{"id":8230,"date":"2026-05-03T22:22:04","date_gmt":"2026-05-04T02:22:04","guid":{"rendered":"https:\/\/www.inflation.us\/news\/?p=8230"},"modified":"2026-05-03T22:24:57","modified_gmt":"2026-05-04T02:24:57","slug":"why-europes-only-tin-tantalum-mine-matters-more-than-ever","status":"publish","type":"post","link":"https:\/\/www.inflation.us\/news\/announcement\/why-europes-only-tin-tantalum-mine-matters-more-than-ever\/","title":{"rendered":"Why Europe’s Only Tin-Tantalum Mine Matters More Than Ever"},"content":{"rendered":"\n

The EU Needs Critical Minerals. ETM Has Them In Spain.<\/h2>\n\n\n\n

ETM Hits Key Milestone on Path to Penouta Mine Restart<\/h4>\n\n\n\n
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ASX Announcement  |  4 May 2026  |  ASX: ETM<\/strong><\/p>\n <\/div>\n

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\n Energy Transition Minerals Ltd
\n www.etransmin.com<\/a>\n <\/p>\n <\/div>\n <\/div>\n

\n ETM COMPLETES UPDATED MINERAL RESOURCE FOR THE PENOUTA TIN-TANTALUM-NIOBIUM MINE, NORTH-WEST SPAIN\n <\/h1>\n

Key step in advancing strategic EU critical minerals asset towards a restart<\/p>\n <\/div>\n\n \n

\n

Key Points:<\/h2>\n
    \n
  • Mineral Resource declared in accordance with the JORC Code.<\/li>\n
  • Potential to support a long-term mining operation that is strategically positioned within the EU critical minerals supply chain.<\/li>\n
  • ETM focused on declaring an Ore Reserve Estimate and completing a detailed operational review, leading to a project restart.<\/li>\n <\/ul>\n <\/div>\n\n \n

    \n Energy Transition Minerals Ltd (ASX: ETM) (ETM or the Company) is pleased to announce a Mineral Resource Estimate (MRE) in accordance with the JORC Code (2012) for the Penouta Tin-Tantalum-Niobium Mine and Processing Facility in Galicia, Spain (Penouta Mine or the Project), reported as at 1 May 2026.\n <\/p>\n

    \n The MRE reinforces Penouta as a strategically significant critical raw materials asset within Europe, being the only recent supplier of tin and tantalum within the European Union. The Penouta Mine is uniquely positioned to contribute to the EU’s push to secure domestic supplies of critical minerals, with both tin and tantalum designated as critical under European policy frameworks.\n <\/p>\n

    \n Its strategic value reflects its location within a Tier-1 jurisdiction, existing infrastructure and its status as a past-producing operation. Penouta represents a rare in-region supply source of critical minerals essential to the global energy transition and high-technology industries at a time when the EU is seeking to reduce its reliance on imported critical minerals and strengthen supply chain resilience.\n <\/p>\n

    \n This MRE replaces the previously reported Foreign Mineral Resource Estimate prepared in accordance with Canadian National Instrument 43-101 standards.\n <\/p>\n\n \n

    \n \"Figure\n

    Figure 1: Location of the Penouta Tin-Tantalum-Niobium Mine<\/p>\n <\/div>\n\n \n

    \n ETM is currently finalising the acquisition of the Penouta Mine, after which it will be 100%-owned by the Company. Ownership of Penouta will provide ETM with a strategically important foothold in the European critical minerals sector, aligned with increasing policy support and downstream demand for secure and traceable sources of supply for these high-technology metals.\n <\/p>\n

    \n Tantalum is a critical input in electronics for high-reliability, miniaturized capacitors in phones and laptops, as well as in super-alloys for aerospace turbine blades. Tin is used for soldering electronics, coating steel for corrosion-resistant food cans, and creating alloys like bronze.\n <\/p>\n

    \n The updated MRE provides the basis for mine planning work currently underway as part of a detailed operational review. This review aims to determine the optimal path to restart operations, while also identifying opportunities for further resource growth. The updated MRE will be incorporated into an updated economic model that considers environmental, geotechnical, and geo-metallurgical constraints, underpinning the preparation of a future Ore Reserve Estimate that accurately reflects the current and future economic extraction potential of Penouta.\n <\/p>\n\n \n

