• Preliminary Environmental License approved, enabling progress to Installation License
• Successful commissioning of Caldeira Pilot Plant, producing first Mixed Rare Earth Carbonate
• Strategic land acquisition and power supply contracts signed to support project development

Meteoric Resources NL (ASX: MEI) has reported significant progress on its Caldeira Rare Earth Project during the December 2025 quarter. The company obtained its Preliminary Environmental License (LP) for the project, a critical approval that confirms the project's environmental viability and allows it to progress to the Installation License (LI) application. The LP application received unanimous support from the State Council for Environmental Policy (COPAM). Meteoric also successfully commissioned its Pilot Plant in Poços de Caldas, producing the first batches of Mixed Rare Earth Carbonate (MREC). The Pilot Plant has demonstrated the successful operation of all unit processes, including water treatment, material handling, and spent clay filtration. Exploration and development activities continued, with infill drilling programs to define additional Measured and Indicated Resources, and 3D geological modeling to support the Definitive Feasibility Study (DFS). Meteoric also finalized the acquisition of 21 mining and exploration licenses covering 49 km2, consolidating its land position in the highly prospective southern region of the Caldeira project. Additionally, the company signed power supply contracts with the public energy distributor CEMIG, securing renewable grid-connected electrical power for the project. Subsequent to the quarter, Meteoric received a non-binding, conditional Letter of Support from Export Finance Australia for up to US$50 million in indicative project financing. The company maintains a strong cash position of $32.4 million to advance the Caldeira project towards a Final Investment Decision.

Meteoric is well positioned to secure final approvals, negotiate binding offtake agreements, complete the DFS, and move to a positive Final Investment Decision for the Caldeira Rare Earth Project. The project's scalability, low operating costs, capital efficiency, and expedited market entry clearly distinguish it within the global rare earths sector.