Ark Mines has received a $4.5 million investment to accelerate development of its Sandy Mitchell rare earths and heavy mineral project in north Queensland.
The funding comes from the Queensland Investment Corporation’s (QIC) Critical Minerals and Battery Technology Fund (QCMBTF).
The Sandy Mitchell project, located 230km north-west of Cairns, is central to Ark Mines’ ambition to become a leading Australian supplier of rare earths for global clean energy supply chains.
The QCMBTF’s investment includes $4 million in upfront funding, tied to royalties based on future product sales, and a $500,000 equity investment subject to shareholder approval.
The fund is managed by QIC, a Queensland Government-owned corporation with $131.2 billion in assets under management, and was established to strengthen the state’s critical minerals supply chain.
“We are pleased to announce this funding agreement with the QCMBTF, which follows an extensive period of engagement with the fund and marks a significant step forward in our strategy to develop Sandy Mitchell through to production,” Ark Mines managing director Ben Emery said.
“With a busy works program scheduled for the second half of 2025, this investment provides Ark with an effective non-dilutive source of funding to accelerate development.
“Strategically, it also delivers long-term alignment with the state government’s policy objective to position the North Queensland region as a key supplier of the critical minerals used in global clean energy supply chains.”
The company’s goal is to establish itself as a leading Australian rare earths supplier, serving end users in domestic and international markets.
“We look forward to updating our investors on more key developments in the coming months, led in the near-term by a comprehensive infill drill program which we expect will deliver a significant increase to the current measured resource of MzEq (monazite equivalent) at Sandy Mitchell,” Emery said.
Ark is now fully funded to advance stage three infill drilling at Sandy Mitchell, with results to be incorporated into a pre-feasibility study due in early 2026. First production is targeted for late 2027, with around 80 local jobs expected to be created.
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