Interim report
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Interim Financial Report For the half-year ended 30 June 2026
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METEORIC RESOURCES LIMITED (formerly Meteoric Resources NL) (ABN 64 107 985 651) METEORIC RESOURCES LTD 2 CORPORATE DIRECTORY Directors Stock Exchange Listing Dr. Andrew Tunks Executive Chairman Australian Securities Exchange Mr Stuart Gale Managing Director and Chief Executive Officer ASX Code - MEI Dr. Marcelo de Carvalho Executive Director Registered and Principal Office Dr. Paul Kitto Non-Executive Director Australia Mr Peter Gundy Non-Executive Director Level 1, 35 Ventnor Avenue Dr. Nomi Prins Non-Executive Director West Perth WA 6005 Telephone: +61 8 6166 9112 Company Secretary Email: info@meteoric.com.au Matthew Foy Web: www.meteoric.com.au Brazil Share Registry Meteoric Caldeira Mineração Ltda Automic Group Paco das Aguas Office Tower, Sala 404 Level 5, 191 St Georges Terrace Rua Barão de Campo Místico 80, Perth WA 6000 Centro, CEP 37.701-039 | Poços de Caldas – MG Telephone: 1300 288 664 Auditor Bankers BDO Audit Pty Ltd National Australia Bank Level 18, 360 Queen Street 239 Murray Street Mall Brisbane QLD 4000 Perth WA 6000
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METEORIC RESOURCES LTD 3 CONTENTS Directors’ Report 4 Auditor’s Independence Declaration 20 Consolidated Statement of Profit or Loss and Other Comprehensive Income 21 Consolidated Statement of Financial Position 22 Consolidated Statement of Changes in Equity 23 Consolidated Statement of Cash Flows 24 Notes to the Consolidated Financial Statements 25 Directors’ Declaration 34 Independent auditor’s review report to the members of Meteoric Resources Ltd 35
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DIRECTORS’ REPORT METEORIC RESOURCES LTD 4 The Directors present their financial report for the consolidated entity consisting of Meteoric Resources Limited (formerly Meteoric Resources NL) (Company or Meteoric) and the entities it controls (Consolidated Entity or Group) at the end of, or during, the half-year ended 30 June 2026. DIRECTORS The names of Directors who held office during the half -year period and up to the date of signing this report, unless otherwise stated are: Andrew Tunks Executive Chairman Stuart Gale Managing Director and Chief Executive Officer Marcelo de Carvalho Executive Director Paul Kitto Non-Executive Director Peter Gundy Non-Executive Director Nomi Prins Non-Executive Director PRINCIPAL ACTIVITIES The principal activities of the Group during the half -year were to explore mineral tenements and evaluation of the Caldeira Rare Earths Project in Brazil. FINANCIAL SUMMARY The Group made a net loss after tax of $27,140,669 for the financial half-year ended 30 June 2026 (30 June 2025: loss $20,240,385). At 30 June 2026, the Group had net assets of $ 66,358,008 (31 December 2025 : $53,854,751) and cash assets of $37,762,553 (31 December 2025: $32,386,897). DIVIDENDS No dividends have been declared, provided for or paid in respect of the half -year ended 30 June 2026 (30 June 2025: Nil). SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS The significant changes in the state of affairs of the Consolidated Entity during the financial period and to the date of this report are set out in the review of operations below. REVIEW OF OPERATIONS The Caldeira Rare Earths Project ( Caldeira Project or the Project) comprises 78 Mining and Exploration Licences (with total landholdings over 19,236 hectares) located between the cities of Caldas, Poços de Caldas, and Andrades in the southwest region of the state of Minas Gerais in Brazil (Figure 1). Caldeira is located 254km from the city of Sao Paulo and approximately 350km from the port of Santos. The Alkaline Intrusive Complex of the Poços de Caldas area, where the Caldeira Project is located, is one of the most important economic and geological terrains in Brazil. It is prospective for various commodities including rare earths, bauxite, zirconium and leucite. Rare earth mineralisation at the Caldeira Project is enriched in magnet rare earths of dysprosium and terbium (DyTb ) and neodymium and praseodymium (NdPr). The mineralisation is hosted in soft, weathered clays which provides significant cost and operating advantages relative to hard rock rare earths deposits.
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DIRECTORS’ REPORT (continued) METEORIC RESOURCES LTD 5 Figure 1: Location map of Caldeira REE Project highlighting seven licences with JORC resources totalling 1.6Bt at 2,317ppm TREO. Southern licences (highlighted in RED) are the areas included in the 2025 PFS and current DFS. Letter of Support Received from Export Finance Australia In January 2026, Meteoric received a non-binding and conditional Letter of Support from Export Finance Australia (EFA) for indicative financing of up to US$50 million (~A$77M). The proposed financing is intended to support the development of the Caldeira Project through the use of Australian engineering, procurement, construction and management contractors. This Letter of Support underscores the Australian Government export credit agency’s determination to drive Australian expertise and exports into global rare earths markets, while also contributing to supply chain diversification. This strategy also reinforces the established partnership between Australia and Brazil through enhanced supply chain support within the Project.
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DIRECTORS’ REPORT (continued) METEORIC RESOURCES LTD 6 Construction Licence Application Following the approval of the Preliminary Environmental Licence (LP) in December 2025, Meteoric has continued to advance the environmental licensing process for Caldeira in strict accordance with timelines and regulations defined by the State Secretariat for the Environment and Sustainable Development (SEMAD) Minas Gerais, alongside the relevant municipal, state, and federal frameworks. Meteoric submitted all necessary documentation and commenced the application process for grant of an Installation Licence (LI) for Caldeira in May 2026. The submission of the LI is an important milestone in the development of the Caldeira Project and represents the second stage of a three staged licensing process (LP, LI, and Operating License) required to allow the Caldeira Project to commence full-scale production. The LI has been submitted to the Minas Gerais State Environmental Foundation (FEAM) which will provide the final approval of the LI. The environmental and social studies contained in the LI application are a combination of studies initiated as early as 2024, supplemented by the most recent engineering designs for the surface mine and auxiliary infrastructure, processing facilities and e ngineering controls supporting the environmental and social aspects of the Caldeira Project. Key documents lodged with the LI submission include: • Environmental Control Plan (PCA) which details 27 socio -environmental programs to be implemented during the construction, operation and closure of the Caldeira Project to mitigate and enhance the impacts of the Project. • Stated compliance with the 13 socio-environmental conditions established in the LP. • Compliance with environmental compensation and Legal Reserve Relocation programs in accordance with state and federal legislation. As part of the LI review process, representatives from FEAM conducted a comprehensive site inspection of the Project area in late May 2026, with a specific focus on evaluating the forested areas designated for project development. Following this site visit , FEAM aims to publish its field inspection report, which will outline any requests for supplementary information regarding the Project or its submitted social and environmental programs. Throughout the Caldeira licensing process, key federal regulatory agencies have been actively engaged and have formally expressed their positions regarding the Project. These agencies include: • The National Nuclear Safety Authority (ANSN): Responsible for monitoring, regulating, and inspecting nuclear safety and radiological protection in Brazil. • The Brazilian Institute of Environment and Renewable Natural Resources (IBAMA): The federal environmental agency responsible for national-level licensing activities. • Brazilian Nuclear Industries (INB): A state-owned enterprise responsible for the mining, processing, enrichment and production of nuclear fuel to supply nuclear power plants in Brazil. The INB operates a decommissioning unit adjacent to the Caldeira Project area. Collectively, these organisations have formally confirmed that: • The Caldeira Project presents no radiological risks (ANSN Official Letter No. 116/20251); • The Caldeira Project will not interfere with, nor pose any risk to, INB’s decommissioning site in Caldas (ANSN Official Letter No. 114/20252); and • The environmental licensing process remains under state jurisdiction (FEAM) in Minas Gerais, as the Project does not trigger federal IBAMA intervention thresholds (IBAMA document Case 6001086 52.2026.4.06.38263). The formal endorsements from these federal entities further validate the integrity of the ongoing environmental licensing process and demonstrate the Company's strict adherence to all statutory environmental guidelines defined by
