Heritage surveys delayed to the second half of June

Investment Memo: LNR 2022

Objective #2: Delivering a drilling campaign on WA rare earths project

Our rare earths exploration Investment Lanthanein Resources (ASX: LNR) has postponed its heritage avoidance surveys due to positive COVID-19 cases on site at its REE project in WA.

In our last note, we said that we expected drilling to commence in early April/May, so it’s a little disappointing to see the drill program delayed to the second half of the year. But these sort of things are outside of the company’s control.

Without completing the heritage avoidance surveys, LNR can’t get its drill rig on site, hence drilling has to be delayed.

We are hoping there are no further delays and this is resolved in June/early July.

We now await an update to the market on when LNR expects to commence drilling — we hope that it will be at some point in the current quarter.