Earnings release
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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 QUARTERLY ACTIVITIES REPORT – SEPTEMBER 2025 Meteoric Resources NL (ASX: MEI) (Meteoric or the Company) is pleased to provide its Quarterly Activities Report for the three-month period ending 30 September 2025. Highlights • Release of the Caldeira Rare Earth Project Pre-Feasibility Study (PFS) confirms a world-class, long-life project underpinned by strong mining, processing and financial metrics in a rapidly emerging rare earths market. • Maiden Ore Reserve declared, enhancing confidence in recovering high value magnetic rare earth oxides: • Probable Ore Reserve of 103Mt @ 4,091ppm Total Rare Earth Oxide (TREO)1 • Based on industry leading exploration and drilling data from 86,000m of drilling and 45,000 samples • PFS results deliver higher REE production at a lower capital intensity • Plant throughput increased to 6Mtpa (dry) • NdPr Oxide average annual production of 4,228t (84,572t Life of Mine (LOM)) • DyTb (heavy magnetic rare earth) Oxide average annual production of 130t (2,600t LOM) • TREO production of ~271kt over the LOM • Operating costs of US$8.91/kg TREO for the first five years • NdPr Oxide operating cost of US$21.80/kg (with DyTb by-product credits at consensus pricing) and breakeven NdPr price of US$48/kg over life of Project • Additional metallurgical testwork and piloting completed following the PFS to support and de-risk process design and flowsheet • Four separate, five-day campaigns at ANSTO totalling 480 hours confirmed excellent metallurgical rare earth recoveries, materials handling and water management of the Caldeira Project ionic clays o World-class Magnetic Rare Earth Oxides2 recoveries of 70% consistently achieved. o High quality mixed rare earth carbonate (MREC) produced, with total recoveries of 60% TREO and less than 2% impurities • Bulk samples of MREC produced for offtake evaluation by potential customers and strategic partners • Spent clay handling successfully demonstrated to enable scale-up of commercial equipment and ensuring non-hazardous spent clays can be returned to the pit • Pilot plant construction commenced in Brazil and is now nearing completion with commissioning expected in November 2025 delivering continuous MREC production • Rare earth oxide separation to be included as part of the pilot plant, in collaboration with Metallium Limited (ASX: MTM) and Ucore Rare Metals Inc (TSXV: UCU) 1 TREO: Total Rare Earth Oxides - Y2O3, La3O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3 2 MREO: Magnetic Rare Earth Oxides - Pr6O11, Nd2O3, Tb4O7, Dy2O3 The PFS life of mine ore feed contains approximately 89% Measured & Indicated Resources and 11% Inferred Mineral Resources. An Inferred Mineral Resource has a lower level of geological confidence than an Ore Reserve or a Measured or Indicated Mineral Resource and there is no certainty that further exploration work will result in the conversion of the Inferred mineralisation into an Ore Reserve or that the production target itself will be realised. For personal use only
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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 • Permitting timeline progressing to plan , with consent to undertake operations within the Environmental Protection Area of the Ecological Sanctuary of Serra da Pedra Branca received post - quarter end (ASX: MEI Buffer Zone Consent Received 3/10/2025) and receipt the Preliminary Licence (LP) expected in the December quarter 2025 • Successful completion of a heavily oversubscribed and upsized $42.5M equity placement which was strongly supported by high quality institutional investors, particularly in North America • Meteoric is well capitalised with a quarter-end cash balance of $44.4M Meteoric Managing Director and CEO, Stuart Gale, said: “Importantly, the speed and depth of work completed at the Caldeira Project since late 2022 has put Meteoric in an excellent position to capitalise on th e significant momentum in the rare earth industry . The volume and quality of drilling, geological data, metallurgical testwork and engineering studies positions us to advance development of Caldeira Project to meet increasing demand and diversification of the rare earth supply chain. A highlight of the quarter was the completion of the PFS which was a significant and important body of work clearly reflecting the robustness of the Caldeira Project. The key combination of high grade, high metallurgical recoveries support a low capital intensity and low operating cost development which ensures that the Caldeira Project remains competitive in any market and pricing situation. Our confidence in the P roject continues to strengthen beyond the PFS based on ongoing validation and continued testing of the fundamental data through robustly designed and executed p rograms. This was highlighted at the fourth ANSTO metallurgical continuous test