• Caldeira is a globally strategic, long-life rare earths project with significant growth potential
• PFS demonstrates a low-cost, high-margin project with a post-tax NPV of US$1.3bn and IRR of 39%
• Caldeira has the potential to supply 8% of the global REO market and 7% of the global NdPr market

Meteoric Resources NL has released the Pre-Feasibility Study (PFS) for its Caldeira rare earths project in Brazil, outlining a globally strategic, long-life project with robust economics and significant growth potential. The PFS demonstrates that Caldeira is set to deliver lower-cost mixed rare earth concentrate (MREC) than hard rock peers, with the largest ionic clay resource globally at 1.5Bt @ 2,359ppm TREO. The project has low average operating costs of US$21.80/kg NdPr, providing robust margins and profitability through the cycle. With a compelling post-tax NPV of US$1.3bn and an IRR of 39%, Caldeira has the potential to supply 8% of the global REO market and 7% of the global NdPr market. The project benefits from a simple and environmentally friendly flowsheet, 1-30m depth, and no tailings dam requirement. Meteoric has an accelerated path to permitting and production, with priority status awarded from the Minas Gerais State Government to deliver first production in 2028.

The PFS outlines an average annual TREO production of 13,584t and average annual NdPr oxide production of 4,228t over the initial 20-year mine life.

Meteoric is establishing a pilot plant in Poços de Caldas to further validate and optimize the flowsheet and test different ore types from the Caldeira Project. The company has also signed MOUs with several partners to assess downstream processing and separation options, including the potential to incorporate MTM's Flash Joule Heating technology to fast-track the production of separated rare earth oxides and/or magnets.