Insights › Rare-earth magnet supply chain atlas › Meteoric Resources (Caldeira)
Brazil
Meteoric Resources (Caldeira)
An Australian-listed developer of the Caldeira ionic clay rare earth project at Poços de Caldas, Minas Gerais, Brazil, which plans to ship a mixed rare earth carbonate from an on-site plant. Lynas Rare Earths signed a binding deal to acquire it on October 1, 2026, subject to approvals.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- No Final Investment Decision has been made. The Installation License is still pending and targeted for consideration early in the Dec quarter 2026 (H1 2026 half-year report).
- All announced offtake arrangements (POSCO, Neo Performance Materials, Ucore) are non-binding, and the Togni offtake option is conditional (POSCO release 29 Jul 2026; Neo release 1 May 2024; DFS 31 Jul 2026).
- Government finance indications are non-binding: a US EXIM Letter of Interest for up to US$250M (Mar 2024) and an EFA Letter of Support for up to US$50M (Jan 2026), against initial capex of US$498M.
- The H1 2026 half-year report discloses a material uncertainty about the entity's ability to continue as a going concern; the auditor's conclusion was not modified.
- The Lynas acquisition is conditional on, among other things, approval under Brazil's critical and strategic minerals regime, an independent expert's conclusion, a 75% shareholder vote and Court approvals (scheme presentation 1 Oct 2026; Market Index 1 Oct 2026).
At a glance
- Founded
- 2004 — Listed on the ASX in 2004 as an explorer. In December 2022 it agreed to acquire the rare earth rights to the Caldeira project from the Togni group for US$20M in cash, credited against a 4.75% production royalty, and signed the definitive agreement on March 13, 2023. It converted from a no-liability company to a company limited by shares, as Meteoric Resources Limited, effective July 2, 2026.
- Headquarters
- West Perth, Western Australia, Australia (project: Poços de Caldas, Minas Gerais, Brazil)
- Ownership
- Public, ASX:MEI, with a secondary quotation on the US OTCQB as METOF from 10 August 2026. It had 2,906,618,799 ordinary shares on issue at 30 June 2026. The largest shareholder is Tolga Kumova at about 6.7%, and directors hold about 2.6% (per the 1 October 2026 scheme presentation). It is subject to a binding Scheme Implementation Deed (1 October 2026) under which Lynas Rare Earths (ASX:LYC) would acquire 100% for 0.0207 Lynas shares per Meteoric share; implementation is targeted for early March 2027.
- Stage
- Early stage. A definitive feasibility study (July 2026) and a pilot plant that made 213.8 kg of carbonate, but no Installation License, investment decision or committed finance yet. Lynas has signed a binding deal to acquire the company, pending approvals.
- Listing
- ASX: MEI · OTCQB: METOF
Investor relations - Revenue
- Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.
Capacity
Each date below links to the document the figure came from. A capacity figure with no source is not on this page.
| What | Figure | Status | As of |
|---|---|---|---|
| Ore processing throughput, Caldeira plant | 6.0 Mt/yr ore (DFS design; study figure) | Announced | Jul 2026 |
| MREC product shipped from site | ~25,000 t/yr MREC, dry basis (DFS design; study figure). Pilot MREC averaged 62.2% TREO. | Announced | Jul 2026 |
| Contained TREO in MREC | 12,500 t/yr life-of-mine annual average (12,181 t/yr in Years 1–5); 287,474 t TREO life-of-mine total (DFS; study figure) | Announced | Jul 2026 |
| Contained NdPr in MREC (oxide basis) | 3,862 t/yr life-of-mine annual average; 88,829 t life-of-mine total (DFS; study figure) | Announced | Jul 2026 |
| Contained Dy+Tb in MREC (oxide basis) | 127 t/yr life-of-mine annual average; 2,926 t life-of-mine total (DFS; study figure) | Announced | Jul 2026 |
| Other contained rare earths in MREC | Sm 297 t/yr, Gd 193 t/yr, Y 623 t/yr (planned annual output cited from the DFS in the scheme presentation) | Announced | Oct 2026 |
| Pilot plant MREC output | 213.8 kg MREC from 43 t (dry) ore, Jan–May 2026. Average MREO recovery was 71% (80% in May) and average TREO recovery 61% (74% in May). | Pilot scale | May 2026 |