program which was completed during the quarter. Results from this five -day continuous piloting program confirm excellent MREC recoveries including 70% recovery of the magnetic rare earth elements. We are looking forward to commissioning and operations of the Pilot Plant in Poços de Caldas in November to further validate these ANSTO results, provide material to customers for their testing and undertake further downstream trials. A successful capital raising which was significantly oversubscribed and consequently upsized also reflected the high level of confidence and support of key institutional investors from around the world in the Caldeira Project. We were also pleased to resolve all issues associated with operating within Buffer Zone quickly through a well- thought-out administrative process in conjunction with the Mayor of Caldas and key Caldas Municipal Bodies. Meteoric is now very well positioned to obtain an unconditional Preliminary Licence from Minas Gerais Environmental Protection Agency in a timeframe that does not impact the Project timeline.” For personal use only
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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 Figure 1: Location map of Caldeira REE Project highlighting the northern resource areas of Dona Maria 1 & 2 and Cupim Vermelho Norte and Barra do Pacu in the south. Caldeira PFS confirms a globally strategic, long-life rare earths project On 21 July 2025, Meteoric released a landmark PFS for the Caldeira Project, confirming the robust technical and economic viability of a potential mining and processing operation capable of producing a high -quality MREC product. Following the completion of the Caldeira Project Scoping Study in July 2024 (and Updated Scoping Study completed in October 2024), a substantial 12 -month work program was completed to de -risk mining and processing elements and deliver more robust cost estimates built on vendor pricing. This included: • Significant diamond (DD) and aircore (AC) drill programs which now total >57,000m, producing 31,000 samples for chemical assay in addition to 14,000m of historical auger drilling and sampling • Delivered an updated global Mineral Resource Estimate of 1.5Bt @ 2,359ppm TREO with: • Measured Resources defined by a maximum of 50m x 50m drill spacing • Indicated Resources defined by a maximum of 100m x 100m drill spacing For personal use only
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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 • Inferred Resources defined by a maximum of 400m x 400m drill spacing • Substantial metallurgical testwork with ANSTO and other consultants, including a 20-day continuous piloting program • Detailed test work on settling the clays, dewatering technology and materials handling • Scrubbing solutions vendor testing Meteoric engaged leading global engineering group Ausenco to support co-ordination of the PFS workstreams and assist with process flowsheet development. The Australian Nuclear Science and Technology Organisation (ANSTO) completed pilot scale metallurgical testwork as part of the PFS. Detailed bottom -up cost estimates performed by Ausenco based on the confirmed flowsheet have been completed in the PFS to an estimated accuracy of +/- 25%. A summary of the physical and financial evaluation of the Project is shown in Table 1, Table 2 and Table 3, respectively. Table 1: Production Outcomes and Assumptions Key Production Outcomes Unit Updated Scoping Study Pre-Feasibility Study Years 1-5 LOM Years 1-5 LOM Ore Mined kt 23,004 98,000 26,523 128,989 Strip Ratio waste:ore 0.08 0.21 0.52 0.38 Average TREO Feed Grade ppm 4,591 3,724 4,515 3,701 TREO Recovery % 53 53 54 55 Magnetic REO Recovery % 73 73 73 71 Average annual production3 (REO) t 11,453 9,685 12,382 13,584 Production (REO) t 57,258 193,584 61,912 271,687 NdPr % (in TREO concentrate) % 32 33 31 31 The calculations in Table 2 are based on three sets of TREO pricing assumptions: 1. The spot price as at July 2025. 2. A broker consensus price; and 3. An average forecast price by independent market analysts Adamus Intelligence and Project Blue. Financial outcomes based on these prices are presented below. 3 Includes ramp up in Years 1 and 2. For personal use only
