MOU is a further step in the direction to be part of the Western world's REE supply chain, says CEO.

The results from about 8,730 metres across 52 drill holes were part of Graphite One’s largest exploration program in the company’s history at the Graphite Creek project.

Looking ahead, the company is expecting its gold production to fall between 275,000 and 300,000 oz. in 2024.

La Preciosa hosts one of Mexico's largest undeveloped primary silver resources and is located about 19km from the company's Avino mine.

Mansfield Consulting examined 14 potential critical mineral mines and two mine extensions, and found the long-term economic impact of operations over several decades could be nearly C$800 billion ($599bn).

The Opemiska project includes the former Springer and Perry copper-gold mines, operated by Falconbridge from 1953 to 1991.

A series of disappointments for the mining industry comes against the backdrop of weak commodity prices — although gold has been an exception.

Earlier in the session, the company's stock had reached a 52-week high.