RareX (ASX:REE) said it will receive up to 50% of direct drilling costs, capped at AU$160,000, and up to 50% of mobilisation costs, capped at AU$15,000 under Western Australia's exploration incentive scheme funding for its Khaleesi alkaline intrusion complex project in Western Australia, according to a Thursday Australian bourse filing.
The firm said it was successful in its application for round 31 of the exploration incentive scheme co-funded drilling program, covering the period from June 1 to May 31, 2026.
The grant has been awarded for reverse circulation drilling across six target areas, focused on rare earth elements, gallium, and high field strength elements such as niobium, tantalum, zirconium, and hafnium.
Its shares advanced past 8% in recent trading on Thursday.
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