As a holder of Ark Mines and Equinox Resources, and a close...

As a holder of Ark Mines and Equinox Resources, and a close follower of the rare earth and strategic minerals space, Including Northern Minerals. With the help of AI, I’ve compiled the following comparative view of these three companies. Each has a distinct position in the development curve and varying exposure to critical minerals.
The comparison against NTU is difficult because of its M.Cap of $225 mil - while AHK and EQN are both Capped at ~ $13 mil

Company Snapshots

Ark Mines (ASX: AHK)

• Project: Sandy Mitchell (North QLD)

• Focus: REEs (monazite-hosted Nd, Pr), heavy minerals (rutile, zircon, ilmenite) Neodymium and rutile are best in class.

• Status: Pre-Feasibility Study underway; Mining Lease Application lodged

• Method: Free-dig, gravity-only processing, progressive rehabilitation

• ESG: Minimal surface impact, improved pasture post-mining, no tailings dams

Equinox Resources (ASX: EQN)

• Project 1: Mata da Corda, Brazil – Ilmenite-rich, REE-bearing volcanic sands

• Project 2: Alturas, BC, Canada – High-grade Antimony (Sb) project

• Project 3: Hamersley Iron Ore, WA – Held up by heritage objections

• Status: Early-stage across the board; extensive drilling at Mata da Corda

• Standout: Alturas antimony project could be a strategic standout in a tightening global Sb market

Northern Minerals (ASX: NTU)

• Project: Browns Range (WA)

• Focus: Heavy Rare Earths (particularly dysprosium and terbium)

• Status: Advanced; pilot plant complete, DFS completed, offtakes secured

• Strategic: Strong government backing and supply chain relevance

Project Maturity and Stage

	Company	Project Stage	Flagship Commodity	Strategic Position
1	Ark Mines	PFS / MLA lodged	Nd, Pr + zircon/rutile/ilmenite	ESG-forward, scalable operation in stable jurisdiction
2	Equinox Resources	Drilling / early PEA	Ilmenite, REEs, Antimony	Global diversification, early-stage, Sb upside
3	Northern Minerals	DFS / Pilot complete	Dy, Tb (HREEs)	Supply chain security, late-stage, capital-intensive

ESG and Environmental Differentiation

Ark Mines’ low-impact mobile mining approach — with in-situ rehabilitation and pasture enhancement — positions Sandy Mitchell as one of the few environmentally aligned REE plays globally. While remote, it minimizes legacy disturbance and offers landholder upside to improved pasture.

Northern Minerals, despite its strategic profile, faces higher complexity (e.g., processing HREEs, nuclear radiation regulations).
Equinox’s Brazil and BC projects are promising, but regulatory, environmental, and community relations are yet to be fully proven.

Investment Considerations

• AHK: Near-surface deposit, free-dig mining, broad mineral suite. Grades may look modest, but gravity concentrate potential is strong (as shown by JOGMEC’s historic samples and recent AHK met work). PFS will be key.

• EQN: Early-stage but diversified. Brazil is promising high grade (Ti-rich), but Alturas Antimony may be the main mover — Antimony is critical and highly strategic and off-takes are in place..

• NTU: Most advanced. Off-takes in place, but capital intensity and complex metallurgy are risks. Government support is a clear tailwind.

Final Thought

All three companies offer distinct plays in the critical minerals space. AHK stands out for its simplicity and ESG aligned path to near term production. EQN is more speculative, but its antimony project in BC could be a key differentiator with drilling starting in June, as snow in Canada melts. NTU remains a long-term value play in the strategic HREE arena.

Any further points of view are most welcome of course. And DTOR.