Meteoric Resources Boosts Caldeira Rare Earth Ore Reserve by 42% to 146 Million Tonnes Ahead of Definitive Feasibility Study

146 Million Tonne Ore Reserve at Caldeira Set for Definitive Feasibility Study Inclusion

Meteoric Resources confirmed that the revised 146 million tonne Ore Reserve Estimate is specifically prepared for inclusion in the Definitive Feasibility Study of the Caldeira Rare Earth Element Ionic Clay Project. Managing Director Stuart Gale emphasized that the reserve "now covers the full Caldeira Project production profile contemplated in the DFS (20 years), providing greater operational and financial confidence and highlighting the project's longevity." This update clarifies that the 146Mt figure serves as a foundational input for the upcoming DFS rather than a standalone announcement.

Located in Brazil and wholly owned by Meteoric Resources, the Caldeira Project has progressed through successive feasibility phases. The soon-to-be-released DFS will deliver a comprehensive technical and economic evaluation, leveraging this updated reserve estimate. Investors anticipate the DFS to disclose detailed production forecasts, capital expenditure, and operating cost metrics not included in this reserve update.

Comparing the 42% Tonnage Increase to the 2025 Maiden Ore Reserve

The original Maiden Ore Reserve was published alongside the Prefeasibility Study on 21 July 2025. Relative to that baseline, the updated Probable Ore Reserve reflects a 42% tonnage increase and a 24% rise in contained TREO to 517,000 tonnes. The average TREO grade declined by 13% from the initial estimate, attributed by the company to infill drilling campaigns that enhanced geological certainty rather than indicating any reduction in project quality.

This trend—where expanded drilling results in lower average grades but higher total contained metal—is typical for large ionic clay rare earth deposits, characterized by extensive but variable mineralisation. The shift of Resources from Inferred to Indicated categories, following the updated Mineral Resource Estimate released on 9 July 2026, was a key factor driving the reserve upgrade. Only Measured or Indicated clay material has been converted to Ore Reserves, in accordance with the JORC Code 2012 Edition.

Over 100 Million Tonnes of High-Grade Ore Above 4,000 ppm TREO Within the Reserve

Within the 146 million tonne Ore Reserve, Meteoric Resources reports that more than 100 million tonnes of ore grade above 4,000 ppm TREO. This high-grade subset offers potential for selective mining approaches or premium early production phases, though detailed mine scheduling will be addressed in the DFS rather than this reserve update.

The overall reserve grade averages 3,546 ppm TREO and 863 ppm MREO, encompassing the Capão do Mel, Barra do Pacu, Soberbo, and Figueira deposits. Magnetic Rare Earth Oxides—comprising praseodymium, neodymium, terbium, and dysprosium oxides—account for 24.3% of the TREO basket, underscoring their commercial importance amid strong demand for magnet rare earths in electric vehicle motors, wind turbines, and defense sectors.

Geological Confidence Supported by 50m x 50m Drilling and Pilot Plant Metallurgical Testing

The reserve update is underpinned by Measured Resources defined through a 50 metre by 50 metre drilling grid, providing robust geological confidence in mineralisation continuity. This drilling density aligns with best practices for ionic clay rare earth deposits, where shallow drill holes systematically confirm lateral grade distribution.

Metallurgical testing conducted at Meteoric’s Brazilian Pilot Plant has validated the conversion of Mineral Resources to Ore Reserves by supplying empirical recovery and processing data. The company notes that 28% of the Ore Reserve is based on Measured Resources from the Capão do Mel, Soberbo, and Figueira mining zones, representing the highest geological confidence within the JORC framework. The remainder is classified as Probable, derived from Indicated Resources.

Mineral Resource Base: 422 Million Tonnes of Measured and Indicated Resources Across Four Deposits

The Mineral Resources informing the Ore Reserve conversion for the DFS are restricted to Measured and Indicated Resources from four deposits: Capão do Mel, Barra do Pacu, Soberbo, and Figueira. Combined, these deposits total 422 million tonnes at 2,743 ppm TREO and 576 ppm MREO, with MREO representing 21.0% of the TREO basket. The broader Caldeira Mineral Resource Estimate, released on 9 July 2026, totals 1.6 billion tonnes at 2,317 ppm TREO across seven deposits at a 1,000 ppm cut-off.

According to company data, Total Measured Resources stand at 102 million tonnes at 2,868 ppm TREO with a MREO-to-TREO ratio of 20.7%, while Total Indicated Resources amount to 320 million tonnes at 2,703 ppm TREO. The four southern deposits were selected for reserve conversion based on resource classification, proximity to planned processing infrastructure, and quality of geological and metallurgical data. The remaining three deposits from the larger resource have not yet been included in the DFS reserve conversion.

