Lion Rock Resources (TSXV: ROAR, OTCQB: LRRIF, FSE: KGB) is advancing one of the only active tantalum exploration and development projects in the US.
Tantalum, which sits on the US Critical Minerals List, is essential for modern electronics. Smartphones, laptops, medical equipment, communications systems, missile systems, and military drones are just some of the products that rely on tantalum capacitors.
Strong growth in the tantalum market is being experienced across all market segments, but particularly in the defense sector. The US Department of Defense is one of the world's largest institutional buyers of tantalum products.
However, the US has not mined tantalum domestically since 1959 and is 100% import-reliant, with China as its leading supplier.
Past Producer with Superb Infrastructure
Lion Rock's Volney Project, located in South Dakota's Black Hills, is a historic producer of tantalum, tin, and lithium (1941 to 1944). The company recently completed its maiden drill program at Volney and hit tantalum mineralization near surface in multiple holes.
The project has excellent access to infrastructure, including on-site power and all-season road access. Importantly, it is proximal (under one hour) to rail connections to Great Lakes shipping ports at Duluth, Minnesota and Thunder Bay, Ontario.
Accelerated, Low-Cost Production Potential
Volney's location on private land means reduced permitting timelines, and the shallow mineralization means potential for low CAPEX and low OPEX bulk mining methods.
In total, six minerals on the current US Critical Minerals List have been identified at Volney: lithium, tin, tantalum, gallium, cesium, and rubidium. There is additional potential for gold.
Award Winning Management and Technical Team
The Lion Rock team includes award-winning experts in every stage of the mining lifecycle, and has established a strong working relationship with local and state government officials in South Dakota's Black Hills mining district.
Tantalum is a structural input to the US defense industrial base and a growing component of global semiconductor and AI infrastructure.
Its primary use is in tantalum capacitors, compact components that regulate electrical energy in circuits where failure means mission failure. These capacitors operate across radar, missile guidance, satellite communications, electronic warfare, and UAV flight systems. They are also embedded in semiconductor fabrication (as sputtering targets and diffusion barriers), medical implants, automotive electronics, and data center infrastructure.
The global tantalum capacitor market was valued at approximately USD 2.1 billion in 2025, and the military segment alone at USD 268 million with steady projected growth through 2033. [1] [2]
The supply picture is where the vulnerability sits. The United States imports 100% of its tantalum. China accounts for 22% of US imports across all tantalum product categories. Approximately 40% of global mine output comes from the Democratic Republic of the Congo, where production is concentrated in conflict-affected artisanal operations. A 2025 Silverado Policy Accelerator report flagged both Chinese refining dominance and African supply concentration as structural long-term risks to the tantalum supply chain. [3]
US consumption reached an estimated 770 tonnes in 2024, up 75% year-over-year, driven by semiconductor recovery and data center expansion. The CHIPS and Science Act has directed nearly USD 34 billion toward domestic chip fabrication, adding sustained forward demand for tantalum inputs. [4]
The United States has not mined tantalum since 1959. Domestic resources exist (the USGS estimates approximately 55,000 tonnes in identified deposits) but have historically been considered subeconomic. Policy incentives around domestic critical mineral supply chains, including the DOE Critical Minerals and Materials program, EXIM Bank Project Vault, and DoD National Defense Stockpile initiatives, are now shifting the landscape for US tantalum exploration. [4]
Volney is a brownfield project that has produced tantalum, as well as lithium and gold, at commercial grades from one section of the property. The bulk of the property has seen little-to-no exploration until Lion Rock’s successful 2025/26 work programs.
Between 1941 and 1944, Fansteel Mining Corp. operated the Giant Volney pegmatite (a type of coarse-grained igneous rock that commonly hosts lithium, tantalum, and tin mineralization) under lease from Black Hills Tin Co. and produced 1,080 tonnes of spodumene concentrate (5.6% to 6.3% Li2O), 21,884 lbs of tantalite concentrates at 45% Ta2O5, 400 tonnes of amblygonite concentrate at 8.3% Li2O, and 3,800 lbs of cassiterite. [5]
Between 1903 and 1927, the Rough & Ready Mine produced 105,039 lbs of tin through 740 metres of underground workings. A subsequent 1928 to 1929 campaign produced 1.5 tonnes of cassiterite concentrate at 30.7% Sn and 13.1 tonnes of tantalite concentrate grading 38.7% to 57% Ta2O5. [6]
Despite this production history, no modern exploration was conducted at Volney until Lion Rock's acquisition. The 2025/2026 Phase 1 program is the first drilling to test the pegmatite system with contemporary methods and analytical techniques.
