The Sæteråsen Project

~8 Mt @ 0.245% Nb, 1.2% Zr and 0.55% TREO

59.295601, 10.004455

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Overview

The Sæteråsen deposits are located in Larvik municipality, and forms a part of the Permian Oslo Rift magmatic province. The mineralization is hosted in rift-related trachyte which contains elevated amounts of niobium, zircon and both light and heavy rare earth elements. Most of the elements contained in the deposit fall under the European Critical Raw Materials Act and are therefore in high demand.

Mineral Holding has entered into a 50-50 joint venture with Fritzøe Energi AS , a subsidiary of the Treschow-Fritzøe Group, which are part landowner and own several industries in Larvik. The joint company, Larvik Minerals AS, will conduct more investigations, prepare a proper resource estimate and get a preliminary economical evaluation during 2026-2028.

Highlights

The two lenses are estimated to contain approximately 12.5 million tonnes of ore, based on four drill holes and detailed surface geological mapping.
The mineralization is fairly homogeneous and contains notable concentrations of critical and high-value elements, including 0.245% Nb, 0.013% Ta, 1.2% Zr, 0.03% Hf, 0.07% Nd, 0.025% Pr, 0.07% Y, 53 ppm Tb and 91 ppm Dy.
The deposit exhibits a distinct geophysical response associated with its 490 ppm thorium content, offering a valuable geophysical fingerprint that may assist in identifying similar Nb–Zr-REE mineralizations in the surrounding region.
Offtake-agreements and partnerships offer to handle radioactive byproducts to secure thorium for medical and energy purposes.
Close proximity to facilities planned to separate REE, designed for mutually beneficial collaborations.

Geological Setting

The Sæteråsen deposits are interpreted to be two aphyric trachyte lava flows interbedded within a sequence of porphyritic trachyte and rhomb-porphyry lavas in the Vestfold lava series of the Oslo Rift. This Permian rift system in southeastern Norway was a center of intense alkaline magmatism, where crustal extension produced a diverse suite of volcanic and subvolcanic rocks. The Sæteråsen lavas are notably fine-grained and peralkaline, enriched in rare earth elements and niobium, zirconium, and hafnium. These geochemical characteristics reflect late-stage magmatic differentiation and make Sæteråsen a representative example of the rift-related critical metal systems that characterize the Oslo province.

Location and infrastructure

Sæteråsen is located in a forested area between Hvarnes and Andebu in Larvik municipality of Vestfold county, eastern Norway. The area has very low area-conflict and are connection to roads designed for timber transportation. The broader region offers good infrastructure with stable hydroelectric power along with several suitable sites for tailings. The larger city of Larvik is located 20 km south of the deposit and offers industrial services, railways and deep-water ports.

The geological system Sæteråsen is in could host similar mineralization suggested by the geophysical data, which all have been claimed by the company for further exploration.

Mineralogy and Metallurgy

The projects has an overall complex mineralogy due to the different amounts of minerals being present. The main minerals of economical interests are the pyrochlore for its niobium and tantalum content, and zircon for its zirconium and hafnium content. The primary REE-bearing minerals are currently identified to be Chevkinite, Euxenite and Fergusonite. Based on the four drill holes previously conducted, the average content of rare earth oxides are in total 0.55% TREO, however excluding lantan and cerium gives 0.22% CREO. This CREO content consists of yttrium, neodym, praseodym, terbium and dysprosium.

Previous testwork on the deposits proved the rock was too fine-grained for mechanical separation and therefore chemical extraction is being explored. A 78% niobium recovery, equaling a 0.19% niobium yield per ton, has historically been obtained by using hydrochloric or sulfuric acid. The company has collected a bulk sample for further testing.

Conducted and future work

Mineral Holding AS and Fritzøe Energi AS has of early 2026 incooperated a 50-50 joint venture in preparation for an exploration program taking place between 2026-2028.

Our joint venture are engaging the third-party SRK Consulting Limited to prepare an early RPEEE-document for evaluating the deposits preliminary economical potential. Based on this conclusion a broader metallurgical testwork and drill campaign will be conducted. The company is currently applying for an extraction permit which will take the project to a next phase.