Cadoux (ASX:CDX) Powers Ahead in HPA and Rare Earths with Strategic Moves and ASX200 Growth Potential

Highlights

• FEED studies initiated for high purity alumina plant
• Minhub feasibility study completed in Darwin
• Focus on EV, battery, and rare earth market demand

Cadoux Ltd (ASX:CDX) made notable strides during the March 2025 quarter, progressing its High Purity Alumina (HPA) and Minhub rare earths projects in line with long-term strategic goals. The company is gearing up for future growth opportunities, aligning its developments with the broader push for energy transition and sovereign supply chains.

At the core of Cadoux’s advancement is the Small Scale Plant (SSP) HPA project in Kwinana, Western Australia. Front-End Engineering and Design (FEED) studies began in earnest this quarter, marking a significant step toward a 10,000 tonnes per annum commercial-scale rollout. Key engineering milestones included detailed process modelling, safety planning, and equipment specifications, laying the groundwork for a Final Investment Decision.

Product finishing initiatives were also prioritised. With electric vehicles and energy storage technologies in focus, Cadoux intensified collaboration with customers and universities such as Curtin University. These efforts are driving innovation in HPA morphology and purity, crucial for lithium-ion battery and semiconductor applications. This move aligns with emerging global trends in technology and consumer electronics.

Despite some softness in specific battery sectors, Cadoux remains aligned with market demand forecasts, with some HPA applications projected to grow at a compound annual rate of up to 30%. These developments position the company well among future-facing materials suppliers, making it a noteworthy player even as attention grows around ASX dividend stocks and other strategic investment categories.

Another major achievement during the quarter was the finalisation of the feasibility study for the Minhub rare earths processing facility in Darwin, led by IHC Mining and TZMI International. Designed to process third-party heavy mineral concentrates, Minhub aims to produce high-value rare earths like xenotime and monazite. The facility, located in Darwin Port Precinct, aligns with Australia’s Critical Minerals Strategy and offers support for EVs, renewable energy, and defence sectors.

Cadoux also renewed its agreement with Gippsland Critical Minerals Pty Ltd, strengthening offtake possibilities and contributing to Australia's goal of building a domestic critical minerals supply chain. This aligns with broader ambitions within the ASX200 index for sustainable and forward-focused industrial development.

From an environmental and governance standpoint, Cadoux continued embedding ESG principles, with representation at global industry events. Financially, the company ended the quarter with A$2.69 million in cash, with no new capital raised. Its solid financial footing supports upcoming project milestones and long-term growth plans.

With ongoing progress in critical minerals and advanced materials, Cadoux (CDX) is shaping up as a notable player amid Australia's evolving energy and industrial landscape.