    \n

    ETM Managing Director, Daniel Mamadou, said:<\/h2>\n

    \n “The reporting of this resource in accordance with the JORC Code at Penouta is a critical first step towards bringing the mine back into production. The results largely confirm our understanding of the resource and grade profile, and we are well progressed on completing our operational review to support a restart.\n <\/p>\n

    \n “Penouta holds a unique strategic position as the only operating tin-tantalum mine in Europe. With both commodities designated as critical minerals, and with an increasing focus on supply chain security, we believe the Project is well placed to contribute to the EU’s domestic supply chain ambitions.\n <\/p>\n

    \n “I am confident that with the support of the local community, a strong established key management team and key partners, ETM is well positioned to advance the project in the near term for the benefit of all stakeholders.”\n <\/p>\n <\/div>\n\n \n

    \n \"Figure\n

    Figure 2: Isometric View of the Penouta Block Model within the MRE Reporting Pit Shell<\/p>\n <\/div>\n\n \n

    PENOUTA MRE<\/h2>\n\n

    \n The Penouta MRE, as estimated by independent consultants SLR Consulting Ltd (SLR), is outlined in Table 1 below. Tantalum and niobium are reported on an oxide basis to align with pricing and sales terms used in the net smelter return (NSR) calculation. Only contained tin (Sn) and tantalum pentoxide (Ta2<\/sub>O5<\/sub>) are reported, as niobium pentoxide (Nb2<\/sub>O5<\/sub>) has not contributed to revenue to date.\n <\/p>\n\n \n

    Table 1: Penouta Deposit Mineral Resource Statement<\/h3>\n
    \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
    Zone<\/th>\n Classification<\/th>\n Tonnage
    (Mt)<\/th>\n     		NSR
    (US$)<\/th>\n     		Grade<\/th>\n Contained<\/th>\n <\/tr>\n
    <\/th>\n <\/th>\n <\/th>\n <\/th>\n Sn (ppm)<\/th>\n Ta2<\/sub>O5<\/sub> (ppm)<\/th>\n Nb2<\/sub>O5<\/sub> (ppm)<\/th>\n Sn (kt)<\/th>\n Ta2<\/sub>O5<\/sub> (kt)<\/th>\n <\/tr>\n <\/thead>\n
    Leucogranite<\/td>\n Measured<\/td>\n 5.9<\/td>\n 30<\/td>\n 569<\/td>\n 100<\/td>\n 98<\/td>\n 3.4<\/td>\n 0.6<\/td>\n <\/tr>\n
    Indicated<\/td>\n 57.4<\/td>\n 25<\/td>\n 434<\/td>\n 92<\/td>\n 95<\/td>\n 24.9<\/td>\n 5.3<\/td>\n <\/tr>\n
    Inferred<\/td>\n 33.6<\/td>\n 20<\/td>\n 373<\/td>\n 70<\/td>\n 96<\/td>\n 12.5<\/td>\n 2.4<\/td>\n <\/tr>\n
    Total<\/td>\n 96.8<\/td>\n 24<\/td>\n 421<\/td>\n 85<\/td>\n 96<\/td>\n 40.7<\/td>\n 8.2<\/td>\n <\/tr>\n
    Greisen<\/td>\n Indicated<\/td>\n 10.6<\/td>\n 21<\/td>\n 584<\/td>\n 37<\/td>\n 52<\/td>\n 6.2<\/td>\n 0.4<\/td>\n <\/tr>\n
    Inferred<\/td>\n 0.5<\/td>\n 17<\/td>\n 496<\/td>\n 27<\/td>\n 40<\/td>\n 0.3<\/td>\n 0.0<\/td>\n <\/tr>\n
    Total<\/td>\n 11.2<\/td>\n 21<\/td>\n 580<\/td>\n 37<\/td>\n 51<\/td>\n 6.5<\/td>\n 0.4<\/td>\n <\/tr>\n
    Total<\/td>\n Measured<\/td>\n 5.9<\/td>\n 30<\/td>\n 569<\/td>\n 100<\/td>\n 98<\/td>\n 3.4<\/td>\n 0.6<\/td>\n <\/tr>\n
    Indicated<\/td>\n 68.0<\/td>\n 24<\/td>\n 457<\/td>\n 83<\/td>\n 88<\/td>\n 31.1<\/td>\n 5.7<\/td>\n <\/tr>\n
    Inferred<\/td>\n 34.1<\/td>\n 20<\/td>\n 375<\/td>\n 70<\/td>\n 96<\/td>\n 12.8<\/td>\n 2.4<\/td>\n <\/tr>\n
    Total<\/td>\n 108.0<\/td>\n 23<\/td>\n 437<\/td>\n 80<\/td>\n 91<\/td>\n 47.2<\/td>\n 8.6<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n\n \n
    \n Notes:<\/strong>\n
      \n
    1. Mineral Resources are classified and reported according to the guidelines of the JORC Code (2012).<\/li>\n
    2. The effective date of the Mineral Resource estimate is 1 May 2026.<\/li>\n
    3. Mineral Resources are reported within an optimised open pit shell using a net smelter return (NSR) cut-off value of US$9.25\/t.<\/li>\n
    4. The pit optimisation assumed a mining cost of US$5\/t, with its extent limited by the Natura 2000 boundary. The NSR cut-off value is based on operating cost estimates (US$7.75\/t processing and US$1.5\/t G&A) for gravimetric processing to produce tin and tantalite concentrates.<\/li>\n
    5. Block NSR values were based on assumed metal prices, estimated metallurgical recoveries, and sales terms, which include transport, treatment and refining charges. The NSR used for reporting is based on the following:\n
        \n
      1. Long-term metal prices of US$40,000\/t Sn and US$100\/lb Ta2<\/sub>O5<\/sub>.<\/li>\n
      2. Metallurgical recoveries of 75% Sn and 65% Ta2<\/sub>O5<\/sub>.<\/li>\n
      3. Total selling cost of US$2,200\/t for the tin concentrate. For Ta2<\/sub>O5<\/sub>, the long-term metal price assumptions are stated net of selling expenses, consistent with historical practice whereby such costs were incorporated into agreed sales prices.<\/li>\n <\/ol>\n <\/li>\n
      4. Mineral Resources are reported in-situ and have not been adjusted for mining dilution or metallurgical recovery.<\/li>\n
      5. Mineral Resources are not Ore Reserves until they have demonstrated economic viability based on a pre-feasibility study or feasibility study.<\/li>\n
      6. Numbers may not add or multiply due to rounding.<\/li>\n <\/ol>\n <\/div>\n\n \n

