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CALDEIRA RARE EARTH PROJECT RIU Explorers Conference February 2026 ASX: MEI For personal use only
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2 DISCLAIMER These materials prepared by Meteoric Resources NL (“Meteoric” or the “Company”) include forward looking statements. Forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control. Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant securities exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. The information in this announcement that relates to Mineral Resource Estimates at the Cupim Vermelho Norte and the Dona Maria 1 & 2 prospects was prepared by BNA Mining Solutions and released on the ASX platform on 12 March 2025. The information in this release that relates to Mineral Resource Estimates at the Soberbo and Capão del Mel deposits was prepared by BNA Mining Solutions and released on the ASX platform on 14 May and 13 June 2024 respectively. The information in this release that relates to Mineral Resource Estimates at the Figueira deposit was prepared by BNA Mining Solutions and released on the ASX platform on 5 August 2024. The information in this release that relates to Mineral Resource Estimates at the Bara do Pacu deposit was prepared by BNA Mining Solutions and released on the ASX platform on 15 April 2025. The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resources in this publication. The Company confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the BNA Mining Solutions findings are presented have not been materially modified. This presentation includes exploration results, estimates of Mineral Resources and scoping study results. The Company has previously reported these results and estimates in ASX announcements dated 16 December 2022, 1 May 2023, 27 June 2023, 24 July 2023, 31 August 2023, 27 September 2023, 8 December 2023, 14 December 2023, 30 January 2024, 29 February 2024, 14 May 2024 and 13 June 2024, 8 July 2024, 5 August 2024, 22 October 2024, 12 December 2024 and 5 February 2025. The Company confirms that it is not aware of any new information or data that materially affects the information included in previous announcements (as may be cross referenced in the body of this announcement) and that all material assumptions and technical parameters underpinning the exploration results and Mineral Resource estimates continue to apply and have not materially changed. All references to the pre-feasibility study and its outcomes in this release relate to the ASX announcement dated 21 July 2025. Please refer to the ASX announcement for full details and supporting information. The Company confirms that all material assumptions underpinning the production target and forecast financial information continue to apply and have not materially changed. For personal use only
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3 COMPANY OVERVIEW ASX Code MEI Share Price (17 February 2026) $0.185 Shares on Issue 2,646M Market Capitalisation $490M BOARD AND MANAGEMENT Executive Chairman Dr Andrew Tunks Managing Director Mr Stuart Gale Executive Director Dr Marcelo de Carvalho Non-Executive Director Dr Paul Kitto Non-Executive Director Mr Peter Gundy Non-Executive Director Dr Nomi Prins Chief Operating Officer Mr Peter Sheehan Chief Financial Officer Mr Andy Thomson Project Director Mr Nick Bennett Metallurgy Director Mr Tony Hadley MEI SNAPSHOTFor personal use only
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DELIVERING THE CALDEIRA RARE EARTH PROJECT De-risking Caldeira for development as global attention turns to securing rare earth supply1. Pre-Feasibility Study completed on southern licences only with scope for northern expansion to support a multi- decade operation Preliminary Environmental Licence received, progressing to Construction Licence Pilot Plant commissioned achieving MREC production and supporting downstream development Developed a skilled team with significant IP associated with finding, recovering and processing Ionic Clay Backdrop of a Global effort to secure Rare Earth supply chains have continued to gather momentum and generate significant geo-political discussion 4 1.Refer to appendices for details of key 2025 achievements For personal use only
