MRG Metals (ASX: MRQ) has finalised its acquisition of Sheerartar Minerals, gaining full ownership of the Garies Rare Earth Project, a high-grade, magnet-rich rare earth asset in South Africa.
The acquisition, first announced on Dec. 23, 2025, significantly expands MRG’s critical minerals portfolio with exposure to a high-value mix of heavy and magnetic rare earths, including scandium and gallium.
Located in a Tier-1 mining jurisdiction and adjacent to the world-class Steenkampskraal Monazite Mine, the Garies Project demonstrates characteristics of a development-ready, high-margin rare earth system.
The transaction was structured as a scrip deal, with an initial issue of 75 million MRG ordinary shares upon completion and a further 175 million shares issuable following the granting of a mining licence.
Bulk sampling has returned total rare earth oxide grades of up to 4.85%, corresponding to approximately 8% monazite, placing Garies among the highest-grade rare earth projects globally.
Laboratory analyses confirmed the concentrate is magnet-rich, with neodymium and praseodymium exceeding 24% and dysprosium and terbium above 1.4%.
At the time of reporting, MRG Metals' share price was $0.0050.