Royalty Management Holding Corp (NASDAQ:RMCO) said on Wednesday it had identified valuable rare earth elements within its TR Mining & Equipment portfolio company’s exclusive prospecting lease in Jamaica, expanding the resource potential of the 213 million-ton raw feedstock deposit.
Initial assessments of the site had focused on iron ore, titanium, and vanadium. However, a recent expanded sampling program revealed the presence of rare earth elements used in electric vehicles, wind turbines, defense technologies, and high-performance electronics, the company said.
“With this expanded sampling program and analysis... we have identified meaningfully high concentrations of core materials along with additional high-value rare earth and critical minerals that we can extract,” said CEO Thomas Sauve in a statement.
The company expects the project to become one of the lowest-cost sources of titanium, magnetite, and vanadium feedstock in the market, Sauve added. TR Mining’s previous report confirmed the site contained significant amounts of iron ore, which can be sold as magnetite, along with titanium and vanadium.
Royalty Management is currently working with consultants and TR Mining to finalize the mining permit. It plans to begin hiring local personnel in Jamaica to start processing the iron ore and separating other high-value elements. The company will receive a 10% royalty on all sales of rare earth and other minerals extracted from the site.
Royalty Management said it plans to do further testing to better define the concentrations and extent of the newly identified rare earth elements.