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THE RARE EARTH RACE Global scramble to build new supply chains and source rare earth materials is underway 5 18 January 2026 Brazil and US eye rare earths deal Abundant but largely untapped rare earth deposits could offer leverage as diplomatic ties improve. 7 November 2025 US Backs Serra Verde’s Brazilian Rare-Earth Project With $465 Million Funding Trump unveils $12 billion Project Vault critical minerals stockpile in move to counter China’s dominance 3 February 2026 Other countries are expected to join Project Vault, which US president said would ensure that US businesses are /never harmed by any shortage’ 3 August 2025 China Is Choking Supply of Critical Minerals to Western Defense Companies Beijing’s tightened controls are a sign of the leverage it has over the U.S. military supply chain. Critical Metals eyes Saudi JV to refine rare earths from Greenland 15 January 2026 US government invests $1.6 billion for stake in USA rare earth 27 January 2026 Japan focuses its rare earths strategy on non-China sources 10 February 2026 For personal use only
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RARE EARTH DEMAND GROWTH STRATEGIC USES FOR RARE EARTHS Technology and the energy transition is forecast to more than double rare earth magnet (NdFeB) use by 2050 Energy saving EV motor Robotics Consumer electronics Auto-electrics Power steering 6 , t , t , t , t , t Other traditional Source: Project Blue Q4 2025 For personal use only
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7 A ROBOTIC REVOLUTION DRIVEN BY AI The technological revolution underway needs more rare earth metals… a lot more Millions of Robots Sold Humanoids ~90M by 2030 ~600M by 2040 20402030 2045 Requires 1.7Mt of rare earth magnets 480x 2025 levels 2025 200 600 1,000 1,400 2035 2050 Home robotics Small drones Autonomous vehicles Industrial robots Large VTOLs Source: Morgan Stanley estimatesFor personal use only
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0 5 10 15 20 25 30 35 40 45 50 Metric Tonnes (Millions) World Rare Earth Reserves by Country 7 February 2026 The three-way race for Brazil’s rare earths heats up US, EU and China compete for South American nation’s vast deposits of the critical minerals as trade tensions loom. • Largest rare earth reserves outside China • Favourable distribution of heavy rare earths • In discussions with the US and EU for supply of rare earth BRAZIL IDEALLY POSITIONED Potential to become a rare earth superpower 8Source: US Geological Survey BELO HORIZONTE RIO DE JANEIROSAO PAULO CALDEIRA REE PROJECT For personal use only
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CALDEIRA POSITIONED TO SUPPLY Understanding scale, grade, recovery and significant exploration upside • High-grade ionic clay hosted rare earths mineralisation • Multi-decade scale resource defined • High metallurgical recoveries from a simple flowsheet • Starting from surface • Soft, free dig material with low strip ratio Pela Ema PCH Colossus Makuutu Penco Module Deep Leads - Rubble Mound - Wind Break Caldeira - 500 1,000 1,500 2,000 2,500 3,000 3,500 - 100 200 300 400 500 600 700 800 TREO Grade (ppm) Measured + Indicated Resource (Mt) 1.5Bt Total Mineral Resource Drilling limited to ~20% of the total licence area Reserve 103Mt 4,091ppm Measured and Indicated Mineral Resources of Rare Earth Ionic Absorption Clay Rare Earth deposits1 1. Graph of tonnage v TREO grade for reported M&I MREs of IAC deposits. The size of the sphere relates to contained metal. References in the appendices. M & I Resource 666Mt 2,685ppm 9 For personal use only
