Lion Rock Commences Targeted Monazite Drilling Campaign at Minta Est in Cameroon

Four Drilling Crews Mobilised for 118-Hole Monazite-REE Campaign

Lion Rock Minerals has mobilised four exploration drilling crews to conduct a systematic campaign across the Minta Est tenement in Cameroon, following the successful completion of the company’s first-half 2026 rutile drilling program. The targeted alluvial Dormer drill program comprises 118 planned holes designed to test priority river ravines, tributary junctions and floodplain traps where heavy minerals have been naturally concentrated by historical geological processes. The company expects drilling depths of approximately 2 metres to 10 metres, with planned metreage of approximately 500 metres based on a historical average depth of approximately 4.3 metres per hole. Four drilling crews supported by one dedicated sample-preparation team will deliver the campaign over an expected duration of approximately 6 to 8 weeks, with rolling preparation and dispatch designed to shorten the path from drilling to market results.

The drilling method centres on vertical Dormer holes drilled to refusal, with nominal spacing of approximately 400 metres between drill lines by 40 metres along lines, tightened across priority targets. The analytical focus will encompass heavy mineral (HM) content, mineralogy, full rare-earth element suite analysis, thorium and uranium assay, selective leach testing, and recovery and product quality assessment. The company stated that expedited assay results are due next month, August 2026. The shallow drilling depth and established mineral-sands recovery methodology support rapid, cost-efficient resource-definition drilling without the need for expensive drilling or blasting operations typically required for deeper deposits.

Historical Concentrate Samples Demonstrate Exceptional Monazite Grades and REE Assemblages

Historical concentrate samples from the Minta Est tenement have returned monazite assemblages of exceptional quality, with selected concentrates showing monazite content up to approximately 74%. The company disclosed that these concentrates are indicative of in-situ total rare-earth oxide (TREO) grades of 0.5% to 1.2%, representing shallow, free-dig mineralisation with straightforward extraction potential. Across seven disclosed historical samples, monazite assemblages averaged 68.2% TREO, with neodymium-praseodymium (NdPr) averaging 21.3% of TREO and dysprosium-terbium (DyTb) averaging 2.2% of TREO. Magnetic rare-earth oxide content (MREO) averaged 23.5% across the sample suite. Individual samples demonstrated strong consistency, with NdPr ranging from 20.5% to 22.5% and DyTb ranging from 0.8% to 2.7% of TREO.

The concentration of high-value magnet rare earths in these historical samples represents an significant indicator of the Minta Est system’s potential. The company’s prior drilling program comprised 299 holes for 1,281 metres across 1,275 intervals, with 452 intervals returning monazite values above 0.2%, establishing an extensive existing dataset that directs the current targeted follow-up campaign. Coarse angular monazite has been confirmed in residual soils near the drilling areas, suggesting a nearby source and supporting efficient mineral recovery processes. The Minta Est tenement is interpreted to overlie a large, monazite-enriched granite-hosted source system spanning approximately 300 square kilometres, which feeds multiple alluvial targets through natural heavy-mineral concentration processes in river systems.

Strategic Importance of NdPr, Dysprosium and Terbium in Global Critical Minerals Markets

Neodymium-praseodymium (NdPr) is essential for the production of high-strength permanent magnets used in electric vehicles, wind turbines, advanced electronics and defence applications. Dysprosium and terbium are among the most strategically important heavy rare-earth elements, as they improve magnet performance at elevated temperatures, a critical requirement for high-performance applications in electric vehicle powertrains and wind energy generation systems. The global demand for these magnet rare earths is rapidly expanding as electric vehicle adoption accelerates, renewable energy generation capacity increases, and defence applications require advanced electronic systems with temperature-resistant magnetic components.

