Highlights

  • The Caldeira Definitive Feasibility Study was released on 31 July 2026.
  • The Ore Reserve was updated to 146Mt at 3,546ppm TREO.
  • A non-binding Memorandum of Strategic Partnership was signed with POSCO.
  • After the quarter, Meteoric entered a binding Scheme Implementation Deed with Lynas Rare Earths.

Meteoric Resources Limited (ASX:MEI) has released its quarterly activities report for the period ended 30 September 2026. The quarter included the release of the Definitive Feasibility Study for its Caldeira rare earths project in Brazil, updates to its resource and reserve, a strategic memorandum with POSCO and, after quarter end, a proposed acquisition by Lynas Rare Earths.

Caldeira DFS, Resource and Reserve

The Caldeira DFS, released on 31 July 2026, describes a long-life rare earths project aimed at supplying magnet supply chains. It outlines an initial throughput of 6.0Mtpa, average production of about 12,500 tonnes per year of TREO over the life of mine and capital costs of US$498 million including contingency.

The updated Mineral Resource stands at 1.6Bt at 2,317ppm TREO, with Measured Resources increasing 246% to 128Mt. The Ore Reserve was updated to 146Mt at 3,546ppm TREO and 863ppm MREO, with about 100Mt above 4,000ppm TREO supporting more than 20 years of operation at 6Mtpa.

POSCO Memorandum and Lynas Scheme

Meteoric signed a non-binding Memorandum of Strategic Partnership with POSCO, covering about 30% of rare earth material from Caldeira for up to seven years. POSCO may also support funding, including a possible equity investment and financing from Korean export credit agencies, subject to negotiation and definitive documentation.

On 1 October 2026, Meteoric announced a binding Scheme Implementation Deed under which Lynas Rare Earths would acquire 100% of the company in an all-scrip transaction, subject to shareholder and court approval. Lynas will provide an interim loan facility of up to A$110 million, with an initial A$35 million tranche received on 6 October 2026.

Licensing, Exploration and Finances

Meteoric is working with the Minas Gerais state environmental agency on the Installation Licence for Caldeira. Responses to further information requests are expected by the end of Q4 2026, with the licence now expected in early 2027. The company does not expect this to affect the scheme timetable.

During the quarter, 194 holes were drilled for 5,281m, with a Barra do Pacu resource update planned for early 2027. Cash stood at A$29.3 million at 30 September 2026. Managing Director Stuart Gale said the company's focus remains "on the fundamentals: geology, metallurgical recoveries and test work."

Key Takeaways

  • The Caldeira DFS outlines a long-life rare earths operation in Brazil.
  • An updated Ore Reserve supports more than 20 years of production at 6Mtpa.
  • The POSCO memorandum and Lynas scheme mark significant strategic developments.
  • The Installation Licence is now expected in early 2027.