• Caldeira Scoping Study updated with additional high-grade resource tonnage, further validating project's potential
• Outstanding project economics with increased pre-tax NPV8% and IRR
• Exceptional ionic clay drilling results at Barra do Pacu support expanded low-cost mining and processing operations

Meteoric Resources NL has released its quarterly activities report for the period ending December 2024, providing an update on the progress of its wholly-owned Caldeira Rare Earth Ionic Clay Project in Brazil. The key highlights include:- An update to the Caldeira Scoping Study, incorporating additional high-grade resource tonnage from the Figueira Mineral Resource Estimate, which further validates the project's potential as a world-class, low-cost source of critical rare earths. The updated study shows an increase in pre-tax NPV8% of 14% to US$1,403M and a pre-tax IRR improvement of 6% to 40.4%, with a pre-tax payback period of 2.2 years.- Exceptional ionic clay drilling results at the Barra do Pacu (BDP) license, located immediately south of the proposed Capão do Mel starter pit. The drilling program returned numerous high-grade intersections, with mineralisation averaging 27m thickness from surface and grades exceeding 4,000ppm TREO over a significant area. These results support the potential for expanded low-cost mining and processing operations at Caldeira.- Continued advancement of Pre-Feasibility Study workstreams, which are expected to incorporate the results from the Barra do Pacu drilling program. Environmental permitting also remains on track, with the Environmental Impact Statements lodged and community engagement, including the Caldas Public Hearing, progressing.- The company's cash balance at the end of the quarter was A$29.1 million, providing financial flexibility as the project development continues. Meteoric also announced the promotion of Stuart Gale to the role of Managing Director and CEO, reflecting the company's focus on project delivery, financing, and long-term strategies to grow Meteoric into a global leader in the supply of critical rare earth materials.The Caldeira Project continues to demonstrate its potential as a strategic, global-scale rare earths project with industry-defining characteristics, including grade, recoverability, and scale, at an ultra-low cost. Meteoric remains focused on meticulously progressing the project through the development stages and establishing the foundations for construction in the medium term.

Meteoric is confident the Caldeira Project is a rare earths project of strategic global significance and with industry-defining characteristics. The company will continue to target prospective, high-grade areas across Caldeira, where only seven of 69 licenses have been infill drilled to date. Meteoric expects to add further high-grade tonnes at a pace only constrained by its rate of drilling, as evidenced by the outstanding results at Barra do Pacu. The company's focus for 2025 is on progressing the Caldeira Project through the development stages, including completing the Pre-Feasibility Study (inclusive of Barra do Pacu) in the second quarter of 2025 and rapidly moving into a Definitive Feasibility Study.