BPM samples rare earth oxide grades up to 9.65% in WA

Published 24-NOV-2025 11:52 A.M.

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Our exploration Investment BPM Minerals (ASX: BPM), has just put out an update on its rare earth project in WA.

While we are mainly focused on BPM’s WA gold assets, BPM acquired this rare earth element (REE) project back in July last year when market sentiment for rare earths projects was a lot more subdued relative to today.

Today, BPM put out sampling results from its project which returned grades up to 9.65% Total Rare Earth Oxide (TREO)...

… Including 2.20% combined neodymium and praseodymium oxides.

The concentration of neodymium and praesodymium oxides are important because those are the heavier, much rarer and more valuable types of rare earths

BPM has now confirmed the rare earths extend over at least 5km in total length (and potential over 50km):

(Source)

The market liked today’s announcement - BPM was up to 21c earlier in the day (up ~25%).

We think the market reaction could have something to do with BPM confirming its project as a “coarse-grained monazite”.

Monazite is a well-known source for neodymium and praseodymium and right now there are multiple processing facilities under construction in Australia and globally.

Namely, the A$3.3BN Eneabba Rare Earths Refinery, $2.7BN Iluka Resources is building in WA…

(That’s the same plant that received ~A$1.7BN in government funding support) (source)

We think that any new discoveries that emerge as potential suppliers of feedstock to that refinery could become a whole lot more valuable once that refinery is up and running.

Iluka will be sourcing feedstock from its own operations as well as third-party concentrate opportunities, so any REE discovery that can be easily processed and continuing high grades of key elements will be extra valuable.

We note Iluka previously signed a deal with ASX listed Lindian Resources solely to source feedstock for their refinery:

(source)

Lindian's project is in Africa, whereas BPM’s (if a discovery is made) is in WA…

(and now we know BPM’s could contain the same type of REE’s as Lindians).

The REE’s sampled from today’s results by BPM are also hosted in monazite, which is known for being favourable for processing and would appear likely to be compatible with Iluka’s processing plant.

Here is where BPM’s project sits relative to Northern Mineral’s Browns Range project which is one of those projects that Iluka actually signed a long term supply deal for. (source)