• Maiden Ore Reserve of 103Mt @ 4,091ppm TREO for 421kt of contained TREO
• Optimised plan delivers higher annual production at lower capital intensity
• Essential testwork and piloting completed to support process design and flowsheet

Meteoric Resources NL has completed the Pre-Feasibility Study (PFS) for its Caldeira Rare Earth Ionic Clay Project in Brazil. The PFS builds on previous Scoping Study outcomes and includes significant drilling, metallurgical testwork, and environmental programs. Key outcomes include a Maiden Ore Reserve of 103Mt @ 4,091ppm TREO for 421kt of contained TREO, an optimised production plan delivering higher annual output at lower capital intensity, and successful pilot testing to support the process design and flowsheet. The PFS confirms the robust technical and economic viability of the project, with outstanding financial metrics based on broker consensus rare earth pricing, including an undiscounted free cashflow of US$2.0 billion post-tax, an NPV8 pre-tax of US$821 million, and an IRR of 28% pre-tax. The project benefits from strong sustainability credentials, local government support, and is rapidly advancing and systematically de-risked. Meteoric is now focused on establishing an on-site pilot plant, commencing targeted improvement initiatives, progressing permitting, and concluding strategic discussions about project funding, offtake, and potential downstream opportunities.

Total Rare Earth Oxide (TREO) production of ~271kt over the Life of Mine, with average annual production of 13,584t. Average NdPr Oxide production of 4,228t per year (84,572t LOM) and average DyTb Oxide production of 130t per year (2,600t LOM).

Meteoric will focus on establishing an on-site pilot plant, commencing targeted improvement initiatives, progressing permitting towards the issue of a Construction License in 2026, and concluding strategic discussions about project funding, offtake, and potential downstream opportunities.