Meteoric Resources Elevates Caldeira Rare Earths with Resource Surge and Pilot Plant Gains

Resource Upgrade Bolsters Caldeira's Tier 1 Status

Meteoric Resources Limited (ASX:MEI) has delivered a substantial upgrade to its Caldeira Rare Earth Project in Brazil, with Measured Mineral Resources soaring 246% to 128 million tonnes at 2,815 ppm Total Rare Earth Oxides (TREO). This leap in resource confidence stems from an extensive infill drilling campaign across the Southern Licences, including Capão do Mel, Figueira, and Soberbo, converting large portions of Indicated Resources into Measured categories and underpinning the Definitive Feasibility Study (DFS) now nearing completion.

The updated Global Mineral Resource Estimate (MRE) stands at 1.6 billion tonnes at 2,317 ppm TREO, with Measured and Indicated Resources combined totalling 703 million tonnes at 2,617 ppm TREO. Notably, Measured Resources now contain 21.6% magnet rare earth oxides (MREO), a critical subset for high-value permanent magnets, further cementing Caldeira's position among the world's largest and highest-grade clay-hosted rare earth deposits.

Ore Reserve Expansion Supports Long Mine Life

Following the resource upgrade, Meteoric declared an updated Ore Reserve of 146 million tonnes at 3,546 ppm TREO, a 42% increase in tonnage compared to the maiden reserve. This reserve supports a planned production rate of six million tonnes per annum, translating into more than 20 years of mine life. The contained TREO in the Ore Reserve has risen 24% to 517,000 tonnes, with MREO content at 126,000 tonnes, reflecting the higher confidence and scale of the deposit.

The Ore Reserve incorporates Measured and Indicated Resources from key deposits including Capão do Mel, Barra do Pacu, Soberbo, and Figueira, all integral to the DFS. The reserve grade saw a modest 13% decrease due to infill drilling refining geological models, but this was offset by the significant tonnage gain.

Pilot Plant Surpasses Pre-Feasibility Expectations

Complementing the resource milestones, the Caldeira Pilot Plant has delivered robust metallurgical performance over six months of continuous operation. Recoveries of magnet rare earth oxides averaged 71% during the period, with a peak of 80% achieved in May 2026, materially exceeding the May 2025 Pre-Feasibility Study (PFS) estimates. TREO recoveries averaged 61%, also outperforming prior assumptions.

The pilot plant has consistently produced Mixed Rare Earth Carbonate (MREC) at or above nameplate capacity, with over 200 kilograms supplied to potential offtake partners for qualification and downstream processing studies. Key operational metrics such as MREC impurities below 2%, water recycling at 85%, ammonium sulfate recovery at 90%, and 95% plant availability underscore the project's technical maturity.

Capital Raise and Strategic Tenement Consolidation

Meteoric bolstered its financial position with a $40 million placement at $0.17 per share, attracting strong support from institutional and global critical minerals investors. The company ended the quarter with $37.8 million in cash, well positioned to complete the DFS and advance development milestones.

During the quarter, Meteoric secured full ownership of primary mining tenements critical for Caldeira's initial production through a tenement consolidation agreement with Togni, streamlining project control. As part of this deal, Togni gained the right to nominate a board director and received a conditional offtake option for up to 30% of MREC output, aligned with market pricing and non-competition clauses.

Environmental Licensing Advances with Federal Backing

The environmental licensing process for Caldeira remains on track, with the Installation License (LI) application under review by the State Environmental Foundation (FEAM) in Minas Gerais. A comprehensive site inspection was conducted in May 2026, and FEAM is expected to publish its report soon, potentially requesting supplementary information.

Federal agencies including the National Nuclear Safety Authority (ANSN), Brazilian Institute of Environment and Renewable Natural Resources (IBAMA), and Brazilian Nuclear Industries (INB) have formally confirmed no radiological risks from the project, no interference with INB’s adjacent decommissioning site, and that licensing remains under state jurisdiction without triggering federal intervention. These endorsements reinforce the integrity of the licensing process and support a final investment decision post-licensing, anticipated early next quarter.

Corporate Structure and Operational Costs

Post quarter, Meteoric transitioned from a No Liability company to a company limited by shares, adopting the name Meteoric Resources Limited. Operational cash outflows averaged approximately $2.1 million per month, including royalty advances and technical work for DFS completion. The company continues to explore additional funding avenues such as US government grants, strategic partnerships, and offtake agreements to support its development trajectory.