St George Mining Limited (ASX: SGQ) (“St George” or “the Company”) has reached a notable milestone in its corporate development, with S&P Dow Jones Indices confirming the Company’s inclusion in the S&P/ASX All Ordinaries Index effective prior to the open of trading on Monday, 23 March 2026.
The announcement follows a period of rapid growth at the Company, anchored by the continued advancement of its 100%-owned Araxá Rare Earths-Niobium Project in Minas Gerais, Brazil.
What the All Ordinaries Inclusion Means
The S&P/ASX All Ordinaries is Australia’s oldest equity index and tracks the 500 largest companies listed on the ASX by market capitalisation. Inclusion in the All Ords broadens a company’s market profile and often draws interest from index-tracking funds and institutional investors, groups that typically follow the composition of major indices when allocating capital.
For St George, the timing carries particular weight. Since completing the acquisition of 100% of the Araxá Project, the Company’s market value has grown approximately 20-fold to around A$500 million, reflecting the depth of domestic and international investor interest in its Brazil-based critical minerals operations.
John Prineas, Executive Chairman of St George Mining, said:
“Inclusion in the All Ords index is a landmark in St George’s corporate growth and recognises the ongoing achievements at our Araxá Project and the confidence in the Company’s strategy to potentially become a globally significant rare earths and niobium producer.”
The Resource that Drove the Growth
The catalyst behind St George’s re-rating came just days before the index announcement. On 3rd March 2026, the Company delivered a major resource upgrade at Araxá, cementing the Project’s status among the largest and highest-grade undeveloped rare earths and niobium deposits globally.
Figure 1: The updated JORC 2012 Mineral Resource Estimate (MRE), using a 2% TREO cut-off. [St George Mining]
In addition to the TREO resource, a separate estimate using a 0.2% Nb₂O₅ cut-off identified an additional 24.56 million tonnes at 0.52% Nb₂O₅, representing niobium-bearing material not captured within the TREO model.
Figure 2: Additional Niobium Tonnage Report (0.2% Nb₂O₅ cut-off) [St George Mining]
Combined, the total Nb₂O₅ inventory across both tables stands at 95.47 million tonnes.
John Prineas noted that the upgrade “confirmed the Tier 1 status of our rare earths-niobium deposit, with high-grade mineralisation that commences from surface and is amenable to open-pit mining.”
Figure 3: 3D perspective of the Araxá Project MRE – TREO% grades, highlighting open extensions and targets for resource expansion drilling. [St George Mining Limited]
Araxá: A Project Built for Scale
The Araxá Project sits adjacent to CBMM’s world-leading niobium mining operations in Minas Gerais, a region with a long commercial history of niobium production. St George acquired the Project outright on 27 February 2025 and has since moved quickly through exploration, drilling, geophysical surveys, and metallurgical testwork.
Key advantages of Araxá’s location include access to existing transport infrastructure, a skilled local workforce, proximity to renewable power, and support from both state and federal Brazilian authorities. The Company has also negotiated government backing for expedited permitting and assembled an experienced in-country team.
High-grade intersections from historical and recent drilling include:
- 60m at 11.1% TREO from surface, including 30m at 16.9% TREO from 27.5m
- 45m at 14.4% TREO from 15m, including 7.5m at 31.5% from 40m
- 20m at 2.4% Nb₂O₅ from surface, including 10m at 3.2% from 2m
- 13m at 2.8% Nb₂O₅ from 20m, including 1.2m at 8.3%
Mineralisation begins at the surface and remains open in all directions, presenting scope for further resource growth as drilling continues.
John Prineas added: “Araxá’s favourable Project logistics in Minas Gerais – a location in a region with a long history of commercial niobium production, access to existing infrastructure and availability of an experienced workforce – underline the potential for an expedited pathway to production.”
Figure 4: Location map of the Araxá Project in Minas Gerais, Brazil, showing the Project’s proximity to CBMM’s operations and established infrastructure. [St George Mining Limited]
Critical Minerals Market Context
The resource upgrade and index inclusion arrive at a time when global demand for rare earths and niobium is rising across several industries.
The global rare earth metals market was valued at over US$7.2 billion in 2025 and is forecast to reach US$12.6 billion by 2035, growing at a CAGR of 6.5%. China currently controls an estimated 91% of the global rare earths supply chain, from mining through to permanent magnets. That concentration has intensified interest in Projects located in Western-aligned jurisdictions, placing Brazil-based assets such as Araxá in a strategically favourable position.
Niobium demand tells a similar story. According to Mordor Intelligence, the niobium market is forecasted to grow from 79.68 kilotons in 2025 to 103.18 kilotons by 2031, a CAGR of 4.4% over 2026-2031. Steel remains the dominant application, but niobium oxide is seeing its fastest growth rate as producers test next-generation battery anode chemistries, particularly in fast-charging lithium-ion systems.
Figure 5: Niobium Market Size and Share [Mordor Intelligence]
St George’s positioning in the same district as CBMM, the world’s dominant niobium producer, gives the Company direct access to the region’s established supply chain and operational infrastructure.
Building on a Year of Progress
The All Ords inclusion marks the latest milestone St George has delivered since completing the Araxá acquisition. The Company launched a major drilling campaign in mid-2025, deploying up to five rigs at the Project site. It then discovered high-grade rare earth mineralisation one kilometre east of the existing resource area in July 2025, before delivering strong RC assay results in September 2025 that confirmed grades up to 13.98% TREO and 7% Nb₂O₅ from near-surface.
Figure 6: John Prineas at the Araxá site [St George Mining]
Towards the end of 2025, the Company secured a $72 million capital raise, reflecting strong investor appetite ahead of the resource upgrade. That raise supported an expanded drilling and development work program that directly informed the March 2026 MRE.
Investor Outlook
As of 9th March 2026, St George Mining Limited (ASX: SGQ) currently trades at $0.127 within a 52-week range of $0.015 to $0.180 per share, with the Company’s market capitalisation standing at approximately $476 million since the resource upgrade.
Figure 7: SGQ Price chart [ASX]
The Company’s index inclusion, effective 23 March 2026, is expected to bring the stock into the view of a broader pool of institutional investors and index-tracking funds – a development that may support ongoing interest in SGQ ahead of further Project milestones.
Key development milestones to watch include further drilling and assay results as the Company continues to expand the Araxá resource, progression of metallurgical testwork and processing flowsheet development, and advancement of the permitting pathway supported by government cooperation agreements in Minas Gerais.