Narrative
Meteoric bought the rare earth rights to the Caldeira project from the Togni group in 2023 for US$20 million in cash, credited against a 4.75% production royalty. Caldeira is an ionic clay deposit in the Poços de Caldas alkaline complex: the rare earths sit on clay surfaces and are released by washing the ore with an ammonium sulfate solution, then precipitated as a mixed carbonate. The July 2026 resource is 1.63 billion metric tons at 2,317 ppm TREO, and the definitive feasibility study published on July 31, 2026 declares a Probable reserve of 151.1 Mt at 3,524 ppm. The study plans 6 Mt/yr of ore and about 25,000 t/yr of carbonate containing, on average over the mine life, 12,500 t/yr of rare earth oxides, 3,862 t/yr of NdPr oxide and 127 t/yr of dysprosium and terbium oxides, for initial capital of US$498 million. A pilot plant ran from January to May 2026 and made 213.8 kg of carbonate averaging 62.2% TREO. The Preliminary Environmental License was granted in December 2025 and the Installation License is due for consideration in the December quarter of 2026; the investment decision, first guided for 2026, now follows that license and financing, and no first-production date has been published. Offtake memoranda with POSCO International, Neo Performance Materials and Ucore, a US EXIM letter of interest and an Export Finance Australia letter of support are all non-binding. On October 1, 2026 Meteoric signed a binding scheme implementation deed under which Lynas Rare Earths would acquire it for 0.0207 Lynas shares per Meteoric share, with implementation targeted for early March 2027, and Lynas committed an interim loan of up to A$110 million.
Where public sources disagree
- Mine life: the DFS (31 Jul 2026) says 'more than 20 years'; the Lynas/Meteoric scheme presentation (1 Oct 2026) and Market Index (1 Oct 2026) say 23 years; earlier secondary reports gave 24 years. DFS LOM TREO of 287,474 t divided by 12,500 t/yr is about 23 years.
- Ore Reserve: the June 2026 quarterly (24 Jul 2026) gives 146 Mt @ 3,546 ppm TREO / 863 ppm MREO (Probable), while the DFS (31 Jul 2026) gives 151.1 Mt @ 3,524 ppm TREO / 857 ppm MREO (Probable).
- LI application timing: the DFS and the June 2026 quarterly say the application was submitted in March 2026 (to FEAM); the H1 2026 half-year report says Meteoric 'commenced the application process' in May 2026.
- POSCO instrument: the POSCO release (29 Jul 2026) calls it a non-binding MOU covering 'up to 30%' in one place and 'approximately 30%' in another; the DFS (31 Jul 2026) describes 'non-binding offtake agreements with POSCO International'.
- Deal value: the scheme presentation gives A$968M (60-day Lynas VWAP, fully diluted) and A$876M (Lynas 30 Sep close); Mining Technology reports US$674M; MarketScreener headlines about A$840M. Implied value per MEI share is A$0.286, A$0.310 or A$0.316 depending on the reference price.
- Annual production versus life-of-mine totals: a mining.com.au report of the DFS (31 Jul 2026) gave 88,829 t of NdPr and 2,926 t of Dy-Tb as average production. The DFS shows these are life-of-mine totals; the annual averages are 3,862 t/yr of NdPr oxide and 127 t/yr of Dy+Tb oxide, contained in the carbonate.
Latest reports
| Period | Published | Report |
|---|---|---|
| Half-year to 30 Jun 2026 | 2026-09-02 | Interim Financial Report for the half-year ended 30 June 2026 (republished copy) |
| Quarter to 30 Jun 2026 | 2026-07-24 | Quarterly Activities Report – June 2026 |
| Transitional period 1 Jul–31 Dec 2025 | 2026-03-26 | Transitional Annual Report for the period ending 31 December 2025 |
| Year to 30 Jun 2025 | 2025-09-24 | Annual Report 2025 |
Across these reports
The definitive feasibility study of July 31, 2026 confirmed a larger, lower-grade reserve than the 2025 prefeasibility study and raised initial capital to US$498 million. The Preliminary License came on time in December 2025, but the investment decision, guided for 2026, now waits on the Installation License and financing. On October 1, 2026 Lynas agreed to acquire the company.
