Etruscus Resources Corp. has initiated its 2024 exploration program at its Rock & Roll Property in the Golden Triangle region of British Columbia, Canada. The program includes an expanded geophysical survey at the Discovery Target, exploration for rare earth elements on the Pheno claims, and continued investigation of other promising targets. The company also closed the first tranche of its private placement, raising funds to support these exploration efforts.
Technical Analyst Clive Maund analyzes the recent stock performance of Defense Metals Corp. (DFMTF) and explains why, despite recent share price drops and management changes, he believes the company is an immediate strong buy. Maund highlights the company’s positive news flow, including a strategic financing review, the appointment of experienced board members, and the government of British Columbia’s recognition of the Wicheeda Rare Earth Element project. He attributes the recent share price decline to uncertainty surrounding management changes but believes this has now been discounted and the stock is primed for a rebound.
Rare Earths Norway announced the discovery of Europe’s largest deposit of rare earth elements within the Fen Carbonatite Complex, an ancient volcano southwest of Oslo. The estimated 8.8 megatons of rare earth oxides, including significant amounts of neodymium and praseodymium used in magnets, could transform Europe’s rare earths value chain. The company plans further drilling and a pilot plant for ore processing. This discovery highlights the global importance of secure domestic supply chains for rare earth elements, which are essential for technologies like touch screens and batteries.
MP Materials (NYSE: MP) shares fell 2.4% on Wednesday after J.P. Morgan downgraded the company to Neutral from Buy, citing weaker long-term NdPr pricing. The downgrade comes as NdPr prices have fallen to levels not seen since November 2020, prompting MP Materials to slow down the ramp-up of its Stage 2 production. J.P. Morgan analysts believe that while Stage 3 could start contributing to EBITDA later this year, large-scale magnet production is still a call option at this point. The analysts also see shipment, EBITDA, and free cash flow risk all weighted to the downside in the near term, although they expect MP Materials to drive improving financial performance over the mid-term.
