Apex Critical Metals Nears Key Drilling Milestone at Nebraska Rare Earth Project

Investors in Apex Critical Metals are awaiting a pivotal operational update as the company prepares to initiate its first major drilling campaign at the Rift Rare Earth Project in Nebraska. The imminent launch of the Phase I program, expected before the end of January 2026, marks a critical test for the exploration company’s flagship asset. Following a substantial share price rally, the market is now in a period of consolidation, weighing whether the project’s potential can justify its current valuation.

The equity has demonstrated significant volatility recently, reflecting shifting investor sentiment ahead of the drilling news. While the shares have retreated slightly over the past week, they remain up approximately 46% over a 30-day period. Since the start of the year, the gain stands at roughly 48%. On an annual basis, the stock has surged more than 200%, trading well above its 52-week low though still notably below its peak. This pullback is widely viewed as a natural pause following a steep advance, triggered by the detailed 2026 drilling plans released by the company on January 19.

Detailed Blueprint for Phase I Exploration

The forthcoming work program is structured and fully contracted. Apex has outlined a precise plan for its initial drilling phase:

• The program will consist of 10 to 15 drill holes, totaling approximately 8,000 meters of core drilling.
• Individual holes are planned to reach depths of 600 to 900 meters.
• The company has described the mobilization of personnel and equipment as "imminent."
• Drilling is scheduled to commence before the end of January 2026.
• The contract for the work was secured with Boart Longyear on January 12, 2026.

Chief Executive Officer Sean Charland characterized 2025 as a "transformational" year and stated that Apex is in a "very strong position" to maintain this momentum by launching the first drilling phase at its primary project. Technically, Phase I aims to confirm historical indications of rare earth element (REE) mineralization and to test new target areas north and south of known zones via step-out drilling. The resulting data is intended to form the foundation for a subsequent, resource-focused Phase II program.

Foundation Built in 2025

The launch of drilling follows a series of strategic preparations and milestones achieved throughout the previous year:

• Project Expansion: The land package was increased from 2,407 acres in September 2025 to 3,500 acres, incorporating areas with historical rare earth intersections.
• Permitting: On January 5, 2026, the Nebraska Department of Water, Energy and Environment granted a permit for mineral exploration and drilling.
• Technical Work: During Q4 2025, the company, in cooperation with the University of Nebraska–Lincoln, re-logged and sampled historical drill core.
• Financing: Several strategic financing rounds were completed in 2025 to fund the upcoming operational work.

Historical drilling by previous operators in the Elk Creek Carbonatite Complex—including work by Molycorp (1973–1986) and Quantum Rare Earth Developments (2010–2011)—reported significant intervals with relevant rare earth oxide (REO) grades. Notable results included 155.5 meters grading 2.70% REO and 68.2 meters grading 3.32% REO. While these historical data provide valuable vectors for the new campaign, they do not substitute for modern, company-owned results.

Should investors sell immediately? Or is it worth buying Apex Critical Metals?

Market Valuation and Financial Position

The company’s market valuation and balance sheet highlight the significant expectations already priced into the stock. By mid-January 2026, the market capitalization reached approximately 283 million CAD, a substantial increase from around 23 million CAD in October 2024. According to the last reported figures (as of October 31, 2025), Apex held about 14.8 million CAD in liquid assets with no financial debt.

This premium is further evidenced by the price-to-book ratio, which currently stands at 13.67. This multiple indicates the market is assigning a significant value to a pre-production explorer whose worth is fundamentally tied to the success of its impending drilling results.

A Structured Roadmap for the Year Ahead

Apex has established a clear timeline of milestones to guide its 2026 activities and expected news flow.

First and Second Quarters 2026:
- Execution of the Phase I drilling campaign.
- Release of initial assay results from the program.
- Completion of a NI 43-101 compliant technical report.

Second Half of 2026:
- Commencement of a Phase II drilling program.
- Progress toward an initial mineral resource estimate.
- Development of an updated 3D geological model incorporating all new data.

The operational success of the company this year hinges on the Phase I drill results. Confirmation of the historical mineralization and the identification of new zones are essential. Only convincing results that lead to a robust initial resource estimate can provide long-term justification for the ambitious valuation the market currently awards.