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DIRECTORS’ REPORT (continued) METEORIC RESOURCES LTD 7 Brazilian legislation. The LI remains on schedule for consideration by SEMAD early in the December 2026 quarter, positioning the Company to make FID thereafter. Pilot Plant Delivers Outstanding Recoveries and MREC Production Following the successful commissioning of the Pilot Plant in November 2025 and subsequent ramp-up period, Meteoric maintained stable and consistent operations throughout the reporting period, with MREC production meeting or exceeding nameplate capacity. Ore from the Capão do Mel (CDM) starter pit was processed during the period to assess the impact of deposit variability on process plant performance. Samples collected from the Pilot Plant were sent to SGS’ laboratory in Belo Horizonte for assay. The overall magnet rare ear th and total rare earth oxide recoveries achieved at the Poços de Caldas pilot plant are consistent with results from previous independent ANSTO pilot testing on Capão do Mel ore conducted in 2024 and 2025. Optimisation trials were completed along with the testing of additional tenements within the current resource, as well as selected areas beyond the life -of-mine resource, including Dona Maria 1 & 2 and Cupim Vermelho Norte. These optimisation works delivered outstanding MREO recoveries of 80% and TREO recoveries of 74%, reflecting ongoing process optimisation, iterative flowsheet improvements and ore quality. MREO recoveries (neodymium and praseodymium (NdPr) and heavy MREOs dysprosium and terbium (DyTb)) averaged 71% over the operational period. In addition, recoveries of other critical rare earths listed on the US Defence Industrial Base Consortium Supply List have averaged: Yttrium 58%, Samarium 66%, Gadolinium 62% and Ytterbium 31%. Other important benchmarks that have been met or exceeded, include: • MREC impurities below 2% • MREC output above 2.0kg per day • Caldeira MREC is not classified as radioactive, with Uranium and Thorium remaining well below legislated levels of 10Bq/g per gram • Water recovery for recycling 85% • Ammonium sulfate recovery for recycling 90% • Plant availability of 95% • Competency handling of spent clays supports a smooth backfilling and rehabilitation process • Costs of operations continue to track in line with budget. These results confirm the rigor of the approach implemented by Meteoric’s metallurgy and engineering team, who leveraged ANSTO data to design the flowsheet, select and procure equipment, and construct the Pilot Plant efficiently and effectively. More than 200kg of MREC has been produced to date, with bulk MREC samples distributed to a range of groups for separation testwork and product qualification, including existing partners Neo Performance Materials in Europe, Ucore and MTM in the United State s, and other potential offtake partners in these regions and Asia also received samples of MREC for product qualification. Feedback received from these groups supports the results which Meteoric has received from its independent technical analysis and validates the quality of the Caldeira product which is being produced at the Pilot Plant.
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DIRECTORS’ REPORT (continued) METEORIC RESOURCES LTD 8 Figure 2: MREC final product and MREC bed (~20cm high) shown in the thickener. Meteoric also supplied a 10 kg bulk sample of MREC product to MagBras for processing at its demonstration facility. Magbras is a national Brazilian initiative aimed at developing a fully integrated domestic supply chain for rare earth permanent magnets. This effort encompasses the entire value chain, from mineral extraction to final magnet production. Figure 3: Executive Director Marcelo de Carvalho and Magbras head Andre Faria. Continued Strong Support from the Brazilian Government Meteoric has continued to receive strong support across all levels of government within Brazil for the rapid advancement and development of the Caldeira Project. During the reporting period, Meteoric Executive Director and Vice-Chairman of the Association of Critical Minerals (AMC)
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DIRECTORS’ REPORT (continued) METEORIC RESOURCES LTD 9 Dr. Marcelo De Carvalho attended a meeting with Brazilian Vice-President of the Republic and Minister of Development, Industry and Commerce, Dr. Geraldo Alckmin. At this meeting, the importance of rare earth in the development of the critical minerals supp ly chain leading to downstream processing and strengthening of Brazil’s industrial base was discussed and received support from the Government. Dr Marcelo De Carvalho presented Dr Alckmin with MREC samples from the Pilot Plant (Figure 4). Figure 4: Meteoric Executive Director Dr. Marcelo De Carvalho and Brazilian Vice-President of the Republic, Dr. Geraldo Alckmin In March 2026, Meteoric welcomed Minas Gerais Governor Zema to the Pilot Plant. The Governor was joined at the Pilot Plant by the Mayor of Caldas Mr. Ailton Goulart, Mayor of Poços de Caldas Mr Paulo Ney, Mayor of Caconde Mr José Afonso, Chair of the Caldas Town Council Mr Emerson Junqueira, Member of the State Parliament – Minas Gerais Mr Rodrigo Lopes, Mr Rodrigo Taveres from InvestMinas and Indigenous Leader Mr Adenilson França from the Kiriri do Acré Tribe. Figure 5: Meteoric’s Executive Director, Marcelo De Carvahlo hosts Governor Zema and Caldas Mayor Ailton
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DIRECTORS’ REPORT (continued) METEORIC RESOURCES LTD 10 Exploration and Resource Drilling During the reporting period, Meteoric completed resource estimation drilling at Capão do Mel, Figueira, and Soberbo . This drilling program consisted of Aircore (AC) and Hollow Stem Auger (HS) drilling with a total of 304 holes for 9,265m drilled and 5,110 samples collected and submitted for assay. The drilling program was designed to increase confidence in Mine Ore Reserves at Capão do Mel, Figueira, and Soberbo. Mining Models for Capão do Mel, Figueira and Soberbo were updated in preparation for optimisation and mine scheduling. The new models contained additional information relating to: additional Measured & Indicated Resources, rare earth oxide extraction, moisture content, and clay speciation/type (important for material handling). A revised PAE was submitted to Brazilian National Mining Agency (ANM) in March as part of the process to include the extraction of REEs on the Mining Licences at Capão do Mel, Figueira, and Soberbo. The Exploration Team collected over 70 tonnes of mineralised clays as feedstock for the Pilot Plant. The material is a combination of: drilling samples (~60 tonnes) allowing targeted sampling of different deposits, grades (>4,000ppm TREO), and REO extractions representative of the early production profile in the PFS (Years 1-5); plus a bulk sample from Capao do Mel (~12 tonnes). With completion of this program, Meteoric has now undertaken the largest drilling campaign within the Caldeira Rare Earth Province, comprising more than 90,000m of drilling from approximately 4,400 holes and 55,500 samples. Activities Subsequent to End of the Financial Half-Year Updated Caldeira Mineral Resource Estimate On 9 July 2026, Meteoric released an updated Global Mineral Resource Estimate (MRE) for Caldeira of 1.6 Bt at 2,317 ppm TREO, including 518 ppm MREO, making it the largest ionic clay REE deposit outside of China. A key outcome of the update is a 246% increase in Measured Resources across the Caldeira Project, which now stands at 128 Mt at 2,815 ppm TREO and 609 ppm MREO, with MREO comprising 21.6% of the TREO basket. Measured and Indicated Resources now total 703Mt at 2,617ppm TREO with 584ppm MREO (Nd, Pr, Dy, Tb) representing 22.3% of basket. The Measured and Indicated Resources for the DFS deposits increased from 386Mt to 423Mt at 2,617ppm TREO with 584ppm MREO, which includes 102Mt at 2,868ppm TREO with 595ppm MREO in the Measured category. The significant conversion of high-grade material to the Measured category was made possible through a combination of 50 m × 50 m infill drilling, enhanced 3D geological modelling, and the collection of a substantial number of representative density measurements across the deposits. Table 1: Caldeira Project updated MRE by licence at 1,000ppm TREO cut-off. Differences may occur due to rounding. 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 66 2,819 147 394 4 21 567 20.1% Cupim Vermelho Norte Measured Clay 26 2,607 156 477 5 25 663 25.4% Figueira Measured Clay 30 2,982 158 439 5 26 628 21.1% Soberbo Measured Clay 6 2,849 182 526 5 25 738 25.9% Total Measured 128 2,815 153 428 5 23 609 21.6% Soberbo Indicated Clay 84 2,629 158 453 4 23 639 24.3% Capão do Mel Indicated Clay 49 2,332 129 360 4 19 512 22.0% Figueira Indicated Clay 111 2,776 140 388 5 29 562 20.2% 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%
