Lion Rock A Monazite - Heavy Rare Earth Story or Is It TIme For Investors to Find a New Horse
- Noel Ong
- 4 days ago
- 7 min read
Announcement
Monazite Source with Heavy Rare-Earths Identified at Minta 12 November 2025 (click here to view the announcement)
Lion Rock Minerals Ltd (ASX: LRM) has identified a unique “monazite-enriched granite” at the Minta Est Project in Cameroon, confirming the source of heavy rare-earth mineralisation coincident with high-grade rutile zones (Figure 1). This discovery marks a significant milestone in the Company’s exploration program across its 5,000 km² tenement, establishing Minta Est as a potential district-scale source of monazite, xenotime, zircon, and rutile.
Figure 1: Thorium radiometric high zones and geology outline showing the monazite-enriched granite at Minta Est. (source: LRM)
The Business of Lion Rock Minerals - Monazite and Heavy Rare Earths
Project: Minta and Minta Est Projects, Central Cameroon
Focus: Rare earth–rich mineral sands (monazite, xenotime, rutile, zircon)
Strategy: Advancing exploration with strategic partner Tronox Holdings plc (NYSE: TROX)
Objective: Define high-value mineral assemblages for a Western-aligned rare earth supply chain.
Highlights – Monazite Source Confirmed, Infill Drilling Underway
Monazite-Enriched Granite: A 250 km² granite identified as the source of monazite and xenotime mineralisation (Figure 2).
Figure 2: Regional map of Lion Rock’s tenure indicating the uniqueness of the “monazite-enriched granite” intrusion across the broader region. (source: LRM)
High-Value Assemblage: Samples show enrichment in monazite, rutile, and zircon, producing an exceptional basket value (Figure 3).
Figure 3: Panned concentrate RE0014 from primary tributary demonstrating the high-value of assemblage of rutile, monazite, and zircon (source: LRM)
Heavy Rare-Earth Content: Up to 1.8% Dy₂O₃ and 1.1% Tb₄O₇, with Samarium (Sm₂O₃) up to 3.1%—considered exceptionally high.
ANSTO Validation: Laboratory confirmation of TREO enrichment with heavy REEs beyond typical hard-rock monazite.
Infill Drilling: Rapid drilling program underway to define enriched zones of monazite and xenotime.
Regional Potential: Multiple high-value deposits possible across 5,000 km² of reconnaissance ground (Figure 4).
Figure 4: Minta Project: District-Scale Rutile and REE Footprint (source: LRM)
Strategic Support: Ongoing rutile and REE exploration underpinned by Tronox’s partnership and investment.
Leadership Commentary
Lion Rock Chief Executive Officer, Casper Adson, commented:
“Following the outstanding rutile results announced recently across what is emerging as a truly district-scale system, we’re now seeing the Minta Project reveal another exciting layer - a zone of monazite and xenotime mineralisation coincident with the rutile, potentially capable of generating a very high-value product suite.
“Our geological team has done exceptional work in pinpointing the source of this mineralisation - a monazite-enriched granite - through the integration of thorium radiometric data and detailed field mapping.
“The rare earth distribution within the monazite concentrate at Minta Est is particularly compelling, showing elevated levels of the high-value heavy rare earth elements dysprosium (Dy) and terbium (Tb) along with samarium (Sm) - the latter recently being recognised by the United States as the most critical mineral. Confirmation of the presence of xenotime as the source of Dy and Tb adds further value as these remain under Chinese export restrictions and are therefore in strong global demand.
“Infill drilling is now advancing rapidly to define the extent of this new monazite–xenotime zone, supported by expanded equipment that has doubled our on-ground capacity. With our strategic partnership alongside global rare-earth and titanium leader Tronox, Lion Rock is fully funded for the next phase of exploration and continues to deliver potential world-class discoveries across the Minta Project.”
About the Cameroon Project
The Minta Rutile Project spans 8,800 km² across 18 granted permits and three pending applications in central Cameroon. Exploration has confirmed widespread rutile mineralisation exceeding industry benchmarks across over 1,800 km².
At Minta Est, reconnaissance sampling identified exceptional monazite grades in high-energy stream systems, with up to 74% monazite assemblage in heavy mineral concentrate. Independent ANSTO testing verified heavy rare-earth enrichment consistent with monazite–xenotime associations.
Near-Term Milestones to Watch
(Figure 5)
✅ Commence infill drilling targeting monazite and xenotime at Minta Est.
✅ Receive and report pending assay results for rutile, zircon, and monazite.
✅ Complete and commission the Yaoundé heavy mineral sands laboratory.
✅ Finalise recruitment of lab and field staff for expanded operations.
✅ Continue rutile resource assessment across Minta Project zones.
All planned exploration for 2025–2026 is fully funded.
Figure 5: Planned 500m diamond grid drilling pattern over high thorium anomalies at Minta Est. (source: LRM)
How Samso Understands the Investment Memo for the Company
Lion Rock’s discovery of a heavy rare-earth enriched monazite–xenotime system within a high-value rutile district represents a dual commodity advantage. The project’s linkage with Tronox not only anchors its operational funding but positions LRM strategically in the global shift toward non-Chinese rare-earth supply chains. The geological data suggests scalability—transforming a previously rutile-dominated system into a multi-mineral heavy sands province.
Samso Concluding Comments
The story of Lion Rock is starting to be confusing. The initial excitement was all about Rutile and some secondary products such as monazite, ilmenite, and others. However, as we have learnt, the narrative appears to be changing to a monazite story. The latest release talks about a monazite-enriched granite as the primary source for heavy rare earths at Minta Est as the main feature for the company.
My initial excitement for the company and for which I took a position was for a rutile beast of a project. It was definitely a change in the rutile landscape, but I have since taken a view that all is not well for the story. A long time ago, a very wise friend had told me that I should enter a position with a story, and when the story changes, I need to take one of the three steps: reduce, add, or exit. I have taken the reducing step as we are reading this Samso News.
The next move will probably be an exit as other opportunities are starting to appear. The recent devaluation of the company, which seems to be still happening, is not helping the situation. Don't get me wrong, Monazite is still a very valuable commodity, which is why Tronox is joining up with the LRM project.
Figure 6: The share price chart for Lion Rock as of 21st November 2025. (source: CommSec)
The Retail Investor Proposition
All retail investors have the same view of companies that are being devalued on the sharemarket, and the LRM story is no different. With a current market capitalisation of just under AUD $86M as compared to levels in the AUD $180M, there is an obvious level of concern. Figure 6 above is a good view of the fortunes of the share price as investors take a similar view to my comments; there is something missing in the story.
The good news for investors is that this may actually be a good level to be topping up or an entry. In my opinion, the story headline may have changed, but my selling is not about the demise of the storyline but rather a shift in my own portfolio. The change in the story headline is enough for me to change horses, but it is not an endorsement of my thoughts that there is a negative flow of the company's fortunes.
I went in for Rutile, made my margins, and now there is another horse I would like to bet on. The change in storyline was my out. Readers who are thinking of a move have to take into account similar thoughts. This is a serious case of DYOR, and while I have reduced my position, I am still holding a position that will make a difference if things start to move to the stratosphere levels.
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