Key Highlights

  • Pursuit Minerals lifted the Rio Grande Sur Probable Ore Reserve to 438,000 tonnes of LCE and outlined a staged expansion to 17,500 tonnes a year.
  • Axel REE executed a Protocol of Intent with Minas Gerais authorities covering rare earth in situ recovery testing and gallium development at Caladão.
  • Alvo Minerals reported pXRF readings above 1,000ppm XREO from maiden auger drilling at the Florence prospect in Brazil.
  • Pursuit's figures use a US$27,300 per tonne reference price, while spot lithium carbonate was about US$13,707 on 6 November.

Three ASX-listed explorers and developers reported project updates on 6 November 2026. Pursuit Minerals (ASX:PUR) released a pre-feasibility study addendum for a lithium project in Argentina, Axel REE (ASX:AXL) signed a state-level agreement in Brazil, and Alvo Minerals (ASX:ALV) reported first drilling results from a new rare earth prospect.

Pursuit Minerals Updates Rio Grande Sur

The addendum covers the 100%-owned Rio Grande Sur Lithium Project in Salta Province. It raises the Probable Ore Reserve by about 250% to 438,000 tonnes of lithium carbonate equivalent from 125,000 tonnes, derived entirely from Indicated Mineral Resources. The plan outlines a staged expansion from 5,000 tonnes a year to 17,500 tonnes a year, including a 12,500 tonne Stage 2 lithium carbonate expansion, and a lithium chloride alternative.

For the lithium carbonate pathway, the study estimates a net present value of US$1.09 billion, an internal rate of return of 26.2% and life-of-mine free Cash Flow of US$4.2 billion. The lithium chloride route is estimated at US$951 million and 27.1%, with Stage 2 operating costs of US$3,880 per tonne. These figures rely on a reference price of US$27,300 per tonne, a ten-year blend of actual and forecast prices. The announcement notes that spot battery-grade lithium carbonate in China was about US$13,707 per tonne on 6 November, that lithium chloride is assumed to realise 80% of the carbonate price, and that all four scenarios show positive Economics at prices 30% below the reference. The expanded project exceeds the US$200 million threshold for Argentina's RIGI regime, subject to eligibility and approval. Drilling at Mito and Demasia will feed an updated resource model, and the definitive feasibility study is next.

Axel REE Secures State Support in Minas Gerais

Axel REE and its Brazilian Subsidiary executed a Protocol of Intent with the Minas Gerais State Secretariat of Economic Development and Invest Minas. It formalises support for rare earth and gallium development at the 100%-owned Caladão Project in Padre Paraíso. Two workstreams are identified: in situ recovery field validation testing of rare earths, scheduled to begin in 2027, and continued development of gallium extraction and processing techniques.

Prospective products include mixed rare earth carbonate or concentrate and gallium products, subject to research and pilot results. Invest Minas will support licensing, implementation and operation, including building a regional supplier base. The protocol builds on a March 2025 memorandum of understanding, shifting from a state-wide framework to a project-specific programme.

Alvo Minerals Reports Maiden Florence Drilling

Alvo drilled 55 handheld auger holes for 370 metres across an area of about 2.0 kilometres by 1.4 kilometres at the Florence prospect, part of the Bluebush IAC HREE Project in Tocantins, about 6 kilometres south of Boa Vista. Portable XRF analysis returned readings above 1,000ppm XREO in multiple holes. Hole BLH0289 returned 5.7 metres at 1,393ppm XREO from 1 metre, ending in mineralisation at 3,396ppm. BLH0290 returned 5.5 metres at 1,218ppm from surface, and BLH0293 returned 8 metres at 1,025ppm.

The company stresses that pXRF readings are preliminary, that XREO reflects only cerium, lanthanum and yttrium oxides and is not equivalent to laboratory total rare earth oxide, and that no laboratory assays are reported. Samples are going to SGS Geosol for full rare earth and desorption analysis, with results expected over coming months.

Many of the auger holes stopped before reaching fresh granite and ended in mineralisation. The company said pXRF results at the nearby Boa Vista prospect correlated closely with later laboratory results, which were generally higher.

Stages Still Ahead

Each company is at a different point on the development curve. Pursuit is moving toward a definitive feasibility study, Axel is preparing for field testing in 2027, and Alvo is waiting on laboratory confirmation of its field readings.