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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 Table 2: Key Financial Outcomes and Assumptions Cashflow, Cost & Earnings Metrics Unit Years 1-5 LOM Spot Consensus Forecast Spot Consensus Forecast Annual Average Revenue US$M 210 284 330 245 315 485 EBITDA US$M 79 147 189 86 150 305 Operating Cashflow US$M 60 104 132 58 100 203 Total Revenue US$M 1,050 1,422 1,650 4,927 6,330 9,756 EBITDA US$M 397 737 944 1,707 2,987 6,111 Net profit After Tax (NPAT) US$M 186 410 546 710 1,561 3,625 Cumulative post tax cashflow excluding construction cost US$M 298 522 659 1,165 1,994 4,058 Annual operating cost US$M 110 133 Annual operating cost US$/kg TREO 8.91 9.78 Annual AISC US$/kg TREO 11.16 11.69 12.01 12.62 13.07 14.18 NdPr average pricing US$/kg NdPr 67 91 107 67 86 135 NdPr average operating cost (net of DyTb by-product credits) US$/kg NdPr 20.58 21.80 In late July 2025, MP Materials and US Department of Defense (DoD) entered a Public-Private Partnership to accelerate plans for and the development of western REE magnet independence. This partnership highlights the strong demand for an alternative and additional REE supply outside of China. This partnership consists of a 10-year agreement with the DoD establishing a price floor commitment of $110 per kilogram for MP Materials’ NdPr products stockpiled or sold, reducing vulnerability to non -market forces and ensuring stable and predictable cas h flow with shared upside. For full details, refer to MP Materials’ announcement dated 10 July 2025. Table 3 below includes the financial outputs inclusive of this US$110/kg NdPr floor price reflected in the recent announcement by MP Materials and DoD. Meteoric has assumed consensus pricing for all other rare earth elements in its REE basket in this comparison. For personal use only
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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 Table 3: Key Financial Outcomes and Assumptions continued. Financial Outputs Unit LOM Spot Consensus US$110/kg NdPr Forecast Annual Revenue US$M 245 315 385 485 Annual EBITDA US$M 86 150 213 305 Annual operating cashflow US$M 58 100 143 203 Annual operating costs (ex- royalties) US$M 133 Annual operating costs (ex- royalties) US$/kg TREO 9.78 Annual AISC (including royalties) US$/kg TREO 12.62 13.07 13.53 14.18 Basket price TREO4 US$/kg TREO 26 33 41 51 NdPr average pricing US$/kg NdPr 67 86 110 135 Payability % 70 NdPr gross operating cost US$/kg NdPr 31 NdPr net operating costs5 US$/kg NdPr 22 Capex inclusive of 25% contingency US$M 443 Cumulative post tax cashflow (excluding construction cost) US$M 1,165 1,994 2,842 4,058 Pre-tax NPV8 US$M 251 821 1,347 1,985 Post-tax NPV8 US$M 109 488 835 1,256 Pre-tax IRR % 15 28 36 39 Post-tax IRR % 11 21 28 31 Payback period years 6.1 2.9 2.5 2.8 All ongoing work programs are designed to further de-risk the Project’s cost estimates, metallurgical flowsheet and operating plan, while also providing a control budget for execution of the Project. An operational readiness plan has been implemented, and long lead items have been ordered to ensure timely commissioning and execution. For full details, tables and figures, refer to the PFS Executive Summary released to the ASX on 21 July 2025. 4 The basket price of TREO refers to the weighted average price of the individual REE contained in a specific mineral concentrate or product, based on their relative proportions and current market prices 5 Operating costs net of DyTb credits at consensus pricing per kilogram of NdPr produced For personal use only
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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 Maiden Ore Reserve declared With the release of the PFS, Meteoric declared a Maiden JORC Ore Reserve of 103Mt at 4,091ppm TREO from four licenses. These Ore Reserves represent 27% of the currently defined Measured and Indicated MRE for these four deposits. The Ore Reserves for the Pr oject have been estimated as at 24 April 2025 in accordance with the JORC Code (2012) and summarised by Deposit in Table 4 below. Table 4: Caldeira Project Maiden JORC (2012) Ore Reserve (ASX 21 July 2025) Classification Tonnes (Mt) TREO ppm Pr6O11 ppm Nd2O3 ppm Cont. REO kt Capão do Mel 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 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. 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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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 Pilot Plant construction In September 2025, Meteoric received formal approval from the Minas Gerais State Secretariat for the Environment and Sustainable Development (SEMAD) to construct and operate a Rare Earth Pilot Processing Facility in Poços de Caldas (Pilot Plant). Construction of the Pilot Plant is nearing completion with commissioning and production of MREC expected in late November 2025 . The Pilot Plant has an estimated capital cost of ~$2 million and will be located in Meteoric’s customised facility in Poços do Caldas. The Pilot Plant is designed to process up to 25 kilograms of feed ore per hour, enabling the production of approximately 2 kilograms of MREC per day. The establishment of the Pilot Plant represents an important step in the development of Caldeira, allowing for the continuous production of MREC which will allow Meteoric to: a) Provide operational certainty of the Caldeira Project through improved understanding and final design assessment of the Caldeira Project process flowsheet; b) Engage in real-time optimisation of inputs to refine and finalise design parameters to minimise operational outlays and