Contango ORE Inc., founded in 2018, is a American exploration and development company venturing into the critical and growing market of rare earth elements (REEs). These specialized metals are vital components in many modern technologies, and Contango ORE aims to capitalize on the rising demand by exploring and developing domestic REE deposits in the United States.
Their primary focus is the Lagrange Rare Earth Project located in Wyoming, USA. Early exploration indicates the presence of multiple REE mineral types, including magnet rare earths (NdPr) that are crucial for permanent magnets in electric vehicles and wind turbines. Contango ORE is actively conducting drilling programs to define the resource potential and assess the economic viability of the project.
The significance of the Lagrange project lies in its potential to contribute to the domestic supply chain of REE's in the United States. Currently, the US relies heavily on foreign imports, particularly from China, to meet its REE needs. Contango ORE's focus on domestic exploration aligns with the growing national drive for REE independence.
Contango ORE's primary objective is to advance the Lagrange Rare Earth Project. Their success hinges on effectively defining a commercially viable REE resource and securing the necessary permits for development. Additionally, they will need to establish a cost-effective processing strategy to extract and refine the rare earth elements from the ore. Contango ORE is also considering potential partnerships with larger mining companies to expedite development.