Mt Mansbridge Project - Heavy Rare Earth Market Update •...

Mt Mansbridge Project - Heavy Rare Earth Market Update
• Diversification of global critical mineral supply chain has become a priority for
governments as Prime Minister, Scott Morrison unveils $243.6M in support for critical
minerals projects
• Heavy REE critical for permanent magnets and the new energy transition
• Remaining assay results received from Mt Mansbridge October 2021 drilling program,
where 2 out of the 3 Solo Prospect drill holes intersected HREE
Red Mountain Mining Limited (RMX, the Company) (ASX: RMX) is pleased to provide an update for its Mt Mansbridge
Project located in the Eastern Kimberley region of Western Australia.
On Wednesday 16th March 2022, the Prime Minister announced a package of measures including an investment of
$243.6M under the Modern Manufacturing Initiative, which recognises the importance of developing Australia’s
abundant critical minerals projects. The measures, which are part of the 2022-23 Budget, also include a $200 million
Accelerator grants program, $50 million to support research and development and an updated industry strategy.
Prime Minister Scott Morrison said “Australia’s resources companies were leading the world in developing new critical
minerals markets. The world is becoming a more uncertain place and we want to secure Australia as a reliable partner
for local and global businesses that need the critical minerals we have right here. We’ll dig them up right here. We’ll
refine them right here. We’ll look to make the products that use them right here. As the global economy changes, there
are exciting new growth opportunities emerging in areas such as rare earths and critical minerals that ultimately mean
we can deliver a stronger economy for Australia and secure a stronger future.”
Permanent Magnets Critical for Energy Transition
Increasing global efforts to decarbonise and with governments committing to net zero by 2050, rare earths are critical
for green energy transition. Adamas Intelligence, Rare Earth Magnet Outlook to 2030, forecasts REE oxides for
permanent magnet market to increase by five-fold from US $2.98 billion in 2020 to US $15.65 billion by 2030.
Permanent magnets are vital to the energy revolution, in particular Neodymium (NdFeB) magnets are the strongest
type of magnets commercially available which have the maximum energy output per volume. These magnets have
revolutionised many size and weight sensitive applications that have changed the world we live in.
Permanent magnets are critical for the new world and clean energy transition. They are essential for electric vehicle
traction motors, providing greater efficiency and range by reducing energy consumption as electric motors with
permanent magnets require less energy to create same magnetic field. Permanent magnets used in wind turbine
generators to reduce weight, cost of components, maintenance costs and improves reliability and efficiency. Permanent
magnets are used in fin actuators in missile guidance and control systems, satellite communications, radar and sonar
technology (Figure 1).