Parabellum Resources (PBL) says it?s making excellent progress on the Mineral Resource Estimate, metallurgical test work and engineering design for the Khotgor project in Mongolia.

The explorer is targeting a Q1 2023 release of the Estimate, and flotation test work has achieved more than 95% of rare earth recovery into a concentrate.

It also says global REE market fundamentals continue to remain robust with a predicted Compound Annual Growth Rate of 12% between 2021 and 2026.

Parabellum?s share price closed up 13% today.