| Measure | What the reports show |
|---|---|
| Cash | A$10.97M (30 Jun 2025) → A$32.39M (31 Dec 2025) → A$17.89M (31 Mar 2026) → A$37.76M (30 Jun 2026, after the A$40M April placement). The Lynas A$35M Tranche 1 loan became available on signing on 1 Oct 2026. |
| Initial capex | US$443M (PFS, Jul 2025) → US$498M incl. 10% contingency (DFS, 31 Jul 2026) |
| Ore Reserve | 103 Mt @ 4,091 ppm TREO (PFS, Jul 2025) → 151.1 Mt @ 3,524 ppm TREO, all Probable (DFS, Jul 2026): higher tonnage at a lower grade |
| Annual TREO production (study, LOM average) | 13,584 t/yr REO (PFS, Jul 2025) → 12,500 t/yr TREO (DFS, Jul 2026) |
| Measured Resource | Up 246% in the June 2026 quarter, to 128 Mt @ 2,815 ppm TREO |
Stated dates
| Target | First stated | Now | Status |
|---|---|---|---|
| Preliminary Environmental License (LP) | Dec quarter 2025 (FY2025 annual report, Sep 2025) | Granted 22 Dec 2025 after the 19 Dec 2025 COPAM meeting | met |
| DFS | Delivery in 2026 (transitional annual report, Mar 2026) | Released 31 Jul 2026 | met |
| Installation License (LI) | Application submitted Mar 2026 per the DFS and June quarterly (May 2026 per the half-year report) | Targeted for SEMAD consideration early in the Dec quarter 2026 | not yet due |
| Final Investment Decision | 'FID in 2026' (FY2025 annual report, Sep 2025) | To follow LI grant and project financing; no date given. Lynas acquisition implementation is targeted for early March 2027. | not yet due |
| First production | No date announced. FY2025 performance-rights milestones were plant construction by 2 Apr 2029 and first ore by 1 Sep 2029. | No date given. The DFS assumes a 24-month build after FID followed by a 24-month phased ramp-up. | not yet due |
| Lynas scheme implementation | Announced 1 Oct 2026 | First Court date mid-Nov 2026; Scheme Booklet mid-Dec 2026; Scheme Meeting late Jan 2027; implementation early Mar 2027 (indicative) | not yet due |
Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.
Sources
- Caldeira DFS announcement — Meteoric Resources (ASX) (2026-07-31)
- Lynas to acquire Meteoric (joint presentation) — Lynas Rare Earths / Meteoric Resources (ASX) (2026-10-01)
- Quarterly Activities Report June 2026 — Meteoric Resources (ASX) (2026-07-24)
- Half-year report to 30 Jun 2026 (hosted copy) — Meteoric Resources via Webull (2026-09-02)
- POSCO strategic partnership MOU — Meteoric Resources (ASX) (2026-07-29)
- Lynas takeover offer page — Meteoric Resources (2026-10-01)
- Transitional Annual Report to 31 Dec 2025 — Meteoric Resources (ASX) (2026-03-26)
- EFA Letter of Support (hosted copy) — Meteoric Resources via Webull (2026-01-07)
- LP on COPAM agenda (hosted copy) — Meteoric Resources via Webull (2025-12-08)
- Annual Report FY2025 — Meteoric Resources (ASX) (2025-09-24)
- Neo–Meteoric offtake MoU — Neo Performance Materials (2024-05-01)
- Ucore supply agreement report — Mining.com (Reuters) (2024-08-20)
- Senior debt process / EXIM LOI — Meteoric Resources (ASX) (2024-03-21)
- Half-year report Dec 2022 (Caldeira acquisition terms) — Meteoric Resources (ASX) (2023-03-13)
- Lynas to buy Meteoric — Mining Technology (2026-10-01)
- Why the market is selling Lynas on Meteoric takeover — Market Index (2026-10-01)
- OTCQB listing — Mining.com.au (2026-08-10)
- PFS results summary — SMM News (2025-07-21)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
Get in touch← Back to Meteoric Resources (Caldeira) in the atlas · the full supply chain atlas