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DIRECTORS’ REPORT (continued) METEORIC RESOURCES LTD 11 Cupim Vermelho Norte Indicated Clay 90 2,658 163 489 5 26 683 25.7% Barra do Pacu Indicated Clay 77 2,917 143 376 4 21 545 18.7% Total Indicated 574 2,572 143 407 5 24 578 22.5% Total Measured + Indicated 703 2,617 145 411 5 24 584 22.3% Soberbo Inferred Clay 117 2,720 170 484 5 24 683 25.1% Capão do Mel Inferred Clay 44 1,619 74 193 2 12 282 17.4% Figueira Inferred Clay 8 2,580 119 327 4 26 476 18.5% 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% Cupim Vermelho Norte Inferred Clay 78 2,237 126 377 4 23 530 23.7% Barra do Pacu Inferred Clay 190 2,153 112 296 3 18 429 19.9% Soberbo Inferred Transition 102 2,234 144 406 4 20 575 25.7% Capão do Mel Inferred Transition 35 1,498 70 189 2 12 273 18.2% Figueira Inferred Transition 23 2,022 102 292 4 20 419 20.7% 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% Cupim Vermelho Norte Inferred Transition 67 1,665 92 281 3 17 393 23.6% Barra do Pacu Inferred Transition 122 1,837 95 253 3 15 365 19.9% Total Inferred 928 2,091 116 329 4 19 468 22.4% Total Measured + Indicated + Inferred 1,631 2,317 128 364 4 21 518 22.3% Updated Ore Reserve On 16 July 2026, Meteoric declared an updated Ore Reserve Estimate for Caldeira. The changes from the Maiden Ore Reserve to this Ore Reserve Estimate resulted from upgrades to the Mineral Resource Estimate released to the ASX on 9 July 2026. The Ore Reserve was further updated with the release of the Caldeira Project DFS following additional optimisation works including the latest processing testwork recoveries and an increase in assumed mining recoveries (from 95% to 97%) 1. This update reflected a further 3.5% increase in tonnage to 151Mt at 3,524ppm TREO, with 857ppm MREO (Table 4). Significantly, 28% of the Ore Reserve is based on Measured Resources providing a high degree of geological certainty. With over 100Mt of ore at an average grade >4,000ppm TREO, this provides flexibility for the mine schedule to prioritise high-grade feed to the Process Plant. This updated Ore Reserve fully supports the entire DFS mine plan. Table 4: Caldeira Ore Reserve Estimate Classification Tonnes (Mt) TREO ppm Pr6O11 ppm Nd2O3 ppm Dy6O3 ppm Tb4O7 ppm MREO ppm Cont. TREO kt Cont. MREO kt Capão do Mel & Barra do Pacu Proved - - - - - - - - - Probable 75.6 3,674 217 587 28 6 838 278 63 Total 75.6 3,674 217 587 28 6 838 278 63 Soberbo Proved - - - - - - - - - 1 For details on the key modifying factors underpinning the updated Ore Reserve, refer to MEI ASX release dated 31 July 2026, “Caldeira DFS Confirms Confidence in Project Fundamentals”
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DIRECTORS’ REPORT (continued) METEORIC RESOURCES LTD 12 Classification Tonnes (Mt) TREO ppm Pr6O11 ppm Nd2O3 ppm Dy6O3 ppm Tb4O7 ppm MREO ppm Cont. TREO kt Cont. MREO kt Probable 41.5 3,180 209 602 28 6 844 132 35 Total 41.5 3,180 209 602 28 6 844 132 35 Figueira Proved - - - - - - - - - Probable 33.9 3,612 227 644 37 7 915 122 31 Total 33.9 3,612 227 644 37 7 915 122 31 Total Ore Reserves Proved - - - - - - - - - Probable 151.1 3,524 217 604 30 6 857 532 129 Total 151.1 3,524 217 604 30 6 857 532 129 Notes to the Ore Reserve: 1. Ore Reserves are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources an d Ore Reserves (JORC Code, 2012 Edition). 2. Ore Reserves are reported on a dry tonne basis and are inclusive of mining dilution and ore loss. 3. Only clay material with a resource classification of Measured or Indicated have been considered for conversion to Ore Reserves. 4. All Ore Reserves have been classified as Probable Ore Reserves. 5. Reported totals have been rounded. MOU signed with POSCO On 29 July 2026, Meteoric announced it had entered into a Memorandum of Strategic Partnership (MOU) with POSCO International Corporation (POSCO) to progress a long-term development and timely commercial production of rare earth materials for Caldeira. The Memorandum reflects advanced commercial engagement betw een the parties and establishes a clear pathway to finalise a binding agreement. POSCO International is the global trading and investment arm of the POSCO Group, one of the world's leading industrial groups with significant interests across steel, energy, battery materials, trading and critical minerals supply chains. The company plays an important role in securing raw materials for South Korea's advanced manufacturing and clean energy sectors. Key Terms: • POSCO and Meteoric have agreed that the proposed partnership would represent approximately 30% of rare earth material sourced from Caldeira for a period of up to seven years. • POSCO and Meteoric intend to explore a potential long -term arrangement for the development of rare earth materials involving commercially meaningful annual volumes, subject to further commercial negotiations, production availability, internal approvals and execution of definitive agreements. • The proposed MREC pricing structure incorporates: • Adoption of an independent pricing mechanism, initially referenced to the Asian Metal Index. • Final offtake pricing mechanism to be determined based on commercial negotiation, including potential price floors and upside sharing mechanisms. • POSCO to support the Caldeira project funding process, including through a potential equity investment by POSCO in Meteoric and exploring financing from Korean ECAs including Export -Import Bank of Korea (KEXIM) and Korea Trade Insurance Corporation (K-SURE). • POSCO intend to explore potential funding opportunities for the Caldeira Project, including through Korean policy financial institutions and other financing sources, together with potential forms of strategic participation
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DIRECTORS’ REPORT (continued) METEORIC RESOURCES LTD 13 that may be considered at a later stage, subject to the Project’s development progress, further discussions and applicable internal approvals. • The MOU is non -binding and subject to further commercial negotiation, due diligence, internal approvals and execution of definitive documentation. Discussions between the parties are ongoing. With this engagement with POSCO, Meteoric has now secured three non -binding MOUs with leading industry players: POSCO International Corporation, Ucore Rare Metals Inc. and Neo Performance Materials Inc. These MOUs reflect strong early -stage interest in the Caldeira Project’s MREC product and support ongoing offtake discussions with other Tier-1 partners. Formal agreements are anticipated in the medium term. Definitive Feasibility Study On 31 July 2026, Meteoric released its Definitive Feasibility Study (DFS) for Caldeira. The DFS incorporates a substantial body of work to further de-risk mining and processing elements and deliver higher confidence mining and cost outcomes, building on the results of the Pre-Feasibility Study (PFS) released in July 2025. The DFS enhancements notably included: • Completion of a 50m by 50m, infill drilling campaign to produce an updated MRE, which produced a 246% increase in Measured Resources (under JORC 2012). • Updated Ore Reserve, enough to supply the >20 year DFS mine schedule. • Incorporation of the learnings of additional metallurgical testwork and seven months of Pilot Plant operation resulting in important changes to the process plant design. • Geotechnical assessment of pit wall stabilities for each deposit, plus ground stability study of proposed PFS Plant site facilitating minor adjustment in location. • Production of a detailed mine design and mine equipment selection study. • A paid early contractor involvement (ECI) process with preferred construction contractors to increase confidence in the proposed Project execution strategy and schedule. A summary of the physical and financial evaluation, utilising a Processing Plant with an initial 6.0Mtpa throughput rate, is shown in Tables 2 and 3 respectively. Table 2: Caldeira Project Production Outcomes and Assumptions Key Production Inputs Unit Years 1-5 Life of Mine (LOM) Ore Mined kt 35,611 151,071 Strip ratio waste:ore 0.61 0.57 Average TREO Feed Grade ppm 4,399 3,524 Ore Processed kt 24,510 151,071 TREO Recovery % 56% 54% MREO Recovery (Nd, Pr, Dy, Tb) % 73% 71% Average Annual Production (TREO) t 12,181 12,500 Production TREO t 60,905 287,474 NdPr + DyTb % in TREO concentrate % 32 32
