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Eclipse Metals Ltd (ASX:EPM)

ALERT: Price-sensitive ASX Announcement for EPM
Current share price for EPM : $0.011 0 (0%)+
Announcement
Release
29 Oct 2026 7:19PM
Price at Release
$0.011
Full Release
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Summary
Eclipse Metals Ltd (ASX: EPM) reported for the quarter ended 30 September 2026 that it materially advanced its Greenland and Northern Territory portfolios, highlighted by a maiden Inferred Mineral Resource at the historic Ivigtût mine of 4.87Mt at 188ppm HfOâ‚‚, 61ppm Gaâ‚‚O₃, 147ppm Yâ‚‚O₃ and 3,380ppm Zr, ongoing advancement of the Grønnedal rare earth project with completion of geological mapping and 54 rock-chip samples, quantitative mineralogy showing 87.5% to 94.3% of contained NdPr hosted in identified REE minerals, and agreement for a 17-hole, 2,355m diamond drilling program aimed at resource conversion and extension; the report also reiterated the existing Grønnedal JORC resource of 208Mt at 7,239ppm TREO including about 1.5Mt TREO, discussed beneficiation and metallurgical work supporting flotation and magnetic separation pathways, noted Eclipse regained 100% control of the Liverpool Uranium Project after Boss Energy withdrew and received Traditional Owner consent for defined exploration at EL 27584, and in the Appendix 5B disclosed cash and cash equivalents of A$2.987 million at 30 September 2026, net operating cash outflow of A$1.056 million, exploration and evaluation expenditure of A$658,000, administration and corporate costs of A$491,000, related-party payments of A$102,000 for directors’ fees, and estimated funding of 2.8 quarters based on current outgoings.
Key Points
  • Quarterly Activities Report and Appendix 5B covers the quarter ended 30 September 2026 and was announced on 29 October 2026.
  • Eclipse announced a maiden Inferred Mineral Resource at Ivigtût of 4.87Mt at 188ppm HfO2, 61ppm Ga2O3, 147ppm Y2O3 and 3,380ppm Zr at a 60ppm HfO2 cut-off.
  • The Ivigtût resource contains approximately 917 tonnes HfO2, 297 tonnes Ga2O3, 714 tonnes Y2O3 and 16,454 tonnes Zr.
  • Grønnedal hosts a JORC 2012 Mineral Resource Estimate of 208Mt at 7,239ppm TREO at a 2,000ppm TREO cut-off, including about 6Mt Indicated and 202Mt Inferred.
  • The Grønnedal resource contains about 1.5Mt TREO and remains open along strike and at depth.
  • Eclipse completed geological mapping and rock-chip sampling across the Grønnedal carbonatite system during August 2026.
  • A total of 54 rock-chip samples were submitted from Grønnedal, with assay results expected in Q4 2026.
  • Quantitative automated mineralogy by ALS indicated 87.5% to 94.3% of contained neodymium and praseodymium is hosted in identified REE-bearing mineral groups across four Grønnedal composites.
  • Between 77.2% and 92.6% of NdPr is hosted in the two principal REE mineral groups targeted for flotation at Grønnedal.
  • The principal REE mineral assemblage at Grønnedal is interpreted to be dominated by synchysite and calcioancylite-type minerals, with subordinate bastnäsite, parisite, monazite and xenotime.
  • Eclipse entered into an agreement for a 17-hole, 2,355 metre diamond drilling program at Grønnedal to support possible conversion of parts of the resource to Indicated category and test extensions beyond current limits.
  • After quarter end, two diamond drill rigs commenced double-shift operations at Grønnedal.
  • The 2025 Grønnedal drilling program comprised five HQ diamond holes for 705 metres and showed continuous mineralised carbonatite from surface to depths of about 190 to 195 metres.
  • Historical and recent work supports flotation and magnetic separation as potential beneficiation pathways for Grønnedal, although further representative testing is required.
  • Eclipse stated uranium values at Grønnedal remain well below Greenland’s 100ppm statutory threshold for non-uranium mineral resource activities.
  • At Ivigtût, prior drilling confirmed high-grade fluorite and broader critical minerals including gallium, rubidium, tin, copper, lead, zinc, niobium, tantalum, zirconium, hafnium and yttrium.
  • Boss Energy withdrew from the Liverpool Uranium Project option and earn-in, leaving Eclipse with 100% legal and beneficial ownership.
  • Traditional Owner consent was received for a defined work program at EL 27584 including airborne surveying, access reconnaissance, rock-chip sampling and up to 12 helicopter-supported diamond drillholes.
  • Cash and cash equivalents at 30 September 2026 were A$2.987 million.
  • Appendix 5B reported net cash used in operating activities of A$1.056 million for the quarter.
  • Quarterly exploration and evaluation cash payments were A$658,000, with administration and corporate costs of A$491,000.
  • Related-party payments in the Appendix 5B totalled A$102,000 and comprised directors’ fees.
  • The Appendix 5B showed estimated funding of 2.8 quarters based on total available funding of A$2.987 million and relevant outgoings of A$1.056 million.
  • No financing facilities were drawn or available at quarter end under the Appendix 5B.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.