St George highlights 75% Araxá resource jump, partnerships push in strong March quarter
St George Mining Ltd (ASX:SGQ, FRA:S0G, OTC:SGQMF) has delivered a standout March quarter, headlined by a major resource upgrade at its flagship Araxá rare earths and niobium project in Brazil, alongside growing momentum on downstream partnerships and development planning. The company...
St George Mining Ltd(ASX:SGQOTC:SGQMF) View Price & Profile St George highlights 75% Araxá resource jump, partnerships push in strong March quarter
Last updated: 23:45 27 Apr 2026 EDT, First published: 22:45 27 Apr 2026 EDT
St George Mining Ltd (ASX:SGQ, FRA:S0G, OTC:SGQMF) has delivered a standout March quarter, headlined by a major resource upgrade at its flagship Araxá rare earths and niobium project in Brazil, alongside growing momentum on downstream partnerships and development planning.
The company increased the Araxá Mineral Resource Estimate (MRE) by 75% to 70.91 million tonnes at 4.06% total rare earth oxides (TREO) and 0.62% niobium pentoxide (Nb₂O₅), reinforcing its position as a globally significant deposit.
3D perspective of the new Araxá MRE – TREO (%) grades (looking north-east).
Management says the project now ranks among the largest and highest-grade carbonatite-hosted rare earths deposits outside China, comparable with major operations such as Lynas Rare Earths Ltd (ASX:LYC, OTC:LYSCF)’s Mt Weld and MP Materials’ Mountain Pass.
Major hard-rock rare earths deposits (ex-China).
Resource scale and growth potential
The updated resource includes a 218% increase in higher-confidence Measured and Indicated (M&I) tonnes, providing a stronger foundation for future economic studies.
Importantly, mineralisation begins at surface and extends to around 100–120 metres depth, with all near-surface material located within a weathered, free-digging profile — supporting potential for low-cost open-pit mining.
Drilling continues to expand the footprint, with recent standout results — not yet included in the MRE — highlighting further upside. These include intercepts such as 178.7 metres at 4.34% TREO and 0.75% Nb₂O₅ from surface.
Oblique section showing significant drilling completed in the current campaign. The latest drill holes are shown with red labels.
Development strategy takes shape
Beyond resource growth, St George advanced several key elements of its development pathway during the quarter:
Downstream partnerships expanded, including an extended alliance with US-based REalloys and new agreements with Boston Metal, Tecnicas Reunidas and Nanum Nanotecnologia Processing strategy progressing, with acquisition of 166 hectares of industrial-zoned land near Araxá for potential plant construction Regional processing options under review, including potential access to existing facilities in the area Government backing secured, with Minas Gerais granting tax exemptions of up to 18% on development equipment and materials
The company is also exploring technologies such as Boston Metal’s molten oxide electrolysis to support niobium processing, alongside rare earths separation and upgrading initiatives.
Corporate and funding position
St George finished the quarter with a strong cash balance of approximately $43.7 million, following net operating outflows of $6.7 million and investing outflows of $3.3 million.
This leaves the company funded for an estimated 6.5 quarters at current expenditure levels, providing runway to advance studies and development planning.
During the quarter, St George was also added to the S&P/ASX All Ordinaries Index, potentially increasing its visibility among institutional and index-tracking investors.
Looking ahead
With drilling ongoing, partnerships expanding and government support in place, St George is increasingly focused on transitioning Araxá from a large-scale discovery into a development-ready asset.
The combination of scale, grade and near-surface mineralisation — alongside a growing downstream strategy — positions the project as a potential future supplier of critical minerals into global supply chains.