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DIRECTORS’ REPORT (continued) METEORIC RESOURCES LTD 14 Table 3: Key Financial Outcomes and Assumptions Financial Outputs Unit Years 1-5 LOM Spot Forecast Spot Forecast Annual Average Revenue US$M 389 670 410 755 EBITDA US$M 212 469 219 534 Operating Cashflow US$M 162 331 160 368 DFS Totals Revenue US$M 1,946 3,354 9,438 17,372 EBITDA US$M 1,061 2,345 5,053 12,290 Cumulative post tax cashflow* US$M 623 1,470 3,245 8,035 Net Profit After Tax US$M 639 1,487 2,721 7,511 Pre -Tax NPV8 US$M - - 1,416 4,249 Post -Tax NPV8 US$M - - 847 2,721 Pre Tax IRR % - - 32% 61% Post-Tax IRR % - - 24% 47% Payback Years - - 4 2 Annual Operating Cost US$M 134 146 Annual Operating Cost (C1)/kg TREO US$/kg TREO 11.03 11.68 Annual Operating Cost (AISC)/kg TREO US$/kg TREO 17.41 19.45 16.74 19.17 TREO Basket Price US$/kg TREO 46 79 47 86 Payability 70% NdPr Average Pricing US$/kg NdPr 129 140 129 159 NdPr Average Operating Cost US$/kg NdPr 27 27 27 27 Capex inclusive of contingency (10%) US$M 498 *Cashflow excludes the capital construction costs Change of Company Type and New Constitution Subsequent to end of the reporting period, the Company confirmed that it had changed from a No Liability company to a company limited by shares. Accordingly, the Company has changed its name to Meteoric Resources Limited effective on 2 July 2026, as officially recorded and published by the Australian Securities and Investments Commission (ASIC). Corporate Future Priorities The Meteoric Board has endorsed the outcomes of the DFS, which confirm the Tier 1 characteristics of the asset and its ability to become a sustainable, low cost and long -life supplier of high -quality rare -earth products. The Company
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DIRECTORS’ REPORT (continued) METEORIC RESOURCES LTD 15 continues to finalise a financial package that will fully fund the Project in a manner that maximises value to Meteoric Shareholders. As this process completes, the Company will continue to develop the Project, including pre -FID activities such as: • Continuing the current construction and regulatory approvals pathway, including the targeted receipt of the LI in the December quarter 2026; • Commencement of FEED studies; • Finalisation of key contracts including EPCM, major tender packages and to secure vendor commitments in relation to long lead and priority items; • Ongoing refinement of the Project execution plan and progress in-country operational readiness; and • Continuing downstream rare earth separation studies to assess the potential for longer -term, in -country processing. Capital Raising Activities In April 2026, Meteoric successfully raised $40 million (before costs) through a Placement consisting of the issuance of 235 million new fully paid ordinary shares at an issue price of $0.17 per share. The Placement received strong support from high- quality domestic and international institutional and high net worth investors, including dedicated global critical minerals funds. Ratification of the issuance of the Placement shares was approved by shareholders at the Company’s General Meeting held on 25 June 2026. Annual General Meeting On 14 May 2026, the Company held its Annual General Meeting (AGM) at which all resolutions put to shareholders were carried by poll. Tenement Assignments and Offtake Options Meteoric entered into an amendment agreement (Amendment Agreement) to consolidate its interests in key tenements by way of immediate and full assignment of the primary tenements required for the commencement of production at the Caldeira Project. These tenements include: • Primary tenements required for the commencement of production at the Caldeira Project, being Capão do Mel (ANM 830.513/1979), excluding areas yet to be mined for clay; Soberbo (ANM 817.223/1971) and Figueira (ANM 814.860/1971) • Assignment, upon written request of Barra do Pacu (ANM 816.211/1971) ensuring Togni clay mining activities are not impacted. These assignments strengthen Meteoric’s position in the Caldeira Project and streamline the development pathway. As consideration for this transfer, Togni was granted the right to nominate a Director to the Meteoric Board, together with a conditional Offta ke Option for up to 30% of MREC produced at the Caldeira Project (Offtake Option), in addition to usual transfer conditions. The Offtake Option will be based on market pricing, on a take or pay basis and provides that use of the MREC may not compete with M eteoric’s interests. Togni maintains the rights to all non -rare earth elements on its tenements in the Caldeira.
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DIRECTORS’ REPORT (continued) METEORIC RESOURCES LTD 16 Competent Person Statements The information in this release that relates to Mineral Resource Estimates at the Cupim Vermelho Norte and Dona Maria 1 & 2 prospects was prepared by BNA Mining Solutions and released on the ASX platform on 1 May 2023. In addition, the information in this release that relates to Mineral Resource Estimates at the Soberbo and the Capão del Mel deposits was prepared by BNA Mining Solutions and released on the ASX platform on 13 May and 13 June 2024 respectively. The information in this release that relates to the Mineral Resource Estimate at the Figueira deposit was prepared by BNA Mini ng Solutions and released on the ASX platform on 5 August 2024. 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 release includes exploration results and estimates of Mineral Resources. 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, 13 June 2024, 5 August 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 scoping study and its outcomes in this release relate to the ASX announcement dated 22 October 2024 titled Caldeira's Scoping Study Confirms Exceptional Financials. Please refer to the ASX announcement for full details and supporting information. Some statements in this document may be forward- looking statements. Such statements include, but are not limited to, statements with regard to capacity, future production and grades, projections for sales growth, estimated revenues and reserves, targets fo r cost savings, the construction cost of new projects, projected capital expenditures, the timing of new projects, future cash flow and debt levels, the outlook for minerals prices, the outlook for economic recovery and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as “will”, “expect”, “anticipate”, “believe” and “envisage”. By their nature, forward- looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be outside Meteoric’s control. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation. Tenement Holdings as at 30 June 2026 BRAZIL Agreement Licence Status Holder Interest in REEs Area (Ha) Meteoric 832339/2024 Exploration Licence Meteoric Caldeira Mineracao Ltda. 100% 1.9 Meteoric 832340/2024 Exploration Licence Meteoric Caldeira Mineracao Ltda. 100% 2.0 Meteoric 832341/2024 Exploration Licence Meteoric Caldeira Mineracao Ltda. 100% 3.5 Meteoric 832342/2024 Exploration Licence Meteoric Caldeira Mineracao Ltda. 100% 3.8 Meteoric 832343/2024 Exploration Licence Meteoric Caldeira Mineracao Ltda. 100% 2.6 Meteoric 832346/2024 Exploration Licence Meteoric Caldeira Mineracao Ltda. 100% 3.7 Meteoric 832344/2024 Exploration Application Meteoric Caldeira Mineracao Ltda. 100% 3.8 Meteoric 832345/2024 Exploration Application Meteoric Caldeira Mineracao Ltda. 100% 0.9 Meteoric 832347/2024 Exploration Application Meteoric Caldeira Mineracao Ltda. 100% 1.0
