cosors
👀
The whole article/report:
Here in Germany, the spread is ~30% (buy vs sell and market maker prices). Hopefully that will change now, and I can consider joining in.
SGQ Thread
- Thread starter cosors
- Start date
The whole article/report:
Here in Germany, the spread is ~30% (buy vs sell and market maker prices). Hopefully that will change now, and I can consider joining in.
cosors
👀
"St George Mining’s (ASX:SGQ) Araxa Project is next to the largest niobium mine on Earth, and a big few months await
August 1, 2025St George Mining (ASX:SGQ): Araxa keeps getting bigger
Thanks to its Araxa project, St George Mining is one of the few companies that can boast of a project right next to the world’s largest mine for its commodity.Granted, niobium isn’t as well known as gold…but this is gradually changing. Just look at the fact that SGQ was able to raise $5m at a 13.1% premium to its 30-day VWAP just a few weeks ago. SGQ has more than doubled its market capitalisation and grown its 12-month trading volume more than 30-fold in the past 3 months. This is no accident.
A way to play the niobium opportunity
First of all, because it is one of the few ASX stocks with exposure to niobium. Niobium is a metal traditionally used in High-Strength Low-Alloy (HSLA) steel to make it lighter and stronger, but is increasingly being used in lithium-ion batteries. There are very few current operating mines, one of which is the neighbouring mine that has a MRE of 896Mt at 1.49%. But there is an urgent need for more as demand growth has been more than 6% for more than two decades now.Consequently, the few companies showing potential to stumble across a major resource attract investor excitement. The most prominent example is WA1 Resources (ASX:WAK) which re-rated from A$10m to over $1bn in 3 years given its Luni discovery. Looking at rare earths more generally, there is even further precedent for companies at a development stage to re-rate.
Arafura’s (ASX:ARU) Nolans Project is A$430m and it has a Measured and Indicated Resource of 34.9 Measured and Indicated Mt at a TREO grade of 3.2% and an NdPr grade of 0.69%. Moreover, the price of niobium has been strong, with quotations north of US$75 per kilogram in China in late 2024, much higher than the US$45 level of several years ago.
Araxa is an appealing project
Now, let’s look at SGQ’s Araxa project. It lies in Minas Gerais, Brazil, right next to the largest niobium mine in the world. St George has defined a total niobium resource of 41.2 million tonnes at 0.68% Nb2O5 (6,800ppm Nb2O5) comprising 1.9 million tonnes Measured, 7.37 million tonnes Indicated, and 31.93 million tonnes inferred. The company defined a total Rare Earths Resource of 40.6 million tonnes at 4.13% TREO (41,300ppm TREO). Araxa contains 280,000 tonnes of niobium oxide and 1.7 million tonnes of TREO.For comparison’s sake, consider that Lynas’ Mt Weld mine has 106Mt @ 4.1% TREO. With Araxa already having 40.6Mt @ 4.13% TREO with just 10% of the project area prospected (and at no deeper than 100m), there is significant potential for a greater resource to be formed.
Other positive traits the project shares include its infrastructure (i.e. sealed roads and power), access to skilled labour, low sovereign risk, strong commercial interest, how the project is open in all directions and the potential for other rare earths like neodymium and praseodymium.
A major drilling campaign is underway
SGQ’s plan is to grow the resource and develop Araxa into a major niobium mine. In June 2025, it commenced a drilling campaign, the first since its acquisition of the project. The campaign will be 10,000m and comprise of a mix of auger, reverse circulation and diamond drilling. Drilling will test extensions of known mineralised zones and follow up on targets generated from previous exploration and ongoing geophysical work.SGQ plans to send samples for lab assay analysis on an ongoing basis, so there should be no shortage of news flow for investors. Parallel to the drilling, the company is undertaking geophysical surveying to provide detail on the lateral and depth potential of the mineralised system.
