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Everest Metals Corporation (ASX:EMC) has released its first Mineral Resource Estimate (MRE) for the Mt. Edon Rubidium project, identifying over 7,900 tonnes of rubidium on an inferred basis.
Following this milestone, the company has initiated a scoping study, set to be completed by Q1 of next year. Downstream test work results on the project's ore are expected before the year's end.
The company highlighted that rubidium products are currently trading at approximately US$1,200/kg, driven by increasing demand. The MRE is based on a 400-meter strike within a larger 1.2-kilometer pegmatite corridor.
Rubidium is recognized as a critical mineral due to its applications in defense, nuclear energy, infrared technology, and aerospace. It is also used as an imaging agent in PET scans. While often associated with lithium as an indicator mineral, rubidium commands a high market price independently. Currently, China dominates rubidium production, though Canada once held that position in the early 2000s.
The U.S. Geological Survey (USGS) recently reported that rubidium production outside of China ceased within the last two decades, with mining in Namibia ending in the early 2000s and Australia's Sinclair Mine completing its last economically viable shipments of pollucite ore in 2019.
Everest’s geological team suggests the potential for an open-cut mine at Mt. Edon with a low stripping ratio, though further details will depend on the upcoming scoping study.
“Rubidium is a critical mineral with significant and expanding roles in national security, healthcare, and emerging energy applications,” said Everest CEO Mark Caruso. “Despite a small global market, driven by supply constraints rather than demand, our initial MRE will lay the groundwork for a comprehensive mining Scoping Study. We aim to complete this study swiftly, alongside ongoing rubidium extraction and purification test work. The final test work is expected in Q4 2024, feeding into the Scoping Study due in Q1 2025.”
