Apex Critical Metals Ramps Up Drilling at Nebraska Rare Earths as Stock Slides 69% from Peak

The stock has lost nearly a third of its value in the past month, but Apex Critical Metals is turning up the heat on exploration rather than pulling back. Shares in the rare earths explorer edged up 0.75% to €0.94 Thursday, a modest bounce after a 29% monthly decline that dragged the relative strength index to 26.6 — deep into oversold territory. The equity now trades roughly 25% below its 50-day moving average of €1.25, and sits a staggering 69% off the October 2025 all-time high of €3.00.

Yet the longer view tells a different story. Over 12 months, the stock still carries a gain of more than 82%, and the 52-week low of €0.42 is a distant memory. That recovery comes with a cost: annualized volatility of nearly 54% underscores just how choppy this name remains.

C$15M War Chest Powers Expanded Campaign

Apex closed a private placement earlier this month, raising C$15 million through the sale of 7.9 million units. Each unit consists of one share and one warrant exercisable at C$2.60 for two years. Canaccord Genuity and Red Cloud Securities acted as joint bookrunners. The proceeds are already earmarked: the bulk will fund an expanded drilling programme at the company’s Rift Rare Earth Project in southeastern Nebraska.

Originally planned at 12,000 metres, the campaign has been upsized to between 22,000 and 25,000 metres, with completion targeted by September. Metallurgical and mineralogical analyses are running in parallel. “We are on track to deliver our first official mineral resource estimate,” CEO Sean Charland said.

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Defense Sector Backing Adds Strategic Weight

Apex recently secured a place in the U.S. Defense Industrial Base Consortium, an initiative aimed at securing critical minerals for defence and aerospace supply chains. The Rift project is targeting niobium and rare earth elements including neodymium and praseodymium — essential inputs for electric motors, wind turbines, and military systems. The company sees the consortium membership as a potential differentiator in a crowded field.

Assay Results and Resource Estimate Timeline

Investors are waiting for the next batch of data. Twelve assay results from recent drilling remain outstanding, and the company expects to release initial detailed findings around its annual general meeting in July 2026. Those results will test the grade and continuity of the neodymium?praseodymium zones. A maiden mineral resource estimate (MRE) is slated for the first quarter of 2027, with external geologists already engaged.

Two mineralised horizons have already shown encouraging grades, but the deposit remains open in multiple directions. The expanded metreage is designed both to grow the resource and to define the limits of the system.

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Warrants Create a Two?Edged Sword

For existing shareholders, the financing structure carries a dual effect. The C$15 million removes near?term funding risk and accelerates exploration. But the warrants, if exercised, would add further dilution at a strike price roughly 37% above the current share price in Canadian dollar terms. For now, the dilution is contingent — only exercised warrants will increase the float.

The road to production remains long. Even if the 2027 MRE delivers a positive outcome, feasibility studies and permitting will stretch years beyond. Apex is betting that speed between the drill bit and the resource estimate will keep it ahead of a growing pack of competitors in the North American rare earths space. The next few months of drilling results will be the first real test of whether that bet pays off.

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