Cadoux Ltd made significant progress across its high purity alumina (HPA) and Minhub rare earths projects during the March 2025 quarter. Key milestones included the ramp-up of Front-End Engineering and Design (FEED) studies for its HPA Small Scale Plant (SSP) in Kwinana, Western Australia, and finalisation of the draft feasibility study for the Minhub mineral separation facility in Darwin.
The company continued its engineering optimisation, appointed key service providers, and expanded downstream product trials with university partners. It also received around A$687,000 in R&D rebate related to Minhub and saw favourable early-stage customer assessments of its HPA product for electric vehicle and energy storage applications.
HPA project development and engineering
During the quarter, Cadoux advanced its staged HPA project, focused on the SSP as Stage 1 of a broader 10,000 tonnes per annum commercial-scale development.
Engineering activities progressed according to plan, with the appointment of third-party process equipment providers and the commencement of FEED studies.
These studies covered detailed process modelling, equipment specifications, safety systems, and layout planning.
Deliverables such as piping and instrumentation diagrams, hydraulic calculations, and operating philosophy documents were under development. This groundwork supports the next step toward final investment decision (FID) and construction.
Product finishing and downstream innovation
HPA product finishing activities were highlighted as essential to delivering client-specific requirements, particularly for applications in lithium-ion batteries and advanced energy systems.
The company collaborated with customers to develop tailored morphologies and purities while maintaining material integrity.
Simultaneously, downstream trials with research institutions, including Curtin University, targeted alternative applications and aimed to enhance product performance. Cadoux emphasised the importance of co-development and early engagement with customers to secure future offtake and market alignment.
HPA market strategy and positioning
Despite a softening market in some battery segments, Cadoux remains optimistic about HPA market growth, driven by ongoing demand in the lithium-ion battery and semiconductor sectors.
Forecasts suggest compound annual growth of up to 30% in select HPA applications. Cadoux continued marketing its 4N and 5N HPA products to a range of global partners and consumers.
Trials and assessments are ongoing, with an emphasis on establishing high-value niches in static energy storage, consumer electronics, and AI-driven technologies.
Minhub feasibility study and project planning
Minhub Operations Pty Ltd (MOPL), in which Cadoux holds an interest, completed formal feasibility study activities for its mineral separation facility in Darwin.
The study, led by IHC Mining and TZMI International, outlines a flowsheet capable of processing third-party heavy mineral concentrate into separated rare earth minerals such as xenotime and monazite.
Located in the Darwin Port Precinct, Minhub is positioned to support domestic rare earths refining and reduce reliance on offshore processing. The final FS report is now being collated in preparation for FEED and potential commercial decision-making.
Offtake agreements and contribution to national strategy
Minhub renewed its collaboration agreement and letter of intent with Gippsland Critical Minerals Pty Ltd for HMC supply, potentially leading to a binding offtake.
The project supports Australia’s Critical Minerals Strategy by promoting sovereign capability in rare earth processing, especially for magnet feedstocks like dysprosium and terbium—both subject to Chinese export restrictions.
Through this initiative, Cadoux aims to help secure critical inputs for electric vehicles, renewable energy, and defence technologies.
ESG performance and sustainability engagement
Cadoux continued to embed environmental, social, and governance (ESG) principles throughout its operations, aligning with the United Nations Sustainable Development Goals. March quarter activities included internal workshops, stakeholder engagement, and participation in industry forums via the Critical Minerals Association Australia.
Notably, ESG director Dr Sandy Chong represented Cadoux at international forums, reinforcing the company’s commitment to responsible resource development and gender equity in leadership. The ESG strategy remains central to Cadoux’s licence to operate and value proposition to investors.
Financial position and corporate overview
Cadoux closed the quarter with A$2.69 million in cash, up from A$2.43 million in the previous quarter. Net operating outflows were A$305,000, offset by A$564,000 in investing inflows, mainly through loan recoveries. The company did not raise equity or debt capital during the period and had no related-party payments.
Exploration and evaluation spend was modest at A$22,000 for the quarter.
Cadoux has enough funds to support near-term development goals.