LUXEMBOURG, Feb. 5, 2026 /PRNewswire/ — Frontier Rare Earths Limited (“Frontier” or the “Company”), which is developing the Zandkopsdrift magnet rare earths and battery grade manganese project in South Africa, is pleased to announce the signing of a Technology Supply Agreement with Carester SAS (“Carester”), one of the leading western rare earths separation specialists, and an investment of US$20m from South Africa’s Industrial Development Corporation to finance a Definitive Feasibility Study (“DFS”), with first production targeted for 2030.
HIGHLIGHTSStrategic technology supply and offtake agreements signed with leading rare earth specialist Carester Carester’s proprietary rare earth solvent extraction technology to be deployed at ZandkopsdriftWill enable production of high-purity NdPr oxide and mixed heavy rare earth carbonate (“MHREC”) at ZandkopsdriftIncludes 7-year offtake for MHREC, which will be processed at Carester’s Lacq facility in FranceUpdated Prefeasibility Study (“PFS”) on Zandkopsdrift project completed in 2025Expected to be lowest-cost producer of battery-grade manganese globally and lowest-cost producer of magnet rare earths outside ChinaBattery-grade manganese by-product revenue expected to cover ~90% of rare earth production costs, with neodymium-equivalent net production cost of <US$15/kg, compared to current market price of >$100/kgPost-tax NPV10%: US$2.0bn; post-tax IRR (ungeared): 28%; post-tax IRR (50% geared): 34%; average annual revenue: US$727m; average operating margin: 72%Long-life, magnet-focused production profileExpected average annual production (first 25 years): ~3,038 tpa NdPr oxide, and 114 tpa of Dy oxide and 25 tpa of Tb oxide separated by CaresterMagnet rare earths (Nd, Pr, Dy, Tb) represent ~94% of contained rare earth valueProven and Probable Reserves support >45-year mine life at planned production ratesUS$20 million strategic equity investment from Industrial Development Corporation of South Africa Investment to fund DFS and corporate development activitiesConditions precedent satisfied in September 2025, with DFS under way and completion scheduled for H1 2027IDC holds an option for offtake up to 10% of production at prevailing market prices, subject to being used in further downstream processing in South AfricaZandkopsdrift designated as EU Strategic Project; multiple potential EU funding pathways under evaluationDesignated a Strategic Project under the EU’s Critical Raw Materials Act (June 2025)Aligned with objectives of EU–South Africa Clean Trade and Investment Partnership (signed November 2025) and the EU’s RESourceEU Action Plan financing (announced December 2025)First production targeted for 2030Zandkopsdrift project fully permitted with Mining Right and Environmental Authorisation in placeInfrastructure planning (roads, power, process water) already completed, supporting a smooth transition from DFS into mine developmentFor more details view the full press release on Frontier’s website here.Media enquiriesTavistockJos Simson/ Jade Davenport: +44 (0) 207 920 3150frontierrareearths@tavistock.co.ukLogo – https://www.newsoutnow.com/wp-content/uploads/2026/02/Frontier_Rare_Earths_Limited_Logo.jpg
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