Karst bauxites represent important archives of paleoenvironmental conditions and potential sources of REE and other critical raw materials (CRMs). This study presents a multiproxy investigation of the Upper Eocene Mamutovac-1a bauxite deposit (Croatian Dinarides), integrating petrography, X-ray diffraction (XRD), magnetic susceptibility, whole-rock geochemistry, and aqua regia extractions along a 25.1 m drill core. The deposit shows clear vertical variability defined by four facies-based zones, accompanied by systematic mineralogical and geochemical changes. The bauxite is dominated by böhmite, gibbsite, hematite, and anatase, with subordinate goethite and clay minerals. ΣREE concentrations range from 276 to 670 mg/kg and increase toward the deeper zones, with consistent LREE enrichment relative to HREE, negative Eu anomalies, and variable Ce anomalies. Correlations suggest that REE are likely associated with phosphate phases, with a possible secondary contribution from clay minerals. The integrated dataset indicates a polygenetic, multi-stage evolution involving both in situ bauxitization and episodic reworking and redeposition, controlled by variable redox conditions and fluid–rock interaction. Geochemical signatures suggest a mixed provenance with contributions from intermediate to ultramafic sources. The elevated concentrations and enhanced extractability of selected elements (La, Sc, Ga, V) indicate that the deposit may represent a potential secondary source of CRMs.