Meteoric Resources Limited (ASX: MEI) announced on 9 July 2026 a significant update to the Global Mineral Resource Estimate (MRE) for its 100%-owned Caldeira Rare Earth Element Ionic Clay Project in Brazil. The Australian mineral exploration and development company, focused on rare earth elements, reported a substantial 246% increase in Measured Resources, now totalling 128 million tonnes (Mt) at 2,815 parts per million (ppm) Total Rare Earth Oxide (TREO). The updated Global MRE for the Caldeira Project has expanded to 1.6 billion tonnes (Bt) at 2,317 ppm TREO.
This enhanced resource confidence stems from detailed infill drilling across the Southern Licences, including Capão do Mel, Soberbo, and Figueira. This extensive drilling program, involving 304 holes for over 9,200 metres, has improved geological understanding crucial for the upcoming Caldeira Project Definitive Feasibility Study (DFS). A key outcome was the conversion of Indicated to Measured Resources, increasing from 11Mt to 102Mt across these three deposits considered in the DFS.
Meteoric Managing Director Stuart Gale emphasised the importance of these upgrades, stating that the conversion to Measured Resources “is an important step to increase geological and metallurgical confidence in the Caldeira Project. This reduces future risk and uncertainty which supports upcoming investment and financing decisions.” Mr. Gale reiterated the project’s “Tier 1 status for Ionic Absorption Clay Rare Earth Element deposits in the world, with a combination of large tonnage, high-grade and excellent recoveries.”
The updated MRE now delineates considerable contained critical magnetic rare earth oxides, including 209kt of Praseodymium oxide, 594kt of Neodymium oxide, 6kt Terbium oxide, and 34kt Dysprosium oxide. Further infill drilling at Bara do Pacu is ongoing, which is anticipated to contribute to subsequent resource estimations and project optimisation.