Moreover, we expect global developments in the rare earths space to continue and these could also help SGQ’s cause with investors. Some in the recent months have been MP Materials (NYSE:MP) – the company that owns the USA’s only rare earths mine; receiving a multi-billion dollar investment from the Department of Defence (DoD) and Apple investing US$500m to support the establishment of a rare earths processing facility in the US.
Conclusion
Our friends at Pitt Street Research have modelled Araxa at an NPV of US$1,281.5m or A$2,066.9m in a base case scenario and US$1,978.6m or A$3,191.2m in an optimistic case. Pitt Street has suggested SGQ could realistically trade at 25% of its project NPV (up from 5% now). This would equate to $0.13-0.21 per share. If SGQ can continue to progress Araxa, this current market capitalisation will not last for long.
St George Mining is client of Pitt Street Research. Pitt Street directors own shares in SGQ."
St George Mining's (ASX:SGQ) Araxa Project is next to the largest niobium mine on Earth, and a big few months await
Thanks to its Araxa project, St George Mining (ASX:SGQ) is one of the few companies boasting of a project next to the world's largest mine for its commodity.
stocksdownunder.com
Semmel
Top 20
Interesting company. I don't know management at all at this point but with similar vibes as talga some 5 years ago. Good quality deposit. Highly sought after outside China. Brazil obviously a bit less stable than the EU but also a lot less stupid in terms of permitting. Worth a gamble. But no clue about longer term prospects.
cosors
👀
There are practical tools for such things:
John Prineas – Executive Chairman
- Education: Bachelor of Economics and Bachelor of Laws; Fellow of FINSIA
- Experience:
- Founding shareholder and director of St George Mining
- Over 25 years of experience across mining, banking, and law
- Former Australian Country Head for Commerzbank*, focusing on project and acquisition finance in resources and infrastructure
- Expertise in corporate governance and strategic leadership in resource development
John Dawson – Non-Executive Director
- Experience:
- More than 30 years in finance and mining sectors
- Held senior roles at major investment banks:
- Managing Director of FICC (Fixed Income, Currency and Commodities) at Goldman Sachs Australia
- Global Head of Commodities and Country Head for Australia at Dresdner Kleinwort Wasserstein
- Brings deep insight into capital markets, commodities trading, and corporate strategy
Sarah Shipway – Non-Executive Director & Company Secretary
- Education: Bachelor of Commerce, Murdoch University; Chartered Accountant
- Experience:
- Appointed Non-Executive Director in June 2015
- Company Secretary since March 2012
- Extensive experience in:
- ASX company listings
- Financial reporting and corporate planning
- Equity and debt funding
- Member of the Institute of Chartered Accountants
Adolfo Sachsida – Advisor to the Board
- Role: Strategic advisor for the company’s niobium business in Brazil
- Experience:
- Held high-level positions in Brazil’s Federal Government:
- Minister of Mines and Energy**
- Chief Secretary of Economic Affairs at the Ministry for the Economy
- Secretary of Economic Policy
- Academic roles:
- Professor of Economics at the University of Texas
- Universidade Católica de Brasília
- Offers strategic insights into Brazilian regulatory and economic frameworks
- Held high-level positions in Brazil’s Federal Government:
*Perhaps an additional explanation as to why they were recently listed here in Frankfurt (Commerzbank is a German bank).
**Interesting, isn't it?! Perhaps that's why the permit topic seems so easy and don't appear to be an issue in Brazil. As former Minister of Mining, he certainly didn't choose just any mining company.
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cosors
👀
Perhaps someone here might be interested. I'm currently waiting for Talga. Well, since I'm a bit bored...
I've looked at the Araxa project, like Nunasvaara from Talga, and can summarise as follows:
- There is no conflict with any kind of protected area; neither the environment, water nor indigenous peoples pose a problem.
- The local recreation area next door is not protected except for the hotel itself. The complex has a radioactive mineralised thermal spring (I'll leave it up to everyone to decide what to make of that).
- The deposit is located for the most part on land that has already been declared and demarcated for mining. The road belongs to the neighbouring mining company CBMM and is closed to unauthorised.
- The deposit area is already well developed (CBMM).
