About Us
About OBY Critical Minerals Ltd.
OBY Critical Minerals Ltd. is an Australia-incorporated company advancing the Man of War Project in Minas Gerais, Brazil, with a TSXV listing application pending. The project utilizes a two-phase development strategy: a financeable Phase 1 bridge plant to demonstrate process viability, followed by a Phase 2 scale-up to full commercial production.
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0 BtInferred Resource @ 1,000 ppm cutoff
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0 ppmAverage TREO Grade
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0 %Magnet REO Content (MREO)
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0 MtHigh-Grade Resource @ 4,000 ppm cutoff
The Man of War Project
A district-scale ionic clay REE system in a Tier-1 mining jurisdiction
Located in Minas Gerais, the Man of War project leverages Brazil's established infrastructure and low-cost renewable energy. The ionic clay system enables a simplified processing route—a vital differentiator for reducing dependence on Chinese supply chains.
With 1.35 Bt @ 3,437 ppm TREO (23% MREO), Man of War represents a significant addition to the global rare earth supply base. Early desorption work demonstrates strong ionic character and selective recovery potential.
Process Simplicity
Ionic desorption chemistry enables lower CAPEX and simpler flowsheet versus hard-rock crushing routes. Early bench work shows strong selective recovery.
ESG Excellence
Low radionuclide levels, 100% renewable hydroelectric power grid, and no traditional tailings dams. Dry-stack residue management and immediate backfilling planned.
Strategic Supply
A district-scale ionic clay rare earth platform positioned to provide a secure and traceable supply of critical magnet metals (NdPr, Dy, Tb), supporting the diversification of the global rare earth supply chain and the transition to a low-carbon economy.
Development Strategy
One small phase to prove it,
one big phase to value it
The Phase 1 / Phase 2 concept simplifies the more complex de-risking roadmap and allows a faster pathway to market
Phase 1 | Bridge Plant
Small enough to be permit-friendly, financeable, and fast-to-market. Large enough to generate production, operating data and cashflow. Customer qualification leverage.
- Base case anchored ~0.5 Mtpa (~600 - 800 tpa TREO)
- Upside sensitivity to 1.0 Mtpa
- Pathway to firm offtake
- Lower cost of capital for full scale project CAPEX
- Expected to require only fast-track, single-stage permit application process
- Early 2028 production possible based on permit timeline
Phase 2 | Scale-up
20+ year life-of-mine, full-scale commercial plant anchors the valuation model.
- Base case around 10 Mtpa with scale up sensitivity / modular expansion to ~15 Mtpa
- 6,000 – 8,000 tpa TREO
- Requires 3-phase environmental permitting process
- Early 2030 production possible based on permit timeline
Development Roadmap
2026: Sequenced set of value-defining workstreams and milestones
"Every step in our 2026 roadmap is value accretive"
Integrated Launch
- Trading commences Trading commences
- Auger drilling on new targets (Fragata, Caravela) initiated Auger drilling on new targets (Fragata, Caravela) initiated
- Metallurgy kicked off with SGS Canada Metallurgy kicked off with SGS Canada
- PEA initiated PEA initiated
Fragata + Caravela auger results
- Targeting high-grade, close to surface intercepts with strong ionic character Targeting high-grade, close to surface intercepts with strong ionic character
- Continuous drilling results expected through 2026 leading to new MRE Continuous drilling results expected through 2026 leading to new MRE
SGS Metallurgy Progress
- Story moves from concept to repeatable process behavior Story moves from concept to repeatable process behavior
- Desorption and leach optimization results Desorption and leach optimization results
Updated MRE – new targets
- Resource expansion potential to 2+ Bt Resource expansion potential to 2+ Bt
- Increase overall project grade and scale Increase overall project grade and scale
Flowsheet + Product Update
- Flowsheet to mixed rare earth concentrate PEA ready Flowsheet to mixed rare earth concentrate PEA ready
- Small product samples Small product samples
- Early customer acceptance and product narrative Early customer acceptance and product narrative
PFS-support infill results
- Drilling density increases for indicated + measured Drilling density increases for indicated + measured
- Supports December MRE Supports December MRE
PEA + Resource Upgrade
- PEA changes the debate from geology to economics PEA changes the debate from geology to economics
- Inferred + Measured MRE Inferred + Measured MRE
- Phase 1 / Phase 2 timelines validated Phase 1 / Phase 2 timelines validated
Market Context
Structural Supply Gap
The Global Transition Demands New Ex-China Supply
Magnet rare earth elements (NdPr, Dy, Tb) are essential for EVs, wind turbines, robotics, and defense systems. With a projected 98 kt NdPr deficit by 2040, the market requires 20–30 new ex-China mines to close the supply gap. OBY is advancing a district-scale ionic clay platform, positioned to provide a secure and traceable supply of critical magnet metals to support the global energy transition.
Process Advantage
The Ionic Clay Difference
Free-Digging Clay, Simple Flowsheet, Clean Product
Ionic clay deposits enable a fundamentally different processing route compared to hard-rock rare earths. By utilizing selective salt desorption at ambient temperatures, OBY targets a lower-CAPEX, lower-energy flowsheet by eliminating the need for crushing and milling that produces a high-purity, low-radionuclide concentrate. This positions Man of War for strong customer payability and a faster path from metallurgy to commercial production.
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