Highlights

  • European Resources Shares surged 42.86% on 12 February 2026, following Korsnäs REE project drill and metallurgy update.
  • The Company completed six diamond drill holes totalling 1,326.2 metres.
  • Assays received from four holes confirm broad REE mineralised intervals.
  • West-1 drilling returned higher-grade TREO intersections with NdPr enrichment.
  • REMHub partners advanced drill core beneficiation and tailings flotation programs

European Resources Ltd (ASX:ERE) shares climbed 42.86% to AUD 0.020 during the afternoon session on 12 February 2026, following the release of updated drilling results and metallurgical progress at its 100%-owned Korsnäs REE Project. Although the share price has surged approximately 100% over the past month but has declined 33.33% over the past one year.

The Company completed six diamond drill holes for a total of 1,326.2 metres. The program targeted near-mine continuity, extensions around the Korsnäs mine area, the West-1 mineralised structure, and a gravity and HVSR passive seismic anomaly south of the mine.

Assay results have been received for four holes, while two holes remain pending. At the Korsnäs mine area, hole KR-311 returned 16.0 metres at 2,390 ppm (parts per million ) TREO (Total Rare Earth Oxides) from 216 metres, including 25% NdPr (Neodymium and Praseodymium) enrichment. Hole KR-312 delivered 27.0 metres at 3,767 ppm TREO from 198 metres, with 27% NdPr enrichment.

At the West-1 structure, hole KR-313 reported 9.0 metres at 8,804 ppm TREO from 82 metres, including 3.0 metres at 14,214 ppm TREO. Hole KR-314 intersected 4.0 metres at 10,292 ppm TREO from 31 metres, including 2.0 metres at 19,032 ppm TREO. NdPr enrichment across these intervals ranged between 25% and 27%. The Company stated that assays received to date confirm broad rare earth mineralised zones with consistent NdPr enrichment.

Metallurgical Programs Advance Across Multiple Workstreams

ANSTO has received the Lanthanide Concentrate Stockpile (LnCS) sample and commenced pre-leach testing. This forms part of a broader pre-leach and acid bake/water leach program aimed at defining extraction conditions and understanding impurity behaviour. The work includes mineralogical characterisation, diagnostic leach testing, temperature analysis and evaluation of preferred operating conditions.

Under the EU-funded REMHub program, GTK has started beneficiation test work on drill core samples using high-gradient magnetic separation, gravity separation and flotation methods. Initial results are expected in the next reporting cycle.

The University of Oulu has completed initial flotation scoping on bulk tailings and produced a concentrate, with assays pending.

Following receipt of all outstanding assays, selected new drill core will be composited to produce a representative concentrate through staged gravity, magnetic separation and flotation. This concentrate will support downstream hydrometallurgical evaluation.

What Investors are Watching?

European Resources shares rose 42.86% on 12 February 2026 following updated drilling and metallurgical progress at Korsnäs. The stock has gained 100% over the past month, although it remains down 33.33% over the past year, reflecting a recovery phase after prior weakness.

With two drill holes still pending assays and further test work underway to define extraction conditions and beneficiation pathways, investors are likely watching upcoming data releases closely. Near-term attention may centre on remaining assay results and metallurgical outcomes as the project moves through successive evaluation stages.

FAQs

Why did European Resources shares rise 42.86% on 12 February 2026?
The share price increased following the release of updated Korsnäs drilling results and progress in metallurgical test work.

What did the latest drilling at Korsnäs confirm?

Four drill holes confirmed broad REE mineralisation with NdPr enrichment.

Which area returned higher-grade TREO intersections?

The West-1 structure delivered higher-grade TREO intervals.

What metallurgical work is underway?

ANSTO commenced pre-leach testing, while REMHub partners advanced beneficiation and flotation programs.