Shares in Sovereign Metals jumped 25pc after the company announced the successful recovery of a heavy rare earth monazite concentrate from the Kasiya rutile tailings stream. The concentrate contains exceptionally high levels of dysprosium-terbium (DyTb) and yttrium, materially exceeding grades reported by the world’s top five producers.
The monazite by-product, which currently trades at prices above $8,500 a tonne, has the potential to deliver a third revenue stream at near-zero incremental cost. DyTb and yttrium are critical inputs for advanced technologies and defence applications, with DyTb prices in Europe reaching $850,000 a tonne and terbium as high as $3.6m a tonne in the fourth quarter of 2025. Yttrium prices have surged to around $270,000 a tonne, up roughly 4,000pc since the first quarter of 2025.
The discovery further enhances the strategic importance of the Kasiya project, particularly amid heightened geopolitical scrutiny of rare earth supply chains, recent US State Department engagement, and China’s tightening export controls on heavy rare earth elements.
Frank Eagar, chief executive of Sovereign Metals, said the discovery “fundamentally enhances Kasiya’s strategic significance”, particularly as China tightens export controls and Western supply chains accelerate efforts to diversify sources of critical minerals.
Kasiya already hosts large-scale rutile and graphite resources, and the addition of heavy rare earths further strengthens its credentials as a potentially globally significant critical minerals hub. The company said further metallurgical optimisation and economic studies are now under way.
