Australia's Oceana Metals rises to record high on Brazilian rare-earths project deal

Oceana Metals

28/04/2026 02:15

** Shares of Australia-based specialty miner Oceana Metals OCN.AX rise as much as 57% to a record high of $0.685

** Company enters a deal to acquire 100% of the Serra Negra

rare-earths project in Minas Gerais state, Brazil

** Will pay total upfront and deferred consideration of up to $10.3 million in cash and shares, plus 2.5% net smelter royalty

** Company receives firm commitments for a A$20 million($14.38 million) share placement

** Including sessions' gains, stock up nearly three-fold, YTD

($1 = 1.3912 Australian dollars)

 (Reporting by Sruthi Narasimha Chari in Bengaluru)

 ((Sruthinarasimha.chari@thomsonreuters.com))