Drilling Commences at Apex Critical Metals’ Nebraska Rare Earth Project

Apex Critical Metals CA03753D1042

The Canadian explorer Apex Critical Metals has initiated a maiden drilling campaign at its Rift Rare Earth Project in Nebraska, marking a pivotal operational milestone. The project is considered one of North America's most prospective rare earth element deposits, and this phase of work aims to validate extensive historical exploration data.

Preparatory work at the Elk Creek Carbonatite Complex in southeastern Nebraska began in late January 2026 with the arrival of the initial drill rig. Site assembly is underway, with access roads and drill pads being established. A second rig is scheduled to follow imminently.

This Phase I program is designed for approximately 8,000 meters of drilling across 10 to 15 holes, with anticipated depths ranging from 600 to 900 meters. The focus is an 850-meter strike length in the southeastern sector of the property. The primary objective is to confirm and potentially extend historical drill results from campaigns conducted between 1973 and 2011, which indicated rare earth mineralization that remained open in all directions.

The current drilling plan leverages modern geophysical and geochemical data, integrated into a contemporary 3D model. This follows a comprehensive 2025 fourth-quarter collaboration with the University of Nebraska-Lincoln, where Apex re-assayed historical drill core samples.

Corporate Developments and 2026 Roadmap

Alongside the drilling start, Apex recently issued 200,000 stock options to a consultant in early February. These options are exercisable at $2.75 per share until January 2028. This followed a late-January grant of 750,000 Restricted Share Units to a company director.

The company has outlined a clear series of milestones for the remainder of the year:
* Completion of a NI 43-101 Technical Report.
* Initial assay results from Phase I drilling expected in Q1 or Q2.
* An updated 3D geological model incorporating all new data.
* Commencement of a Phase II drilling program in the second half of the year.
* Progress toward an inaugural mineral resource estimate.

Financial Position and Market Implications

Apex strengthened its treasury through a private placement in late 2025, raising $10 million. The company currently reports a robust cash position of approximately $14.8 million. Its market capitalization recently stood near $171 million.

The market is now awaiting the initial results from the drill bit. These findings will be critical in assessing whether the historical intercepts can translate into a potentially economically viable deposit, fulfilling the project's promise as a significant North American rare earths opportunity.