Octava Minerals (ASX:OCT) has agreed with the vendors to vary the terms of an acquisition for the Byro Rare Earth Element (REE) Project in Western Australia.
As part of the variations, both parties have agreed to extend the date to 31 March 2026 for meeting certain conditions, as well as to issue performance rights instead of the granting of a right to 2 million shares.
This news comes after bioleaching testwork was conducted in 2025 by two independent consulting groups – BiotataTEC and CSIRO, achieving “excellent initial recoveries” using bioleaching including 68-75% for the rare earths neodymium, praseodymium, and dysprosium.
In 2024, Octava signed the deal to acquire Byro via paying $240,000 in cash, or a combination of cash and shares, as well as issue 3 million shares to Byro’s shareholders, who will retain a 1% net smelter royalty over the project.
As Mining.com.au reported, Octavia has big plans for 2026, with drilling to continue at Sweeneys with initial assay results expected this quarter. The company also plan to commence work on the Anomaly 1 zinc-silver-tin prospect, just to the northeast of Sweeney’s.
Yesterday (28 January), Octava observed two visible semi-massive sulphide intercepts at the Sweeney’s prospect within the greater Federation Project in western Tasmania.
The program comprised three holes with 457m of drilling to date. Drilling is expected to extend for a total of 2,000m.
Hole OFD003 outlined visible semi-massive sulphides within a quartz-gangue to occur in two separate lodes.
The company will also be conducting exploration drilling at Byro, receiving tonnage and grade information as well as more sample material for larger-scale testwork.
Byro is a REEs, lithium, and base metals project located in the Gascoyne Region of Western Australia, approximately 650km north of Perth. Octava holds two granted exploration licences here, totalling 555km2.
Write to Aaliyah Rogan at Mining.com.au
Images: Octava Minerals
