Resources Quarterly Wrap: Critical minerals developers tick off key milestones

• Growing demand for graphite, manganese and titanium minerals is putting the spotlight on new sources of supply
• Black Canyon targets a December scoping study at Wandanya, while PTR advances processing and development studies at Rosewood
• Black Rock faces a November financing deadline at Mahenge, while Titanium Sands progresses approvals and funding at Mannar

Special Report: Finding a major mineral deposit is one thing. Turning it into a working mine is another challenge altogether.

With governments and manufacturers looking to secure reliable supplies of critical minerals, emerging developers are facing growing scrutiny over their ability to turn resources into commercially viable operations.

Graphite, manganese and titanium minerals are particularly important to industries spanning battery manufacturing, steelmaking, aerospace and advanced materials.

Demand for graphite, nickel and rare earths is forecast to grow between 50% and 90% by 2040 under the International Energy Agency’s stated policies scenario.

Supply chains remain highly concentrated, with China accounting for more than 90% of global refining of graphite and manganese.

Australia is positioning itself to play a greater role in diversifying supply. Export earnings from critical minerals outside lithium and nickel will rise from $5.5 billion in 2025-26 to $7.2 billion in real terms by 2030-31.

But favourable demand forecasts are only part of the story.

Developers still need to demonstrate that deposits can be mined economically, processed into saleable products and financed through construction.

Four ASX-listed companies made progress on different parts of that journey during the September quarter, with Black Canyon, Black Rock Mining, PTR Minerals and Titanium Sands advancing projects across Australia, Tanzania and Sri Lanka.

Black Canyon (ASX:BCA)

Black Canyon delivered a major milestone at its Wandanya project in WA’s Pilbara, establishing maiden manganese and iron resources that will underpin a scoping study due in December.

The company reported a manganese Mineral Resource of 23.6Mt grading 25.8%, including a higher-grade component of 3.7Mt at 38.9% manganese considered potentially suitable for direct shipping.

A separate iron Mineral Resource of 12.5Mt at 54.9% iron adds another potential revenue stream.

Importantly, more than 90% of the manganese resource is classified as Measured or Indicated, providing a high-confidence foundation for development studies.

Metallurgical work has also delivered encouraging results, with pilot-scale dense media separation producing manganese products grading between 38.5% and 41%, at recoveries of around 80%.

The results support the potential for a relatively straightforward processing operation combining direct-shipping and beneficiated manganese products.

Exploration remains another avenue for growth.

During September, Black Canyon completed drilling north and south of the maiden resource, testing extensions along the broader 9km Wandanya mineralised trend.

Results released on November 4 identified consistent iron mineralisation over 1.8km of strike to the north, alongside manganese mineralisation extending across approximately 1km.

The company also identified multiple manganese seams outside the existing resource footprint, opening up further targets for exploration.

Managing director Brendan Cummins said the extension drilling demonstrated the potential to delineate additional mineralisation beyond the current resource.

The main priority remains the Wandanya scoping study, which will assess the potential economics and development options for the initial 3.4km resource area.

Black Rock Mining (ASX:BKT)

For Black Rock Mining, the next major hurdle is financing.

The company is working towards a November 30 financial close deadline for the US$204 million debt facilities supporting its Mahenge graphite project in Tanzania.

Mahenge hosts a substantial Mineral Resource of 213Mt at 7.8% total graphitic carbon, including an Ore Reserve of 70Mt at 8.5%.

Black Rock holds an 84% interest in the project, which is being developed to supply natural flake graphite to battery and industrial markets.

During the September quarter, the company secured an extension to its US$204 million credit facilities agreement, providing more time to finalise the remaining equity investment needed for development.

The banking syndicate remains unchanged, comprising CRDB Bank, the Development Bank of Southern Africa and the Industrial Development Corporation of South Africa.

These facilities sit alongside funding arrangements of up to US$50 million with strategic partner POSCO.

Managing director John de Vries said the extension provided additional time to progress discussions with potential investors across several equity structures.

Early works at Mahenge also progressed during the quarter, with much of the preparatory program nearing completion.

Activities included site access works, resettlement arrangements and community infrastructure programs, although some remaining work is dependent on funding and seasonal weather conditions.

Its immediate focus is securing the remaining equity funding, satisfying lender conditions and reaching a fully funded final investment decision.

With November 30 approaching, financing remains the key milestone for Mahenge.

PTR Minerals (ASX:PTR)

PTR Minerals spent the September quarter building the development case for its Rosewood titanium project in South Australia, with encouraging results from mining optimisation, metallurgical testing and groundwater exploration.

Rosewood, part of the broader Muckanippie project, hosts a maiden Mineral Resource of 463Mt at 8.8% heavy minerals, containing approximately 40.6Mt of heavy minerals.

The resource is dominated by titanium-bearing leucoxene, a valuable feedstock for titanium products.

Preliminary mine optimisation work by AMC Consultants highlighted the potential to target higher-grade zones early in a future operation.

Some areas contain proposed plant feed grading between 15% and 17% heavy minerals, offering opportunities to improve early project cash flows.

Four processing scenarios were assessed, indicating potential mine lives of 22 to 35 years. These remain preliminary optimisation scenarios rather than confirmed production targets.

Processing testwork delivered another important result.

Mineral Technologies demonstrated that a leucoxene concentrate grading 66.4% titanium dioxide could be produced using conventional wet concentration alone, potentially eliminating the need for an additional dry separation stage.

The testwork achieved 81% recovery of the coarser valuable heavy minerals (above 53 microns) into final products.

A simpler processing circuit has the potential to reduce capital expenditure, energy consumption and operating costs, subject to further testing and customer requirements.

PTR has also dispatched initial product samples to potential customers, with feedback expected to guide further processing optimisation.

On the water front, hydrogeological drilling intersected water-bearing aquifers at all three targets tested near Rosewood.

Five groundwater monitoring wells were installed to support environmental baseline studies, while a completed Native Title heritage survey has cleared areas for future infill drilling and regional exploration.

“The quality of the Rosewood Resource continues to become clear as we complete each phase of our study work,” managing director Rob Sennitt said.

Titanium Sands (ASX:TSL)

Titanium Sands made progress towards a key regulatory milestone at its Mannar heavy mineral sands project in Sri Lanka, completing the environmental fieldwork and technical assessments required for its Environmental Impact Assessment (EIA).

The project is targeting titanium-bearing mineral sands, with development dependent on securing environmental and mining approvals.

During the September quarter, consultants completed hydrological surveys, flora and fauna assessments, community impact studies and rehabilitation planning.

The work followed Terms of Reference issued by Sri Lanka’s Central Environmental Agency in March 2025, following input from 35 government departments and agencies.

The EIA was in its final preparation stages at the time of the quarterly report.

Titanium Sands subsequently advised that the draft assessment was expected to be ready for review in November, ahead of submission to the relevant authorities.

Approval of the EIA is an important step towards obtaining an Industrial Mining Licence.

Commercial discussions have also progressed alongside the environmental work.

During the quarter, Titanium Sands engaged UK-based Global Mining Synergies to help establish potential Chinese investment and offtake relationships for Mannar.

The company subsequently announced a $500,000 investment from Gage Resource Development on November 4, with Gage receiving first rights over potential project capital funding and offtake arrangements.

At Stockhead we tell it like it is. Black Canyon, Black Rock Mining, PTR Minerals and Titanium Sands are Stockhead advertisers, but did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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