• PFS confirms world-class, long-life rare earths project
• Maiden Ore Reserve of 103Mt @ 4,091ppm TREO
• High-grade, high-recovery process flowsheet delivers low-cost production

Meteoric Resources NL (ASX: MEI) has completed a landmark Pre-Feasibility Study (PFS) for its Caldeira Rare Earth Project, confirming the robust technical and economic viability of a potential mining and processing operation. The PFS results demonstrate a world-class, long-life rare earths project underpinned by strong mining, processing and financial metrics. Key highlights include a Maiden Ore Reserve of 103Mt at 4,091ppm Total Rare Earth Oxide (TREO), high-grade and high-recovery process flowsheet delivering low-cost production, and successful completion of continuous pilot-scale metallurgical testwork. The PFS life of mine ore feed contains approximately 89% Measured & Indicated Resources and 11% Inferred Mineral Resources. Meteoric is well capitalised with a $44.4M quarter-end cash balance following a heavily oversubscribed $42.5M equity placement. The company is progressing permitting and has commenced construction of a pilot plant in Brazil to further validate the Caldeira Project flowsheet and provide MREC samples to potential customers.

The PFS outlines average annual production of 12,382t of Rare Earth Oxides (REO) over the first 5 years, including 4,228t of NdPr Oxide and 130t of DyTb Oxide. Operating costs are estimated at US$8.91/kg TREO for the first 5 years, with NdPr Oxide operating costs of US$21.80/kg (net of DyTb by-product credits).

Meteoric is well-positioned to advance the Caldeira Project to meet increasing global demand and diversification of the rare earth supply chain. The company is focused on obtaining the Preliminary Licence in Q4 2025 and continuing to de-risk the project through further metallurgical testwork, pilot plant operations, and securing offtake agreements with potential customers.