        COMPARISON WITH 2021 NI43-101 MRE<\/h2>\n\n

        SLR compared this 2026 MRE in accordance with JORC with the previous 2021 NI43-101 MRE. Key changes include:<\/p>\n

          \n
        • Open pit depletion since March 2021.<\/li>\n
        • Consideration of production experience and metallurgical testwork for hard rock mineralisation.<\/li>\n
        • Updated technical and economic parameters for the cut-off grade calculation and pit optimisation.<\/li>\n
        • Use of an NSR rather than Ta2<\/sub>O5<\/sub> Equivalent cut-off grade.<\/li>\n
        • Reconstruction of the Penouta geological model and block model to address potential boundary definition issues and create a dynamic model that can be efficiently updated with further drilling.<\/li>\n
        • Minor adjustments to estimation parameters.<\/li>\n
        • New metallurgical testwork for greisen mineralisation enabling conversion of sufficiently drilled areas of the Greisen Zone to Indicated Resource.<\/li>\n
        • Use of the Natura 2000 boundary as a hard limit to the MRE pit extent.<\/li>\n <\/ul>\n

          \n The waterfall chart in Figure 3 below demonstrates that introduction of the Natura 2000 boundary as an external boundary constraint is the main material change, driving a 24.2Mt drop in total resource tonnage, primarily from the Inferred Resource.\n <\/p>\n\n \n

          \n \"Figure\n

          Figure 3: Changes between the 2021 NI43-101 MRE and the Updated 2026 JORC MRE<\/p>\n <\/div>\n\n \n

          MATERIAL INFORMATION SUMMARY<\/h2>\n\n

          Drilling Techniques<\/h3>\n

          \n The Penouta MRE database comprises 139 surface diamond drillholes for 25km of drilling. Diamond drilling was completed across two phases: Historical drilling from 1982 to 1985 (35% of drill metres) and drilling by Strategic Minerals Spain (SMS) from 2012 to 2013 (65% of drill metres). SMS twinned or resampled approximately 15% of the historical drilling to verify the historical drill results.\n <\/p>\n\n

          Sampling and Sub-Sampling Techniques<\/h3>\n

          \n Drill core was selectively sampled to exclude unmineralised wall rock, whilst providing near-complete sample coverage through the mineralised leucogranite and greisen domains.\n <\/p>\n