- The city of Araxa begins just 2 km away and has 120,000 inhabitants.
- SGQ is offering local officials ~ 400M$ in investment and up to ~400 jobs in exchange for accelerated approval procedures for the project, access to state infrastructure, support from local labour and training opportunities and political backing for the strategic importance of rare earths.
- St George was selected last year as a partner for MagBras, Brazil's first planned production facility for REE permanent magnets, so it is not just about the ore.
You can find the area on the map here:
maps.app.goo.gl
diariodocomercio.com.br
Minas Gerais is the state
My first association was cocaine
St George, an Australian company developing the Araxá project in Minas Gerais, was the first company to deliver material from Brazilian rare earth oxide minerals for the MagBras project – from Mine to Magnet – of the Center for Innovation and Technology for Rare Earth Magnets (CIT SENAI ITR). With a total investment of R$73 million and the participation of 28 companies, the project aims to consolidate a national production chain of rare earth-based permanent magnets, essential for cutting-edge technologies and sectors such as clean energy, electric mobility, and defense. The sample delivered by St George presents a concentration of over 95% rare earth oxides, with a low impurity index of less than 0.2% in all non-rare earth elements. According to the technical report, this material also contains approximately 20% of the main magnetic materials, neodymium (Nd) and praseodymium (Pr). These two elements are essential for the production of magnets used in electrification and clean energy production. Furthermore, the sample contains significant levels of samarium (Sm) and dysprosium (Dy), elements also important for magnetic applications. The sample now enables the MagBras project to continue its activities, separating these elements for later application. "This delivery demonstrates Brazil's and Araxá's potential to participate in a strategic supply chain for the energy transition and technological advancement," explains Thiago Amaral, Director of ESG and Development at ST George Brasil. The material was received in April by CIT SENAI and has now been forwarded to Magbras, which will be responsible for refining the oxides as part of the national project. The delivery marks the first time a batch of locally processed Brazilian rare earths has participated in the coordinated effort to enable the domestic production of permanent magnets."
www.jornalinteracao.com.br
Here, the map can be customised in every respect using layers (top right-hand side "+" then select "Temas" (topics) and tick the boxes for what you want to be displayed).
________
2024 acquisition, 2025 drilling and DFS, 2026 construction, 2027 production. As a Talgarian, it makes me dizzy. In the interview above is claimed 9months instead of 3 to 4a.
I've looked at the Araxa project, like Nunasvaara from Talga, and can summarise as follows:
- There is no conflict with any kind of protected area; neither the environment, water nor indigenous peoples pose a problem.
- The local recreation area next door is not protected except for the hotel itself. The complex has a radioactive mineralised thermal spring (I'll leave it up to everyone to decide what to make of that).
- The deposit is located for the most part on land that has already been declared and demarcated for mining. The road belongs to the neighbouring mining company CBMM and is closed to unauthorised.
- The deposit area is already well developed (CBMM).
- The city of Araxa begins just 2 km away and has 120,000 inhabitants.
- SGQ is offering local officials ~ 400M$ in investment and up to ~400 jobs in exchange for accelerated approval procedures for the project, access to state infrastructure, support from local labour and training opportunities and political backing for the strategic importance of rare earths.
- St George was selected last year as a partner for MagBras, Brazil's first planned production facility for REE permanent magnets, so it is not just about the ore.
You can find the area on the map here:
19°38'53.7"S 46°56'17.3"W
O Portal de notícias da cidade de Araxá - MG
St George avança com o Projeto Araxá e reforça compromisso com o desenvolvimento sustentável no município
portalaraxa.com.br
St. George fecha acordo de R$ 2 bilhões para extração de nióbio e terras-raras do Projeto Araxá - Diário do Comércio
Os aportes da St. George contemplarão as fases de estudo, desenvolvimento e operação da mina, com construção planejada para 2026. Leia mais.
