Slide 1: Caldeira Rare Earth Project
CALDEIRA RARE EARTH PROJECT Completion of Definitive Feasibility Study Investor Update ASX: MEI
Slide 2: Disclaimer
DISCLAIMER Disclaimer The Mineral Resource Estimates, Ore Reserve estimate, production target, forecast financial information and DFS outcomes referred to in this presentation are extracted from, or are consistent Important Information with, Meteoric’s ASX announcements dated 9 July 2026, 16 July 20
Slide 3: Presentation Structure
PRESENTATION STRUCTURE SECTION 1 SECTION 2 SECTION 3 SECTION 4 SECTION 5 SECTION 6 Introduction Geology and Mining, Infrastructure, DFS Outcomes Project and Update Reserves / Metallurgy and Environment Development Resources Processing and Permitting Plan Caldeira Rare Earth Project Definitive Feasib
Slide 4: Section 1: Introduction and Update
SECTION 1 Introduction and Update
Slide 5: Company Overview
COMPANY OVERVIEW Board and Management ASX code MEI Executive Chairman Dr Andrew Tunks Managing Director Mr Stuart Gale Executive Director Dr Marcelo de Carvalho Offices Non-Executive Director Dr Paul Kitto Perth, Australia Non-Executive Director Mr Peter Gundy Poços de Caldas, Brazil Non-Executive D
Slide 6: Caldeira Project
CALDEIRA PROJECT A rare earth asset of exceptional scale and quality One of the world's Q4 2026 CALDEIRA largest and most Targeting receipt of Construction License (LI) PROJECT BELO HORIZONTE advanced ionic +20 years Located in Brazil’s SAO PAULO RIO DE JANEIRO Current mine life with expansion poten
Slide 7: Depth of Work Drives Confidence in Outcomes
DEPTH OF WORK DRIVES CONFIDENCE IN OUTCOMES Industry leading standards to de-risk geology, metallurgy and process flowsheet and process flowsheet HIGH VOLUME OF TESTWORK AND ANALYSIS GEOLOGY WELL UNDERSTOOD APPLIED TO OPERATING STRATEGY AND COSTS ~4,400 ~90,000m • High confidence AACE Class 3 capita
Slide 8: Project Value Drivers
PROJECT VALUE DRIVERS Characteristics that combine to make the Caldeira Project a standout rare earth opportunity 1. Unique geology and high MREO content coupled with significant Resource scale 2. High metallurgical recoveries from a simple process flowsheet 3. Low waste movement and soft, free dig
Slide 9: Definitive Feasibility Study Highlights
DEFINITIVE FEASIBILITY STUDY HIGHLIGHTS HIGH GRADES COMPELLING Ore grade of >5,000ppm TREO in the ECONOMICS first two years, with 100Mt at average Significant cashflow of US$3.2 >4,000ppm for expedited payback billion and IRR of 32% at spot prices QUALITY MINE PLAN LOW OPERATING COSTS DFS Mine Plan
Slide 10: Linking into New Supply Chains
LINKING INTO NEW SUPPLY CHAINS Strong interest in Caldeira Project offtake as part of the strategic funding process EUROPE (Estonia) NORTH AMERICA ASIA (Texas and Louisiana) (South Korea) OFFTAKE MOU Permanent OFFTAKE / magnet PROCESS OFFTAKE production FUNDING MOU MOU MOU MREC Rare earth Rare earth
Slide 11: Section 2: Geology and Reserves / Resources
SECTION 2 Geology and Reserves / Resources
Slide 12: Scale, Grade, Simplicity
SCALE, GRADE, SIMPLICITY With exposure to heavy and light magnetic rare earths M&I Resources of Ionic Absorption Clay (IAC) deposits1 1.6Bt 2,317ppm 703Mt 2,617ppm 151Mt 3,524ppm 3,500 3,000 Total Mineral M & I Resource Ore Reserve Colossus Caldeira Resource 2,500 PCH TREO Grade (ppm) Penco 2,000 Ca
Slide 13: Strategic Rare Earth Supply
STRATEGIC RARE EARTH SUPPLY Caldeira’s production mix includes light and heavy magnetic rare earths needed for critical industries STRATEGIC RARE EARTH SUPPLY Caldeira’s production mix includes light and heavy magnetic rare earths needed for critical industries Caldeira Project REE Production Mix RE
Slide 14: Section 3: Mining, Metallurgy and Processing
SECTION 3 Mining, Metallurgy and Processing
Slide 15: Simple and Low Cost Mining
SIMPLE AND LOW COST MINING Free dig material starting from surface • Ore Reserve contains >100 million tonnes at average Ore Mined & Strip Ratio Strip Ratio (x) Ore Mined (kt) 12,000 2.4 >4,000ppm TREO 10,000 2.0 • First two years >5,000ppm TREO 8,000 1.6 • Mining commences at the Capão do Mel depos
Slide 16: Process Flowsheet Refined and De-risked
PROCESS FLOWSHEET REFINED AND DE-RISKED • Structured four-year program of metallurgical testwork completed to support DFS estimates: • ANSTO lab testing • ANSTO bench testing • Vendor testwork for major process units • Caldeira Project Pilot Plant construction and operation • Low-cost ammonium sulfa
Slide 17: Low Impact Process Flowsheet
LOW IMPACT PROCESS FLOWSHEET A simple process with low technical risk and high environmental compliance drives cost efficiencies No cracking No tailings dams Water recycling ~85% Ammonium sulfate recycling ~90% Ammonium Ammonium Sulfate pH4-5 Bicarbonate Desorption Solid/liquid RE Solid/liqu
Slide 18: Section 4: Infrastructure, Environment and Permitting
SECTION 4 Infrastructure, Environment and Permitting
Slide 19: Established Regional Infrastructure
