Environmental Consent and Capital Raise De-risk Meteoric’s Rare Earth Ambitions Amid Market Uncertainties

Caldeira Project – A Rare Earths Powerhouse

Meteoric Resources NL has delivered a compelling update on its flagship Caldeira Rare Earth Project in Brazil, underscoring its status as a globally strategic and long-life rare earths development. The release of a comprehensive Pre-Feasibility Study (PFS) has crystallised the project's potential, with a maiden Ore Reserve of 103 million tonnes grading 4,091 parts per million of Total Rare Earth Oxides (TREO), positioning Caldeira as a significant future supplier in a market hungry for magnetic rare earth elements.

The PFS highlights not only the scale but also the quality of the resource, supported by extensive drilling and sampling programs exceeding 86,000 metres and 45,000 samples respectively. Key production metrics have improved since earlier studies, with plant throughput increased to 6 million tonnes per annum and average annual production of neodymium-praseodymium (NdPr) oxide projected at 4,228 tonnes, alongside 130 tonnes of heavy rare earth oxides (DyTb).

Operational and Financial Strength

Operating costs are notably competitive, with TREO costs estimated at US$8.91 per kilogram for the first five years, and NdPr oxide costs at US$21.80 per kilogram after accounting for by-product credits. These figures underpin a breakeven NdPr price of US$48 per kilogram over the life of the project, reinforcing Caldeira’s resilience across varying market conditions.

Further de-risking has been achieved through metallurgical testwork conducted at the Australian Nuclear Science and Technology Organisation (ANSTO), where continuous piloting confirmed excellent recoveries of magnetic rare earth oxides at 70%, and production of a high-quality mixed rare earth carbonate (MREC) with less than 2% impurities. These results validate the processing flowsheet and provide confidence ahead of full-scale development.

Pilot Plant and Environmental Progress

Construction of a pilot plant in Poços de Caldas, Brazil, is nearing completion with commissioning expected in November 2025. This facility will produce continuous MREC samples, critical for customer evaluation and downstream processing trials, including rare earth oxide separation in collaboration with Metallium Limited and Ucore Rare Metals.

On the regulatory front, Meteoric has secured consent to operate within the sensitive Buffer Zone surrounding the Ecological Sanctuary of Serra da Pedra Branca, a key milestone in the environmental permitting process. The company anticipates receipt of the Preliminary Licence in the December quarter, keeping the project development timeline on track.

Capital and Corporate Developments

Backing these technical and regulatory advances, Meteoric successfully completed a heavily oversubscribed equity placement raising $42.5 million, attracting strong institutional support, particularly from North American investors. The company ended the quarter with a robust cash position of $44.4 million, well positioned to fund ongoing development and the upcoming Definitive Feasibility Study (DFS).

Additionally, Meteoric has aligned its financial year with Brazilian operations by changing its year-end to 31 December, facilitating streamlined reporting and compliance.