diariodocomercio.com.br
My first association was cocaine
"St George sample has concentration of over 95% of rare earths from Araxá
Ago 8, 2025St George, an Australian company developing the Araxá project in Minas Gerais, was the first company to deliver material from Brazilian rare earth oxide minerals for the MagBras project – from Mine to Magnet – of the Center for Innovation and Technology for Rare Earth Magnets (CIT SENAI ITR). With a total investment of R$73 million and the participation of 28 companies, the project aims to consolidate a national production chain of rare earth-based permanent magnets, essential for cutting-edge technologies and sectors such as clean energy, electric mobility, and defense. The sample delivered by St George presents a concentration of over 95% rare earth oxides, with a low impurity index of less than 0.2% in all non-rare earth elements. According to the technical report, this material also contains approximately 20% of the main magnetic materials, neodymium (Nd) and praseodymium (Pr). These two elements are essential for the production of magnets used in electrification and clean energy production. Furthermore, the sample contains significant levels of samarium (Sm) and dysprosium (Dy), elements also important for magnetic applications. The sample now enables the MagBras project to continue its activities, separating these elements for later application. "This delivery demonstrates Brazil's and Araxá's potential to participate in a strategic supply chain for the energy transition and technological advancement," explains Thiago Amaral, Director of ESG and Development at ST George Brasil. The material was received in April by CIT SENAI and has now been forwarded to Magbras, which will be responsible for refining the oxides as part of the national project. The delivery marks the first time a batch of locally processed Brazilian rare earths has participated in the coordinated effort to enable the domestic production of permanent magnets."
Amostra da St George tem concentração superior a 95% de terras raras de Araxá
www.jornalinteracao.com.br
Here, the map can be customised in every respect using layers (top right-hand side "+" then select "Temas" (topics) and tick the boxes for what you want to be displayed).
________
2024 acquisition, 2025 drilling and DFS, 2026 construction, 2027 production. As a Talgarian, it makes me dizzy. In the interview above is claimed 9months instead of 3 to 4a.
Last edited:
Semmel
Top 20
Well.. it's non-binding and REAlloys is too small to help finance a potential mine, even if they would sign an offtake. As with other non-binding announcements, it's a nice to have but not Material in the sense of company value. The market probably ignores this one. However, the share price still goes straight up, so I don't complain 
cosors
👀
They can provide SGQ with technical support, as this is their core competence. So far SGQ does not have any R&D facilities or pilot plants like TLG.Well.. it's non-binding and REAlloys is too small to help finance a potential mine, even if they would sign an offtake. As with other non-binding announcements, it's a nice to have but not Material in the sense of company value. The market probably ignores this one. However, the share price still goes straight up, so I don't complain
Better than nothing.
“In addition to providing a potential long-term supply option, the alliance will assist to commercialise
Araxá’s large, high-grade rare earths inventory by leveraging REAlloys’ innovative technologies."
cosors
👀
It is not listet under ASX announcements in their page.
homerovaldez
Emerged
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cosors
👀
"St George Mining has surged from $50m to >$250m in just 5 months and its latest drilling results are spectacular!
September 23, 2025St George Mining (ASX:SGQ) has had a spectacular few months capped off with its latest drilling results. Its Araxa Niobium-REE Project in Brazil lies next to a mine that is one of the world’s very few producing niobium mines and is also the world’s largest. It has an Independent JORC Mineral Resource Estimate (MRE) of 41.2 million tonnes at 0.68% Nb2O5, and a Rare Earths Resource of 40.6 million tonnes at 4.13% TREO (41,300 ppm TREO). And this was before the company’s latest exploration campaign which has hinted that this could be just the beginning.
Recap of St George Mining
St George is aiming to bring the Araxa niobium project into production. This time last year, it only just announced the acquisition of the project and only completed it in February this year. Although the project was in a friendly jurisdiction, had a NPV of over US$900m according to a 2013 Preliminary Economic Assessment and had necessary infrastructure; previous owners were not able to make the progress SGQ had. Our friends at Pitt Street Research found an NPV of $2bn in a base case scenario and believe that it would be fair for SGQ to trade at 33% of that and this would be $0.18 per share.
