• MTM successfully completed proof-of-concept Flash Joule Heating (FJH) test work on Meteoric's Mixed Rare Earth Carbonate (MREC)
• FJH can recover high-value magnetic rare earth elements and upgrade MREC by removing low-value elements
• MOU signed to evaluate technical and commercial feasibility of applying FJH technology to Meteoric's MREC

Meteoric Resources NL (ASX: MEI) has signed a Memorandum of Understanding (MOU) with MTM Critical Metals Ltd (ASX:MTM) to evaluate the application of MTM's Flash Joule Heating (FJH) technology to upgrade Meteoric's Mixed Rare Earth Carbonate (MREC) from its Caldeira Project in Brazil. MTM has successfully completed proof-of-concept FJH test work on a sample of Meteoric's MREC, demonstrating the potential to rapidly develop a chloride-based refining method. This method can recover high-value magnetic rare earth elements such as Praseodymium, Neodymium, Terbium and Dysprosium, while also upgrading the MREC by removing low-value elements like Lanthanum. The process can increase the Magnetic REO content of Meteoric's MREC from around 30% to 72% of the Total Rare Earth Oxides (TREO). The MOU provides a framework for an exclusive collaboration to expand the downstream processing and separation of Meteoric's MREC using FJH technology. Key objectives include evaluating the technical and commercial feasibility, exploring integration with Meteoric's broader downstream strategy, and supporting engineering and process development activities to assess commercial deployment options.

Meteoric and MTM will continue collaborating to enhance FJH testing in order to improve the recovery rates of valuable rare earth elements while increasing the rejection of low-value Lanthanum and Cerium. Improvements in recoveries and rejection of low-value materials are anticipated as FJH parameters are refined. Development of Meteoric's pilot plant in Poços de Caldas by September 2025 will assist the development of the process through provision of additional MREC and has the potential to host a FJH demonstration facility. Future test work will also explore opportunities for FJH technology to produce rare earth metals from rare earth chloride precursors.