Key Highlights

  • Everest Metals has been accepted as a Key Partner of the Critical Metals for Critical Industries Cooperative Research Centre.
  • The Partnership is intended to advance rubidium processing at the Mt Edon Critical Mineral Project in Western Australia.
  • Mt Edon hosts a mineral resource of 4.3 million tonnes at 0.23% rubidium oxide and 0.10% lithium oxide.
  • Testwork has achieved rubidium recoveries of up to 97% using the company's Direct Rubidium Extraction process.

Everest Metals (ASX:EMC) said on 11 November 2026 that it had been accepted as a Key Partner of the Critical Metals for Critical Industries Cooperative Research Centre (CMCI CRC). The partnership is intended to advance rubidium processing at the company's Mt Edon Critical Mineral Project in Western Australia.

The CRC has received $53 million in Australian Government funding over 10 years to develop refining technologies for critical minerals. Membership gives Everest access to specialist research expertise and technical capabilities to complement its own metallurgical and processing work at Mt Edon.

Everest also plans to lodge a cash refund claim under the Research and Development Tax Incentive for the year ended 30 June 2026, to help fund rubidium recovery and purification work.

What is at Mt Edon

Mt Edon lies about 420 kilometres north-east of Perth. It hosts a mineral resource of 4.3 million tonnes at 0.23% rubidium oxide (Rb2O) and 0.10% lithium oxide, containing about 9,800 tonnes of Rb2O and 4,400 tonnes of lithium oxide.

The resource includes 2.7 million tonnes in the indicated category, with the balance inferred. Indicated resources carry greater geological confidence than inferred material, which is a relevant consideration for any future development study.

Why rubidium is different

Rubidium is a minor metal with niche uses in atomic clocks, specialised glass, fibre-optic systems, medical imaging and some research applications. Global Supply is small and is mostly a by-product of other mining, and the market lacks the transparent benchmark pricing found for metals such as copper or lithium.

That makes commercialisation as much a market-development challenge as a technical one. Executive Chairman Mark Caruso acknowledged this, saying establishing the resource was only part of the process. He said developing the right extraction technology, building industry relationships and identifying potential commercial partners were equally important.

The technology

Everest is developing a proprietary process it calls Direct Rubidium Extraction. The company says testwork has achieved rubidium recoveries of up to 97% and produced rubidium chloride.

Recoveries achieved in the laboratory are an important early indicator, but they need to be repeated at larger scale and over longer runs before they can support a feasibility study. Producing a saleable product that meets customer specifications is a further step beyond recovering the metal.

A capital-light approach

Caruso said the company was taking a disciplined approach to the next stage by using external expertise and funding opportunities rather than relying solely on Shareholder capital. For a junior, partnering with a government-backed research centre can reduce the cost of technical development and provide access to equipment that would otherwise be expensive to build.

Limitations

The CRC partnership provides research support, not a commercial agreement or offtake. No pricing, customer or production timeline for Mt Edon was disclosed. The size of the potential rubidium market, and the prices buyers would pay for new supply, remain uncertain.

The partnership also places Everest within a national network of companies and universities working on critical minerals refining. Such networks can help small companies share testwork costs, access pilot equipment and build credibility with potential customers, although any benefit depends on what the research produces and how quickly it is applied.

Next steps

Everest's stated focus is to continue developing its extraction technology with the CRC, pursue industry relationships and identify commercial partners. Investors will look for larger-scale testwork results and any evidence of customer interest as the clearest signs that Mt Edon's rubidium can move towards a product.

The company also holds gold, silver and base metals interests, so rubidium is one part of a broader portfolio.