Meteoric Resources has announced a maiden Ore Reserve at its Caldeira Project alongside a breakthrough processing partnership and a heavily oversubscribed $42.5 million equity raise, positioning it as a key player in the evolving rare earths market.
- Maiden Barra do Pacu Mineral Resource Estimate adds 389Mt at 2,204ppm TREO
- Global Caldeira Project MRE grows to 1.5 billion tonnes at 2,359ppm TREO
- Breakthrough Flash Joule Heating separation technology partnership with MTM
- Pre-Feasibility Study confirms 103Mt Ore Reserve at 4,091ppm TREO
- Oversubscribed $42.5 million equity placement boosts cash to ~$53.5 million
Caldeira Project Milestones
Meteoric Resources NL (ASX – MEI) has delivered a strong quarterly update for June 2025, marked by significant progress at its flagship Caldeira Rare Earth Project in Minas Gerais, Brazil. The company declared a maiden Mineral Resource Estimate (MRE) for the Barra do Pacu deposit, adding 389 million tonnes at 2,204 parts per million (ppm) total rare earth oxides (TREO). This addition lifts the global Caldeira MRE to an impressive 1.5 billion tonnes at 2,359ppm TREO, reinforcing the project’s status as one of the world’s highest-grade ionic clay rare earth deposits.
Complementing this resource growth, Meteoric announced a maiden Ore Reserve of 103 million tonnes at 4,091ppm TREO, derived from four licenses within the project area. This Ore Reserve represents a solid foundation for advancing the project towards development, supported by a recently completed Pre-Feasibility Study (PFS) that highlights robust operational and financial metrics.
Innovative Processing Partnership
In a notable technological breakthrough, Meteoric signed a Memorandum of Understanding (MoU) with MTM Critical Metals (now Metallium, ASX – MTM) to collaborate exclusively on downstream processing of Caldeira’s rare earth carbonate feedstock. Using MTM’s proprietary Flash Joule Heating (FJH) process, initial testwork demonstrated effective separation and upgrading of magnetic rare earth elements such as praseodymium, neodymium, terbium, and dysprosium. The process notably increased the magnetic rare earth oxide content from approximately 30% to 72% of TREO, while removing lower-value elements like lanthanum and cerium. This scalable and modular technology could position Caldeira as a critical supplier for Western magnet manufacturing supply chains.
Strategic Funding and Market Positioning
Backing these technical advances, Meteoric completed a heavily oversubscribed $42.5 million equity placement, attracting strong support from both existing and new institutional investors, including key North American funds. This capital injection boosts the company’s pro-forma cash position to approximately $53.5 million, providing a solid financial platform to progress the Definitive Feasibility Study (DFS), pilot plant construction, and further exploration activities.
The Caldeira Project’s inclusion in Brazil’s strategic minerals funding program, administered by the Brazilian Financial Agency for Studies and Project (Finep) and the National Bank for Economic and Social Development (BNDES), further underscores its national and global significance. This program aims to foster investments along the value chain from mining to magnet production, aligning with Meteoric’s ambitions to develop a vertically integrated rare earth supply chain in Brazil.
Looking Ahead
Meteoric’s Managing Director Stuart Gale highlighted the company’s confidence in the project’s technical assumptions and recovery rates, emphasizing the importance of the Barra do Pacu resource in extending high-grade feed beyond the initial decade of production. The upcoming pilot plant in Poços de Caldas, expected to be operational by September 2025, will be pivotal in validating processing technologies and supporting offtake negotiations.
As global rare earth markets undergo a strategic realignment, particularly driven by US initiatives to diversify supply chains, Caldeira’s scale, cost profile, and environmental credentials position Meteoric Resources as a compelling player in the critical minerals sector.
Bottom Line?
Meteoric’s advances and funding set the stage for Caldeira to emerge as a cornerstone in global rare earth supply chains.
Questions in the middle?
- How will the Flash Joule Heating technology scale from pilot to commercial production?
- What are the timelines and key milestones for the Definitive Feasibility Study and Final Investment Decision?
- How will geopolitical shifts in rare earth supply impact Meteoric’s market positioning and offtake agreements?