Australian Rare Earths (ASX: AR3) has completed a Pre-Feasibility Study for its Koppamurra rare earths project in South Australia, delivering a post-tax NPV of A$858m, 99% IRR and a 0.9-year payback period. The study underpins a low-capex development case — A$178m for a 3Mtpa heap leach operation — supported by a maiden ore reserve of 26Mt at 920ppm TREO. With a strategic product mix exposed to constrained Western supply chains, AR3 is now targeting a Detailed Feasibility Study and mining lease submission in 2026.

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