Meteoric Resources Boosts Caldeira DFS with 246% Surge in Measured Rare Earth Resources and Strong Pilot Plant Results

Caldeira Resource Update Highlights Scale and High-Grade Advantage

Meteoric Resources unveiled an updated Global Mineral Resource Estimate for Caldeira, enhancing deposit confidence and scale. The estimate now stands at 1.6 billion tonnes averaging 2,317 ppm total rare earth oxide (TREO), including 518 ppm magnet rare earth oxide (MREO), based on a 1,000 ppm TREO cut-off. MREO accounts for 22.3% of the TREO basket, underscoring the project's strong concentration of high-value magnet rare earth elements vital for permanent magnet production.

The update notably converted large volumes of resources into the higher-confidence Measured category, which surged 246% to 128 million tonnes at 2,815 ppm TREO and 609 ppm MREO, with MREO representing 21.6% of TREO. This was achieved through an extensive infill drilling campaign comprising 256 Aircore holes totaling 8,376 metres and 48 Hollow Stem Auger holes totaling 889 metres, yielding over 5,100 samples. The resource update focused on the Southern Licences—Capão do Mel, Figueira, and Soberbo—key areas for the upcoming Definitive Feasibility Study.

Ore Reserve Update Supports Over 20 Years of Mining at Caldeira

Alongside the resource update, Meteoric announced revised Ore Reserves for Caldeira, enhancing confidence in delivering critical rare earth materials. The company reported 100 million tonnes of ore averaging over 4,000 ppm TREO, supporting a mine life exceeding 20 years at the planned production rate—a vital factor for long-term project viability and investor appeal.

The Ore Reserve totals 146 million tonnes at 3,546 ppm TREO and 863 ppm MREO, containing 517,000 tonnes of TREO and 126,000 tonnes of MREO. The announcement did not specify classifications between Proven and Probable reserves. These reserves underpin engineering and production assumptions incorporated into the forthcoming Definitive Feasibility Study, marking a critical milestone for mine planning, infrastructure design, and financial modelling.

Pilot Plant Exceeds Feasibility Study Recovery Targets

The Caldeira Pilot Plant delivered exceptional operational results during over six months of testing, validating processing flowsheet assumptions from the May 2025 Pre-Feasibility Study. Since commissioning in late 2025, average recoveries to Mixed Rare Earth Carbonate (MREC) for key magnet rare earth oxides—neodymium, praseodymium (NdPr), dysprosium, and terbium (DyTb)—averaged 71%, aligning with PFS estimates based on Australian Nuclear Science and Technology Organisation (ANSTO) testwork.

Performance improved further in May 2026, with recoveries reaching 80% for MREO and 74% for TREO, reflecting ongoing process optimization. Total Rare Earth Oxide recovery of 61% significantly exceeded Pre-Feasibility Study expectations, demonstrating stronger processing efficiency. The pilot plant also showed robust recovery of other critical rare earth elements on the US Defence Industrial Base Consortium Supply List, including Yttrium (58%), Samarium (66%), Gadolinium (62%), and Ytterbium (31%), with recoveries improving by approximately 10% during operations.

High-Quality Mixed Rare Earth Carbonate Product Distributed to Offtake Partners

More than 200 kilograms of Mixed Rare Earth Carbonate (MREC) have been produced and distributed for downstream separation testwork and product qualification. Feedback from recipients validates Meteoric's independent technical analyses and confirms the high quality of Caldeira's product. The MREC meets key quality benchmarks, including impurities below 2%, daily output exceeding 2 kilograms, and classification as non-radioactive with Uranium and Thorium levels well below the regulatory limit of 10 Becquerels per gram.

Operationally, the pilot plant demonstrated strong environmental performance with 85% water recovery for recycling and 90% ammonium sulfate recovery, aligning with industry-leading standards. Plant availability reached 95%, indicating reliable production. Operational costs remain on budget, supporting the feasibility study’s financial assumptions and de-risking commercial-scale plant design.

Capital Raise and Robust Balance Sheet Propel Project Development

Meteoric Resources secured A$40 million before costs in a capital raise during the June 2026 quarter, backed by institutional investors, high net worth individuals, and global critical minerals funds. This strong support underscores confidence in Caldeira’s strategic role in the global rare earth supply chain and its tier-one resource status amid heightened investment in critical minerals driven by supply chain concerns and clean energy transitions.

Post-raise, the company held A$37.8 million in cash at quarter-end, providing ample financial resources to advance remaining milestones, including Definitive Feasibility Study completion. This strong capital position is crucial given the capital-intensive nature of feasibility, permitting, and pre-construction engineering activities.

Tenement Consolidation Secures Key Mining Areas and Enhances Project Control

During the quarter, Meteoric finalized a tenement consolidation agreement securing ownership of primary mining areas essential for Caldeira’s initial production phase. This consolidation strengthens project control and development readiness by ensuring clear legal title to critical zones, eliminating title disputes, reducing regulatory risks, and boosting confidence among financiers and partners.

This milestone reduces regulatory and legal uncertainties, facilitating project financing, offtake negotiations, and regulatory approvals in Brazil. The project enjoys strong support from local communities and government at all levels, as highlighted by Managing Director Stuart Gale, with consolidated tenement ownership reinforcing the company’s commitment to a long-term regional presence.

Corporate Transition from No Liability to Limited Liability Company

Meteoric Resources transitioned from a No Liability (NL) company to a company limited by shares during the June 2026 quarter, concurrently changing its registered name to Meteoric Resources Limited. This change reflects the company’s evolution from exploration to advanced development stage and aligns its structure with institutional investor and project financier expectations. Details on shareholder rights, liability, and governance changes were not disclosed.

Definitive Feasibility Study Delivery Imminent

All key technical, engineering, and commercial workstreams for Caldeira are in final stages, with the Definitive Feasibility Study expected soon. While no exact date was provided, the DFS will integrate updated Mineral Resource Estimates, Ore Reserves, and pilot plant validation outcomes, delivering detailed capital and operating cost estimates, mine scheduling, and financial projections for commercial production.

The progression to final stages indicates on-schedule advancement, supported by de-risked technical inputs from recent drilling and pilot plant results. The company’s strong cash position of A$37.8 million ensures DFS completion without funding constraints, with remaining project milestones fully financed.

Strategic Importance in Global Critical Minerals Supply Chain

Caldeira ranks among the largest and highest-grade clay-hosted rare earth deposits globally, positioning Meteoric with a strategically vital asset amid efforts to diversify rare earth supply chains. The project’s tier-one status and strong grade of 2,317 ppm TREO across its resource base, especially its focus on magnet rare earth elements (neodymium, praseodymium, dysprosium, terbium), address critical supply concerns tied to permanent magnet manufacturing.

The development timeline aligns with international policies promoting sustainable domestic or allied critical mineral sources. Caldeira’s scale, grade, pilot plant success, and location outside China offer competitive advantages for offtake partnerships and financing. Managing Director Stuart Gale emphasized ongoing strong support from local communities and Brazilian government authorities, underpinning favorable social and political conditions for future project advancement.