Meteoric Resources Hits 80% Magnet Rare Earth Recovery at Caldeira Pilot Plant

Pilot Plant Surpasses Recovery Expectations

Meteoric Resources NL (ASX:MEI) has delivered a robust performance update from its Caldeira Rare Earth Project pilot plant in Minas Gerais, Brazil. After five months of operation, the plant has achieved magnet rare earth oxide (MREO) recoveries averaging 71% across the operational period, with a remarkable 80% recovery recorded in May. These figures exceed the May 2025 Pre-Feasibility Study (PFS) estimates and reflect ongoing optimisation efforts.

The pilot plant processed approximately 43 tonnes of ore from the Capão do Mel starter pit at the targeted throughput of 600 kilograms per day. Notably, the production of mixed rare earth carbonate (MREC) consistently surpassed the forecasted 2 kilograms per day, providing more than 200 kilograms of product for qualification testing by existing and potential offtake partners across the United States, Europe, and Asia, as well as for downstream development with Magbras in Brazil.

Quality and Operational Metrics Support Project Viability

MREC impurities have trended below 2%, a key indicator of product quality that has garnered positive feedback from partners. Importantly, the MREC is not classified as radioactive, with uranium and thorium levels well below regulatory thresholds. The pilot plant also met critical environmental and operational benchmarks, achieving 85% water recovery and 90% ammonium sulfate recycling, alongside a plant availability rate of 95%. Operational costs remain in line with budget expectations.

Recoveries of other critical rare earth elements relevant to the US Defence Industrial Base Consortium Supply List, such as yttrium (58%), samarium (66%), gadolinium (62%), and ytterbium (31%), have improved by approximately 10% over the operating period, further enhancing the project's strategic value.

Advancing Towards Definitive Feasibility and Commercial Scale-Up

The pilot plant results provide a strong foundation for the upcoming Definitive Feasibility Study (DFS). Meteoric has secured supplier performance guarantees for selected equipment packages and is engaging vendors to finalise further guarantees as the project moves into detailed engineering. The high recoveries and consistent product quality lend confidence to the planned scale-up of the commercial plant.

Managing Director Stuart Gale emphasised the significance of these outcomes, stating that the pilot plant has validated prior metallurgical testwork and assumptions underpinning the project. He highlighted the potential to exceed targeted MREO recoveries by leveraging insights from the pilot program and the project's high-grade reserve material, which contains over 4,000ppm total rare earth oxides.

Samples of MREC have been distributed widely for separation testwork and product qualification, receiving supportive feedback that aligns with Meteoric's independent technical analysis. This validation is crucial as the company explores the long-term goal of establishing rare earth separation capabilities within Brazil.

Detailed JORC-Compliant Resource and Reserve Data

The announcement also includes comprehensive JORC Code (2012 Edition) tables detailing the Caldeira Project's mineral resources and ore reserves. The measured and indicated resources total 666 million tonnes with an average total rare earth oxide (TREO) grade of 2,685ppm and magnet rare earth oxide (MREO) content of 605ppm, representing 22.5% of TREO. Probable ore reserves stand at 103 million tonnes with an average TREO grade of 4,091ppm, reflecting the project's substantial scale and quality.

Sampling and metallurgical data underpinning these estimates were rigorously collected and analysed, with quality assurance measures ensuring data integrity. The mineralisation occurs predominantly in flat-lying clay and transition zones within a deeply weathered regolith, supporting vertical sampling techniques and reliable resource modelling.