• Heavily over-subscribed placement was up-sized to $42.5 million
• Strong support from high-quality existing and new international and domestic institutional investors
• Funding to be applied towards advancing the Caldeira Project, environmental licencing, community development, pilot plant development and resource development

Meteoric Resources NL (ASX: MEI) has received firm commitments to raise $42.5 million (before costs) via a Placement for the issue of approximately 304 million new fully paid ordinary shares at an offer price of $0.14 per share. The Placement coincides with the release of the Pre-Feasibility Study for the 100%-owned Caldeira Rare Earth Iconic Absorption Clay Project, which included the announcement of a Maiden Ore Reserve of 103Mt @ 4,091ppm TREO within a Resource of 1.5Bt @ 2,359ppm. Funds from the Placement will support the company's forward development strategy, including detailed engineering studies, environmental licencing and community programs, development activities to support the conversion of additional reserves, and the development of a 25kg/hour MREC pilot plant. The Placement was heavily oversubscribed and received strong support from high-quality existing and new international and domestic institutional investors, including key cornerstone commitments from leading North American funds.

Upon settlement of the Placement, Meteoric will be well capitalised with a pro-forma cash balance of ~$53.5 million based on the 30 June cash balance.

The new funding provides significant capacity to further invest and optimise the Pre-Feasibility Study, which includes the establishment of a pilot plant at Poços de Caldas to produce bulk samples of mixed rare earth carbonate for metallurgical testwork, customer validation and downstream development. Outcomes from these programs will feed into the Caldeira Project development and move the company towards a Final Investment Decision in 2026.