Name of the Project
Zandkopsdrift magnet rare earths and manganese project.

Location
Northern Cape, South Africa.

Project Owner/s
Frontier Rare Earths. The South Korean government holds an 8.9% stake in Zandkopsdrift through KOMIR, formerly Korea Resources Corporation (Kores). The Industrial Development Corporation of South Africa (IDC) has also made a $20-million strategic equity investment in Frontier to fund the definitive feasibility study (DFS) and corporate development activities.

Project Description
Zandkopsdrift has proven and probable reserves sufficient to support a mine life of more than 45 years at planned production rates.

Frontier completed an updated prefeasibility study (PFS) in 2025 and subsequently started a DFS. The project is positioned as a magnet rare earths and battery-grade manganese project.

The current development concept is based on mining and processing at Zandkopsdrift, including Carester SAS rare earth solvent-extraction technology, to produce high-purity neodymium-praseodymium (NdPr) oxide and mixed heavy rare-earth carbonate (MHREC). MHREC will be supplied under a seven-year offtake arrangement for processing at Carester's Lacq facility, in France.

At full capacity, the processing plant is expected to produce 4 000 t/y of magnet rare earths, 100 000 t/y of battery-grade manganese sulphate and up to 13 000 t/y of other rare earths. Over the first 25 years, expected average yearly production is about 3 038 t of NdPr oxide, 114 t of dysprosium oxide and 25 t of terbium oxide, with magnet rare earths representing about 94% of contained rare earth value.

The DFS is expected to confirm the updated development plan, including the rare earth and manganese flowsheets and the integration of Carester's separation technology.

Potential Job Creation
Not disclosed.

Net Present Value/Internal Rate of Return
The 2025 updated PFS estimates an after-tax net present value, at a 10% discount rate, of $2-billion and an after-tax internal rate of return of 28% (ungeared).

Capital Expenditure
Not disclosed.

Duration
The DFS is under way and scheduled for completion in the first half of 2027. Frontier indicates that front-end engineering design and construction financing are expected to take a further six months, followed by a 24-month mine and processing plant construction period. First production is targeted for 2030.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
Carester SAS (rare earth solvent-extraction technology supply and seven-year MHREC offtake for processing at the Lacq facility, in France); Industrial Development Corporation of South Africa (funding).

Contact Details for Project Information
Frontier Rare Earths, tel +352 26 47 87 68 or email enquiries@frontierrareearths.com.