          \n For SMS diamond drilling, core was marked up, logged and half-core sampled at the Penouta core processing facility using a diamond core saw. Sample intervals were split at lithological contacts, with a minimum sample length of 0.5m and a maximum sample length of 2.5m.\n <\/p>\n

          \n All SMS half-core samples were submitted to ALS Seville for sample preparation, with pulps sent to ALS Vancouver for analysis. The sample preparation process included drying, crushing to >70% passing 2mm, sub-sampling 250g using a riffle splitter and pulverising to >85% passing 75μm. Field duplicate and coarse blank QAQC samples indicate no material bias or contamination occurred during the sampling and sub-sampling process.\n <\/p>\n

          \n Historical core sampling (pre-2012) used a mean sample length of 5m. No further details are available regarding historical sampling and sub-sampling routines. Historical core samples are reported to have been submitted to the ADARO laboratory in Madrid for sample preparation and analysis.\n <\/p>\n\n

          Sample Analysis Method<\/h3>\n

          \n SMS samples were analysed for Sn, Ta, Nb and a multi-element suite, using lithium borate fusion, acid digestion and inductively coupled plasma mass spectrometry (ALS method code ME-MS81™). Certified reference material and pulp duplicate results show acceptable analytical accuracy and precision.\n <\/p>\n

          \n All historical samples were analysed for Sn and Ta, with only 5% analysed for Nb. No records have been retained regarding the historical analysis method. The correlation between the historical drillholes and SMS twin drillholes and resampling supports including the historical data in the Penouta MRE.\n <\/p>\n\n

          Geology and Geological Interpretation<\/h3>\n

          \n Penouta mineralisation consists of cassiterite and columbite-tantalite, disseminated within an alkaline granite (‘leucogranite’) dome or hosted by quartz veins and greisenised gneiss within an overlying greisen zone. Drillhole logging and assay data were used to construct a deposit geological model (Figure 4).\n <\/p>\n\n \n

          \n \"Figure\n

          Figure 4: Penouta Geological Model Cross Section. Location of cross-section, shown in plan-view is shown in Figure 5.<\/p>\n <\/div>\n\n

          \n Sn, Ta and Nb grades trend higher towards the upper leucogranite contact. Statistical and boundary analysis support the construction of higher-grade sub-domains in the leucogranite roof zone. Minor lower-grade domains within and beneath the main leucogranite intrusion are associated with alternating bands of leucogranite and gneiss. Internal geological and grade continuity is sub-horizontal, oriented sub-parallel to the broader leucogranite dome.\n <\/p>\n

          \n The overlying greisen zone envelopes a complex array of quartz veins and greisen alteration. Greisen mineralisation typically has higher and more variable Sn and lower Ta-Nb grades than the Leucogranite.\n <\/p>\n

          \n Later weathering and kaolinization overprint and alter the primary mineralogy of the Penouta host rocks, with a notable impact on physical properties such as density.\n <\/p>\n\n

          Estimation Methodology<\/h3>\n

          \n Samples were composited to 5m lengths within geological model boundaries. Capping was applied to outlier Sn grades. No capping was applied to Ta or Nb. Grades were estimated into a block model representing each mineralised domain. Ordinary kriging was the primary estimation technique, with inverse distance squared applied in data-poor domains. Validation included visual comparison of composite and estimated block model grades. Nearest-neighbour grades were interpolated for validation purposes and used for statistical and swath-plot comparisons. Density values were assigned to the block model based on the average sample densities within weathering and kaolinization domain wireframes.\n <\/p>\n\n

          Classification<\/h3>\n

          \n Classification is based on drillhole spacing criteria that consider the reliability of the input data, the style of mineralisation, geological and grade continuity, and reconciliation performance. Measured Resources are informed by 25m x 50\u2013100m spaced drilling, Indicated Resources by 50m x 100m spaced drilling and Inferred Resources by 100m x 100m spaced drilling (Figure 5).\n <\/p>\n\n

          Cut-off Grade and Material Modifying Factors Considered<\/h3>\n

          \n Mineral Resources are reported within an optimised pit shell using an NSR cut-off value of 9.25 US$\/t. The technical and economic parameters used in the NSR calculation and pit optimisation are listed in Table 2. These parameters are based on the following inputs and assumptions:\n <\/p>\n