As the global demand for high-grade iron ore continues to rise, it is estimated that current reserves may be depleted within the next 60–70 years. Among the most prominent and widely distributed geological sources of iron are Banded Iron Formations (BIFs), which are characteristic rock types that formed extensively during the Precambrian era across many of the world’s shield regions. India ranks fourth in global iron ore production, contributing around 246 million tons, or roughly 8% of global output. However, with growing demand and declining reserves of high-grade ore, it has become increasingly important to exploit low- to medium-grade deposits (45–62% Fe). Upgrading these lower-grade ores depends heavily on comminution, which plays a key role in making mineral beneficiation economically viable. Advanced in situ characterization techniques—such as Light Microscopy (LM), Scanning Electron Microscopy (SEM), X-ray Diffraction (XRD), and automated mineralogical methods—enable rapid, accurate, and reliable data acquisition. By integrating these analytical approaches, effective beneficiation strategies have been developed and tested at both laboratory and pilot scales, successfully achieving the intended results. Beyond conventional iron ore beneficiation, there is also significant potential to recover Rare Earth Elements (REEs) and other critical minerals from weathered iron ores, mine tailings, and waste dumps, particularly from hematitic and goethitic ores. This exploration is analogous to China’s world-class Bayan Obo deposit. Recently, the present study in the Ubrani area of Karnataka revealed the presence of lithium-bearing Petalite within titaniferous magnetite seams. Here, lithium is hosted in mineral phases associated with hematitized V-Ti-Mg seams. Petalite appears to represent a late-stage hydrothermal mineralization phase, likely synchronous with the hematitization of these seams, and is possibly linked to the major orogenic gold mineralization events (2.45–2.60 Ga) in the Dharwar Craton. Furthermore, the occurrence of spodumene- and tourmaline-bearing quartz reefs and pegmatites may also be tied to this cratonic evolutionary history.