KEY HIGHLIGHTS

  • EPM shares surged 33.33% to $0.020 on 29 April 2026, with Market Capitalisation reaching $49.37 million on exceptional Volume of 99,611,164 shares — one of the most active sessions on record for the stock.
  • The updated Mineral Resource Estimate (MRE) for the Gronnedal REE Project in southwest Greenland increased to 208Mt at 0.72% TREO, representing a 234% increase in tonnage and a 12% improvement in grade versus the previous 89Mt resource.
  • The updated MRE contains approximately 1.5Mt of total rare earth oxides, including approximately 456,000 tonnes of Pr2O3+Nd2O3 — the critical magnet rare earths — underpinning the project's strategic relevance to permanent magnet Supply chains globally.

Eclipse Metals Limited (ASX:EPM) experienced an exceptional Trading session on April 29, 2026, with shares advancing $0.005 or 33.33% to close at $0.020. The standout feature of the session was the extraordinary trading Volume of 99,611,164 shares — a figure that places this among the highest-Volume days in the company's listed history and reflects the broad investor interest generated by the day's announcement. The bid-offer spread settled at $0.019 to $0.020, with Market Capitalisation reaching approximately $49.37 million. The catalyst for this remarkable session was a major update to the Mineral Resource Estimate for the Gronnedal Rare Earth Element Project in southwest Greenland — an update that materially transforms the scale and strategic profile of what was already considered a significant critical minerals asset.

 

The Resource Upgrade: From 89Mt to 208Mt

Eclipse Metals announced that the updated MRE for the Gronnedal REE Project has increased to 208 million tonnes at an average grade of 0.72% Total Rare Earth Oxides (TREO), using a 2,000ppm TREO cut-off grade. This represents a 234% increase in resource tonnage and a 12% improvement in grade compared to the company's previous 89Mt Inferred Resource reported in 2025. The total contained TREO stands at approximately 1.5 million tonnes — a figure of genuine significance in the context of global rare earth Supply chains, where Western nations are actively seeking to diversify their dependence on Chinese-dominated production.

The updated resource comprises 6 million tonnes at 0.71% REO in the Indicated classification — an initial Indicated Resource that provides a higher-confidence foundation for advancing feasibility studies — and 202 million tonnes at 0.72% REO in the Inferred classification. The establishment of an Indicated component, even at a relatively small scale relative to the total resource, is an important maturation of the project's geological confidence level and provides the basis for progressing pre-feasibility studies, which typically require some element of Indicated or Measured Resource classification.

 

Magnet Rare Earths: The Strategic Core

Within the total TREO inventory, the approximately 456,000 tonnes of Pr2O3+Nd2O3 (praseodymium oxide and neodymium oxide combined) is of particular strategic significance. These two rare earth elements — commonly referred to as NdPr — are the primary inputs to neodymium-iron-boron permanent magnets, which are essential components in electric vehicle motors, wind turbines, defence systems, and consumer electronics. NdPr represents approximately 31% of the Gronnedal TREO inventory, a proportion that underscores the project's specific relevance to the global decarbonisation Supply chain.

Western governments — including those of the United States, European Union members, and Australia — have been systematically developing policies and Investment frameworks aimed at securing domestic or allied-nation sources of NdPr to reduce Supply chain exposure to China, which dominates global rare earth processing. Greenland, while politically connected to Denmark within the Kingdom of Denmark, is increasingly positioned as a critical minerals Jurisdiction of strategic importance within Western geopolitical frameworks. Eclipse Metals' Gronnedal project benefits from this geopolitical context, with its location in southwest Greenland providing potential access to Western Supply chain pathways.

 

Strontium: An Additional Value Component

The updated MRE also disclosed an average strontium grade of 1.45% SrO for 3 million tonnes of contained strontium oxide (SrO) across the resource. Strontium is an element used in specialty glass (including CRT screens and specialty optics), pyrotechnics, and increasingly in certain battery chemistries. While strontium is a secondary consideration relative to the rare earth content, its presence in material concentrations adds potential co-product value to any future development scenario and may improve the Economics of processing given shared infrastructure costs.

 

Feasibility Work and 2026 Field Season

Eclipse Metals confirmed that feasibility work is now underway at Gronnedal, encompassing technical, metallurgical, environmental, infrastructure, and development pathway assessments. This is a significant step forward, as feasibility work at this stage typically informs decisions about further drilling prioritisation, processing route selection, and infrastructure requirements. Additional drilling is planned for the 2026 Greenland field season, targeting increased Indicated Resource classification — conversion of Inferred material into the higher-confidence Indicated category — and validation of mineralisation extensions. The resource remains open along strike and at depth, suggesting further expansion potential from additional drilling.

 

Conclusion

Eclipse Metals' 33.33% share price advance on April 29, 2026, supported by nearly 100 million shares traded, is a clear and compelling market response to a mineral resource upgrade of genuine strategic scale. The doubling of the Gronnedal resource to 208Mt at 0.72% TREO, with 1.5Mt of contained TREO and a meaningful NdPr magnet-metal component, positions the project as one of the more significant rare earth systems currently under development in the Western world. With feasibility work now underway and a further drilling campaign planned for the 2026 field season, Gronnedal is entering a phase of accelerated technical and commercial assessment.