ESTABLISHED REGIONAL Water: supplied to the plant facilities by pipeline INFRASTRUCTURE from an existing dam, ~150m from the plant site Project located near low-cost renewable energy infrastructure and transport and Power: 100% sourced from renewable energy (hydro, solar and utilities corridors wind
Slide 20: Proposed Site Layout
PROPOSED SITE LAYOUT Compact site layout adapted to the geotechnical and topographical setting Located in a rural area Predominantly agricultural use No urban dwellings No requirement for resettlement Low forestation Minimal remnant vegetation Geotechnical setting Key infrastructure located on best
Slide 21: Fostering a Strong ESG Footprint
FOSTERING A STRONG ESG FOOTPRINT Extensive engagement with community and government alongside environmental assessment • Efforts made to build strong local community relationships and conduct extensive engagement with federal, state, and local government stakeholders • Perception study and community
Slide 22: Section 5: DFS Outcomes
VN METEORIC SECTION 5 DFS Outcomes
Slide 23: Confidence in Physical Estimates
CONFIDENCE IN PHYSICAL ESTIMATES Significant refinement of resource, metallurgical and mining inputs DFS MREC Production Key Production Outcomes Unit 40,000 8,000 Yr 1 - 5 LOM 35,000 7,000 Ore Mined kt 35,611 151,071 Strip Ratio waste:ore 0.61 0.57 30,000 6,000 Head Grade (ppm) Average TREO Feed Gra
Slide 24: Financial Metrics Support Development
FINANCIAL METRICS SUPPORT DEVELOPMENT Attractive returns for a long-life critical minerals project of strategic importance Project Free Cashflow at Spot (US$M) Financial & Cashflow Metrics Unit Spot Forecast1 US$M 300 Revenue US$M 9,438 17,372 200 EBITDA US$M 5,053 12,291 100 - Operating Cashflow US
Slide 25: Updated Capital Cost
UPDATED CAPITAL COST Incorporates project de-risking initiatives to maximise rare earth recoveries • High confidence Class 3 estimate (nominal accuracy Figures in US$M Total cost Contingency Total incl. of +/- 10-15%) and includes ~10% contingency contingency Mining 7.4 0.7 8.1 • Includes all direct
Slide 26: Low Cost Production
LOW COST PRODUCTION Attractive operating profit margins above NdPr spot and forecast pricing ~96% 5% 4% Nd2O3 Strong Net Payable Revenue Margin of revenues 5% $180 generated Pr6O11 from Magnet Tb4O7 $160 REOs Dy2O3 $140 22% Other oxides $120 63% $100 US$ / kg $80 $60 Operating Costs Annual Cost Unit
Slide 27: Offtake and Funding Strategy
OFFTAKE AND FUNDING STRATEGY The development will be funded by a combination of ECA debt, strategic equity and listed equity • Meteoric has executed non-binding offtake agreements with: • POSCO International Corporation (South Korea) • Neo Performance Materials Inc. (Canada) • Ucore Rare Metals Inc.
Slide 28: Section 6: Project Development Plan
SECTION 6 Project Development Plan
Slide 29: Upcoming Focus and Key Catalysts
UPCOMING FOCUS AND KEY CATALYSTS Now Next Steps to FID ~2 years Commissioning Offtake Currently no binding offtake agreements in place and 100% Project ownership DFS Construction Release of the Financing Process plant Caldeira Project Strong private sector and government construction, mining MREC DF
Slide 30: Scale, Confidence and Strategic Value
The largest, highest confidence ionic clay JORC resource known outside China An industry-leading standard of testwork and studies drives high confidence in outcomes High proportion of light and heavy MREO produced at a low costs SCALE, and in a sustainable way CONFIDENCE AND High strategic value wit
Slide 31: Contact Us
CONTACT US Stuart Gale Managing Director T: +61 8 6166 9116 E: info@meteoric.com.au https://meteoric.com.au/ ASX: MEI
Slide 32: Board of Directors
BOARD OF DIRECTORS Extensive international experience – geology, rare earth, financing Mining executive with 30+ years’ Over 20 years’ experience as a CEO Geologist with experience at Anglo Gold experience across technical, and CFO in the resources sector, and Vale, followed by a PhD in corporate, a
Slide 33: Executive Leadership
EXECUTIVE LEADERSHIP Technical and operational expertise in mining, metallurgy, project development and ESG Mining professional with 30+ years’ Finance executive with 30+ years’ Project developer and manager with 30 experience across exploration, project international experience in mining, years’ ex
Slide 34: Mineral Resource Estimate
MINERAL RESOURCE ESTIMATE 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 66 2,819 147 394 4 21 567 20.1% Cupim Vermelho Norte Measured Clay 26 2,607 156 477 5 25 663 25.4% Figueira Measured Clay 30 2,982 1
Slide 35: Ore Reserve Estimate
ORE RESERVE ESTIMATE Contained Tonnes TREO Pr6O11 Nd2O3 Tb4O7 Dy2O3 MREO Contained REO Classification MREO Mt ppm ppm ppm ppm ppm ppm kt kt Capao do Mel & Barra do Pacu Deposits Proven - - - - - - - - Probable 75.6 3,674 217 587 6 28 838 278 63 Total 75.6 3,674 217 587 6 28 838 278 63 Soberbo Deposi
Slide 36: 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). Company Project Classification Tonnage (Mt) Grade (ppm) Cut-Off (ppm) MREO (ppm) Bubble Size Reference Serra Verde Pela Ema Measured + Indicated 390