KUALA LUMPUR (June 25): Gold miner Niche Capital Emas Holdings Bhd (KL:NICE) said it has entered into an agreement with rare earth firm Greensnow Consolidated Bhd to jointly undertake a rare earth exploration, extraction and processing project in Kelantan.
The two parties plan to develop the rare earth project over 2,000 acres of land located in Sungai Jeli, said Niche Capital in a filing with Bursa Malaysia on Thursday.
The development involves works such as an integrated rare earth project encompassing exploration, resource evaluation, extraction, beneficiation, processing, rare earth separation, infrastructure development, logistics and the commercialisation of rare earth products.
Thursday's agreement follows a memorandum of understanding inked between Niche Capital and Greensnow on May 7. Greensnow is 70%-owned by Threadstone Capital Sdn Bhd, 15% by ESG Global Ventures Sdn Bhd, Mohamad Redzuan Mustaffa (6%), Syahrir Ridha (4.5%) and Rahman Yaccup (4.5%).
Last year, Niche Capital and Greensnow had planned to explore about 412,000 acres of rare earth-rich land in Kedah, Pahang, Terengganu and Kelantan to build a full rare earth supply chain covering mining, processing, and infrastructure development.
Niche Capital reported a net profit of RM36,000 for the third quarter ended March 31, 2026, marking a sharp reversal from a net loss of RM2.62 million a year ago.
Quarterly revenue increased to RM7.1 million from RM2.37 million, driven by the company's mining segment, which contributed 62.7% of the total, followed by trading at 37.3%.
Niche Capital shares closed half a sen or 5.88% lower at eight sen on Thursday, valuing the company at RM130.1 million.