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ESTABLISHED REGIONAL INFRASTRUCTURE Project located near low-cost renewable energy infrastructure and transport and utilities corridors 10 Water: supplied to the plant facilities by an existing dam, ~400m from the plant site Power: 100% sourced from renewable energy (hydro, solar and wind) and connected to site overhead power line. Road Access: connected to established main road infrastructure via construction of a ~3km unsealed road Port: product from Caldeira to be shipped to customers via the port of Santos near the city of Sao Paulo, 254km from the project site. Telecommunications: fibre optic connection via grid connected power supply OHL for operations For personal use only
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PROCESS FLOWSHEET SIMPLICITY A simple process with low technical risk and high environmental compliance drives cost efficiencies Recycling water fertiliser Clays Impurity removal Mixed Rare earths carbonate Clays washingClays Rare earths carbonate precipitation Nanofiltration and Reverse Osmosis Ionic exchange Backfill of clays to mine 11Average process costs US$6.89/kg TREO (LOM)Clays Water Rare earths No drill and blast No crush + screen No crack + leach No tailings dams Key capital and cost benefits of the Caldeira Ionic Clay Project No concentration For personal use only
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Operating Costs (Real LOM) Annual Cost (US$M) Year 1-5 Unit Cost (US$/kg TREO) Year 1-5 Annual Cost (US$M) Unit Cost (US$/kg TREO) Mining 31 2.54 39 2.89 Processing 79 6.37 94 6.89 Total operating costs 110 8.91 133 9.78 CALDEIRA PFS | LOM OPERATING MARGINS • PFS delivers robust financial outcomes at a higher degree of accuracy (+/- 25%) from the Scoping Study (+/- 40%) • More accurately reflects economic conditions and current estimates for labour and utilities costs • Costs of reagents and consumables derived from first principles using the consumption rates with prices quoted by suppliers for reagents delivered to site. • Incorporates refined processes for mining and processing of Caldeira Project material: • No drilling or blasting • No equipment fleet costs (included in capital and sustaining capital) • No re-handling of materials (i.e. wet season stockpiles or spent clay) $- $20 $40 $60 $80 $100 $120 $140 $160 $180 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 US$ / kg C1 Costs $/ Kg NdPr (Net DyTb) $/Kg DyTb credits at Consensus NdPr Spot Price NdPr Forecast NdPr Consensus NdPr US$110 Attractive operating margins above NdPr and DyTb operating costs under all pricing scenarios 12 For personal use only
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13 CALDEIRA PROJECT HIGHLIGHTS Optimised to deliver greater return on capital Representing ~6% of the global REO market1 Representing ~5% of the global NdPr market1 Representing ~5% of the global DyTb market1 6Mtpa 13,584t 4,228t 135t Plant throughput Average annual Total Rare Earth Oxide (TREO) production Average annual NdPr Oxide production Average annual DyTb Oxide production 1. Based Project Blue estimates for market demand 2026 for Rare Earth Oxides (~233ktpa), NdPr (~90ktpa) and DyTb (~2.5ktpa) against forecast average annual production per the Caldeira Project PFS. NPV Based on US$110/kg NdPr pricing with 2.5 year pay-back US$1.3bn For personal use only
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• Construction and commissioning of a pilot plant at Poços de Caldas completed in December 2025 • Achieving targeted 70% average recovery of magnetic rare earth to a mixed rare earth carbonate (MREC) • Average Nd and Pr recoveries were identical to ANSTO metallurgical pilot testwork results • Higher recoveries were achieved for heavy magnet rare earth elements Dy and Tb • Operating at nameplate throughput of 600kg/day to produce ~2kg/day of dry MREC • MREC samples available for offtake partners and separation studies PILOT PLANT OPERATIONAL Process flowsheet successfully validated 14 For personal use only
