Key Highlights

  • Eclipse Metals shares were up 10.00% at $0.011 during the 10 November 2026 trading session.
  • Two diamond drill rigs commenced operations at the Grønnedal project in Greenland after quarter end.
  • A strategic review of the Northern Territory uranium portfolio has begun.

Eclipse Metals Ltd (ASX:EPM) shares were trading higher during the 10 November 2026 session, up 10.00% at $0.011 at midday AEDT. The S&P/ASX 200 was also higher in the same session, up 1.13% at 9,131.90 around 12:30 pm AEDT. Eclipse is an Australian explorer focused on its Ivigtût Project in southwest Greenland, which includes the historic Ivigtût cryolite mine and the Grønnedal rare earth carbonatite deposit, along with uranium interests in the Northern Territory. The company’s most recent update was its quarterly activities report for the period to 30 September 2026, released on 29 October 2026.

About the company

Eclipse Metals is an Australian explorer whose Ivigtût Project in southwest Greenland includes the historic Ivigtût cryolite mine and the undeveloped Grønnedal rare earth carbonatite deposit. The company also holds the Liverpool Uranium Project in the Northern Territory, which it regained 100% control of during the quarter.

Quarterly report released on 29 October 2026

Eclipse announced a maiden Inferred Mineral Resource estimate of 4.87 million tonnes at 188 parts per million hafnium oxide, at the historic Ivigtût mine, on 15 July 2026. Quantitative mineralogy showed that 87.5% to 94.3% of contained neodymium and praseodymium is hosted in identified rare earth minerals across four composite samples from Grønnedal.

The company entered into an agreement for a 17-hole, 2,355-metre diamond drilling program at Grønnedal, designed to test areas of the 202 million tonne Inferred Resource for potential conversion to Indicated and to test extensions. Drilling equipment was mobilised to South Greenland, and two rigs commenced double-shift operations after quarter end.

Northern Territory and corporate review

Eclipse regained 100% ownership of its Liverpool Uranium Project after Boss Energy Limited withdrew from its option and earn-in agreement. The company has also begun a strategic review of value-realisation Options for its Northern Territory uranium portfolio, including potential funding, joint venture or farm-out structures. It said no binding transaction has been completed, and cash at the end of the quarter was $2.9 million.

Sector Context

Critical minerals including rare earths, hafnium and gallium are linked to advanced manufacturing, defence and energy applications. Greenland projects attract interest from investors looking for diversified supply, although they require longer timelines for exploration and permitting.

Risks to Consider

  • Cash of $2.9 million at quarter end is modest relative to a 17-hole drilling program and the broader Greenland project costs.
  • The strategic review is preliminary, and no transaction has been agreed, so outcomes are uncertain.
  • Assay results from the rock-chip sampling are still awaited, and the Grønnedal conversion to Indicated resources depends on drilling.

What to Watch Ahead

  • Assay results from the Grønnedal rock-chip samples, expected in the fourth quarter of 2026.
  • Results from the 17-hole diamond drilling program at Grønnedal.
  • The Annual General Meeting on 27 November 2026 and any update from the strategic review.

Final Word

Eclipse’s update covers resource progress and drilling mobilisation at Grønnedal, along with a review of its uranium assets. Assay results and the outcome of the strategic review will be the main points to follow in the coming months.