The Meteoric Resources Ltd (ASX: MEI) share price is in focus after the company released its June 2026 quarterly update, featuring a significant 246% increase in Measured Resources at its Caldeira Rare Earths Project.
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What did Meteoric Resources report?
- Global Caldeira Mineral Resource Estimate (MRE) lifted to 1.6 Bt @ 2,317 ppm TREO, with Measured Resources increasing 246% to 128 Mt @ 2,815 ppm TREO
- Updated Ore Reserve of 146 Mt @ 3,546 ppm TREO and 863 ppm MREO, including 517,000 tonnes of TREO and 126,000 tonnes of MREO
- Pilot Plant delivered average magnet rare earth oxide (MREO) recoveries of 71% and TREO recoveries of 61%, exceeding pre-feasibility study estimates
- Quarter-end cash balance of $37.8 million, following a successful $40 million capital raising
- Production pathway strengthened by full assignment of key mining tenements and off-take option agreement
What else do investors need to know?
Meteoric has advanced its Caldeira Project technical, engineering, and commercial workstreams toward the final stages, aiming to deliver a Definitive Feasibility Study (DFS) in the near term. Infill drilling expanded resource confidence, notably in the Southern Licences, and facilitated a substantial upgrade in measured minerals.
Environmental licensing is progressing on schedule, with recent site inspections by Brazilian state agencies confirming no radiological risks and supporting a state-level approval process. This paves the way for a final investment decision (FID) after licence consideration, anticipated in the December quarter.
The company's tenement consolidation and new offtake options further consolidate control over the initial production area. Importantly, Meteoric remains debt-free with strong stakeholder and local support amid robust funding.
What did Meteoric Resources management say?
Stuart Gale, managing director and CEO of Meteoric Resources, said:
Meteoric continues to build strong momentum at Caldeira, with all major DFS workstreams advancing to their final stages during the June 2026 quarter.
The results from five months of continuous pilot plant operations have exceeded expectations, delivering strong MREC recoveries and validating key assumptions within the processing flowsheet. Importantly, the pilot plant has also generated valuable insights that support further process optimisation in the DFS.
In parallel, the resource infill drilling program has underpinned the delivery of an updated MRE and Ore Reserve for Caldeira, significantly enhancing geological and metallurgical understanding. Caldeira continues to demonstrate its Tier 1 credentials as one of the largest and highest-grade clay-hosted rare earth deposits globally. Coupled with our commitment to industry-leading ESG standards and proactive stakeholder engagement, the project continues to enjoy strong support from local communities and all levels of government in Brazil, providing a strong foundation for future development.
What's next for Meteoric Resources?
Meteoric is set to finalise the Caldeira DFS and expects to bring the project to a final investment decision soon after environmental licensing is secured. Further drilling at Barra do Pacu and ongoing pilot plant optimisation aim to increase resource confidence and processing performance.
The company plans to continue engagement with potential strategic partners and explore alternative funding options to support the Caldeira project's next phase. Management has reiterated commitment to timely milestones, ESG standards and positive stakeholder relationships.
Meteoric Resources share price snapshot
The Meteoric Resources share price has delivered a good return for shareholders over the past 12 months. Over the period, the rare earths stock has risen almost 9%. This is notably better than the 0.4% gain by the All Ordinaries index (ASX: XAO).
