Name of the Project
Caldeira rare earths project.

Location
Minas Gerais, in Brazil.

Project Owner/s
Australian exploration company Meteoric Resources.

Project Description
Caldeira has a global mineral resource estimate of 1.63-billion tonnes grading 2 317 parts per million (ppm) total rare-earth oxides (TREO), including 518 ppm magnetic rare-earth oxides (MREO).

Measured and indicated resources total 703-million tonnes grading 2 617 ppm TREO, including 584 ppm MREO, which Meteoric has said is the world's largest measured and indicated resource inventory among ionic absorption clay deposits. Measured resources total 128-million tonnes grading 2 815 ppm TREO, including 609 ppm MREO. The project includes a high-grade starter pit of more than 4 000 ppm TREO.

The Caldeira processing plant is designed to process six-million tonnes a year of dry feed to produce an estimated 24 000 t/y of dry mixed rare-earth carbonate product.

TREO production over the 20-year life-of-mine (LoM) is estimated at 271 687 t.

Average TREO production is estimated at 13 584 t/y, neodymium/praseodymium oxide production at 4 228 t/y (84 572 t over the LoM), and dysprosium/terbium oxide production of 130 t/y (2 600 t over the LoM).

Further, potential remains to expand the project and move downstream into the production of separated rare-earth element oxides at later dates.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of $1.98-billion and an internal rate of return of 31%, with a payback of 2.8 years using forecast pricing.

Capital Expenditure
Development capital is estimated at $443-million.

Planned Start/End Date
The project has received an accelerated path to permitting and production – to deliver first production in 2028 – with the Minas Gerais state government’s awarding priority status.

Latest Developments
Meteoric reported on July 9, 2026, that measured resources across Caldeira had increased by 246% following infill drilling focused on Capão do Mel, Figueira and Soberbo.

The programme increased measured resources across these deposits from 11-million tonnes to 102-million tonnes and improved confidence in the upcoming definitive feasibility study.

Measured resources are now defined at all three deposits and are included in the study. Infill drilling at Barra do Pacu is continuing and will inform future resource estimates.

Key Contracts, Suppliers and Consultants
BNA Mining Solutions (updated MREs for Capão do Mel, Figueira and Soberbo).

Contact Details for Project Information
Meteoric, tel +61 8 6166 9112.