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NORTH AMERICA (Texas and Louisiana) CALDEIRA PROJECT EUROPE (Estonia) 15 LINKING INTO NEW SUPPLY CHAINS Agreements in place with partners with direct links into North American and European markets Rare earth separation OFFTAKE MOU Permanent magnet production OFFTAKE MOU PROCESS MOU MREC separation test work For personal use only
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CAPITAL COSTS AND FUNDING The development will be funded by a combination of ECA debt, strategic equity and listed equity Project development costs • US$357M of capital for base case 6.0Mtpa development • Includes all direct and indirect costs, taxes and owner's costs • Class 4 estimate (nominal accuracy of +/- 25%) • US$443M of total capital cost including ~25% contingency Approach to funding • Meteoric continues to assess potential funding options for Caldeira and intends to utilise a combination of Government / ECA debt, strategic equity and listed equity • To date, there has been strong engagement with EXIM, EFA, BNDES, FINEP, DFC and other government funding agencies and Meteoric remains confident in the ability to secure government funding • Following inbound interest from strategic parties, Meteoric assessing potential strategic equity funding options Figures in US$M Total cost Contingency Total incl. contingency Mining 24.7 3.3 28.0 Plant Direct 258.8 64.7 323.5 Plant Indirect 73.5 18.4 91.9 Total 357.0 86.4 443.4 Indicative funding waterfall (US$M) Capital cost (inc. contingency) ECA Debt Strategic equity Listed equity Targeting ~60:40 Debt-Equity funding package 16 For personal use only
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INVESTMENT PROPOSITION The largest ionic clay resource globally including a high-grade maiden Ore Reserve of 103Mt @ 4,091ppm TREO1 Low operating costs underpinned by shallow, high grade ore with low strip ratios and simple processing flowsheet2 High proportion of valuable heavy magnetic rare earth oxides over the LOM3 Significant life expansion potential with less than 10% of total Resource included in the PFS Mine Plan4 Integration with new rare earth supply chains, separation and technologies with first production targeted for 20285 Caldeira stands out as the world’s premier undeveloped rare earths project 17 Stuart Gale Managing Director Meteoric Resources NL m: +61 437 900 175 e: sgale@meteoric.com.au For personal use only
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Appendices For personal use only
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19 KEY ACHIEVEMENTS IN 2025 >1.5bt Mineral Resource Growth Metallium Downstream processing MOU PFS completed Maiden Ore Reserve 103Mt @ 4,091ppm $42.5m Placement Exceptional recoveries from ANSTO test work Buffer Zone approval Environmental License (LP) approved Signed power supply agreement US$50m Letter of interest and EFA diligence (received Jan 2026) DFS Commenced Continued exploration success at Capão do Mel Barra do Pacu maiden Resource Pilot Plant designed, built and commissioned For personal use only
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ORE RESERVE ESTIMATE 20 • Ore Reserves based solely on higher-grade material from the CDM, Figueira, Soberbo and BDP deposits • Ore Reserve average grade >70% higher than the average Mineral Resource grade to drive returns • Drill density for Ore Reserves at a minimum 100m x 100m spacing • Significant scope for future growth Classification Tonnes (Mt) TREO ppm Pr6O11 ppm Nd2O3 ppm Cont. REO kt Capão do Mel (CDM) Proved - - - - - Probable 37.1 3,925 243 667 146 Total 37.1 3,925 243 667 146 Figueira Proved - - - - - Probable 16.1 4,951 450 938 75 Total 16.1 4,951 450 938 75 Soberbo Proved - - - - - Probable 24.3 3,735 256 736 91 Total 24.3 3,735 256 736 91 Barra do Pacu (BDP) Proved - - - - - Probable 25.5 4,130 234 621 105 Total 25.5 4,130 234 621 105 Total Caldeira Project Proved - - - - - Probable 103.0 4,091 276 714 416 Total 103.0 4,091 276 714 416 1. All Ore Reserve figures reported in the table above represent estimates as at 21 July 2025. Ore Reserve estimates are not precise calculations, being dependent on the underlying Mineral Resource and based on limited information in respect to modifying factors. The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate. 2. Only material that is CLAY and has a resource classification of Measured or Indicated have been included. 