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DIRECTORS’ REPORT (continued) METEORIC RESOURCES LTD 17 BRAZIL Agreement Licence Status Holder Interest in REEs Area (Ha) Togni 803459/1975 Mining Licence Mineração Perdizes Ltda 100% 24.0 Togni 808027/1975 Mining Licence Companhia Geral de Minas 100% 600.8 Togni 808556/1974 Mining Licence Mineração Perdizes Ltda 100% 204.1 Togni 809358/1975 Mining Licence Companhia Geral de Minas 100% 617.2 Togni 809359/1975 Mining Licence Companhia Geral de Minas 100% 317.4 Togni 811232/1974 Mining Licence Mineração Perdizes Ltda 100% 524.4 Togni 814251/1971 Mining Licence Mineração Perdizes Ltda 100% 124.4 Togni 814860/1971 Mining Licence Mineração Perdizes Ltda 100% 341.7 Togni 815006/1971 Mining Licence Mineração Perdizes Ltda 100% 717.5 Togni 815645/1971 Mining Licence Companhia Geral de Minas 100% 366.0 Togni 815681/1971 Mining Licence Mineração Perdizes Ltda 100% 766.5 Togni 815682/1971 Mining Licence Companhia Geral de Minas 100% 575.3 Togni 816211/1971 Mining Licence Mineração Perdizes Ltda 100% 796.6 Togni 817223/1971 Mining Licence Mineração Daniel Togni Loureiro Ltda 100% 772.7 Togni 820352/1972 Mining Licence Mineração Perdizes Ltda 100% 26.4 Togni 820353/1972 Mining Licence Mineracao Zelandia Ltda 100% 529.7 Togni 820354/1972 Mining Licence Mineração Perdizes Ltda 100% 216.5 Togni 831880/1991 Mining Licence Mineração Perdizes Ltda 100% 84.8 Togni 835022/1993 Mining Licence Mineração Perdizes Ltda 100% 73.5 Togni 835025/1993 Mining Licence Mineração Perdizes Ltda 100% 100.5 Togni 804222/1975 Mining Application Mineração Perdizes Ltda 100% 403.7 Togni 807899/1975 Mining Application Companhia Geral de Minas 100% 948.9 Togni 813025/1973 Mining Application Mineração Perdizes Ltda 100% 943.7 Togni 815274/1971 Mining Application Companhia Geral de Minas 100% 739.7 Togni 830000/1980 Mining Application Mineração Perdizes Ltda 100% 203.9 Togni 830391/1979 Mining Application Mineração Perdizes Ltda. 100% 7.3 Togni 830513/1979 Mining Application Mineração Monte Carmelo Ltda 100% 457.3 Togni 830551/1979 Mining Application Togni S A Materiais Refratários 100% 528.9 Togni 830633/1980 Mining Application Mineracao Zelandia Ltda 100% 35.3 Togni 831092/1983 Mining Application Mineração Perdizes Ltda 100% 171.4 Varginha 830443/2018 Exploration Licence Fertimax Fertilizantes Organicos Ltda 100% 79.2 Varginha 830444/2018 Exploration Licence Fertimax Fertilizantes Organicos Ltda 100% 248.3 Varginha 830461/2018 Exploration Licence Fertimax Fertilizantes Organicos Ltda 100% 50.9 Varginha 831686/2012 Exploration Licence Varginha Mineracao Ltda 100% 6.5 Varginha 832193/2012 Exploration Licence Varginha Mineracao Ltda 100% 12.5 Varginha 830955/2006 Exploration Application Varginha Mineracao Ltda 100% 1,993.5 Varginha 833176/2008 Exploration Application Varginha Mineracao Ltda 100% 634.0
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DIRECTORS’ REPORT (continued) METEORIC RESOURCES LTD 18 BRAZIL Agreement Licence Status Holder Interest in REEs Area (Ha) Varginha 002349/1967 Mining Licence Minas Rio Mineradora Ltda 100% 74.0 Varginha 830416/2001 Mining Application Varginha Mineracao Ltda 100% 166.2 Varginha 830697/2003 Mining Application Varginha Mineracao Ltda 100% 5.4 Varginha 831269/1992 Mining Application Varginha Mineracao Ltda 100% 442.2 Varginha 832146/2002 Mining Application Varginha Mineracao Ltda 100% 19.0 Varginha 832252/2001 Mining Application Varginha Mineracao Ltda 100% 51.8 Varginha 832572/2003 Mining Application Varginha Mineracao Ltda 100% 204.5 Varginha 833486/1996 Mining Application Meteoric Caldeira Mineracao Ltda. 100% 79.2 Varginha 833551/1993 Mining Application Varginha Mineracao Ltda 100% 97.6 Varginha 833553/1993 Mining Application Varginha Mineracao Ltda 100% 98.1 Varginha 833655/1996 Mining Application Meteoric Caldeira Mineracao Ltda. 100% 249.1 Varginha 833656/1996 Mining Application Meteoric Caldeira Mineracao Ltda. 100% 80.4 Varginha 833657/1996 Mining Application Meteoric Caldeira Mineracao Ltda. 100% 67.8 Varginha 834743/1995 Mining Application Meteoric Caldeira Mineracao Ltda. 100% 283.2 RAJ 830824/2006 Exploration Licence Raj Minerios Ltda 100% 13.2 RAJ 832350/2006 Exploration Licence Raj Minerios Ltda 100% 27.1 RAJ 832351/2006 Exploration Licence Raj Minerios Ltda 100% 16.8 RAJ 832671/2005 Exploration Licence Raj Minerios Ltda 100% 16.9 RAJ 832714/2016 Exploration Licence Raj Minerios Ltda 100% 13.6 RAJ 832799/2002 Exploration Application Raj Minerios Ltda 100% 38.4 RAJ 2757/1967 Mining Licence Raj Minerios Ltda 100% 20.1 RAJ 5649/1963 Mining Licence Raj Minerios Ltda 100% 12.4 RAJ 803457/1975 Mining Licence Raj Minerios Ltda 100% 60.6 RAJ 825972/1972 Mining Licence Raj Minerios Ltda 100% 377.4 RAJ 833914/2007 Mining Licence Raj Minerios Ltda 100% 7.0 RAJ 815237/1971 Mining Application Raj Minerios Ltda 100% 132.0 RAJ 830722/2002 Mining Application Raj Minerios Ltda 100% 5.6 RAJ 831250/2008 Mining Application Raj Minerios Ltda 100% 2.5 RAJ 831598/1988 Mining Application Raj Minerios Ltda 100% 930.9 RAJ 832889/2005 Mining Application Raj Minerios Ltda 100% 27.8 RAJ 837368/1993 Mining Application Raj Minerios Ltda 100% 340.0 RAJ 832800/2002 Exploration Licence Raj Minerios Ltda 100% 6.9
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DIRECTORS’ REPORT (continued) METEORIC RESOURCES LTD 19 AUSTRALIA Tenement Status Project Ownership % E80/4407 Granted Webb JV 7.0% E80/4815 Granted Webb JV 7.0% E80/5121 Granted Webb JV 7.0% E80/5471 Granted Webb JV 7.0% E80/5496 Granted Webb JV 7.0% E80/5499 Granted Webb JV 7.0% E80/5573 Granted Webb JV 7.0% E80/5573 Application Webb JV 7.0% EL23764 Granted WARREGO NORTH 49% ROUNDING OF AMOUNTS The company is of a kind referred to in Corporations Instrument 20 26/183, issued by the Australian Securities and Investments Commission, relating to 'rounding -off'. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest dollar. AUDITOR’S INDEPENDENCE DECLARATION A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this Directors’ report. Signed in accordance with a resolution of the directors ANDREW TUNKS Executive Chairman Perth 1 September 2026
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Level 18, 360 Queen Street Brisbane QLD 4000 GPO Box 457 Brisbane QLD 4001 Australia Tel: +61 7 3237 5999 Fax: +61 7 3221 9227 www.bdo.com.au BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of B DO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member fi rms. Liability limited by a scheme approved under Professional Standards Legislation. D ECLARATION OF INDEPENDENCE BY MATTHEW TAYLOR TO THE DIRECTORS OF METEORIC RESOURCES LIMITED As lead auditor for the review of Meteoric Resources Limited for the half-year ended 30 June 2026, I declare that, to the best of my knowledge and belief, there have been: 1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and 2. No contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Meteoric Resources Limited and the entities it controlled during the period. Matthew Taylor Director BDO Audit Pty Ltd Br isbane, 1 September 2026
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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the half-year ended 30 June 2026 METEORIC RESOURCES LTD 21 Notes 30 June 2026 $ 30 June 2025 $ Other income Other income 1 512,858 434,428 Expenses Exploration and evaluation expenses (22,910,871) (14,966,703) Depreciation expense (212,689) (193,493) Administrative expenses 2 (3,232,371) (2,926,364) Share-based payments expense 2 (1,240,100) (2,520,115) Foreign exchange gain/(loss) 2 (57,496) (68,138) Loss before income tax expense (27,140,669) (20,240,385) Income tax expense - - Loss for the half-year attributable to the owners of the Meteoric Resources Limited (27,140,669) (20,240,385) Other comprehensive income/(loss) Items that may be reclassified to profit or loss Exchange difference on translation of foreign operations 543,847 213,808 Items that will not be reclassified to profit or loss Changes in the fair value of financial assets at fair value through other comprehensive income (FVOCI) (1,160,947) (19,007) Other comprehensive income/(loss) for the half-year, net of tax (617,100) 194,801 Total comprehensive income/(loss) for half-year attributable to the owners of Meteoric Resources Limited (27,757,769) (20,045,584) Basic and diluted loss per share (cents per share) Basic (loss)/profit per share (cents per share) (0.99) (0.87) Diluted (loss)/profit per share (cents per share) (0.99) (0.87) The accompanying notes form part of these consolidated financial statements.