Open Pit Mining Method and Key Technical Assumptions for Reserve Estimate

The Caldeira Project will employ open cut mining using truck and excavator operations in a free-digging configuration suitable for the soft clay material. Meteoric Resources confirmed that no drill and blast will be required, consistent with the shallow, soft-clay nature of ionic clay rare earth deposits, which benefits operating costs and environmental impact compared to hard-rock mining.

A Selective Mining Unit analysis was conducted for each deposit with a parent block size of 10m x 10m x 5m, matching expected mining equipment scale and selectivity. An unplanned ore loss of 5% was applied, resulting in a mining ore recovery assumption of 95%. A global wall angle of 20 degrees and a batter face angle of 45 degrees were uniformly applied based on preliminary geotechnical fieldwork. These parameters reflect early-stage assessments and may be refined in future studies.

Probable Ore Reserve Breakdown by Deposit: Capão do Mel, Soberbo, and Figueira

The entire updated Ore Reserve is classified as Probable, with no Proven Reserves reported. Capão do Mel and Barra do Pacu together contribute 72.3 million tonnes at 3,714 ppm TREO, containing 269,000 tonnes of TREO and 61,000 tonnes of MREO at an MREO grade of 849 ppm. The Soberbo deposit adds 40.9 million tonnes at 3,178 ppm TREO, containing 130,000 tonnes of TREO and 34,000 tonnes of MREO. Figueira contributes 32.7 million tonnes at 3,636 ppm TREO, containing 119,000 tonnes of TREO and 30,000 tonnes of MREO, with the highest MREO grade of 922 ppm.

Figueira’s elevated MREO grade and approximately 25% MREO-to-TREO ratio enhance its commercial appeal, given the premium pricing of magnet rare earth oxides—especially neodymium, praseodymium, terbium, and dysprosium—in global markets. All reserve figures are reported on a dry tonne basis and include mining dilution and ore loss, consistent with the JORC Code 2012 Edition.

Strategic Location of Caldeira Project in Brazil Enhances Competitive Edge

Managing Director Stuart Gale highlighted the project’s strategic positioning, noting that the mine and processing facilities are located away from urban centers but near critical infrastructure, facilitating environmental permitting and cost-effective logistics. Brazil is emerging as a rare earth development jurisdiction, and Caldeira’s scale ranks it among the world’s significant ionic clay rare earth projects by contained TREO.

The company’s teams in Brazil and Australia have advanced de-risking efforts across environmental, metallurgical, and mining domains, contributing to the reserve upgrade now integrated into the DFS. Meteoric also anticipates discovering additional high-grade recoverable resources beyond the current reserve, supporting potential resource and reserve expansion in future study stages. The extensive 1.6 billion tonne global Mineral Resource offers a robust exploration pipeline beyond the current DFS scope.

Implications of 20-Year Reserve Life for Caldeira’s Role as a Critical Materials Asset

The 146 million tonne Ore Reserve, aligned with a planned production rate of six million tonnes per annum, supports a mine life exceeding 20 years, consistent with the DFS production profile. This extended reserve life is a vital commercial attribute for a critical minerals project, enabling long-term offtake agreements, financing arrangements, and infrastructure investments that require mine life certainty.

Global demand for rare earth elements—especially magnet rare earths such as neodymium, praseodymium, terbium, and dysprosium—is driven by accelerating electric vehicle adoption, expanding wind energy capacity, and growing defense needs. Projects with substantial, long-life reserves in stable jurisdictions are attracting heightened investor and government interest as Western countries seek to diversify rare earth supply chains away from dominant existing suppliers. Meteoric classifies the Caldeira Project as a "Tier 1 project," citing its geological scale, infrastructure advantages, and comprehensive technical foundation underpinning the DFS.

Project Risks and Considerations Ahead of Definitive Feasibility Study Release

As typical for mineral projects at the feasibility stage, the Caldeira Project involves risks investors should evaluate. The Ore Reserve is entirely Probable, with no Proven Reserves, reflecting current geological and geotechnical assessment stages. Mining parameters such as wall angles and ore loss assumptions are preliminary and may be revised with further study.

The DFS has not yet been published, and critical economic details—including capital and operating costs, revenue assumptions, and financing structures—remain undisclosed. Additional project-specific risks include environmental permitting in Brazil, currency fluctuations, rare earth commodity price volatility, and the complexities of developing a large-scale mining and processing operation in South America. Investors should view the reserve estimate and forthcoming DFS as significant milestones but not guarantees of project development, financing, or production outcomes.