St George Mining Limited (ASX: SGQ) (“St George” or the “Company”) has taken a bold step forward in its ambition to become a global leader in sustainable niobium production. The Company announced today that it has signed a Memorandum of Understanding (MoU) with Boston Electrometallurgical Corporation (Boston Metal) to trial a cutting-edge, electrified metals processing technology at its 100%-owned Araxá niobium-REE Project in Minas Gerais, Brazil.
The alliance positions St George at the forefront of next-generation metals processing, with the potential to fundamentally change how the world produces ferroniobium, a critical alloy used in high-strength steel manufacturing and advanced technologies.
Figure 1: An aerial view highlighting the Barreiro carbonatite complex, with St George Mining’s Araxá Project marked by a red boundary. [St George Mining]
What is Molten Oxide Electrolysis (MOE)?
At the heart of this partnership lies Boston Metal’s patented Molten Oxide Electrolysis (MOE) technology, a platform developed at the world-renowned Massachusetts Institute of Technology (MIT) and commercialized by Boston Metal. MOE electrifies metals production through a highly selective and efficient process that enables the use of a wide range of feedstocks, including low-grade raw materials.
Unlike the traditional ferroniobium production process, which involves:
- Beneficiation through flotation
- Refining through hydrometallurgy (e.g., leaching)
- Conversion through an energy-intensive aluminothermic process
MOE has the potential to simplify beneficiation and eliminate the refining and conversion steps (in italic). This translates into significantly lower costs, reduced waste, and a material reduction in carbon emissions.
An added commercial benefit arises from processing slag: it is likely to contain a high concentration of rare earths, potentially lowering overall costs in the rare earth production flowsheet. This dual advantage enhances the Araxá Project’s economic proposition.
Figure 2: Diagram showing Boston Metal’s process that operates in modular MOE cells, with each unit roughly the size of a school bus.
Boston Metal: A World-Class Technology Partner
Boston Metal has attracted over US$500 million in investment from a world-class syndicate that includes global heavyweights such as BHP, BMW, Microsoft, ArcelorMittal, Vale, and Aramco. Its MOE technology has earned remarkable global recognition:
- Winner of the inaugural S&P Global Platts Metals Award for new technology in the metals and mining industry
- Named by TIME Magazine as one of its Top 100 Influential Companies in 2024
- Featured on TIME Magazine’s Best Inventions List in 2025
Boston Metal is currently commissioning its first commercial plant in Brazil to produce high-value, critical metals, including niobium, making this partnership a natural strategic fit.
Leading the Company is Mr. Tadeu Carneiro, a seasoned metallurgical engineer who spent nearly 30 years at CBMM, the world’s largest niobium producer, including a decade as CEO during which he led an extraordinary 800% increase in the global niobium market. Mr. Carneiro is also the lead independent director at Ivanhoe Mines.
Figure 3: Boston Metal’s Brazilian Subsidiary – Boston Metal do Brasil [Boston Metal]
What the Alliance Means for St George
Under the MoU, the two companies will collaborate to develop a flowsheet for ferroniobium production using the MOE technology. Each party will bear its own costs throughout the relevant workstreams. Boston Metal will apply its proprietary technology to test work on St George’s niobium material from the Araxá Project, to assess MOE’s application for commercial ferroniobium production.
Importantly, the MoU does not create an obligation of exclusivity for either party. St George retains full freedom to pursue additional partnerships and transactions involving the Project, a prudent structure that preserves optionality.
In parallel, the Company is also completing metallurgical test work using traditional processing methods that have been successfully employed in the Araxá region for over 40 years, a proven, low-cost technical model that provides a reliable baseline comparison.
Executive Chairman John Prineas captured the significance of the moment:
“The MOE technology offers the opportunity for St George to develop a new generation of niobium processing at Araxá. This could deliver cleaner and lower-cost production for our stakeholders and us. Boston Metal is an industry leader in innovation for metals processing, and we are delighted to have been selected to trial this opportunity to revolutionize niobium production.”
– John Prineas, Executive Chairman, SGQ
Boston Metal CEO Tadeu Carneiro matched that enthusiasm:
“We welcome the opportunity to deploy our MOE technology to help bring value to St George and advance clean and responsible metals production at the Araxá Project. As an emerging global player in the niobium sector, our MOE technology has the potential to enable St George to deliver a sustainable and profitable pathway to production.”
-Tadeu Carneiro, Boston Metal CEO
About the Araxá Project: A World-Class Asset
The Araxá Project, which St George acquired in February 2025, sits adjacent to CBMM’s world-leading niobium mining operations in Minas Gerais, Brazil. The region boasts a long history of commercial niobium production, excellent infrastructure, and a skilled local workforce.
Figure 4: Map of Minas Gerais state in Brazil, highlighting the Araxá region [Google Map]
In March 2026, the Company announced a major upgrade to the Mineral Resource Estimate (MRE). The total Nb₂O₅ inventory now stands at 95.47 million tonnes, comprising 70.91 Mt reported under a 2% TREO cut-off and an additional 24.56 Mt under a 0.2% Nb₂O₅ cut-off, making it one of the largest resources of its type in the Western world.
St George has also secured strong government backing, including selection in Brazil’s Federal Government MagBras Initiative and a cooperation agreement with the State of Minas Gerais to expedite permitting approvals. The Company continues an aggressive drill campaign to further expand the MRE, alongside pre-development technical and financial studies.
Investors’ Outlook
St George Mining’s share price performance tells a compelling story on its own. The stock has delivered extraordinary returns of over 600% in the past year alone, reflecting growing investor confidence in both the Araxá Project’s scale and the Company’s strategic execution.
Today’s announcement of the Boston Metal alliance adds another significant catalyst, combining a world-class resource with world-class processing technology. With strong government support in Brazil, a rapidly expanding MRE, and a dual-track processing strategy underway, St George appears increasingly well-positioned to transition from explorer to producer in one of the most strategically vital metals sectors of the decade.
Disclaimer: This editorial is for informational purposes only and does not constitute financial or investment advice. Readers should seek independent professional advice before making any investment decisions.
Last modified: April 1, 2026