costs; c) Provide MREC samples to offtake customers to assist in securing binding arrangements for future full-scale production; and d) Develop downstream separation technologies through the future installation of conventional and innovative separation technologies to support aspirations for future technological development. The pilot plant will also support stakeholder engagement, future ore testing, workforce training, and overall project de-risking ahead of full-scale development. Figure 2: Ore Feed Conveyor leading to trommel Figure 3: Counter Current Decantation (CCD) circuit Figure 4: Impurity removal circuit Exceptional Rare Earth recoveries confirmed from ANSTO continuous piloting Meteoric previously engaged Australia’s leading laboratory, ANSTO, to undertake multiple test programs to support and optimise the development of the Caldeira processing flowsheet. This has culminated in completion of Meteoric’s fourth continuous piloting program which has successfully validated the flowsheet and provided further confidence around key processing parameters including MREC quality and recoveries, together with waste handling properties. The data generated from these pilot campaigns will be incorporated into the DFS currently being undertaken by Ausenco. This will allow: • Further definition on equipment selection and sizing and the mechanical equipment list to better define CAPEX and reduce contingency; and • Further refinement of OPEX with respect to power consumption and reagents. For personal use only
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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 ANSTO Pilot Plant Trials Test work was conducted using mineralised clays from a 2.5 tonne master composite from the CDM deposit. It included material from 154 drill holes with an average head assay of 4,877ppm TREO. This master composite is representative of the first six years (~ 30Mt) of ore feed for the proposed high -grade mining strategy for the CDM Starter pits. The bulk sample underwent 480 hours of continuous piloting at ANSTO across four separate, five -day campaigns (24 -hours per day). This final test program successfully integrated all the individual process parameters that have been tested by ANSTO over the past 12 months. The process flowsheet, shown below in Figure 5 is designed to replicate the proposed commercial plant in terms of unit operations, reagent consumptions, material handling properties and recoveries. The pilot campaign used an AMSUL lixiviant at pH 4.5 – 5.0, ambient temperature and pressure, generating a high quality MREC with magnet rare earth oxide (Nd, Pr, Dy, Tb) recoveries of 70% consistently achieved. Figure 5: Process Flowsheet piloted at ANSTO to produce MREC During the four campaigns the following objectives were achieved or exceeded: • The flowsheet developed during pre-pilot bench-scale testing has now been successfully validated at a larger, continuous scale, with all previously tested stages operated together as an integrated process. • Separation of solids and liquids was successfully demonstrated across various technologies, with multiple equipment suppliers involved in characterising process streams to enable scale -up of commercial equipment. • The material handling properties of the ore and spent clay were assessed, enabling integration into For personal use only
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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 the DFS engineering design process. • The MREC produced during the pre-pilot test work was of exceptionally high quality, containing less than 2% impurities. Materials Handling During the continuous piloting campaign, the spent clay material was dewatered using a number of dewatering technologies including pressure filtration, centrifugation, vacuum filtration and other technologies. Other dewatering equipment options are also being evaluated to make a direct comparison of dewatering performance to determine the optimal operating and capital economics. Buffer Zone consent received Post-end of the September quarter, Meteoric announced it had received consent to undertake operations within a three (3) kilometre zone surrounding the Environmental Protection Area ( APA) of the Ecological Sanctuary of Serra da Pedra Branca (Buffer Zone) (Figure 1). The Council of Management for the Environmental Protection Area of Pedra Branca ( CONGEAPA) has officially consented to the commencement of operations at Caldeira within the designated Buffer Zone. This consent has been secured as part of Meteoric’s process for obtaining environmental licensing for the Project. Meteoric has undertaken comprehensive research and consultation, beginning in mid -2023, to secure authorisation for mining operations within the Buffer Zone. This process included the preparation of an Environmental Impact Statement covering relevant flora, fauna, and ethnographic studies, as well as ongoing engagement with key stakeholders