You almost certainly won't see the All Ordinaries Index (ASX: XAO) surge 160% over the coming year, but one ASX All Ords mining stock has been tipped to do just that.
That's according to the analysts at Macquarie Group Ltd (ASX: MQG), who have just doubled down on their very bullish outlook on Meteoric Resources (ASX: MEI) shares.
Meteoric Resources shares closed yesterday trading for 14.5 cent apiece. In late morning trade on Wednesday, shares are changing hands for 15.0 cents apiece, up 3.5%.
That sees shares in the ASX All Ords mining stock up an impressive 66.7% in 2025, blowing away the 5.2% year to date gains posted by the All Ords Index.
And looking to the year ahead, Macquarie expects that Meteoric Resources shares have a lot more fuel in the tank, with the broker particularly optimistic over the miner's rare earths developments.
Here's what's happening.
ASX All Ords mining stock could rocket on rare earths production
On Monday, Meteoric Resources released an update on the environmental permitting process for its Caldeira Rare Earth Project, located in Brazil.
Shares in the ASX All Ords mining stock closed down 11.1% on the day after investors learned that Brazil's State Foundation for Environmental (FEAM) had requested more time to respond to questions related to the Caldeira Project that were raised by the Federal Public Prosecutor's Office (MPF).
This has caused a delay in the State Council for Environmental Policy (COPAM) vote to approve the Caldeira Project's Preliminary Environmental Licence (LP).
Meteoric said it was confident that it had already submitted all the information required to address the MPF questions.
"Whilst this delay in the COPAM vote is frustrating, the work our team has done supports the approval of the LP and we remain confident in obtaining the LP at the next COPAM meeting," Meteoric Resources managing director Stuart Gale said.
Commenting on the procedural delay for the ASX All Ords mining stock, Macquarie said:
While disappointing, MEI believes the delay is merely an administrative setback, as the company believes all the questions raised by MPF have already been addressed and continues to target a Construction License (LI) Issuance in mid-CY26. The company plans to assist FEAM with those questions with a goal to secure a voting slot at the next meeting on 19 December.
And the broker is very bullish on the completion of Meteoric Resources' pilot plant wet commissioning.
According to the broker:
MEI recently announced the successful completion of wet commissioning at its pilot plant in Brazil. The plant has a nameplate processing capacity of 25 kg of ore feed per hour, with potential to produce approximately 2 kg of Mixed Rare Earth Carbonate (MREC) per day. Ore feed will commence immediately, with first MREC output anticipated in early December.
We believe this will enable the company to start off-take discussions with downstream customers, a key near-term catalyst.
Macquarie maintained its outperform rating on the ASX All Ords stock, concluding:
Becoming an ex-China rare earths company is never easy, given the stringent technology and equipment controls. Despite these challenges, MEI continues to make progress and, in our view, has the potential to become Brazil's second operating rare earths producer after Serra Verde.
Macquarie has a 12-month price target for Meteoric Resources of 39 cents per share. That represents an outsized potential upside of 160% from current levels.