The concentration of NdPr and DyTb in the Minta Est monazite concentrates aligns with this elevated global demand. The company stated in the update that “the world’s demand of magnet rare earths is rapidly growing for electric vehicles, wind power, advanced electronics and defence.” The Minta Monazite and Rutile Project includes exposure to at least 12 of the 60 minerals on the 2025 U.S. critical minerals list, positioning the project as a potential contributor to efforts to diversify global critical-minerals supply chains, particularly for markets focused on reducing reliance on single-source jurisdictions for strategic materials.

Minta Est Adds Rare-Earth Revenue Pathway to Rutile-Focused Project Architecture

Lion Rock’s broader Minta Monazite and Rutile Project encompasses multiple tenements including Mboma, Loum and Minta 1, which host the company’s growing high-grade rutile discoveries. The Minta Est campaign represents a distinct monazite-REE exploration stream that operates in parallel to the rutile workstream. The company completed its first-half 2026 drilling campaign on the rutile targets and has now remobilised to Minta Est to advance the monazite-REE opportunity. This dual-pathway approach allows Lion Rock to develop complementary products from the same project area, potentially broadening revenue potential and strengthening the Minta project’s position as a multi-mineral rare-earth critical-minerals district.

Monazite, xenotime and zircon associated with the Minta Est mineralisation can provide additional product credits beyond the primary monazite-REE focus. The established mineral-sands recovery methodology and infrastructure developed for rutile recovery can be adapted to process monazite and zircon, creating operational and logistical synergies across the project. The company stated that “Minta Est adds a high-value rare-earth pathway to Lion Rock’s expanding rutile discoveries. Monazite, xenotime and zircon can add product credits, broaden revenue potential and strengthen Minta’s position as a multi-mineral rare-earth critical-minerals district.” This integrated project approach reduces the capital and operational barriers associated with developing a second standalone mineral-sands deposit, potentially accelerating the pathway from resource definition to economic evaluation.

Alluvial Free-Dig Mineralisation Supports Rapid, Cost-Efficient Resource Evaluation

The Minta Est monazite-REE system combines three distinct operational and economic advantages that support rapid resource definition and straightforward mine planning. First, the mineralisation occurs in alluvial and floodplain environments at shallow depths of 2 to 10 metres, eliminating the need for underground mining, deep pit development, or extensive overburden removal. Second, the free-dig nature of the material means that extraction can proceed without drilling or blasting, substantially reducing operational and safety complexities. Third, natural river systems have concentrated valuable heavy minerals through historical geological processes, creating high-grade zones within the broader interpreted 300 square kilometre system where drilling and sampling can be targeted to maximise hit rates.

These characteristics reduce the technical and financial barriers to resource evaluation and feasibility assessment. The shallow depths and free-dig mineralisation enable vertical Dormer holes drilled to refusal at depths typically between 2 and 10 metres, reducing drilling costs and accelerating the data acquisition cycle. The established mineral-sands recovery pathway utilised for rutile, monazite and zircon processing is well-understood, reducing the technical uncertainty associated with ore processing and product recovery. The company’s campaign objectives explicitly include advancing “the strongest domains toward infill drilling, bulk sampling and maiden MRE evaluation,” indicating the company’s pathway toward maiden mineral resource estimate (MRE) development based on the current drilling results.

U.S. Embassy Delegation and Critical Minerals Strategy Recognition

The company recently hosted a two-day site visit from a U.S. Embassy delegation that included a U.S. Government Critical Minerals Specialist, representing growing international recognition of the Minta Monazite and Rutile Project’s significance for global critical-minerals supply chain diversification. The delegation met with the Mayor of Minta, who reaffirmed strong support for the project. This high-level engagement reflects the broader trilateral partnership between Cameroon, the United States and Australia focused on diversifying critical-minerals supply chains and reducing dependency on concentrated sources of strategic materials.

The visit underscores the geopolitical importance of the Minta project in the context of global efforts to secure magnet rare-earth supplies for electric vehicle production, renewable energy infrastructure and defence applications. The company noted that the Minta Monazite and Rutile Project offers potential exposure to at least 12 of the 60 minerals listed on the 2025 U.S. critical minerals list, positioning the project as a potential strategic asset for jurisdictions seeking to diversify critical-minerals supply chains. The international engagement and government-level support may facilitate regulatory approvals and create potential partnerships or off-take agreements with critical-minerals focused industries and government strategic reserves programs.

