Shallow reverse-circulation drilling has confirmed broad rare-earth enrichment at the Feirinha prospect in Bahia, Brazil. A September 8 ASX release reported assays from 75 holes across an approximately 8.3-square-kilometre test area. The program included several 15-metre whole-hole intervals with elevated total rare-earth oxide grades.
The company reported that neodymium and praseodymium represented 19.3% of the contained total rare-earth oxides. These two elements are important upstream inputs for NdFeB permanent magnets, making their distribution more relevant to magnet buyers than a total rare-earth number alone. However, the announcement also states that recovery and mineral-host characteristics still need to be tested.
Representative samples are expected to move into controlled desorption, mineralogical and variability studies. Those tests will examine whether strategic rare-earth elements can be released from the material, as well as impurity and radionuclide behavior. The company said no additional Feirinha drilling is planned under the current program while it evaluates these results.
For the magnet supply chain, the key next question is not only how much NdPr is present but how consistently and efficiently it can be recovered into a saleable intermediate. Buyers should treat the drilling as an exploration milestone and wait for metallurgical evidence, resource definition, process economics and downstream qualification before assigning supply value.
Source: Magnum Mining and Exploration ASX release, September 8, 2026