[SMM Rare Earth Flash] Australia’s Astron released the bankable feasibility study report for Phase I of the Donald rare earth and mineral sands project in Victoria, confirming the project’s strong economic value, and plans to make the final investment decision in Q2 2026. The report showed that total project investment was about AUD 450 million, pre-tax net present value was AUD 759 million, the internal yield was 19.3%, the mine life was about 40 years, and rare earth concentrate is expected to be produced in Q1 2028. The project’s main products include key rare earths such as neodymium, praseodymium, dysprosium, and terbium, as well as zircon and titanium products. Phase I is expected to produce about 7,100 mt of rare earth concentrate annually.

American Rare Earths announced that it has been selected to supply raw material to the US Department of Energy (DOE)'s "Minerals to Materials Supply Chain Research Facility" (METALLIC) consortium. The Halleck Creek rare earth project in Wyoming, held by its subsidiary Wyoming Rare, is currently at an advanced exploration stage, with the Phase 1 Cowboy State mine having a 20-year mine life. The latest resource estimate shows that, at a cut-off grade of 1,000 ppm, total rare earth oxides amount to 547.5 million mt, while 18 channel samples collected in 2025 averaged a grade of 5,471 ppm, with the highest reaching 13,816 ppm. The project has an after-tax net present value of $558 million and an internal rate of return of approximately 24.

[SMM Tungsten Express] Almonty Industries has completed Phase 1 commissioning at South Korea's Sangdong tungsten mine, restarting production after a 30-year hiatus. The mine processes ~640,000 tpa ore, producing ~2,300 tpa tungsten concentrate. Phase 2 expansion targeted for 2027 will double throughput to 1.2Mtpa and output to ~4,600 tpa, representing ~40% of ex-China global tungsten supply. Project investment exceeds US$100 million with 45+ year mine life.

Vizsla Silver’s Panuco silver ore project in Mexico, with its feasibility study results, demonstrates outstanding economic metrics. The project is expected to achieve annual production of 17.4 million ounces of silver equivalent over a 9.4-year mine life. Its after-tax net present value is as high as $1.8 billion, and its internal rate of return reached 111. At present, the enterprise has ample cash reserves exceeding $450 million, and project financing has been fully secured. The project is expected to commence first production in H2 2027, and the current permitting process is progressing steadily in line with expectations.

Gunnison Copper (TSX: GCU) updated a preliminary economic assessment (PEA) for its namesake project in Arizona, increasing the value by half and advancing towards prefeasibility, permitting and financing.The update issued Wednesday raises the Gunnison project’s net present value (at an 8% discount) to $1.95 billion, assuming a copper price of $4.60 per lb., compared with the initial PEA from 2024. Mine life rises by three years to 21.

Gunnison Copper (TSX: GCU) updated its Arizona project assessment, lifting NPV (8% discount) to $1.95B, a 55% increase from the 2024 version. Mine life extended to 21 years; project is 8x the size of the operating Johnson Camp mine. Growth driven by operational enhancements. Avg annual output at 174M lbs over first 15 years.