KUALA LUMPUR (May 7): Gold miner Niche Capital Emas Holdings Bhd (KL:NICE) is exploring a partnership with local rare earth firm Greensnow Consolidated Bhd to build a full rare earth supply chain covering mining, processing, and infrastructure development.

In a filing with Bursa Malaysia, Niche Capital said Greensnow plans to explore about 412,000 acres of rare earth-rich land in Kedah, Pahang, Terengganu, and Kelantan, while securing selected mining rights by 2027. The project will use in-situ leaching, a lower-impact extraction method developed with the Institute of Technology Petronas and University College TATI, with the technology validated by SIRIM.

Niche Capital said Greensnow is also developing proprietary technology for the processing and separation of rare earth oxides, with a pilot plant to begin operations in the third quarter of 2026.

Its proposed joint project with Greensnow will cover mining rights, land and site development, exploration, extraction, processing, and related infrastructure for ion-adsorption clay rare earth deposits, the company said.

A memorandum of understanding was inked between Niche Capital’s rare earth unit, NICE REE Sdn Bhd, and Greensnow to set up the framework for the collaboration.

Niche Capital said the project scope and timeline are still subject to feasibility studies, approvals, financing, and final agreements.

Based on estimates of 20 tonnes per acre and a price of US$7,000 (RM27,600) per tonne, the rare earth carbonate could be worth around US$57.68 billion, although actual values may vary with market conditions and ore quality.

Greensnow is 70% owned by Threadstone Capital Sdn Bhd, 15% by Nik Abdul Mubin Nik Mahmood, Mohamad Redzuan Mustaffa (6%), Syahrir Ridha (4.5%) and Rahman Yaccup (4.5%). Threadstone is equally owned by Zainal Abidin Abd Jalili and Haslinah Hassan, who were previously substantial shareholders of IT system integrator Theta Edge Bhd (KL:THETA). 

Threadstone ceased to be a substantial shareholder in May 2025, just two months before the incorporation of Greensnow.

Niche Capital, which is also in trading of jadeite stones and construction, reported a net profit of RM371,000 for the six months ended Dec 31, 2025, compared to a net loss of RM4.8 million the year before. This was on an almost threefold increase in revenue to RM11.8 million from almost RM4 million the year before. It had cash and bank balances of RM194,000 and borrowings of RM1.42 million as at Dec 31, 2025. 

Its two largest shareholders are 59-year old non-executive and non-independent director Pang Ling with a 14.058% stake and executive director and chief executive officer Julian Foo Kuan Lin, with a 12.938% interest. 

Shares of Niche Capital ended unchanged at 8.5 sen, valuing the company at RM130.56 million.