Summary: The NeoRe rare earth project in southern Chile has completed drilling at its proposed first modular extraction plant area, ordered long-lead equipment and expanded its exploration footprint by about 30,800 hectares. The developer still conditions its early-2027 production target on permits, financing, construction, equipment delivery and commissioning.
Drilling and procurement move forward together
Chilean Cobalt Corp. said on October 12 that the NeoRe project had completed a dedicated drilling campaign around the proposed first Modular Extraction Plant, known as MEP-1. Data from the work are being incorporated into geological modelling and mine planning to improve the definition of potential feed material for the initial modular operation.
The project has also placed purchase orders and paid initial deposits for its principal long-lead equipment packages. Additional equipment evaluation, engineering, logistics and construction planning are continuing. These steps indicate progress toward construction readiness, but they do not mean the processing plant is complete or operating.
Exploration area expands to about 67,400 hectares
NeoRe added approximately 30,800 hectares to its exploration footprint, bringing the total project area to about 67,400 hectares. Cumulative drilling reached roughly 3,000 metres across more than 350 holes, with work continuing on ionic-clay rare earth targets.
The pilot program has produced 12 batches of mixed rare earth carbonate from about 650 kilograms of ionic clay. Samples have been sent to prospective U.S. processing and offtake partners for evaluation. These are qualification and commercial-discussion activities, not confirmed offtake contracts.
Development timetable still carries conditions
NeoRe continues to target first mixed rare earth carbonate production from MEP-1 in early 2027. The company explicitly stated that the target depends on permitting, financing, construction, equipment delivery, commissioning and other development requirements. Magnet supply-chain buyers should therefore view the update as a project-development milestone rather than evidence of available commercial supply.
Source: ACCESS Newswire / Chilean Cobalt Corp., October 12, 2026.