Meteoric Resources NL (MEI) H2 2025 earnings summary

Executive summary

• Advanced the Caldeira Rare Earths Project in Brazil, confirming a Tier 1 resource with a 1.5Bt Global Mineral Resource Estimate and a maiden Probable Ore Reserve of 103Mt @ 4,091ppm TREO, supporting a 20-year mine life.

• Completed a Pre-Feasibility Study (PFS) in July 2025, validating robust technical and economic viability for a 6Mtpa operation producing ~24,000tpa of Mixed Rare Earth Carbonate (MREC).

• Secured strong government and community support, with the project included in Brazil’s Strategic Minerals Funding Program and the Brazil Climate and Ecological Transformation Investment Platform.

• Raised $30.9M through placements and SPP during the year, with a further $42.5M raised post-year-end to fund permitting, pilot plant, and resource development.

Financial highlights

• Loss from operations: $36.5M for FY2025 (FY2024: $16.4M).

• Net assets: $8.4M at 30 June 2025 (FY2024: $8.3M).

• Cash assets: $11.0M at 30 June 2025 (FY2024: $13.9M).

• Other income: $4.7M, mainly from the sale of the Palm Springs project.

• Total equity raised during the year: $30.9M; post-year-end placement: $42.5M.

Outlook and guidance

• Targeting Final Investment Decision (FID) for Caldeira Project in 2026.

• Pilot plant construction and commissioning in Poços de Caldas approved, with operations to begin in late 2025.

• Ongoing work to secure environmental permits and advance downstream processing partnerships.