Permitting timelines are one of the largest bottlenecks in US critical mineral development. Projects on federal land face multi-year environmental review, public comment periods, and legal challenges that can delay drilling by years before a single hole is completed.
Volney bypasses this. The project consists of 142 hectares of private claims with both surface and mineral rights, situated in South Dakota, a jurisdiction consistently ranked among the most mining-friendly in the world. This ownership structure allows for faster drill permitting, shorter timelines between exploration phases, and more direct operational control.
For a US project at the exploration stage, that permitting advantage translates into pace. Lion Rock acquired the property in October 2024, completed geophysics and surface sampling in early 2025, and finished a 15-hole Phase 1 drill program by early 2026. That speed of execution is difficult to replicate on federal ground.
A 15-hole drill program has recently been completed, representing the first modern drill testing along the Volney trend. Final results are pending and the Company is at an advanced stage of planning for an expanded Phase 2 program.
Initial assays from four drillholes at the Giant Volney target returned tantalum and tin mineralization hosted in muscovite-rich pegmatite. All four holes were collared directly into the pegmatite body, meaning reported intervals represent partial intersections only. The full interpreted width extends west of the drill collars based on surface mapping.
Assays also returned elevated gallium, rubidium, cesium, and tantalum across the broader pegmatite. This multi-element signature is consistent with a fractionated LCT (Lithium-Cesium-Tantalum) system and supports geochemical zonation within the pegmatite body.
Similar pegmatite units were intersected more than 250 metres north of Giant Volney, near the Rough & Ready target. These are mineralogically consistent with the pegmatites in the initial four drillholes. Assay results from these holes and the remaining 11 drillholes in the Phase 1 program are pending.
Assay results from 11 additional Phase 1 drillholes are pending, including lithium and gold analyses from multiple target areas along the Volney trend. A Phase 2 drill program is planned.
No. The property has a documented history of tantalite concentrate production (1941 to 1944), but there is no current mining operation and is therefore currently considered an exploration-stage project. Phase 1 drilling has confirmed tantalum mineralization, and assay results from 11 additional drillholes are pending.
Four factors: private land ownership with surface and mineral rights, excellent access to infrastructure, a documented tantalum production history confirming mineralization at surface, and a confirmed six-mineral critical mineral signature within a single pegmatite system in a Tier 1 US jurisdiction.
Six: lithium, tin, tantalum, gallium, cesium, and rubidium. All are on the current US Critical Minerals List. Gold has also been confirmed.
Phase 1 results were published in a news release dated February 26, 2026, available on the Lion Rock Resources website and filed on SEDAR+.
The technical content of this page has been reviewed and approved by Carl Ginn, P.Geo., consultant to the Company and a Qualified Person pursuant to National Instrument 43-101.
This page contains factual information about the Volney Project and the tantalum market. It does not constitute investment advice or a recommendation to purchase securities. All technical data is sourced from Company news releases and publicly available third-party sources.
[1] Intel Market Research, "Global Tantalum Capacitors Market Outlook 2025-2032." https://www.intelmarketresearch.com/tantalum-capacitors-market-16572
[2] Data Insights Market, "Military Tantalum Capacitors Market Trends and Forecast 2025-2033." https://www.datainsightsmarket.com/reports/military-tantalum-capacitors-887683
[3] Silverado Policy Accelerator (2025), "Tantalum: The Global Supply Chain." https://silverado.org/publications/tantalum-global-supply-chain/
[4] U.S. Geological Survey, Mineral Commodity Summaries: Tantalum, January 2025. https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-tantalum.pdf?v=033108
[5] Page, L.R. et al. (1953), "Pegmatite Investigations 1942-45, Black Hills, South Dakota." USGS Professional Paper 247.
[6] Redfern, R.M. (1992), Mineral Resources of the Black Hills Area, South Dakota.
[7] Nellis, J.M. (1973), Geology of the Tinton District, Lawrence County, South Dakota.
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Lion Rock Resources Inc.
200 Burrard Street, Suite 1615
Vancouver, BC, V6C 3L6
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