Caldeira

Flagship ionic-adsorption-clay (IAC) rare-earths project in the Pocos de Caldas alkaline complex of Minas Gerais, Brazil, ~254 km from Sao Paulo, comprising 77 mining and exploration licences across seven IAC deposits. Characterised as one of the largest and highest-grade ionic clay rare-earth deposits globally, with a Global Mineral Resource of about 1.5 billion tonnes (45% in Measured + Indicated) and mineralisation enriched in the magnet rare earths dysprosium and terbium. A Pre-Feasibility Study completed in July 2025 delivered a maiden Probable Ore Reserve of 103 Mt at 4,091 ppm TREO and a 20-year mine life, using a low-acidity ammonium-sulfate (AMSUL) wash flowsheet developed with ANSTO to produce a Mixed Rare Earth Carbonate; the plant is designed to process 6.0 Mtpa of dry feed to produce ~24,000 t MREC per annum, with forecast operating costs of US$8.91/kg TREO in the first five years. The project is on the State of Minas Gerais priority mining list and is held through Brazilian subsidiary Meteoric Caldeira Mineracao Ltda.