Meteoric Resources NL

Meteoric Resources NL is a junior rare earth development company headquartered in West Perth, Australia, operating primarily in Australia and Brazil. The company's business model is centered on the exploration and development of ionic clay deposits, aiming to become a sustainable, low-cost global producer. Operational approach leverages in-house drilling capabilities, enabling rapid, cost-efficient, and effective exploration programs with minimal land disturbance. Processing capabilities are defined by a simple, low-cost ammonium sulfate (AMSUL) process flowsheet, developed in collaboration with the Australian Nuclear Science and Technology Organisation (ANSTO), which has demonstrated high metallurgical recoveries and the production of a high-purity Mixed Rare Earth Carbonate (MREC). Competitive positioning is based on a combination of factors including the mining of free-dig material without drilling or blasting, low strip ratios, short haulage distances, and access to electricity from a 100% renewable grid. The operational plan includes dry stacked tailings being backfilled into pits, eliminating the need for a conventional tailings storage facility, which further supports the low-cost production objective.

Strategic focus centers on rapidly advancing exploration and development workstreams to de-risk and progress its primary asset. This includes a significant 60,000-meter air core drilling program aimed at converting and expanding the resource base, with a focus on defining measured and indicated categories to underpin initial mine planning. Management approach involves a strong emphasis on metallurgical and density test work to validate a simple processing flowsheet and confirm high recoveries. The organization is actively positioning itself within the global supply chain through the establishment of non-binding Memorandums of Understanding for future offtake with international processors and magnet manufacturers. A key objective is securing project funding, supported by a non-binding Letter of Interest from the United States Export-Import Bank for up to US$250 million, while continuing to assess potential grants and other financing facilities. The strategy also includes divesting non-core assets to maintain focus on its principal development project.

Executive leadership is spearheaded by an Executive Chairman with a 30-year career in the resource and academic sectors, including extensive experience in capital raising and resource discovery. The management team was strengthened in 2024 with the appointment of a Chief Financial Officer with 20 years of experience in resource sector debt and equity capital markets. The Board of Directors was enhanced with the appointment of 2 new Non-Executive Directors in fiscal year 2024, one with a long history in the downstream processing and sales sector and another who is an economist and geopolitical financial expert. Governance framework was formalized during the year with the establishment of separately constituted Audit and Remuneration Committees to provide specialized oversight. The board consists of 5 directors who met between 4 and 7 times during the year across various board and committee meetings, demonstrating active engagement in strategic and governance matters.

Environmental stewardship is demonstrated by the completion of an Environmental Impact Statement (EIS) over a 9-month period, which was lodged 3 months ahead of schedule. The operational plan incorporates sustainable practices, including the use of in-house drilling capabilities that result in virtually no land disturbance and a mine design featuring dry stacked tailings backfilled into pits, which avoids a traditional tailings storage facility. The company has secured a Cooperation Agreement with the state government, which awards priority status to its project and ensures streamlined guidance through approval processes. Community engagement efforts are reflected in the Social Mapping component of the EIS, which reported a community acceptance level of 89% for the project. The project's design leverages access to a 100% renewable electricity grid, contributing to a lower carbon footprint during future operations.

In July 2023, the company entered into a Binding Option Agreement to acquire the rights to 18 additional licences to expand its primary project. The organization completed the sale of its Juruena Gold Project to Keystone Resources Ltd in October 2023 and, subsequent to the fiscal year, signed a tenement sale agreement in August 2024 to divest the Palm Springs Project to WIN Metals Ltd. The entity maintains a 49% interest in the Warrego North IOCG Project, a joint venture where Chalice Gold Mines Limited can earn up to a 70% interest. It also holds an 11.85% interest in the Webb JV, with CGN Resources as the majority partner. To support its strategic focus, the company established new operational subsidiaries in 2023, including Meteoric REE Pty Ltd, Meteoric Resources Brasil Ltda, and Meteoric Caldeira Mineracao Ltda. Strategic partnerships were advanced through non-binding offtake MOUs with Neo Performance Materials, SENAI Regional Department of Minas Gerais, and Ucore Rare Metals.