Highlights

  • First Minta Est laboratory assays identified monazite-hosted rare earth mineralisation.
  • Selected in-situ intercepts exceeded 3% total rare earth oxide.
  • Auger drilling covered river systems and generated thousands of samples.
  • Separate rutile exploration continued at Mboma-Loum and Minta 1.
  • Cash stood at A$4.551m at the end of September 2026.

Lion Rock Minerals Limited (ASX:LRM) explores critical minerals at the Minta rutile and monazite project in Cameroon. Its September 2026 quarterly update presented initial laboratory rare earth assays from Minta Est, additional alluvial sampling and rutile exploration results. These findings provide early geological evidence, while further drilling and mineralogical assessment are needed before the company can determine the continuity and resource potential of the mineralisation.

Interpreting the First Minta Est Assays

Selected laboratory results included 2.3 metres at 4.54% total rare earth oxide (TREO) in MRAU0238, 3.0 metres at 3.40% in MRAU0239 and 2.0 metres at 3.49% in MRAU0247. Lion Rock Minerals (ASX:LRM) also reported a saprolite interval in MRAU0238 reaching 21.15% TREO between 2.0 and 2.3 metres. These values are in-situ assay grades, not the grade of a saleable mineral concentrate.

The reported neodymium and praseodymium proportion was approximately 21–24% of TREO, with dysprosium and terbium contributing around 0.6–1.6%. Eight of 15 continuously sampled holes averaged more than 1.0% TREO over their sampled depths. The manual auger encountered resistant material, prompting plans for deeper diamond drilling.

Sampling Extent and Rutile Findings

By late August 2026, ASX:LRM had completed 761 auger holes totalling 3,485.43 metres across approximately 50 kilometres of waterways and tributaries. The campaign generated 3,666 samples, including 2,163 panned samples. The first 167 alluvial holes had been reported, and remaining laboratory results were scheduled for release in stages.

At Mboma-Loum, the company outlined a residual rutile corridor covering about 130 square kilometres, reporting selected peak assay measurements of 72.7% rutile in heavy minerals and 3.32% in-situ rutile. Minta 1 returned peak measurements of 66.3% rutile in heavy minerals and 1.74% in-situ rutile. ASX:LRM continued follow-up work to examine mineralogy, potential recovery and distribution.

Funding and Geological Limits

Cash at 30 September 2026 was A$4.551m, down from A$6.865m. Net operating outflow was A$2.155m, of which A$1.431m was exploration spending. ASX:LRM also reported investing outflow of A$55,000 and financing outflow of A$94,000, with an estimated funding runway of approximately 2.1 quarters and no undrawn debt facilities.

The limited penetration of auger drilling, unresolved mineralogical characteristics and logistical conditions constrain conclusions from the initial exploration programme. No mineral resource was declared in the quarterly update.

Key Insights

Lion Rock Minerals (ASX:LRM) has reported quantitative laboratory evidence of rare earth and rutile mineralisation across parts of Minta. The assays remain exploration-stage observations. Additional depth testing, sampling, mineral processing studies and funding will determine how the geological interpretation develops.