MRG Metals (ASX:MRQ) has completed the acquisition of Sheerartar Minerals, securing the high-grade, magnet-rich Garies Rare Earth Project in South Africa.
The move strengthens MRG's critical minerals portfolio, adding a rare earth asset featuring heavy and magnetic elements, including scandium and gallium.
Located in South Africa’s Northern Cape, adjacent to the world-class Steenkampskraal Monazite Mine, the Garies Project covers 275km2 and exhibits characteristics of a development-ready, high-margin rare earth system.
Bulk sampling has returned grades of up to 4.85% total rare earth oxides, equating to approximately 8% monazite mineralisation.
Laboratory results indicate a magnet-rich concentrate with Nd+Pr exceeding 24% and Dy+Tb above 1.4%, placing Garies among the highest-grade rare earth projects globally.
The acquisition, structured as a scrip transaction, involves an initial issue of 75 million MRG shares, with a further 175 million shares issuable upon granting a mining licence.
Existing Sheerartar directors Jacob Deysel and Ian Egan will remain involved, ensuring continuity of technical expertise.
MRG plans to advance the project through mining licence approval, formal resource definition, and pilot-scale production, offering a capital-efficient pathway to early cash flow.
The addition of Garies complements MRG’s Adriano–Fotinho Rare Earth Corridor and Mozambique Heavy Mineral Sands joint venture, providing a diversified platform with scale, grade, and development optionality.
MRG Chairman Andrew Van Der Zwan highlighted that the acquisition positions the company to capture growing demand for critical minerals, while Sheerartar directors emphasised the potential for Garies to contribute meaningfully to long-term shareholder value.