such as the Caldas House of Councillors and neighbouring Indigenous Communities. Mining activities in the Buffer Zone are permitted subject to completion of an Environmental Impact Assessment, submission of a mitigation plan addressing potential ecosystem impacts, consent from CONGEAPA, which has now been obtained and the approval of t he Minas Gerais Environmental Protection Agency (EPA). Meteoric has now secured all required Municipal consents for the completion of the Preliminary Licence ( LP) approval process. The Minas Gerais EPA can now progress through the final stages of the review process prior to the issuance of LP. The development timeline for the Project remains on schedule, and Meteoric continues to advance other critical approval processes with the National Mining Agency ( ANM), as well as progressing workstreams supporting the DFS. Corporate Successful capital raising to support accelerated project development In July 2025, Meteoric launched a single-tranche equity placement to raise proceeds of $42.5 million (before costs) (Placement). The Placement consisted of the issue of approximately 304 million new fully paid ordinary shares (New Shares) at an offer price of $0.14 per New Share. The Placement was heavily oversubscribed with strong support from high -quality domestic and international institutional investors and notably included key cornerstone commitments from leading North American funds. The proceeds from this Placement are expected to support the Company’s forward development strategy which involves accelerating the project towards a Final Investment Decision in 2026. For personal use only
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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 Change of Financial Year Subsequent to end of quarter, Meteoric announced it has resolved to change its financial year end from 30 June to 31 December, effective immediately. The change of financial year end will align Meteoric with the reporting obligations of the Company’s operations in Brazil which has a financial year end of 31 December. Consistent with its current financial year reporting requirements, Meteoric lodged its annual financial report for the financial year ended 30 June 2025 on 24 September 2025. The report is available on the Company’s website at https://meteoric.com.au/financial-reports/. Meteoric will have a shorter, six -month transitional financial year from 1 July 2025 to 31 December 2025, before reverting to a twelve-month financial year, the first of which will commence on 1 January 2026. Meteoric will prepare a financial report coveri ng the six -month, transitional financial year from 1 July 2025 to 31 December 2025. This report will be released in March 2026. Thereafter, the Company’s annual financial reports will be prepared for a twelve-month period from 1 January to 31 December each year. The Company will hold an Annual General Meeting ( AGM) in respect of the transitional financial year from 1 July 2025 to 31 December 2025, during May 2026. The date of the subsequent AGM, together with 2026 reporting dates, will be advised to the market in due course. Cash and funding Meteoric’s cash position at 30 September 2025 was approximately $ 44.4 million. The Appendix 5B below provides a detailed breakdown of the consolidated cashflows during the quarter together with a comparison to the prior quarter. Cash outflows during the quarter reflect usual operating cash outflows of ~$1.5 million per month inclusive of exploration expenditure workstreams, plus commencement of the DFS study costs in corporating recent metallurgical testwork activities. Meteoric continues to consider progress alternative future funding solutions including Government Grants, strategic partnerships and offtake arrangements to support operations through to the Project commencement. ASX Additional Information Meteoric provides the following information pursuant to ASX Listing Rule requirements: 1. ASX Listing Rule 5.3.1: Exploration and Evaluation Expenditure spend during the Quarter was $5.2 6M. Full details of exploration activity during the quarter are set out in this report. 2. ASX Listing Rule 5.3.2: There were no substantive mining production and development activities during the quarter. 3. ASX Listing Rule 5.3.5: Payment to related parties of the Company and their associates during the quarter was $406,000 cash. This release has been approved by the Board of Meteoric Resources NL. For further information, please contact: Stuart Gale Michael Vaughan Managing Director Investor and Media Relations Meteoric Resources NL Fivemark E sgale@meteoric.com.au E michael.vaughan@fivemark.com.au For personal use only
