DevEx Resources (ASX:DEV) reported recoveries of 67% to 68% for total magnet rare earths using a low acid consumption of six to eight kilograms per tonne from column leach metallurgical test work at the Kennedy project in Queensland, according to a Monday filing with the Australian bourse.

The results demonstrated excellent recoveries of critical rare earth elements from within the project's inferred mineral resource estimate, with "significant" opportunity to improve extraction results through the optimization of leach parameters, the filing said.

Shares rose more than 14% in afternoon trade Monday.