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 METEORIC RESOURCES LTD 22 Notes 30 June 2026 $ 31 December 2025 $ Current Assets Cash and cash equivalents 4 37,762,553 32,386,897 Receivables 5 2,100,902 1,939,051 Inventory 208,006 148,905 Total Current Assets 40,071,461 34,474,853 Non-Current Assets Other financial assets 6 1,326,667 2,629,834 Property, plant and equipment 7 3,100,397 3,131,836 Right of use assets 119,605 196,626 Exploration assets 8 18,379,412 18,240,473 Receivables 5 6,022,454 1,637,032 Total Non-Current Assets 28,948,535 25,835,801 Total Assets 69,019,996 60,310,654 Current Liabilities Trade and other payables 9 2,028,773 6,074,137 Provisions 489,770 154,341 Lease liabilities 53,926 103,078 Total Current Liabilities 2,572,469 6,331,556 Non-Current Liabilities Lease liabilities 89,519 124,347 Total Non-Current Liabilities 89,519 124,347 Total Liabilities 2,661,988 6,455,903 Net Assets 66,358,008 53,854,751 Equity Contributed equity 10 186,168,035 143,139,487 Reserves 44,943,313 48,327,935 Accumulated losses (164,753,340) (137,612,671) Total Equity 66,358,008 53,854,751 The accompanying notes form part of these consolidated financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the half-year ended 30 June 2026 METEORIC RESOURCES LTD 23 Issued Capital $ Reserves $ Accumulated Losses $ Total $ Balance at 1 January 2025 102,801,086 38,783,089 (103,448,337) 38,135,838 Profit for the half-year - - (20,240,385) (20,240,385) Other comprehensive income - 194,801 - 194,801 Total comprehensive income/ (loss) for the half-year - 194,801 (20,240,385) (20,045,584) Transactions with owners in their capacity as owners Exercise of options - - - - Share issue costs - - - - Equity settled share-based payments expense - 2,434,737 - 2,434,737 Balance at 30 June 2025 102,801,086 41,412,627 (123,688,722) 20,524,991 Balance at 1 January 2026 143,139,487 48,327,935 (137,612,671) 53,854,751 Loss for the half-year - - (27,140,669) (27,140,669) Other comprehensive loss - (617,100) - (617,100) Total comprehensive loss for the half-year - (617,100) (27,140,669) (27,757,769) Transactions with owners in their capacity as owners Contributed equity 45,103,328 (4,083,328) - 41,020,000 Share issue costs (2,074,780) - - (2,074,780) Equity settled share-based payments expense - 1,315,806 - 1,315,806 Balance at 30 June 2026 186,168,035 44,943,313 (164,753,340) 66,358,008 The accompanying notes form part of these consolidated financial statements.
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CONSOLIDATED STATEMENT OF CASH FLOWS For the half-year ended 30 June 2026 METEORIC RESOURCES LTD 24 Notes 30 June 2026 $ 30 June 2025 $ Cash flows from operating activities Payments for exploration and evaluation expenditure (24,054,991) (15,584,481) Payments to suppliers, consultants and employees (3,605,681) (2,567,704) Interest income 584,062 519,903 Net cash used in operating activities (27,076,610) (17,632,282) Cash flows from investing activities Payments for property, plant, and equipment (43,556) (405,837) Advances on purchases of land 5 (4,248,154) - Payment for exploration and evaluation assets (2,143,944) - Net cash used in investing activities (6,435,654) (405,837) Cash flows from financing activities Proceeds from issue of shares 40,000,000 - Share issue costs (1,057,505) - Net cash provided by financing activities 38,942,495 - Net increase/(decrease) in cash and cash equivalents 5,430,231 (18,038,119) Cash and cash equivalents at the beginning of the period 32,386,897 29,088,158 Effect of exchange rate changes on cash and cash equivalents (54,575) (84,815) Cash and cash equivalents at the end of the period 4 37,762,553 10,965,524 The accompanying notes form part of these consolidated financial statements.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 30 June 2026 METEORIC RESOURCES LTD 25 1 OTHER INCOME 30 June 2026 $ 30 June 2025 $ Other income Interest income 512,858 434,428 Total other income 512,858 434,428 2 EXPENDITURE 30 June 2026 $ 30 June 2025 $ Administrative expenses Advertising and marketing costs 94,154 96,355 Advisory costs 705,567 279,501 Compliance costs 169,638 215,111 Consultants 182,598 192,668 Travel costs 375,080 337,772 Employee benefits expense 1,554,302 1,632,093 Other administrative expenses 151,032 172,864 Total administrative expense 3,232,371 2,926,364 Share-based payments (net reversal)/expense Performance rights 11(a) 1,240,100 2,354,939 Options - 165,176 Total share-based payments expense 1,240,100 2,520,115 Foreign exchange loss/(gain) (1) 57,496 68,138 1 Foreign exchange loss was recognised upon cash held and payments of Brazilian Real, United States and Canadian dollar denominated balances and receivables denominated in United States dollars. 3 OPERATING SEGMENTS Management has determined that the Group has one reportable segment, being exploration and development activities in Brazil. For the half-year period, the Group accounts can be read as the operating segment. During the prior period the Group had two reportable segments, being exploration and development activities in Brazil and exploration activities in Australia. This determination is based on the internal reports that are reviewed and used by the Board (chi ef operating decision maker) in assessing performance and determining the allocation of resources. As the Group is focussed on exploration, the Board monitors the Group based on actual versus budgeted exploration expenditure incurred by area of interest. This internal reporting framework is the most relevant to assist the Board with making decisions regarding the Group and its ongoing exploration and development activities, while also taking into consideration the results of exploration work that has been performed to date.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 30 June 2026 METEORIC RESOURCES LTD 26 4 CASH AND CASH EQUIVALENTS 30 June 2026 $ 31 December 2025 $ Cash at bank 37,762,553 32,386,897 5 RECEIVABLES The Group has no impaired receivables and does not have any receivables that are past due but not impaired. Due to the short -term nature of the current receivables, their carrying amount is assumed to be the same as their fair value. Land acquisition The Group has contracted for purchases of Land covering the proposed plant site and portions of the mining deposit at the Caldeira REE project. An advance payment of BRL 6.0 million (AUD 1,637,032) was made during the prior financial period, December 2025, and a further BRL 15.4 million (AUD 4,361,601) paid during the current half-year. Tenement sale – prior year On 21 November 2024, Meteoric announced that it had completed the tenement sale of the Palm Springs Gold Project . Part of the consideration payable post-settlement comprises a cash payment of $1,000,000 18 months after settlement, which was subsequently extended to 21 August 2026 during the current period. Amounts have been recognised as a current other receivable. 30 June 2026 $ 31 December 2025 $ Current Other receivables 2,033,625 1,783,472 Prepayments 67,277 155,579 2,100,902 1,939,051 Non-current Other receivables 23,821 - Advance on land 5,998,633 1,637,032 6,022,454 1,637,032 6 OTHER FINANCIAL ASSETS 30 June 2026 $ 31 December 2025 $ Financial assets at FVOCI – investments WIN Metals Limited 1,190,000 2,380,000 Pivotal Metals Ltd 86,130 125,280 Magnetic Resources NL - 124,554 Genesis Resources Ltd 50,537 - Total financial assets at FVOCI 1,326,667 2,629,834
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 30 June 2026 METEORIC RESOURCES LTD 27 6 OTHER FINANCIAL ASSETS (continued) Investments are held for strategic purposes and not for trading and therefore have been classified as financial assets at fair value through other comprehensive income. On disposal of these equity investments, any related balance within the fair value through other comprehensive income reserve remain within other comprehensive income. Significant accounting estimates, assumptions and judgements Classification of financial assets at fair value through other comprehensive income Investments are designated at fair value through other comprehensive income where management have made the election in accordance with AASB 9: Financial Instruments. Fair value for financial assets at fair value through other comprehensive income The fair value of the equity holdings is based on the quoted market prices from the ASX on the last traded price prior or nearest to year-end. 7 PROPERTY, PLANT AND EQUIPMENT 30 June 2026 $ 31 December 2025 $ Carrying value Plant and equipment Work in progress - 967,042 Plant and equipment 2,455,818 1,537,269 Land Land 644,579 627,525 Total carrying value 3,100,397 3,131,836 Plant and Equipment Work in progress $ Plant and equipment $ Land $ Total $ Cost At 1 January 2026 967,042 1,816,551 627,525 3,411,118 Additions - 40,858 - 40,858 Transfers (969,719) 969,719 - - Foreign exchange movement 2,677 47,960 17,054 67,691 At 30 June 2026 - 2,875,088 644,579 3,519,667 Accumulated depreciation, amortisation and impairment At 1 January 2026 - (279,282) - (279,282) Depreciation expense - (132,376) - (132,376) Foreign exchange movement - (7,612) - (7,612) At 30 June 2026 - (419,270) - (419,270) Net book value - 2,455,818 644,579 3,100,397
