This study presented the first in a series of investigations currently underway to develop efficacious, cost-effective, and benign processing opportunities to produce rare earth elements (REE)–rich concentrate from an Australian complex low–grade saprolite ore [1.14% total rare earth oxides (TREO) grade], which is primarily exploited for its gold and copper values. This work specifically presented a preliminary flotation investigation carried out on the ore using sodium oleate as a collector. The relative effects of pulp pH, desliming, and depressants were investigated to ascertain any chance of recovering and upgrading REE minerals in saprolite ore using three different processing configurations. Based on the experimental results, flotation processes carried out on raw feed allowed the recovery of the majority of REE minerals (>50%), but the process was unselective, where clay and silicate gangue minerals reported into the flotation concentrate along with the REE minerals. However, desliming before flotation in the presence of depressants (starch and sodium silicate) improved REE minerals flotation selectivity, which produced concentrates assaying 5.87% and 4.22% TREO grades, with corresponding recoveries of 45% and 50% at pulp pH 9 and 10.5, respectively. Mineralogical analysis conducted on selected flotation concentrate indicated that silicate and clay gauge minerals were recovered via the synergistic act of surface activation and entrainment due to their fine to ultrafine nature. A comparison of all the test results revealed a haphazard grade–recovery relationship suggesting that there is an opportunity to further maximize both REE recovery and grade through further flotation studies where other process parameters may be investigated and optimized. The prospect of using magnetic separation has also been suggested.