The All Ordinaries Index (ASX: XAO) has gained 5.1% over the last year, but this ASX All Ords mining stock has raced ahead of those returns.
The outperforming miner in question is Meteoric Resources (ASX: MEI). The rare earths stock has gained 37.5% over the past 12 months. That's despite today's retrace.
In morning trade on Thursday, Meteoric shares are down 5.7%, changing hands for 16.5 cents apiece. For some context, the All Ords is up 0.1% at this same time.
Meteoric shares are under pressure today, despite the miner releasing a promising progress update on the performance of the Pilot Plant at its Caldeira Rare Earth Project, located in Brazil.
Here's what's happening.
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ASX All Ords mining stock targeting critical minerals
Meteoric commissioned the Pilot Plant in late 2025. Inclusive of a ramp-up period, the company reported on the performance results for the first five months of the plant's operations.
The ASX All Ords mining stock said that over this period, the plant has processed approximately 43 tonnes of ore from the Capao do Mel (CDM) starter pit. And it's achieved the targeted throughput rate of 600 kilograms per day.
Management highlighted that the Mixed Rare Earth Carbonate (MREC) production from this throughput has consistently averaged higher than the forecast 2 kilograms per day.
Magnet rare earth oxide (MREO) recoveries have been averaging 71% in MREC.
MREO recoveries jumped to 80% during May, which the miner credits to ongoing process optimisation, iterative flowsheet improvements, and ore quality.
To date, the ASX All Ords mining stock has provided more than 200 kilograms of MREC to existing and potential offtake partners in the United States, Europe, and Asia for product qualification.
The company has also provided MREC to be used in studies for development of oxide separation in Brazil.
What did Meteoric Resources management say?
Commenting on the progress that should support the ASX All Ords mining stock over the longer term, Meteoric CEO Stuart Gale said, "Results from our first five months of Pilot Plant operation have been excellent and exceed our expectations."
Gale added, "It has validated the investment Meteoric has made in metallurgical and process testwork, along with the assumptions made in our studies to date."
Looking ahead, Gale said:
The exceptionally high NdPr and DyTb combined recovery of 80% in the past month gives us encouragement that we may ultimately be able to exceed our targeted MREO recoveries by applying the learnings of the piloting program and capitalising on our +4,000ppm reserve material.
In addition to the strong MREO recoveries, rare earths on the United States critical minerals list like yttrium, samarium, gadolinium and ytterbium are all recovering well.