3. Measured and Indicated have been converted to Probable only. 4. Ore Reserves are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code – JORC 2012 Edition). For personal use only
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Licence JORC Category Material Type Tonnes Mt TREO ppm Pr6O11 ppm Nd2O3 ppm Tb4O7 ppm Dy2O3 ppm MREO ppm MREO/TREO Capão do Mel Measured Clay 11 3,888 222 586 6 28 842 21.7% Cupim Vermelho Norte Measured Clay 26 2,607 156 477 5 25 663 25.4% Total Measured 37 2,983 176 509 5 26 715 24.0% Capão do Mel Indicated Clay 74 2,908 163 449 5 23 640 22.0% Barra do Pacu Indicated Clay 77 2,917 143 376 4 21 545 18.7% Soberbo Indicated Clay 86 2,730 165 476 5 23 669 24.5% Figueira Indicated Clay 138 2,844 145 403 5 28 582 20.5% Cupim Vermelho Norte Indicated Clay 90 2,658 163 489 5 26 683 25.7% Dona Maria 1 Indicated Clay 111 2,253 128 376 4 23 531 23.6% Dona Maria 2 Indicated Clay 53 2,303 132 390 4 22 548 23.8% Total Indicated 629 2,668 148 422 5 24 599 22.4% Total Measured + Indicated 666 2,685 150 427 5 25 605 22.5% Capão do Mel Inferred Clay 32 1,791 79 207 2 13 302 16.9% Barra do Pacu Inferred Clay 190 2,153 112 296 3 18 429 19.9% Soberbo Inferred Clay 89 2,713 167 478 5 24 675 24.9% Figueira Inferred Clay 9 3,105 139 379 5 28 551 17.7% Cupim Vermelho Norte Inferred Clay 78 2,237 126 377 4 23 530 23.8% Dona Maria 1 Inferred Clay 49 2,225 121 383 5 25 534 24.0% Dona Maria 2 Inferred Clay 29 2,324 130 397 4 21 552 23.8% Capão do Mel Inferred Transition 25 1,752 86 239 3 14 341 19.5% Barra do Pacu Inferred Transition 122 1,837 95 253 3 15 355 19.9% Soberbo Inferred Transition 54 2,207 138 395 4 20 558 25.3% Figueira Inferred Transition 24 2,174 115 328 4 21 468 21.5% Cupim Vermelho Norte Inferred Transition 67 1,665 92 281 3 17 393 23.6% Dona Maria 1 Inferred Transition 42 1,703 95 275 3 17 390 22.9% Dona Maria 2 Inferred Transition 21 1,615 86 251 3 15 355 22.0% Total Inferred 832 2,097 115 325 4 19 462 22.0% Total Measured + Indicated + Inferred 1,497 2,359 130 370 4 21 526 22.3% MINERAL RESOURCE ESTIMATE 21 For personal use only
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Company Project Classification Resource(Mt) Grade (ppm) Cut-Off (ppm) MREO (ppm) Bubble Size Reference Serra Verde Pela Ema Measured + Indicated 390 1,500 NSR 0 59 Minedocs August 2016 Appia PCH Indicated 7 2,513 NSR 562 2 Appia Rare Earths & Uranium Corp 1 March 2023 Viridis Colossus Measured + Indicated 330 2,680 1000 659 71 Viridis Mining & Minerals Ltd 22 January 2025 Ionic Rare Earths Makuutu Indicated 518 640 200 152 33 Ionic Rare Earths Limited 15 May 2024 Aclara Penco Module Measured + Indicated 28 2,292 NSR 523 6 Aclara Resources Inc. 12 December 2023 Meteoric Resources Caldeira (Global) Measured + Indicated 666 2,655 1000 605 179 MEI ASX 15 April 2025 Meteoric Resources CDM Measured + Indicated 85 3,035 1000 666 26 MEI ASX 13 June 2024 Meteoric Resources BdP Indicated 77 2,917 1000 545 22 MEI ASX 15 April 2025 Meteoric Resources SOB Indicated 86 2,730 1000 669 23 MEI ASX 14 May 2024 Meteoric Resources FIG Indicated 138 2,844 1000 582 39 MEI ASX 5 August 2024 Meteoric Resources CVN Measured + Indicated 116 2,647 1000 679 31 MEI ASX 12 March 2025 Meteoric Resources DM1 + DM2 Indicated 164 2,269 1000 536 37 MEI ASX 12 March 2025 PEER COMPARISON REFERENCE DATA Source data for Bubble Plot, showing IAC Deposits with reported Measured + Indicated Resources (Mt) x TREO Grade (ppm). 22 For personal use only