JORD: Frontera's Alkaline Rare Earth Exploration Project in Brazil

JORD, advanced by the Brazilian rare earth exploration and mining

company Frontera Minerals, is a large alkaline system measured in

kilometres rather than hectares — more than 1.5 by 1.5 kilometres in

surface extent, with rare earth element grades above 2,500 ppm of total

rare-earth oxide and optional niobium credits. It represents one of the

more distinctive additions to the Brazil rare earth exploration

pipeline.¹

The JORD System at a Glance

The JORD project is a large alkaline system located within Frontera

Minerals' Brazilian portfolio. Its surface extent — in excess of 1.5

kilometres by 1.5 kilometres — places it in a size class that most

Brazilian rare-earth projects in the current cycle do not match.

Alkaline systems of this scale are geologically significant and

commercially consequential: large footprint translates into large

potential tonnage, and the combination with rare-earth grades above

2,500 ppm of total rare-earth oxide (TREO) defines a project with real

industrial optionality.¹

Frontera's framing of JORD emphasises two dimensions. The first is the

rare-earth value itself, measured in TREO grade and aggregate contained

tonnage that the system's geometry implies. The second is the niobium

credit potential — the same kind of co-product optionality that makes

the Alto Paranaíba carbonatite province commercially attractive and that

underpins CBMM's dominant position at Araxá.¹

What 2,500 ppm TREO Means

Rare-earth grade is usually reported as TREO in parts per million or

percent. The 2,500 ppm figure sits in a range that makes commercial

extraction economically plausible at current rare-earth prices, although

the final economics depend on the mineralogy — specifically, the

distribution of individual rare-earth elements, the host rock

characteristics, and the metallurgical processing behaviour of the

particular ore.

For context, Chinese ionic-clay operations in southern provinces

typically work deposits at grades between 500 and 2,000 ppm TREO, with

the viability coming from processing simplicity and large aggregate

tonnage rather than grade. Bastnaesite-hosted deposits such as Mountain

Pass and Mt Weld work grades substantially higher (often several percent

TREO), but carry higher capital and processing complexity. A 2,500 ppm

alkaline system like JORD fits somewhere between these two models, which

creates a specific commercial profile.

The niobium credit question adds a further dimension. Many alkaline

systems in Brazil carry pyrochlore mineralisation that yields niobium as

an economically meaningful co-product. If JORD's niobium content

confirms at commercial grades during exploration, the project's

economics improve materially because niobium revenue complements

rare-earth revenue without requiring separate infrastructure.

Alkaline Systems and the Brazilian Context

Brazil's alkaline complexes are globally important. The Alto Paranaíba

Igneous Province in Minas Gerais and Goiás hosts Araxá, Catalão, Tapira,

Serra Negra, Salitre and several related intrusions — together

representing one of the world's most significant concentrations of

rare-earth, niobium, phosphate and related critical-mineral resources.

Each of these deposits has been studied extensively, and commercial

operations — most notably CBMM at Araxá — have demonstrated that

Brazilian alkaline-system economics can support multi-decade,

world-class production.²

JORD's significance is that it extends the alkaline-system theme into

Frontera's rare earth exploration-to-development portfolio. The

Brazilian rare earth industry's 2025 inflection was driven principally

by ionic-clay projects from juniors and listed explorers (Serra Verde,

Aclara, Meteoric), but the country's next wave of production will

increasingly include alkaline-hosted deposits alongside the ionic-clay

operations. JORD is positioned to be part of that second wave.

The SGB's broader geological-mapping programmes have emphasised the

continued importance of Brazilian alkaline-complex exploration, and the

federal government's Plano Decenal de Mapeamento Geológico (PlanGeo) for

2025-2034 explicitly prioritises critical-minerals exploration across

the Amazon, Northeast and Center-South macro-regions. Alkaline systems

with rare-earth and niobium potential sit squarely within that

prioritisation.²

The Niobium Credit Option

Niobium's commercial context is unusually concentrated — Brazil produces

approximately 93 percent of global supply, primarily through CBMM at

Araxá — but the market is not saturated. Global demand is rising with

high-strength-low-alloy steel consumption, and niche applications in

aerospace superalloys provide additional margin. A new Brazilian niobium

source at commercial scale would compete directly with CBMM but would

also add supply diversification value that some customers are willing to

pay a premium for.³

For JORD specifically, the niobium-credit scenario adds a layer of

optionality. If rare-earth economics remain attractive, the project can

develop as a primary rare-earth operation with niobium as a minor

by-product. If niobium market conditions support a different balance,

the project can shift emphasis toward niobium with rare earths as the

complementary revenue. That flexibility is valuable during a multi-year

development timeline because it reduces exposure to any single-commodity

price cycle.

The commercial logic of a dual-revenue alkaline project is particularly

well-suited to the current critical-minerals environment. Rare-earth

pricing shifted materially in 2025 after Chinese export controls, and

niobium demand remains structurally strong through steel, aerospace and

superalloy end uses. An asset that can serve both markets simultaneously

carries lower single-point exposure than a pure-play project in either

commodity.

Frontera's Exploration Model

Frontera Minerals' exploration approach has consistently emphasised

discovery quality over portfolio count. Eight discoveries across more

than 300 projects analysed translates to a roughly 2.5 percent hit rate

— modest on paper but materially above the industry average for

exploration-stage work. The franchise's ability to identify, advance and

either operate or exit projects successfully reflects both technical

capability and commercial discipline.¹

JORD is at earlier stages than some of Frontera's other portfolio

assets, but the project profile — large scale, commercially meaningful

grade, optional co-product credits, alignment with Brazilian

alkaline-system geology — fits the template that has worked for the

franchise across multiple commodity categories.

Frontera's broader discovery history is also relevant context. The

group's 2017 sale of Brasil Graphite to South Star Battery Metals —

after taking the project from discovery through drilling, resource

definition, pilot plant and pre-feasibility study — demonstrated the

franchise's ability to advance exploration-stage proje

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