Highlights

  • Meteoric Resources NL holds a BUY rating with a consensus target price of AUD 0.38, implying 92.4% upside.
  • Pilot Plant achieves average 70% recovery of magnet rare earth elements, producing 2.6 kg/day of MREC.
  • Heavy magnetic recoveries exceed prior ANSTO results, while water and ammonium sulfate systems function as planned.

As of 11 February 2026, Meteoric Resources NL (ASX:MEI) maintains a BUY rating according to Refinitiv data, with a consensus target price of AUD 0.38. This indicates a potential upside of approximately 92.4% from the current trading level of AUD 0.1975. The stock has experienced some short-term volatility, with a decline of 4.76% today, offset by a 33.33% increase over the past six months and a 17.65% gain year-to-date.

Investor interest appears linked to the company’s diversified mining exposure and ongoing developments at the Caldeira Rare Earth Project in Minas Gerais, Brazil.

Pilot Plant Performance Validates Production Process
Meteoric’s recently commissioned Mixed Rare Earth Carbonate (MREC) Pilot Plant has demonstrated production performance in line with expectations. The facility has reached an average 70% recovery of magnet rare earth elements to MREC, consistent with prior ANSTO test work. Daily production has met the nameplate capacity of approximately 2.0 kg per day (dry), with recent output reaching 2.6 kg per day.

MREC samples contain 32.7% magnetic rare earth oxide, including 1.0% dysprosium and terbium oxides. These samples are being provided to offtake partners for product qualification, supporting downstream processing in Brazil.

Metallurgical Performance Exceeds Prior Test Results
Heavy magnetic recoveries have exceeded results from ANSTO pilot work. The plant’s water and ammonium sulfate recovery systems are performing as designed. Operational metrics for individual elements include neodymium recovery at 70%, praseodymium at 71%, dysprosium at 56%, and terbium at 61%.

Ongoing operations will focus on further optimization trials and testing of additional tenements, including Dona Maria 1 & 2 and Cupim Vermelho Norte. These results confirm the efficacy of Meteoric’s metallurgical and engineering design, supporting the pathway toward commercial MREC production.

Outlook and Next Steps
The Pilot Plant output aligns with budgeted capital and operating costs, reinforcing confidence in the feasibility of full-scale operations. Meteoric Resources NL is moving toward the completion of the definitive feasibility study, construction licensing, and the final investment decision for the Caldeira Project.

Market participants will monitor the execution of these milestones and any updates to production volumes, recovery rates, and offtake agreements as indicators for potential stock performance.

With brokerage assessments indicating a BUY rating and pilot plant output, Meteoric Resources NL is progressing toward commercial MREC production. The Pilot Plant has validated recovery rates for key rare earth elements and is on track for broader project milestones, supporting market optimism despite short-term price fluctuations.

FAQs

Q1. What is the current brokerage consensus for Meteoric Resources NL?
As of 11 February 2026, Meteoric Resources NL holds a BUY rating with a target price of AUD 0.38, implying 92.4% upside from current levels.

Q2. What are the Pilot Plant production rates and recoveries?
The Pilot Plant is producing 2.6 kg/day of MREC with recovery rates of 70% for neodymium, 71% for praseodymium, 56% for dysprosium, and 61% for terbium.

Q3. What is the next step for the Caldeira Project?
Meteoric Resources NL plans further optimisation trials, definitive feasibility study completion, construction licensing, and final investment decision.