Campaign Design and Technical Methodology for Resource Definition

The current 118-hole Dormer drilling program is specifically designed to convert historical evidence into quantitative data on grade continuity, mineralogy, recovery efficiency and product quality suitable for formal resource evaluation. The campaign’s primary target comprises priority river ravines, tributary junctions and floodplain traps where natural heavy-mineral concentration processes have enriched monazite and associated minerals. The planned nominal spacing of approximately 400 metres between drill lines by 40 metres along lines, tightened across priority traps, is intended to define the highest-grade monazite-bearing centres and confirm continuity, thickness and basal enrichment across multiple drill lines.

The analytical program encompasses a comprehensive suite of tests designed to support metallurgical assessment and resource evaluation. Heavy mineral content determination, full rare-earth element assay, thorium and uranium measurement, selective leach testing, and recovery and product quality assessment will generate the technical data required to advance the deposit toward mineral resource estimation. The rolling preparation and dispatch methodology, with dedicated sample-preparation team support, is designed to shorten the analytical turnaround cycle and maintain drilling momentum. The company expects assayed results next month in August 2026, suggesting a timeline for initial data release and geological interpretation approximately 4 to 6 weeks after the announcement date.

Exploration History and Targeting Rationale for Minta Est Priority Selection

The Minta Est campaign builds on an extensive historical drilling dataset comprising 299 prior holes totalling 1,281 metres across 1,275 sampled intervals, with 452 intervals returning calculated monazite values above 0.2%. This substantial historical dataset has provided a high-confidence basis for targeting the current drilling program toward the most prospective alluvial environments. The identification of coarse angular monazite in residual soils confirms a nearby source and supports the targeting hypothesis that heavy minerals have been concentrated through recent alluvial processes in river and floodplain environments. The interpreted 300 square kilometre monazite-enriched granite-hosted source model implies a district-scale system with the potential to feed multiple alluvial targets across the tenement.

The historical drilling results, combined with panning and mineralogy assessments, have defined a large, shallow monazite-rich alluvial system with straightforward extraction potential. The exceptional monazite concentrations in historical samples—averaging 68.2% TREO with high magnet rare-earth content—have established Minta Est as a compelling follow-up target within Lion Rock’s project portfolio. The current campaign is designed to follow these historical results into the river traps, flood plains and tributary junctions where natural heavy-mineral concentration is expected to have enhanced monazite grades. This targeted approach reduces exploration risk and focuses expensive drilling resources on the highest-probability target zones, improving the efficiency of the resource-definition drilling program.

Next Milestones and Investor Monitoring Points for Minta Est Development

Lion Rock Minerals has established a clear timeline for near-term market disclosure, with assayed results from the current 118-hole drilling campaign expected in August 2026. This represents the next key milestone for the Minta Est development narrative, as initial drilling results will either validate or revise the historical evidence base and provide quantitative grade, continuity and mineralogy data suitable for resource-evaluation planning. Subsequent milestones include data validation and clearing assay queues to enable better geological control and ranking of monazite-REE distribution across the tenement, leading toward infill drilling, bulk sampling and maiden mineral resource estimate (MRE) evaluation on the strongest domains.

Investors monitoring Lion Rock’s Minta project may be watching for the progression of results through the analytical cycle, the company’s interpretation of monazite grade continuity across drill lines, and the timing of advancement toward infill drilling and bulk sampling phases. The company’s ability to rapidly convert the current drilling results into a formal mineral resource estimate suitable for economic evaluation will be a critical indicator of project momentum. Additionally, ongoing engagement with international critical-minerals stakeholders and government entities may influence the regulatory and commercial environment for future development phases, with potential implications for project timing and capital requirements.