MRG Metals Secures High-Grade Garies Rare Earth Project in South Africa

Strategic Acquisition Strengthens MRG Metals’ Rare Earth Portfolio

MRG Metals Limited (ASX, MRQ) has announced the completion of its acquisition of Sheerartar Minerals Pty Ltd, securing a 70% stake and operational control of the Garies Rare Earth Project in South Africa. This high-grade, magnet-rich rare earth asset adds significant value to MRG’s expanding critical minerals portfolio, complementing its existing Heavy Mineral Sands Joint Venture in Mozambique and the Adriano–Fotinho Rare Earth Corridor.

The Garies Project is notable for its exceptional grades, with bulk sampling returning up to 4.85% total rare earth oxides (TREO), equating to approximately 8% monazite mineralisation. The rare earth mix is rich in valuable heavy and magnetic elements such as neodymium, praseodymium, dysprosium, terbium, scandium, and gallium; key components in permanent magnets and advanced electronics.

Location and Development Potential

Situated in South Africa’s Northern Cape Province, Garies benefits from a Tier-1 mining jurisdiction and proximity to the world-class Steenkampskraal Monazite Mine. The project covers a substantial 275 km² exploration footprint, with only three of 23 identified targets partially drill tested to date, indicating significant exploration upside.

MRG plans a phased development approach starting with securing a Mining Licence, followed by resource definition, permitting, and pilot scale production. The project’s geology supports low-strip open-pit mining with simple, modular processing options that defer chemical treatment to later stages, aligning with environmental and social governance (ESG) principles.

Transaction Structure and Management Continuity

The acquisition was structured as a scrip transaction, with an initial issue of 75 million MRG shares on completion and a further 175 million shares contingent on the grant of a Mining Licence. Additional performance shares are tied to resource milestones and market capitalisation thresholds, aligning incentives for value creation.

Importantly, the existing directors of Sheerartar Minerals, Jacob Deysel and Ian Egan, will remain involved, bringing extensive experience in mining operations and critical minerals development. Their ongoing participation ensures continuity of technical expertise and local knowledge critical to advancing the project efficiently.

Complementary Assets and Market Context

MRG’s acquisition of Garies diversifies its portfolio beyond Mozambique’s Heavy Mineral Sands JV, which is fully funded and nearing production, and the Adriano–Fotinho Rare Earth Corridor, where early drilling has confirmed district-scale potential. Together, these assets provide MRG with a balanced mix of scale, grade, and optionality in the critical minerals sector.

The rare earth elements targeted at Garies are in strong demand globally, driven by their essential role in electric vehicles, renewable energy technologies, and defence applications. Market prices for key elements like neodymium, praseodymium, dysprosium, and terbium remain robust, supporting the project’s economic potential.

Looking Ahead

With the acquisition complete, MRG Metals is positioned to rapidly advance the Garies Project through permitting and resource definition, aiming for pilot production and scalable expansion. The company’s strategy of running multiple projects in parallel reduces single-asset risk and maximises exposure to the growing critical minerals market.