Meteoric Resources Nl · ASX:MEI
Meteoric Resources Nl — Technical Presentation (July 2025)
33 slides from Meteoric Resources Nl's technical presentation, Jul 21, 2025
Slide 1: Caldeira Project Pre-Feasibility Study
ASX: MEI CALDEIRA PROJECT PRE-FEASIBILITY STUDY A globally strategic, long-life rare earths project with significant growth potential
Slide 2: Agenda
AGENDA 1 Introduction 2 Caldeira overview 3 PFS summary 4 Operational summary 5 Permitting and funding 6 Appendices
Slide 3: Introduction
1 Introduction Strictly confidential
Slide 4: Disclaimer
DISCLAIMER These materials prepared by Meteoric Resources NL (“Meteoric” or the “Company”) include The information in this announcement that relates to Mineral Resource Estimates at the Cupim forward looking statements. Forward looking statements can generally be identified by the use of Vermelho No
Slide 5: Company Overview
COMPANY OVERVIEW MEI SNAPSHOT ASX Code MEI Share Price (18/07/25) A$0.155 Shares on Issue 2,337M Market Capitalisation A$362M BOARD AND MANAGEMENT Executive Chairman Dr Andrew Tunks Executive Director Dr Marcelo de Carvalho Managing Director Mr Stuart Gale Non-Executive Director Dr Paul Kitto Non-Ex
Slide 6: Investment Highlights
INVESTMENT HIGHLIGHTS Caldeira is set to deliver lower cost MREC than hard rock peers Largest ionic clay resource Low average operating costs Low capital intensity project globally at 1.5Bt @ 2,359ppm (US$21.80/kg NdPr)1 provide that benefits from a simple TREO including 526ppm robust margins and an
Slide 7: Caldeira overview
2 Caldeira overview Strictly confidential
Slide 8: The Caldeira Rare Earths Project
THE CALDEIRA RARE EARTHS PROJECT The world’s premiere undeveloped rare earths project The most significant and advanced rare earths ionic absorption clay project outside of China Favourably located in Minas Gerais, the largest mining state in Brazil Pre-Feasibility Study completed on southern licenc
Slide 9: A World-Class Deposit
A WORLD-CLASS DEPOSIT… Scale, grade, recovery and significant exploration upside Measured and Indicated Mineral Resources of Rare Earth Ionic Absorption Clay Rare Earth deposits1 • High-grade ionic clay hosted rare earths mineralisation 3,500 • Multi-decade scale resource defined 3,000 • High metall
Slide 10: …With Provincial-Scale Upside
…WITH PROVINCIAL-SCALE UPSIDE Scope for a Northern operating hub to materially increase both mine life and production potential Stage 2: Northern processing facility • Dona Maria 1 and 2, Cupim Vermelho Norte • Total Resources of 567Mt at 2,203ppm TREO • Measured + Indicated of 281Mt at 2,426ppm TRE
Slide 11: Established Regional Infrastructure
ESTABLISHED REGIONAL INFRASTRUCTURE Project located near low-cost renewable energy infrastructure and transport and utilities corridors Water: supplied to the plant facilities by an existing dam, ~400m from the plant site Power: 100% sourced from renewable energy (hydro, solar and wind) and connecte
Slide 12: PFS summary
3 PFS summary Strictly confidential
Slide 13: Caldeira PFS | Key Highlights
CALDEIRA PFS | KEY HIGHLIGHTS Study parameters substantially refined following extensive testwork and vendor-based cost estimates Plant throughput 6Mtpa 20%1 Optimised to deliver greater return on capital Average annual Total Rare Earth Oxide (TREO) production 13,584t 40%1 Representing ~8% of the gl
Slide 14: Caldeira | Summary Financials
CALDEIRA | SUMMARY FINANCIALS Industry leading project of scale and simplicity with expansion potential • Optimised plant design with 6.0Mtpa of Key financial & cash flow Unit Spot Consensus US$110/kg Forecast capacity; 10% increase in capital costs, metrics pricing pricing NdPr pricing1 resulting i
Slide 15: Caldeira PFS | LOM Physicals
CALDEIRA PFS | LOM PHYSICALS Meteoric has high confidence in physical estimates that have undergone further refinement since the Updated Scoping Study was released in October 2024 • Together with industry-leading partners Updated Scoping Study Pre-Feasibility Study in Ausenco, ANSTO and Fremantle Ke
Slide 16: Caldeira PFS | LOM Operating Margins
CALDEIRA PFS | LOM OPERATING MARGINS Attractive operating margins above NdPr and DyTb operating costs under all pricing scenarios Annual Cost Unit Cost • PFS delivers robust financial outcomes at a Operating Costs (US$M) (US$/kg TREO) Annual Cost Unit Cost (Real LOM) (US$M) (US$/kg TREO) higher degr
Slide 17: Operational summary
4 Operational summary Strictly confidential
Slide 18: Simple, Low Cost Mining Method
SIMPLE, LOW COST MINING METHOD Mine schedule preferences higher grade ore to drive high returns and rapid payback • Mine plan ~90% backed by existing Reserves Total Ore Mined (t) 8.0Mt • No requirements for drill and blast FIG CDM SOB BDP 7.0Mt • Excavators and Trucks utilising conventional load and
