Australia-based Magnum Mining and Exploration has signed a binding term sheet to acquire Wyoming Critical Minerals (WCM), the sole owner of the Wet Mountains rare earth element (REE) project in central Colorado, US.

The Wet Mountains project has recorded historical assays, with total rare earth elements (TREE) reaching up to 7.99%, or 79,900 parts per million (ppm), from the exposed carbonatite dykes.

A substantial anomalous zone grading between 2% and 4% TREE (around 20,000–40,000ppm) has also been identified.

Additional historical assays report up to 1,900ppm heavy rare earth elements (HTREE), 5,000ppm praseodymium, 20,000ppm neodymium and 2,000ppm samarium.

Despite these results, the site remains largely untested, with no drilling or systematic sampling conducted so far, providing considerable scope for near-surface discoveries.

Priority targets have been outlined at structural intersections where major faults meet intrusive contacts, hosting prospective REE mineralisation in carbonatite dykes within felsic and hornblende gneisses.

Carbonatites, such as those present at Wet Mountains, are said to host many of the world’s major REE deposits, including Bayan Obo in China, Mountain Pass in the US and Mount Weld in Australia.

The initial exploration area at Wet Mountains consists of 126 claims spanning 10.5km², with additional ground identified that could expand the exploration footprint.

The transaction reinforces Magnum’s focus on US critical minerals and is considered an entry point with strong discovery upside.

Magnum plans to launch a fast-tracked exploration programme including sampling, trenching and drilling activities to evaluate the project’s full potential.

Magnum chairman Michael Davy said: "We are thrilled to secure the Wet Mountain REE project, an outstanding addition to our growing US critical-minerals portfolio. This agreement provides Magnum with immediate exposure to a high-grade, large-scale rare earth project in what is arguably the world's most strategic jurisdiction for REEs.

“Being able to follow up on historical assays of up to 7.99% TREE is an exceptional opportunity, particularly given the absence of any modern drilling or systematic sampling. Magnum intends to move quickly to validate the historical results and unlock full value of the exciting new asset.”

In March 2024, Magnum signed a shareholders’ agreement with Middle East for Metallic Industrial (Midmetal) to develop a green pig iron-making facility in Saudi Arabia.