South Atlantic Project
Figure 1: South Atlantic Project location
The South Atlantic Project is located within the Rio Grande do Sul Coastal Plain, a region located in the southernmost state of Brazil, Rio Grande do Sul, along the coast of the Atlantic Ocean.
The coastal plain is a relatively flat and low-lying area that stretches over approximately 620km from the border with Uruguay in the south to the city of Osório in the north.
The tenements are held by RGM. Four main deposits have been identified within the project area: Retiro, Estreito, Capao do Meio and Bujuru with Exploration Targets developed for the Retiro and Bujuru deposits.
Heavy minerals (HM) within the project area were first described in 1958. In 1988, RTZ Mineracao Ltda (RTZM) conducted exploration drilling resulting in the discovery of Retiro and Estreito. In late 1989, a pilot plant trial was carried out to produce one tonne of HM concentrate which was subjected to further mineral separation processing test work. In the early 1990’s, Paranapanema SA conducted an exploration program in Bujuru leading to bulk sampling programs in 1992 and 1999.
Figure 2: South Atlantic Project – prospects, including Retiro and Bujuru Exploration Targets
RGM acquired the tenements previously held by Rio Tinto and Paranapanema, and has undertaken numerous environmental, technical and economic studies. In 2014, extensive reverse circulation air core (RCAC) drilling was carried out in addition to bulk sample test work programs around this time.
In 2022, a program of sonic drilling was carried out by RGM over Retiro and Bujuru and test pitting was carried out on Bujuru as part of a campaign to investigate grade discrepancies between historical drilling prior to 2014, the 2014 RCAC drilling and bulk test work programs.
South Atlantic Project – Mineral Resource Estimates
Retiro
The Retiro Mineral Resource estimate has been developed from all available geological, drill hole and assay information. Requisite checks and balances have been applied to supporting information and all care has been taken to prepare the Mineral Resource estimates that reflect both conventional mining methodologies and economic cut-off grade considerations. A map showing the Retiro deposit coloured on THM using a cut-off grade of 1% THM, constrained to the tenure is shown here.
Retiro deposit THM grade (>1% THM cut-off grade)
The Retiro deposit Mineral Resource estimate is reported at a cut-off grade of 1%. The table conforms to guidelines set out in JORC Code (2012) and is formatted for internal and external public reporting.
At a cut-off grade of 1% THM the Retiro deposit comprises of a total Mineral Resource of 429Mt @ 3.1% THM, 0.6% slimes and 0.1% oversize containing 13.3Mt of THM with an assemblage of 41% ilmenite, 11% altered ilmenite, 6% zircon, 3% rutile and 1% leucoxene.
Table 2: Retiro deposit Mineral Resource estimate (June 2025)
Notes:
(1) Mineral Resource reported at a cut-off grade of 1% THM.
(2) Mineral assemblage is reported as a percentage of in situ HM content.
Bujuru
The Bujuru Mineral Resource estimate has been developed from all available geological, drill hole and assay information. Requisite checks and balances have been applied to supporting information and all care has been taken to prepare the Mineral Resource estimates that reflect both conventional mining methodologies and economic cut-off grade considerations. A map showing the Bujuru deposit coloured on THM using a cut-off grade of 1% THM, constrained to the tenure is shown here.
Bujuru deposit THM grade (>1% THM cut-off grade)
The Bujuru deposit Mineral Resource estimate is reported at a cut-off grade of 1% HM. The table conforms to guidelines set out in JORC Code (2012) and is formatted for internal and external public reporting.
At a cut-off grade of 1% THM the Bujuru deposit comprises of a total Mineral Resource of 343Mt @ 2.8% THM, 4.9% slimes and 0.2% OS containing 9.6Mt of THM with an assemblage of 51% ilmenite, 7% altered ilmenite, 6% zircon, 3% rutile and 0.3% leucoxene.
Table 3: Bujuru deposit Mineral Resource estimate (June 2025)
Notes:
(1) Mineral Resource reported at a cut-off grade of 1% THM
(2) Mineral assemblage is reported as a percentage of in situ HM content.