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 30 June 2026 METEORIC RESOURCES LTD 28 8 EXPLORATION ASSETS The Group has the following accounting policy: - Acquired exploration and evaluation expenditure is capitalised and carried at cost, provided that the rights to tenure of the area of interest remain current. Acquired contractual mining rights are capitalised as assets to the extent that the related tenement licenses are held by or in the process of being transferred to Meteoric companies. - Other exploration and evaluation expenditure (i.e., not acquired) continues to be expensed to profit or loss as incurred. 30 June 2026 $ 31 December 2025 $ Opening balance 18,240,473 12,282,032 Additions - 6,236,067 Foreign exchange movement 138,939 (277,626) Closing balance 18,379,412 18,240,473 Significant accounting estimates and assumptions Impairment of capitalised exploration and evaluation expenditure The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of factors, including whether the Group decides to exploit the related lease itself or, if not, whether it successfully recovers the related exploration and evaluation asset through sale. Factors that could impact the future recoverability include the level of reserves and resources, future technological changes, costs of drilling and production, production rates, future legal changes (including changes to environmental restoration obligations) and changes to commodity prices. The carrying values of items of exploration and evaluation expenditure are reviewed for impairment indicators when reclassified to mine properties under development or at each reporting date and are subject to impairment testing when events or changes in circumstances indicate that the carrying values may not be recoverable. Significant accounting judgement Capitalisation of exploration and evaluation expenditure The Group has capitalised acquisition costs of tenements on the basis that this is expected to be recouped through future successful development (or alternatively sale) of the areas of interest concerned or on the basis that it is not yet possible to assess whether it will be recouped. 9 TRADE, OTHER PAYABLES AND DEFERRED CONSIDERATION Trade and other payables are normally settled within 30 days from receipt of invoice. All amounts recognised as trade and other payables, but not yet invoiced, are expected to settle within 12 months. The carrying value of trade and other payables are assumed to be the same as their fair value, due to their short- term nature. 30 June 2026 $ 31 December 2025 $ Current Trade and other payables 2,028,773 3,828,964 Deferred consideration payable - 2,245,173 2,028,773 6,074,137
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 30 June 2026 METEORIC RESOURCES LTD 29 10 ISSUED CAPITAL 30 June 2026 Shares 31 December 2025 Shares 30 June 2026 $ 31 December 2025 $ Fully paid 2,906,618,799 2,643,515,729 186,168,035 143,139,487 Movements in ordinary share capital during the current financial period are as follows: Details Date Number of shares Issue price/share $ $ Balance at 01 January 2025 2,302,862,782 102,801,086 Conversion of performance shares 21-Mar-25 25,000,000 - - Conversion of performance rights 21-Mar-25 9,000,000 - - Conversion of performance rights 1-Jul-25 500,000 - - Issue of share capital 30-Jul-25 302,821,429 0.140 42,395,000 Issue of share capital 1-Aug-25 750,000 0.140 105,000 Issue of shares - short term incentives (1) 5-Dec-25 2,581,518 0.120 451,766 Less: Share issue costs - (2,613,365) Balance at 31 December 2025 2,643,515,729 143,139,487 Issue of shares - short term incentives (2) 30-Jan-26 2,883,148 0.180 518,967 Issue of share capital 29-Apr-26 235,294,118 0.170 40,000,000 Share based payment - capital raising costs 29-Apr-26 6,000,000 0.170 1,020,000 Share based payment - Varginha payment (3) 11-May-26 16,402,262 0.185 3,034,418 Issue of shares - short term incentives (4) 15-May-26 2,523,542 0.210 529,943 Less: Share issue costs - (2,074,780) Balance at 30 June 2026 2,906,618,799 186,168,035 1 Short term incentives for Directors satisfied through issue of shares (in lieu of cash) re performance for the year ended 30 June 2024, as approved by Shareholders at the AGM on 19 November 2025. 2 Short term incentives for Employees and Contractors satisfied through issue of shares (in lieu of cash) re performance for the year ended 30 June 2025. 3 Shares issued in consideration for the transfer of Mining Rights in connection with the Sale and Purchase of Mining Rights Agreement with the vendors of the Varginha mining licences. Value recognised in Share based payments reserve in a prior year. 4 Short term incentives for Directors satisfied through issue of shares (in lieu of cash) re performance for the year ended 30 June 2025, as approved by Shareholders at the AGM on 14 May 2026.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 30 June 2026 METEORIC RESOURCES LTD 30 11 SHARE-BASED PAYMENTS Share-based payment transactions are recognised at fair value in accordance with AASB 2. The total movement arising from share-based payment transactions recognised during the half-year were as follows: Notes 30 June 2026 $ 30 June 2025 $ As part of share-based payments expense: Performance rights issued/cancelled 11(a) 1,240,100 2,354,939 Options issued - 165,176 As part of administrative expenses Director benefits expense 11(b) 75,706 - As part of exploration and evaluation capitalised: Deferred consideration - (85,378) 1,315,806 2,434,737 During the period the Group had the following share-based payments: (a) Performance rights In June 2023, shareholders approved the Meteoric Long Term Incentive Plan, under which equity- based incentives may be granted to eligible participants . Each performance right will vest as an entitlement to one fully paid ordinary share upon achievement of certain performance milestones. If the performance milestones are not met, the performance rights will lapse, and the eligible participant will have no entitlement to any shares. Performance rights are not listed and carry no dividend or voting rights. Upon exercise each performance right is convertible into one fully paid ordinary share to rank pari passu in all respects with existing fully paid ordinary shares. Movement in the performance rights for the current period is shown below: Grant date Expiry date Exercise price Balance at start of the period Granted during the period Converted during the period Cancelled during the period Balance at period end Vested at period end 11-Apr-23 various - 5,000,000 - - (5,000,000) - - 8-Jul-23 various - 3,000,000 - - (2,000,000) 1,000,000 - 22-Sep-23 various - 12,000,000 - - (6,000,000) 6,000,000 - 17-Nov-23 various - 18,000,000 - - (7,000,000) 11,000,000 - 01-Mar-24 various - 4,000,000 - - (1,000,000) 3,000,000 - 25-Mar-24 various - 12,500,000 - - (5,000,000) 7,500,000 - 15-Jul-24 various - 2,000,000 - - (1,000,000) 1,000,000 - 18-Nov-24 various - 12,500,000 - - - 12,500,000 - 28-Nov-25 various - 6,000,000 - - - 6,000,000 - 30-Nov-25 various - 4,000,000 - - - 4,000,000 - 06-Jan-25 various - 7,250,000 - - (1,250,000) 6,000,000 - 15-Mar-25 various - 1,000,000 - - (500,000) 500,000 - Total 87,250,000 - - (28,750,000) 58,500,000 - The weighted average remaining contractual life of performance rights outstanding at 30 June 2026 was 1.91 years.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 30 June 2026 METEORIC RESOURCES LTD 31 11 SHARE-BASED PAYMENTS (continued) No performance rights were granted during the period, and some rights were cancelled due to employee departure from the company. Effective 31 December 2025, the Directors determined that, given the expected timing for completion of the Definitive Feasibility Study for the Caldeira Project, the Board would be unable to reach a decision to mine by the hurdle date of 2 April 2026. As a result, the Class C Performance Rights would not vest, would lapse and be cancelled on expiry. Expenses previously recognised were reversed in the prior period. Class C Performance Rights were cancelled on 2 April 2026. At 30 June 2026, all other vesting conditions of performance rights on issue have been assessed as achievable. The total D irector, Employee and Consultant share performance rights expense arising from performance rights recognised during the reporting period as part of share -based payment expense was $1,240,100 (30 June 2025: $2,354,939). (b) Securities issues in satisfaction of incentives On 30 October 2025, the Company granted short term incentives to Directors, staff and consultants. The short -term incentives awards were settled as securities in lieu of cash and the Board approved the issue of 5,406,690 , of those 2,523,542 are subject to shareholder approval . The securities have been fair valued at the closing share price on grant date. On 30 January 2026, 2,883,148 shares were issued to staff and consultants. On 15 May 2026 , 2,523,542 shares were issued relating to the prior year incentive to Directors following shareholder approval on 14 May 2026. The securities have subsequently been revalued at the closing share price on shareholder approval date. The total expense arising from s ecurities issued in satisfaction of incentives recognised during the reporting period as part of share-based payment expense was $75,706 (30 June 2025: nil). Significant accounting estimates, assumptions, and judgements Estimation of fair value of share-based payments The Group measures the cost of equity- settled transactions by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined using the Black and Scholes model, market price and management estimates taking into account the assumptions detailed within this note. Probability of vesting conditions being achieved Inputs to pricing models may require an estimation of reasonable expectations about achievement of future vesting conditions. Vesting conditions must be satisfied for the counterparty to become entitled to receive cash, other assets or equity instruments of the entity, under a share-based payment arrangement. Vesting conditions include service conditions, which require the other party to complete a specified period of service, and performance conditions, which require specified performance targets to be met (such as a specified Increase in the entity's profit over a specified period of time) or completion of performance hurdles. The Company recognises an amount for the goods or services received during the vesting period based on the best available estimate of the number of equity instruments expected to vest and shall revise that estimate, if necessary, if subsequent information Indicates that the number of equity instruments expected to vest differs from previous estimates. On vesting date, the entity shall revise the estimate to equal the number of equity instruments that ultimately vested. The achievement of future vesting conditions are reassessed each reporting period.