The world's largest publicly reported JORC scandium resource
Initiation of coverage — 26 August 2026. Commissioned and paid for by Mount Ridley Mines Limited.
Mount Ridley Mines controls the Grass Patch Project in Western Australia, where an upgraded Inferred Mineral Resource contains 47,357 tonnes of scandium metal within 946Mt at 50.1ppm Sc. The same project also hosts reported gallium and heavy rare earth resources, 25km from the deepwater port of Esperance.
Our initiation examines three parts of the investment case:
- Scale: Grass Patch is the largest publicly reported scandium resource under the JORC Code, with further re-assay work and substantial untested tenure providing additional growth potential.
- Metallurgy: Mount Ridley's wholly owned Selectro process returned initial bench-scale recoveries of 80% scandium, 56% gallium and 77–83% heavy rare earths from a single unbeneficiated leach.
- Valuation: the company trades at a substantial enterprise-value discount per tonne of contained scandium to its nearest same-stage peer.
The report initiates coverage with a Speculative Buy rating and a 12-month price target of A$0.144, compared with a last close of A$0.032 on 25 August 2026. The implied upside is approximately 350%, but the risk is high: all resources are Inferred, metallurgical results remain bench-scale, no economic study or Ore Reserve exists, and further funding and dilution are likely.
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