Meteoric’s Agostinho Discovery Raises Stakes in Rare Earth Supply Race

Exceptional Drilling Results at Agostinho

Meteoric Resources NL (ASX: MEI) has delivered a compelling update on its exploration progress at the Agostinho Prospect, part of the expansive Caldeira Rare Earth Ionic Clay Project in Minas Gerais, Brazil. The recent aircore drilling campaign, comprising 116 holes and 3,301 metres, has uncovered ionic clay mineralisation with total rare earth oxides (TREO) grades reaching an extraordinary 19,183ppm in select intercepts.

These results not only confirm the presence of high-grade rare earth elements close to surface but also reveal significant enrichment in Magnetic Rare Earth Oxides (MREO), averaging 30.4% and peaking at 38% in some zones. This represents a notable uplift compared to the existing Caldeira Global Resource average MREO content of 23.1%, underscoring the prospect’s potential to yield premium rare earth concentrates.

Strategic Significance of MREO and HREO Enrichment

The enrichment in MREO is particularly important given the critical role these elements play in high-tech and clean energy applications. Meteoric’s drilling also identified elevated levels of Heavy Rare Earth Oxides (HREO), such as terbium and dysprosium, comprising up to 2% of TREO. These heavy rare earths are in high demand globally due to their scarcity and essential use in permanent magnets and advanced electronics.

Noteworthy intercepts include AGOAC0107 with 24 metres at 6,918ppm TREO containing 27% MREO, including a 6-metre zone grading 19,183ppm TREO with 34.9% MREO. Similarly, AGOAC0070 returned 22 metres at 4,890ppm TREO with 27% MREO, highlighting the consistency and scale of mineralisation across the prospect.

Implications for Caldeira Project Expansion

Meteoric’s Chairman Andrew Tunks emphasized the significance of these findings, noting that only eight of the 69 licenses within the Caldeira Project have been infill drilled to date. The discovery of these enriched zones provides the company with considerable optionality to expand the resource base strategically. This is timely given the increasing global focus on securing sustainable supplies of rare earth materials for Western markets.

The mineralisation at Agostinho is shallow, averaging 28.4 metres thickness from surface, which could translate into lower extraction costs and more straightforward mining operations. The contiguous high-grade zone spans approximately 1,300 metres by 500 metres, indicating a substantial footprint for potential resource growth.

Next Steps and Market Outlook

Meteoric is currently undertaking data validation and geological modelling for Agostinho and the nearby Barra do Pacu deposits. The company anticipates releasing updated Mineral Resource Estimates in the June quarter of 2025, which will provide a clearer picture of the project's scale and economic potential.

Given the strategic importance of rare earth elements in global supply chains, Meteoric’s progress at Caldeira positions it as a noteworthy player in the sector. Investors and industry watchers will be keenly observing how these enriched zones translate into resource upgrades and eventual development plans.