Slide 19: Metallurgy Unlocks Value
METALLURGY UNLOCKS VALUE ANSTO testwork programs provide confidence and optimization of flowsheet and processing costs • Rare earth minerals extracted using a low acidity (pH 4.5 – 5) • Demonstrates process flowsheet with MREO recoveries of ammonium sulphate solution within a short cycle time (<30 7
Slide 20: Forward Work Program
FORWARD WORK PROGRAM Pilot plant being established at the Caldeira Project to support future studies and a development decision • Pilot plant to produce MREC planned to be established in Poços de Caldas ~A$2.2M 25 – 30kg/hr • Operational in the December quarter 2025 Capital cost Process capacity • O
Slide 21: Assessing Downstream Options
ASSESSING DOWNSTREAM OPTIONS Potential to fast-track the production of separated rare earths oxides and/or magnets outside of China • Several MOUs signed with credible counterparties: • MTM Critical Metals (MTM) provides framework to expand downstream processing and separation capabilities PROCESS O
Slide 22: Permitting and funding
5 Permitting and funding Strictly confidential
Slide 23: Overview of the Permitting Process
OVERVIEW OF THE PERMITTING PROCESS Meteoric continues to successfully progress through Brazil's 3-stage permitting regime 1 Submission of the Caldeira EIS Complete ▪ Comprehensive research and community consultation from mid-2023 May 2024 ▪ Includes favourable feedback from a Social Diagnosis and St
Slide 24: Detailed Permitting Process Advancing
DETAILED PERMITTING PROCESS ADVANCING Targeting mid-2026 for issuance of Construction Licence September 2023 February 2024 May 2024 July 2024 Conclusion of the EIS fields Start of Construction License Start of Environmental Studies EIS submission to the EPA survey studies (PCA) November 2025 August
Slide 25: Caldeira Mine Plan Complies with the APA
CALDEIRA MINE PLAN COMPLIES WITH THE APA There are two environmental protection areas within the municipality of Caldas 1 Law relating to mining in the environmental areas Map of the Caldeira Project ▪ The key environmental areas relevant to the Caldeira Project are the Environmental Protection Area
Slide 26: Capital Costs and Funding
CAPITAL COSTS AND FUNDING The development will be funded by a combination of ECA debt, strategic equity and listed equity Project development costs Indicative funding waterfall (US$m) • US$357m of capital for base case 6.0Mtpa development • Includes all direct and indirect costs, taxes and owner's c
Slide 27: Concluding Remarks
CONCLUDING REMARKS Caldeira stands out as the world’s premiere undeveloped rare earths project 1 The largest ionic clay resource globally with ~1.5Bt @ 2,359ppm TREO; including a high-grade maiden Ore Reserve of 103Mt @ 4,091ppm TREO 2 Low operating costs underpinned by high grades, low strip ratios
Slide 28: Appendix
Appendix Strictly confidential
Slide 29: Rare Earths Supply Uncertainty
RARE EARTHS SUPPLY UNCERTAINTY Critical minerals with strategic geopolitical importance and a market controlled by China • On 4 April 2025, China’s Ministry of Caldeira Mineral Resource by deposit (export restricted rare earths in yellow) Commerce and General Administration announced new restriction
Slide 30: MREC Product Specifications
MREC PRODUCT SPECIFICATIONS High MREO grades with low levels of impurities TREO composition Impurity composition Oxide Concentration Units REO Concentration (%) Al2O3 0.21 % La2O3 31.4 CaO 0.56 % • Low U3O8 and ThO2 levels - five batches of MREC K2O 0.017 % CeO2 0.67 produced by ANSTO piloting and t
Slide 31: Maiden Ore Reserve
MAIDEN ORE RESERVE Selectively targeting the highest-grade mineralisation to drive high returns and rapid payback Classification Tonnes (Mt) TREO ppm Pr6O11 ppm Nd2O3 ppm Cont. REO kt • Ore Reserves based solely on higher-grade Capão do Mel (CDM) material from the CDM, Figueira, Soberbo Proved - - -
Slide 32: Caldeira Mineral Resource Estimate (April 2025)
CALDEIRA MINERAL RESOURCE ESTIMATE (APRIL 2025) Licence JORC Category Material Type Tonnes Mt TREO ppm Pr6O11 ppm Nd2O3 ppm Tb4O7 ppm Dy2O3 ppm MREO ppm MREO/TREO Capão do Mel Measured Clay 11 3,888 222 586 6 28 842 21.7% Cupim Vermelho Norte Measured Clay 26 2,607 156 477 5 25 663 25.4% Total Measu
Slide 33: Peer Comparison Reference Data
PEER COMPARISON REFERENCE DATA Source data for Bubble Plot, showing IAC Deposits with reported Measured + Indicated Resources (Mt) x TREO Grade (ppm). Grade MREO Company Project Classification Resource(Mt) Cut-Off (ppm) Bubble Size Reference (ppm) (ppm) Serra Verde Pela Ema Measured + Indicated 390
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