Rare earth elements & coal-ash critical metals

POTENTIAL & KNOWN RESERVES IN ALBERTA

Buckton 472.6 kt TREO inferred + 28.5 kt indicated; FTT monazite 43.6–72.5 kt/yr; Genesee ash ≤1,399 ppm REO

Confidence: Inferred

• Buckton / Buckton South (SBH)534.1 kt TREO historical inferred; 497 Mt inferred shale (2014); exploration target 19.5–29.2 BtAGS INF 157 — Rare earth elements in Alberta (Jan 2026) ↗
• Froth-treatment tailings monazite43.6–72.5 kt/yr concentrable; ≈31,600 t/yr REE in tailingsAGS INF 157 — Rare earth elements in Alberta (Jan 2026) ↗
• Coal fly ashGenesee ash up to ≈1,399 ppm REO vs 1,000 ppm prospectivity thresholdAGS INF 157 — Rare earth elements in Alberta (Jan 2026) ↗
• Shield pegmatitesUp to 10,890 ppm TREE (Taltson 6,620 ppm)AGS INF 157 — Rare earth elements in Alberta (Jan 2026) ↗

Where it occurs

• Birch Mountains black shale (Buckton, Buckton South)
• Fort McMurray mine tailings
• Genesee / Keephills / Sundance ash ponds
• Taltson pegmatites
• Exshaw and Fernie phosphorites (750 ppm REE)

Official reserve pins on the map

• Buckton / SBH black shale — historical inferred TREO534 kt TREO · Resource estimate · 2014 (historical)AGS INF 157 ↗

GEOLOGY: WHAT MAKES A DEPOSIT MORE LIKELY

Metalliferous organic-rich marine shale (REE-V-Mo-Ni-U-Zn-Co-Li); detrital monazite concentrated by bitumen froth treatment; REE partitioning into coal ash.

Host formations

Second White Specks / Labiche black shale · McMurray heavy-mineral suite (monazite, zircon) · Ardley coal zone ash · Taltson pegmatites

Depth range

0–100 m

Favourable conditions

• Shale TOC and phosphate content correlating with REE
• Heavy-mineral content 15–30 % in froth tailings with 0.3–0.5 % monazite
• Ash REO above 1,000 ppm and low thorium
• Existing waste streams that pay for mining

Prospectivity envelopes on the map (1)

• Coal fly-ash and Ardley coal REE-Ga-Ge stockpilesPermissive, under-explored
  Secondary recovery of REE, gallium, germanium from coal, ash ponds and petcoke · 0–50 m
  • Ardley coal zone ash with 300–600 ppm total REE and elevated Ga/Ge
  • Legacy ash ponds at Genesee / Keephills / Sundance already mined and stockpiled
  • Bitumen petcoke carries vanadium and nickel in the 1,000s ppm
  Source: AGS critical elements in coal and ash studies.

DATASETS THAT TEST THE TARGET

Stack these layers on the integrated map

Discriminating datasets first, then every catalogued public dataset tagged to this commodity. Verified endpoints draw directly; link-only entries open the publisher page.

• Metallic mineral occurrences (DIG 2019-0026)Alberta Geological Survey · Mineral occurrences · drawable · verifiedKnown showings to anchor exploration models; density is highest on the Shield and Clear Hills.Source ↗
• Oil sands projects, schemes & development areas (OASIS)Alberta Energy and Minerals · Infrastructure · drawable · verifiedApproved project footprints — the mines and SAGD schemes whose tailings and produced water host by-product minerals.Source ↗
• Surface mineable oil sands (local GeoJSON)Government of Alberta · Mineral tenure · drawable · verifiedOverburden under 75 m: the mining fairway and the froth-tailings heavy-mineral source.Source ↗
• Coal mine boundaries (Alberta Energy)Alberta Energy and Minerals · Coal · drawable · verifiedWhere coal has been or is being mined; coal-zone geology itself is published in AGS reports, not as a service.Source ↗
• Bedrock geology of Alberta (Map 600 tiles)Alberta Geological Survey · Bedrock geology · drawable · verifiedWhich formation is at the bedrock surface: the first screen for outcropping targets such as silica sand, limestone, ironstone, bentonite, ammonite shell and shallow coal.Source ↗
• Canada critical minerals projects & processingNatural Resources Canada · Mines & operations · drawable · verifiedFederal critical-minerals pipeline; filter to Alberta by extent.Source ↗

VALUE & VALUE CHAIN

NdPr oxide: US$97,969–99,935/t (Jan 2026); BMI 2026 average forecast US$90,000/t

Not in the Atlas price deck.

Value chain

1. Waste-stream recovery or shale leach
2. Monazite concentrate / REE carbonate
3. Separation (Saskatoon SRC facility)
4. NdFeB magnets

Industries and products that rely on it

DEMAND & PRODUCTION PROJECTIONS

What the forecasts say

• IEA GCMO 2025REE demand +50–60 % by 2040IEA Global Critical Minerals Outlook 2025 ↗

Key risks

• Thorium
• Operator buy-in
• Price swings
• Chinese supply response

DEVELOPMENT: TENURE, ROYALTY, PERMITTING

What a developer needs to know

Tenure

Metallic & Industrial Minerals Tenure Regulation (AR 265/2022): permit — exclusive exploration right, indefinite term, no rent, $625 fee, assessment work $7/ha (first 2 years) → $13 → $20/ha; lease — 15-year initial + 15-year intermediate term, indefinite while producing, $3.50/ha rent. Recovery from oil sands tailings sits under the oil sands lease and may need a separate MIM lease for non-bitumen minerals.

Royalty

Metallic minerals: 1 % of mine-mouth revenue pre-payout; post-payout the greater of 1 % mine-mouth or 12 % of net revenue (AR 350/93 s.4).

Lead time

7–10 years

Permitting path

1. AER Directive 091 (rock-hosted minerals) under the Mineral Resource Development Act, in force Feb 2024
2. EPEA approval and Water Act licence
3. Public Lands Act surface disposition on Crown land
4. Indigenous consultation via the Aboriginal Consultation Office
5. CNSC licensing for thorium-bearing concentrates

Infrastructure needs

• Heavy-mineral circuit at a mine
• Separation plant (none in Alberta)

Active players

Recommended next steps

• Pilot monazite recovery at one mine's froth-treatment tailings
• Assay Alberta fly ash for Ga / Ge
• Metallurgical test work on SBH shale

MINES, PILOTS & PROJECTS (1)

Who is already working this commodity in Alberta

• SBH / Buckton polymetallic black shaleMetallic exploration · Critical Minerals Americas · Historical 534 kt TREO inferred; 19–29 Bt exploration targetExploration (2026)Updated NI 43-101 April 2026; C$12 M program planned.Source ↗