The rare earths exploration and development company said it completed a 10,900m diamond drill programme, including 21 drill holes. Of the total, 19 had reported intersections with "significant zones of rare earths mineralisation" grading above 1% total rare earth oxides, the company said.

Among the highlights, hole PX112 intersected 100.9m grading 3.3% TREO, including 20.5m grading 4.2% and 22.2m grading 4.1%.

"This rounds off what has been a highly successful drill programme with another excellent set of results. Metallurgical optimisation and work relating to the environmental, social and health impact assessment is also progressing well and we look forward to updating the market as we progress the feasibility study through 2019, starting with the resource update in the first quarter," CEO William Dawes said.

The stock closed Monday down 22.58% at C12c, half its level of a year earlier. The junior has a market value of $13.35 million.