade in yttrium purity, compared with a previously reported 2 times upgrade. The company describes this as the highest result recorded in the Phase 1 program.

What the test work covered

Nine ion exchange column runs were completed by the university's Hydrometallurgy Research Group, led by Professor James Vaughan. The results confirm that the yttrium separation mechanism covered by a Colorado School of Mines patent works on both clay-hosted and Mountain Pass bastnaesite mineralisation. The company says the technology can be designed to integrate into an existing rare earth separation circuit without a full redesign, which could offer a lower-cost route to a separate yttrium product stream.

Market context and commercial relevance

Yttrium is traditionally one of the most expensive stages in rare earth refining. The company notes that yttrium prices have risen substantially since China introduced export controls in April 2025. It cites reported prices of about US$765 per kilogram for yttrium oxide outside China as at October 2026. That figure is a reported Market Price and has not been verified in the announcement.

Next steps and limits

The next phase will test commercially relevant feed solutions and multi-cycle resin performance, aiming to establish a flowsheet with a full mass balance and operating cost model, ahead of pilot-scale cyclic testing. The current results are laboratory-scale and based on specific feeds, so their performance on commercial feeds has yet to be shown.

Final Word

The Phase 1 results show a substantial improvement in yttrium purity under laboratory conditions and support the technology's compatibility with two different ore styles. The next phase, which will test commercial feeds and resin performance, will determine whether the upgrade holds at a scale that could justify a flowsheet. The price reference adds context, but the commercial case still depends on process Economics yet to be established.