Rare Earths Norway Announces Updated Mineral Resource Estimate: Near Doubling of Europe’s Largest Documented Deposit of Rare Earth Elements

–  The results are highly positive and provide strong motivation for the company’s continued development. We expect that the substantial increase in the resource estimate will make Rare Earths Norway’s project even more strategically important for Norway and the EU, and that the authorities will demonstrate decisive action and establish the necessary framework conditions to secure the first European extraction of REE, says Managing Director Alf Reistad.

–  This is very exciting and brings the Fen deposit into an entirely different league. Critical minerals are essential for green energy, technology, and defence, to name a few. The resources found in the Fen deposit can make us less dependent on other countries, which is important for Norway and our allies, says Minister of Trade and Industry Cecilie Myrseth.

The updated estimate shows that the total rare earth oxide (TREO) content in the mapped resources (Indicated and Inferred) has increased from 8.8 million tonnes in 2024 to 15.9 million tonnes in 2026 – an increase of approximately 80 percent. For the first time, parts of the resource are also classified in the Indicated category, reflecting a higher degree of geological confidence

- A Defining Moment

Bernd Schäfer, CEO, Managing Director, EIT RawMaterials, highlights the strategic importance of the updated estimate:

- The significant expansion of the resource estimate at the Fen deposit is a defining moment for European industrial strategy. By nearly doubling its known size, Rare Earths Norway has moved from being a promising discovery to a world-class strategic asset that can single-handedly help de-risk our most vulnerable supply chains.

- In an era of heightened geopolitical volatility, Europe cannot afford to remain 98% dependent on a single source for the rare earth magnets that power our defence systems, wind turbines, and electric mobility. This project is not just about mining; it is about building a compact, ‘mine-to-magnet’ value chain that secures our industrial resilience, ensures long-term security, and maintains our competitive edge on the global stage through innovation and the highest sustainability standards, adds Schäfer.

An Important Breakthrough

REN is supporting the Norwegian government’s ambition to develop the world’s most sustainable minerals industry in Norway.

–  The updated mineral resource estimate is based on additional drilling carried out in 2025, as well as REN’s unique ‘Invisible Mine’ concept, developed to enable responsible and efficient mining operations. This breakthrough brings us one step closer to establishing a sustainable European value chain for REE, Reistad adds.

Following a thorough evaluation, WSP has based its calculations on the company’s mining engineering solutions. According to REN, this contributes to better utilisation of the deposit and reduced disposal requirements, in addition to lower costs than with traditional mining methods.

30 000 Metres of Drill Core

The company collaborates, among others, with Montanuniversität Leoben in Austria on the further development of the project. The planned mining method, raise mining, will contribute to a more efficient and low-impact operation.

The updated mineral resource estimate is based on 10 000 metres of new drill core from the 2025 campaign. In total, the company has analysed about 30 000 metres of drill core. Infill-drilling has provided more detailed knowledge of the deposit, and the safety zone (the crown pillar) between mine openings and the surface has been increased from 25 to 100 metres.

The WSP report further shows that the proportion of neodymium and praseodymium (NdPr) can be increased from approximately 17 to 19 percent of TREO. These REEs are regarded by the European Commission as the most critical raw materials in terms of supply risk and are important in the manufacturing of permanent magnets for EVs, green energy and defence.

REN’s deposit also contains significant quantities of niobium and thorium, which could become highly valuable by-products of the project. Rare Earths Norway has recently entered into two key letters of intent for the long-term sale of the entire projected production volume of thorium for use in radiopharmaceutical and energy production. The agreements have been signed with Thor Medical i Norway and Copenhagen Atomics i Denmark.