Caldeira Project’s Mineral Resource Hits 1.5Bt at 2,359ppm TREO

Resource Growth and Strategic Positioning

Meteoric Resources NL (ASX: MEI) has reported a substantial increase in its global Mineral Resource Estimate (MRE) for the Caldeira Rare Earth Ionic Clay Project in Minas Gerais, Brazil. The updated MRE now stands at 1.5 billion tonnes grading 2,359ppm Total Rare Earth Oxides (TREO), marking a significant milestone in the project's development and reinforcing its status as a major rare earth resource globally.

This growth is underpinned by a maiden MRE declaration for the Barra do Pacu deposit, which alone accounts for 389 million tonnes at 2,204ppm TREO. This deposit extends the high-grade zone at Capão do Mel and will be integrated into the forthcoming Pre-Feasibility Study (PFS), expected to be released in the June 2025 quarter.

High-Grade Rare Earths and Export Controls

Meteoric has highlighted the presence of significant quantities of high-grade rare earth oxides within its resource base, including elements such as Yttrium, Praseodymium, Neodymium, Samarium, Gadolinium, Terbium, Dysprosium, and Lutetium. Notably, many of these oxides fall under Chinese export restrictions, which have tightened recently, underscoring Caldeira's strategic value as a low-cost, alternative supply source for critical rare earths.

The company’s Managing Director, Stuart Gale, emphasized the project's potential to provide sustainable supply alternatives to global markets, particularly in light of China's export controls. He noted that the resource upgrades enhance both near-term mining prospects and long-term expansion optionality, including the potential for a second processing plant in the northern Caldeira area.

Advancing Towards Pre-Feasibility and Environmental Approvals

Key workstreams for the Caldeira PFS are nearing completion, with the first stage expected to be finalized shortly. The PFS will provide detailed insights into project economics, operational plans, and capital requirements. Following the PFS, Meteoric anticipates progressing environmental approvals, a critical step towards project development.

Exploration activities continue to yield promising results, particularly at the Agostinho Prospect, where drilling has intersected exceptionally high-grade ionic clay mineralization with TREO grades exceeding 19,000ppm in some intercepts. These discoveries further validate the project's scale and grade profile.

Financial Position and Funding Outlook

At the end of the March 2025 quarter, Meteoric reported a cash balance of A$23.8 million. The company’s cash outflows reflect ongoing exploration, evaluation, and PFS-related expenditures. To support the transition from exploration to development, Meteoric is actively pursuing alternative funding avenues, including US government grants, strategic partnerships, and offtake agreements.

While the company has not yet commenced mining or production activities, its strong resource base and advancing study work position it well to attract investment and strategic collaborators in the critical minerals sector.

Looking Ahead

The upcoming release of the Caldeira PFS will be a pivotal event for Meteoric Resources, providing the market with a clearer picture of the project's viability and financial metrics. Given the geopolitical backdrop of rare earth supply constraints, Caldeira's development could play a crucial role in diversifying global supply chains.