Lion Rock Minerals Ltd (ASX:LRM) will begin searching for a new chief executive officer as it looks to build a stronger in-country presence to advance exploration and development at its Minta Project in Cameroon.
The board and current CEO Casper Adson have agreed it was an appropriate time for new leadership, with a recruitment process to start immediately. Lion Rock expects to make an appointment as soon as possible.
“The Board would like to thank Casper for his significant contribution over the past 12 months. During his time, the company formed strategic partnerships and completed a large-scale reconnaissance drilling program across the whole tenement package, delineating numerous rutile and monazite rare-earth zones with infill drilling programs currently underway," Lion Rock chair, Robert Boston, said.
“As we ramp up our exploration and development activities in country, it is also an appropriate time for the Board to review its current structure and ensure it has the right composition and experience to guide the next stage of exploration and development activities at its Minta Project.”
Looking ahead
Adson will transition into a technical advisory role to support continuity during the handover, applying his operational and technical experience.
To maintain momentum through the executive transition, Lion Rock has also engaged strategic consultants with African start-up, exploration and mining experience, including work on bringing rutile and uranium projects into development.
Quarter milestones
The company delivered several milestones in the previous quarter:
- Exceptional rutile grades up to 2.2% in-situ and rutile assemblage up to 71% confirmed from first-pass reconnaissance drilling across the Minta Monazite & Rutile Project in Cameroon, further reinforcing the scale and quality of the mineralised system.
- High-value monazite source with heavy rare earths identified at Minta Est, with a
- ~250km2 monazite‐enriched granite defined as the source of monazite, xenotime and zircon coincident with high‐grade rutile zones, delivering an exceptional combined basket value. Confirmed with large, angular monazite crystals in several residual soil samples.
- >1,000‐hole infill drilling program commenced (with 285 holes completed by quarters end) at Minta Est over an initial 250km2, targeting a high‐value basket of rutile, zircon and rare‐earth rich monazite/xenotime within the monazite‐enriched granite.
- Further high‐grade rutile and HM results received, with in‐situ rutile grades up to ~1.8% and multiple locations returning ≥1% rutile, plus standout HM intercepts (up to >11% HM over multi‐metre intervals) from both residual and alluvial targets, supporting a dual residual–alluvial development strategy across a >5,000km2 footprint.
- In‐country laboratory development advancing in Yaoundé, with heavy‐liquid separation capability scheduled for commissioning in Q1 2026, expected to materially reduce assay turnaround times and improve data quality for ongoing drilling and mineralogy programs.
- Tronox strategic partnership and A$8.6 million placement completed, with Tronox Holdings plc (NYSE: TROX) holding ~5% of Lion Rock and providing mine‐to‐pigment technical support across rutile, zircon and monazite rare-earth processing. The Company remains well‐funded to execute its 2026 exploration and testwork programs at Minta.