• Achieved 70% average magnet rare earth recovery to MREC
• Achieved nameplate MREC production capacity of ~2.0kg per day
• Heavy magnetic recoveries higher than ANSTO piloting

Meteoric Resources NL (ASX: MEI) is pleased to provide an update on the production performance at its recently commissioned MREC Pilot Plant at the Caldeira Rare Earth Project in Brazil. The Pilot Plant has been able to consistently produce MREC at or above nameplate capacity since completion of commissioning. The output achieved during continuous processing operations is consistent with the results from independent pilot testing conducted by ANSTO. These results validate the process undertaken by Meteoric's metallurgy and engineering teams. Key results include average magnet rare earth element recoveries of 70%, with excellent recoveries for individual elements such as 70% for neodymium, 71% for praseodymium, 56% for dysprosium, and 61% for terbium. The Pilot Plant is also recycling approximately 85% of all water and recovering approximately 90% of ammonium sulfate for re-use in the process. The Pilot Plant processing will continue with further optimisation trials and testing of additional tenements within the current resource, as well as selected tenements outside the life-of-mine resource.

The Pilot Plant is part of Meteoric's strategic initiative to create a unique opportunity to provide product to offtake partners, support downstream processing and further optimise the MREC production process leading to commercial production. All of this continues to de-risk the Caldeira Project as the company works towards completion of the definitive feasibility study, construction licencing and ultimately the final investment decision.