SGQ

SGQ has commenced locked-cycle flotation pilot work on 9 tonnes of near-surface Araxá saprolite, with both niobium concentrate and REE-enriched tailings streams targeted for downstream processing (ferroniobium and MREC/oxalate). Results due Q4 2026; this is methodical flowsheet de-risking ahead of potential mine development, not a discovery or surprise.

SGQ is establishing a rare earths processing centre in Minas Gerais with Lima & Pergher and state support, positioning itself as a midstream play to feed its Araxá mine (111.2Mt @ 3.57% TREO) into a domestic Brazilian mine-to-magnet supply chain. This de-risks the project and broadens revenue exposure beyond pure mining into processing services and downstream partnerships.

SGQ has formally initiated the three-stage environmental licensing process for Araxá in Minas Gerais by lodging EIA/RIMA, marking a key de-risking milestone after a substantial MRE upgrade (155% increase in M&I) announced 14 days prior. Permitting is expected 12 months for first two stages, with operation license post-construction in H2 2029, assuming FID.