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 30 June 2026 METEORIC RESOURCES LTD 32 12 DIVIDENDS No dividends have been declared or paid for the half-year ended 30 June 2026 (30 June 2025: nil). 13 CONTINGENCIES There have been no changes to contingencies since the last annual reporting date, 31 December 2025. 14 COMMITMENTS There have been no changes to commitments since the last annual reporting date, 31 December 2025. 15 RELATED PARTY TRANSACTIONS Issue of shares – subject to shareholder approval On 30 October 2025, the Company granted short term incentives to Directors, staff and consultants. The short -term incentives awards were settled as securities in lieu of cash and the Board approved the issue of 5,406,690, of those 2,523,542 are subject to shareholder approval. The securities have been fair valued at the closing share price on grant date. On 15 May 2026, 2,523,542 shares were issued to Directors following shareholder approval on 14 May 2026. A breakdown of the shares issued is as follows: - 728,889 shares to Dr Tunks, - 769,653 shares to Dr De Carvalho, and - 1,025,000 shares to Mr Gale The securities have subsequently been revalued at the closing share price on shareholder approval date. Transactions with related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. There were no other related party transactions during the half-year. 16 EVENTS SUBSEQUENT TO REPORTING DATE Subsequent to period end: - the Company confirmed that it had changed from a No Liability company to a company limited by shares. Accordingly, the Company has changed its name to Meteoric Resources Limited effective on 2 July 2026, as officially recorded and published by the Australian Securities and Investments Commission (ASIC). - on 17 July 2026 the Company announced that 5,000,000 performance rights had lapsed. In the opinion of the Directors, no event of a material nature or transaction, has arisen since period end and the date of this report that has significantly affected, or may significantly affect, the Group’s operations, the results of those operations, or its state of affairs. 17 BASIS OF PREPARATION AND GOING CONCERN This consolidated interim financial report for the half -year reporting period ended 30 June 2026 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 30 June 2026 METEORIC RESOURCES LTD 33 17 BASIS OF PREPARATION AND GOING CONCERN (continued) This consolidated interim financial report does not include all the notes of the type normally included in an annual financial report and therefore cannot be expected to provide a full understanding of financial performance, financial position and financing and investing activities of the consolidated entity in the same was as a full -year financial statements. Accordingly, this report is to be read in conjunction with the annual financial report for the year ended 30 June 2025, the financial report for the six -month transitional period ended 31 December 2025 and any public announcements made by Meteoric Resource s Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. During the previous reporting period, the Company changed its financial year end from 30 June to 31 December. As a result, the previous financial statements covered the six- month period ended 31 December 2025. There were no other significant changes in the state of affairs of the Group during the half-year ended 30 June 2026. Going Concern The Directors prepare the financial report on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business. During the half-year, the consolidated entity incurred a net loss of $27,140,669 (30 June 2025: $20,240,385) and incurred net cash outflows from operating activities of $27,076,610 (30 June 2025: $17,63 2,282). The consolidated entity held cash assets as at 30 June 2026 of $37,762,553 (31 December 2025: $32,386,897). Management believes there are sufficient funds to meet the consolidated entity’s working capital requirements at the date of this report for the following reasons: - As at 30 June 2026 the consolidated entity had $37,762,553 of cash and a net current asset position of $37,498,992. - - the Group continues to progress initiatives to realise value from its Brazilian assets and advance the development of the Caldeira Project. Available funds will be used by the Company to continue to undertake development of its Caldeira Project inclusive of feasibility studies, metallurgical test work, pilot plant operations, environmental permitting, working capital and ongoing exploration activities. In addition, the Company may pay contingent consideration for access to exclusive rights to explore and develop the Caldeira REE Project. In the event the Company requires additional funding to undertake these activities and as a result of potential land acquisitions, inflationary pressure and cost overruns, it may be unable to realise its assets and discharge its liabilities in the normal course of business. These conditions indicate a material uncertainty that may cast a significant doubt about the entity’s ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. Should the Group not be able to continue as a going concern, it may be required to realise its assets and discharge its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements. The financial report does not include any adjustments relating to the recoverability and classification of recorded asset amounts or liabilities that might be necessary should the consolidated entity not continue as a going concern.
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DIRECTORS’ DECLARATION METEORIC RESOURCES LTD 34 In the Directors’ opinion: • the financial statements and notes comply with the Corporations Act 2001, Accounting Standard AASB 134 Interim Financial Reporting, the Corporations Regulations 2001 and other mandatory professional reporting requirements; • the financial statements and notes give a true and fair view of the Group's financial position as at 30 June 2026 and of its performance for the half-year ended on that date; and • there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of the Directors made pursuant to section 303(5)(a) of the Corporations Act 2001. On behalf of the Directors Andrew Tunks Executive Chairman Perth 1 September 2026
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Level 18, 360 Queen Street Brisbane QLD 4000 GPO Box 457 Brisbane QLD 4001 Australia Tel: +61 7 3237 5999 Fax: +61 7 3221 9227 www.bdo.com.au BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of B DO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member fi rms. Liability limited by a scheme approved under Professional Standards Legislation. INDEPENDENT AUDITOR'S REVIEW REPORT To the members of Meteoric Resources Limited (formerly Meteoric Resources NL) Report on the interim Financial Report Conclusion We have reviewed the interim financial report of Meteoric Resources Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2026, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the half - year ended on that date, material accounting policy information and other explanatory information, and the directors’ declaration. Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying interim financial report of the Group does not comply with the Corporations Act 2001 including: i. Giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its financial performance for the half-year ended on that date; and ii. Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. Basis for conclusion We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to the audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001 which has been given to the directors of the Company, would be the same terms if given to the directors as at the time of this auditor’s review report. Material uncertainty relating to going concern We draw attention to Note 17 in the interim financial report which describes the events and/or conditions which give rise to the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern and therefore the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. Our conclusion is not modified in respect of this matter.
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Responsibility of the directors for the financial report The directors of the company are responsible for the preparation of the interim financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the interim financial report that is true and fair and is free from material misstatement, whether due to fraud or error. Auditor’s responsibility for the review of the financial report Our responsibility is to express a conclusion on the interim financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the interim financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 30 June 2026 and its performance for the half- year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. A review of an interim financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. BDO Audit Pty Ltd Matthew Taylor Di rector Brisbane, 1 September 2026