But arguably the biggest positive trait of this project was the abundance of niobium. Niobium is a metal traditionally used in High-Strength Low-Alloy (HSLA) steel to make it lighter and stronger, but is increasingly being used in lithium-ion batteries. It is often joked that ‘rare earths’ typically aren’t ‘rare’ in the sense there many deposits for them – this is true for some like NdPr, but not with niobium. Given the need for niobium – particularly sources in Western-friendly jurisdictions – any companies that stumble across deposits are re-rated with WA1 Resources (ASX:WAK) and Arafura (ASX:ARU) being two examples. And it seems SGQ is following in those companies’ footsteps.
Within 2 months of picking up the project, SGQ defined the current JORC Resource. But the company commenced an exploration campaign and to say the results have been special would be an understatement.
Good exploration results
The results confirmed the scale and continuity of known mineralisation and potential for there to be more. Drilling results showed grades of up to 13.98% TREO and 7% niobium in individual sections. Other results included:
- 41m @ 4.52% TREO and 0.87% niobium from the surface (AXRC002),
- 13m @ 7.06% TREO and 1.45% niobium from 4m (AXRC002),
- 11m @ 7.03% TREO and 0.91% niobium from 5m (ARXC001);
- 16m @ 5.56% TREO and 0.81% niobium from the surface (ARXC001), and
- 5m @ 11.83% TREO and 3.12% niobium from 8m (AXRC003).
What would have also pleased investors was that there were strong NdPr values as well, up to 2.89% NdPr in some places with a ratio of NdPr-to-TREO of up to 42%. There was also an increase occurrence of Heavy REEs – including terbium, lutetium, gadolinium and dysprosium. Moreover, further assays 1km east of the MRE have also confirmed high-grade rare earths, with grades of up to 13.4% TREO.
But wait, there’s more
Just two weeks after those results, SGQ revealed new results which were the first set of assays outside the area of its MRE – 1km to the east. Results included grades of up to 16.87% TREO and 4.06% niobium.
There were also solid grades of other rare earths, particularly samarium (up to 2,600ppm) which is used in magnets that go into military equipment, particularly F-35 fighter planes. There were high-grade NdPr results too, with grades up to 3.96%. Other rare earths present include dysprosium, terbium, lutetium and gadolinium.
This area has been named East Araxa and SGQ will continue drilling there, with the aim of an inferred resource being released in Q4 of 2025. There are three diamond drill rigs operating 24/7 on the site and there is more than 8,000m of drilling still to be completed. This highlights that there is enormous potential value to be unlocked here.
Also in September 2025, SGQ unveiled a Memorandum of Understanding (MoU) with REAlloys, a leader in the US magnet supply chain (one of the country’s biggest suppliers). It produces high-performance neodymium iron boron and samarium cobalt magnet materials for US government organisations including the Defence Logistics Agency (DLA) and the US Department of Energy’s AMES National Laboratory (AMES) as well as for US-based industrial companies involved in defence, aerospace and electronics.
In our view, this validates the project and will increase the urgency for other would-be customers to ‘get in’ before all the offtake is spoken for. The company has reported interest from other downstream players interested in offtake, looking for sources of high-grade rare earths outside China.
Conclusion
With three diamond drill rigs on the site, operating in tandem with an RC drill rig, there will be a strong pipeline of upcoming assay results. Drilling will continue for the rest of this calendar year and assays will be available on a four-week basis. We believe the exciting times are only just beginning.
Disclosure: St George is a research client of Pitt Street Research. Pitt Street staff and directors own shares in St George Mining"
St George Mining has surged from $50m to >$250m in just 5 months and its latest drilling results are spectacular!
St George Mining (ASX:SGQ) has had a spectacular few months capped off with its latest drilling results. Its Araxa Niobium-REE Project in Brazil lies next to
stocksdownunder.com
cosors
👀
For the history books - today is the first day that SGQ is traded on Tradegate in addition to Frankfurt, where traditionally volume with ASX stocks is far greater than at Frankfurt. Thanks Semmel for the info!
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