MRG Metals has finalised the acquisition of Sheerartar Minerals, securing control of the Garies rare earths project, a high-grade rare earth asset in South Africa.
MRG said the acquisition strengthens its critical minerals portfolio by adding exposure to rare earth grades, a high-value mix of heavy and magnetic rare earths, including scandium and gallium.
The Garies project is situated in a Tier 1 mining jurisdiction and is adjacent to the Steenkampskraal Monazite mine, exhibiting characteristics of a development-ready, high-margin rare earth operation.
The Garies project shows promise as bulk sampling results show grades up to 4.85 per cent total rare earths oxide, translating to approximately 8 per cent monazite grade, placing the project among the highest-grade rare earth projects globally.
The project’s magnet-rich concentrate contains over 24 per cent neodymium and praseodymium, elements used in electric vehicles, wind turbines and defence.
The acquisition has been structured as a scrip deal, with MRG paying an initial 75 million ordinary shares at an issue price of 0.4 cents upon completion, and an additional 175 million shares upon a mining licence grant.
With the Garies project, MRG now has three projects running concurrently: a fully-funded heavy minerals sands joint venture in Mozambique and the Adriano-Fotinho rare earth project.
These assets are highly complementary as the Mozambique project provides a funded foundation, the Adriano-Fotinho project delivers scale and exploration upside, and Garies adds a high-grade, capital-efficient rare earth development option with potential for early cashflow.
