RareX Limited announced significant progress in its exploration programs, highlighting an early-stage discovery at the Mt Mansbridge project in Western Australia. In the initial exploration phase, a 70‐meter-long heavy rare earth (HRE) bearing quartz breccia vein was found at Mt Mansbridge South. Portable XRF tests indicated yttrium readings exceeding 1%, indicating the vein’s mineralisation potential. Though laboratory assays are pending over the next four to six weeks, the finding supports the company’s geological model and reinforces the region’s promising HRE potential, which has not been rigorously explored for nearly five decades. The announcement also detailed strategic moves across other projects. At the Khaleesi project, RareX Limited has expanded its exploration tenements by pegging a new block over a promising magnetic feature, while discontinuing two tenements deemed to have low prospectivity. Meanwhile, the Cummins Range asset – hosting a high-grade resource of rare earths, gallium, and scandium – is set to receive an updated mineral resource estimate after ongoing re-assaying of historical gallium pulps. Exploration efforts at Cummins Range will be temporarily paused to concentrate on HRE opportunities at Mt Mansbridge. In addition, negotiations are underway with the Central Land Council for the Piper Project, a large magnetic anomaly area with significant potential that the company is eager to unlock pending heritage agreement discussions. The technical details stressed the importance of proper follow-up exploration including geochemical vectoring and infill soil sampling to verify historical geochemical interpretations. Rock chip and soil sample assays are expected later in July. The company noted that while pXRF spot readings provide an indicative measure of grade, these readings serve as preliminary data that will not substitute for laboratory assay results in subsequent resource estimations. Investor sentiment from the news could be seen with a bullish perspective given the breakthrough discovery at Mt Mansbridge, which aligns with global demand drivers such as the energy transition and miniaturization in consumer electronics. The identification of a previously undiscovered vein after decades, along with robust technical methodologies and strategic project prioritization, suggests significant upside potential. However, a bearish view might be taken due to the preliminary nature of the pXRF findings, the pending laboratory assay results, and delays in drilling while awaiting further geochemical verification. Moreover, the regulatory and heritage agreement challenges at the Piper Project could add execution risks in the near-term. RareX Limited’s exploration strategy demonstrates a focused approach to advancing its portfolio of critical minerals, with several projects positioned at various stages of development. The company’s continued systematic prospecting, combined with strategic tenement and partnership activities, underscores its commitment to unlocking value in a sector that remains critical for next-generation technology markets.