Key Highlights

  • Bench-scale testwork reported magnet rare earth extraction rising from 83 per cent to 92 per cent after calcite was removed before acid-bake and water-leach.
  • An ionic-leach soil survey of 61 samples along a 2.4 kilometre line reported a peak heavy rare earth index of 31.78.
  • Closing cash was A$1.143 million, with an estimated 2.01 quarters of funding and no Debt facilities.

European Resources (ASX:ERE) has reported that bench-scale testwork on the historical lanthanide concentrate from its 100 per cent owned Korsnäs project in Finland recorded higher rare earth extraction after calcite was removed before an acid-bake and water-leach process. In its Quarterly Report for the period to 30 September 2026, the company said magnet rare earth extraction rose from 83 per cent to 92 per cent. It said these are laboratory results, not plant recoveries or forecasts.

In July 2026 the company reported that direct acid-bake and water-leach on untreated concentrate extracted 83 per cent of magnet rare earths and 86 per cent of total rare earths plus yttrium (TREY). Praseodymium and neodymium extraction was 88 per cent and 83 per cent, while terbium, dysprosium and yttrium were 49, 43 and 43 per cent. ERE attributed the lower heavy rare earth results to an apatite-hosted component needing pre-leach optimisation.

A hydrochloric acid pre-leach to remove calcite, reported in August with ANSTO's second progress report, extracted 69 per cent of calcium with 0.02 per cent phosphorus loss and rare earth losses of zero to 2 per cent. TREY grade rose from 2.3 to 3.9 per cent by weight. After calcite removal, magnet rare earth extraction reached 92 per cent, TREY 93 per cent, terbium 69 per cent, dysprosium 66 per cent and yttrium 75 per cent. ANSTO suspects reduced gypsum formation contributed, but the mechanism needs further work to confirm.

The company also noted earlier magnetic separation work by GTK-Mintec, which it plans to compare with chemical removal. On 8 October 2026 it agreed with ANSTO Minerals to make laboratory-scale mixed rare earth carbonate from the stockpiled concentrate. Small-scale testing is targeted for the fourth quarter of 2026, followed by a larger bench-scale batch for product qualification. Commercial production and customer acceptance have not been demonstrated.

Soil survey

An ionic-leach soil orientation survey collected 61 samples along a 2.4 kilometre line. ERE reported normalised indices, which show relative contrast only and are not assays or grades. A peak heavy rare earth index of 31.78 (4.0 times the line mean) lay in the KR-316 corridor, where drilling previously returned 31.5 metres at 4,902 parts per million total rare earth oxide. A further anomaly to the east, with a highest total index of 51.49 (3.4 times the mean), is undrilled and broadly coincides with a subtle seismic or bedrock depression. The company said the results support follow-up but do not prove mineralisation, and that cover, hydrology and organic material can affect results.

Next steps are closer-spaced sampling over the eastern anomaly, wider ionic-leach coverage and integration with gravity, passive seismic and drilling data to rank targets, subject to access, permits, funding and season.

Other projects

At Jokikangas in Finland, selected historical drill core has been sampled and sent for assay, with a review of the Exploration Target to follow the results. In Slovakia, the Nová Baňa and Pukanec licences were regranted, Hodruša-Hámre is under review, Cejkov-Zemplin and Kolba are in renewal within the statutory decision period, and Zlatno remains in good standing. No field work took place there in the quarter.

Cash and corporate

Operating cash outflow was A$53,000 for the quarter, including receipt of a €115,267 (A$186,395) REMHub grant, and exploration spending was A$515,000. Closing cash was A$1.143 million, and European Resources (ASX:ERE) reported an estimated 2.01 quarters of funding at the current rate of spending, with no debt facilities. Payments to related parties, mainly directors' consulting fees, were A$141,515. Director Stephen Gemell retired in September after serving since March 2021.

The report does not say that additional Capital has been arranged for further testwork and exploration. ERE will attend the IMARC conference in Sydney from 27 to 29 October 2026.