Highlights

• European Resources (ASX: ERE) reported encouraging drill results from its Korsnäs REE Project in Finland, with the West-1 structure delivering high-grade intervals up to 1.90% TREO and 25–27% NdPr enrichment (critical for EV and wind turbine magnets).
• The 1,326m drill program targeted near-mine continuity and higher-grade zones, with four holes returning significant intersections including 27.0m @ 0.377% TREO and 4.0m @ 1.03% TREO, highlighting phosphate-hosted mineralization for stronger magnet-metal value.
• Metallurgical de-risking is underway through ANSTO and EU-funded REMHub programs, with beneficiation and hydromet testing progressing on concentrates and tailings to define viable processing routes for this emerging European critical minerals project.

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European Resources Limited (ASX: ERE) (opens in a new tab) has reported encouraging drill results and a substantive metallurgy update from its 100%-owned Korsnäs Rare Earth Element (REE) Project in Finland, reinforcing the project’s growing relevance in Europe’s critical minerals landscape.

1,326m Drill Program Completed

Six HQ3 diamond holes totaling 1,326.2 meters were completed, targeting:

• Near-mine continuity (KR-311, KR-312)
• The higher-grade West-1 structure (KR-313, KR-314, KR-315 pending)
• A gravity and HVSR passive seismic anomaly south of the mine (KR-316 pending)

Assays have been received for four holes, with two pending.

Key Intersections (Downhole Widths, as reported by the company)

Mine Area

• KR-311: 16.0m @ 2,390 ppm TREO (0.239%) from 216m (25% NdPr enrichment)
• KR-312: 27.0m @ 3,767 ppm TREO (0.377%) from 198m (27% NdPr enrichment)

West-1 Structure

• KR-313: 9.0m @ 8,804 ppm TREO (0.88%) from 82m
• Including 3.0m @ 14,214 ppm (1.42%)
• KR-314: 4.0m @ 10,292 ppm TREO (1.03%) from 31m
• Including 2.0m @ 19,032 ppm (1.90%)

West-1 continues to deliver >1% TREO intervals, reinforcing it as the higher-grade focal zone.

NdPr enrichment across reported holes ranges between 25–27%, a meaningful figure given NdPr’s role in permanent magnet production for EVs, wind turbines, robotics, and defense systems.

All intervals are downhole widths; true widths are not yet fully constrained.

Geological Strategy: Higher-Value REEs

The drilling programemphasized phosphate-hosted mineralisation (apatite/monazite), which typically produces lower overall TREO than allanite systems but stronger NdPr enrichment (>24%). This reflects a strategic pivot toward magnet-metal value rather than bulk rare earth tonnage.

Mineralization is hosted in carbonatite and skarn systems dipping approximately 45° east.

Metallurgy: Parallel Workstreams Underway

Metallurgical de-risking is progressing across multiple programs:

• ANSTO (Australia) has commenced pre-leach and acid bake/water leach hydromet testing on the Lanthanide Concentrate Stockpile (LnCS).
• Under the EU-funded REMHub program:
• GTK (Finland) has begun beneficiation testing (HGMS, gravity, flotation).
• The University of Oulu has produced a flotation concentrate from tailings (assays pending).

Preliminary gravity separation work on hard-rock samples is described as encouraging on grade, though recoveries are not yet at decision-grade levels.

Future testing will generate representative concentrates from fresh drill core for downstream hydrometallurgical evaluation.

Strategic Context

With >1% TREO intercepts at West-1, strong NdPr enrichment, and active metallurgical programs under EU auspices, Korsnäs is transitioning from a historic lead mine into a technically advancing rare earth project.

This remains an exploration-stage asset. Economics, recoveries, and scale remain to be proven. However, the grade profile, enrichment characteristics, and metallurgy momentum position Korsnäs as a serious emerging player in Europe’s effort to diversify rare earth supply chains.

Profile

European Resources Limited (ASX: ERE) is an Australian-listed mineral exploration company focused on advancing critical raw material projects in Europe, particularly rare earth elements (REEs) essential for high-performance magnets and clean energy technologies. Formerly known as Prospech Limited, the company rebranded in December 2025 to reflect its sharpened European critical minerals focus. Its portfolio spans Finland and Slovakia and includes rare earths, lithium, cobalt, precious metals, and other strategic commodities aligned with electric vehicles, renewables, and defense supply chains.

The flagship Korsnäs REE Project in Finland has recently delivered encouraging drill results with strong NdPr enrichment, alongside ongoing metallurgical testwork aimed at defining viable processing routes. Additional Finnish projects include Jokikangas (REEs) and Saarenkylä (lithium), complemented by cobalt and precious metals targets in Slovakia. Listed on the ASX and headquartered in Sydney, the company remains at the exploration and early resource definition stage, positioning itself as a potential contributor to Europe’s push for critical minerals independence through initiatives such as the EU Critical Raw Materials Act.

The top 20 shareholders of European Resources Limited (ASX: ERE) hold 48.26% of the company's shares as of February 2026, with significant holdings by directors and key personnel. Notable shareholders include Peter James Nightingale (approx. 3.74%), Grant Palmer (1.52%), CEO Jason Beckton (1.42%), and Susan Holt (1.33%). 

Disclaimer: This summary is based on European Resources Limited’s ASX announcement dated 12 February 2026 and related JORC disclosures. Investors and policymakers should independently review the full technical report and verify all data before making financial or strategic decisions.