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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 T +61 437 900 175 T +61 422 602 720 References 1. ASX announcement dated 8 October 2025: Change of Financial Year End to 31 December 2. ASX announcement dated 3 October 2025: Buffer Zone Consent Received 3. ASX announcement dated 18 September 2025: Exceptional Rare Earth Recoveries Confirmed from ANSTO Continuous Piloting 4. ASX announcement dated 4 September 2025: Pilot Plant Construction to Commence Following Receipt of SEMAD Licence 5. ASX announcement dated 25 August 2025: Caldeira Project Update on Environmental Licence Process 6. ASX announcement dated 23 July 2025: Strong Market Support Underpins $42.5M Placement, Funding Caldeira to Final Investment Decision 7. ASX announcement dated 21 July 2025: Pre-Feasibility Study Confirms Caldeira as a Globally Strategic, Long-life Rare Earths Project with Significant Growth Potential Disclaimer and Competent Person Statements The Company confirms that it is not aware of any new information or data that materially affects the Ore Reserves in this publication and originally released to ASX on 21 July 2025. The Company confirms that all material assumptions and technical parameter s underpinning the probable ore reserve estimates continue to apply and have not materially changed. The Company confirms that the form and context in which Intermine Engineering Consultants’ findings are presented have not been materially modified. The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resources in this publication and previously released to ASX on 12 March 2025. 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. The information in this announcement that relates to production targets is extracted from the Company’s ASX announced dated 21 July 2025 (‘Pre -Feasibility Study Confirms Caldeira as a Globally Strategic, Long -life Rare Earths Project with Significant Growt h’). The PFS life of mine ore feed contains approximately 89% Measured & Indicated Resources and 11% Inferred Mineral Resources. An Inferred Mineral Resource has a lower level of geological confidence than an Ore Reserve or a Measured or Indicated Mineral Resource and there is no certainty that further exploration work will result in the conversion of the Inferred mineralisation into an Ore Reserve or that the production target itself will be realised. Meteoric confirms that, all material assumptions underpinning the production target set out in the Company’s ASX announced dated 21 July 2025, continue to apply and have not materially changed. The information in this announcement that relates to forecast financial information (including forecast financial information derived from the production target) is extracted from the Company’s ASX Announced dated 21 July 2025 (‘Pre-Feasibility Study Confirms Caldeira as a Globally Strategic, Long-life Rare Earths Project with Significant Growth’). Meteoric confirms that, all material assumptions underpinning the forecast financial information (and forecast financial information derived from the production target) set out in the announcement released on 21 July 2025 continue to apply and have not materially changed. 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 For personal use only
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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 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 fr om 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 oper ating 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. For personal use only
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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 APPENDIX 1 – Tenement Holdings TENEMENT HOLDINGS AS AT 30 SEPTEMBER 2025 Tenement Status Project Ownership % Change in Quarter E80/4407 Granted Webb JV 7.0% (1.29%) E80/4815 Granted Webb JV 7.0% (1.29%) E80/5121 Granted Webb JV 7.0% (1.29%) E80/5471 Granted Webb JV 7.0% (1.29%) E80/5496 Granted Webb JV 7.0% (1.29%) E80/5499 Granted Webb JV 7.0% (1.29%) E80/5573 Granted Webb JV 7.0% (1.29%) E80/5573 Application Webb JV 7.0% (1.29%) EL23764 Granted WARREGO NORTH 49% - M80/0106 Granted PALM SPRINGS 97% - M80/0315 Granted PALM SPRINGS 97% - M80/0418 Granted PALM SPRINGS 100% - P80/1766 Granted PALM SPRINGS 100% - P80/1768 Granted PALM SPRINGS 100% - P80/1839 Granted PALM SPRINGS 100% - P80/1854 Granted PALM SPRINGS 100% - P80/1855 Granted PALM SPRINGS 100% - E80/4856 Granted PALM SPRINGS 100% - E80/4874 Granted PALM SPRINGS 100% - E80/4976 Granted PALM SPRINGS 100% - E80/5059 Granted PALM SPRINGS 100% - E80/5584 Granted PALM SPRINGS 100% - BRAZIL Claim No. Status City Ownership % Change in Quarter 814.251/1971 Mining Concession Mineração Perdizes Ltda 100% - 814.860/1971 Mining Concession Mineração Zelândia Ltda 100% - 815.006/1971 Mining Concession Mineração Perdizes Ltda 100% - 815.274/1971 Mining Request Companhia Geral de Minas 100% - 815.645/1971 Mining Concession Companhia Geral de Minas 100% - 815.681/1971 Mining Concession Mineração Zelândia Ltda 100% - 815.682/1971 Mining Concession Companhia Geral de Minas 100% - 816.211/1971 Mining Concession Mineração Perdizes Ltda 100% - 817.223/1971 Mining Concession Mineração Daniel Togni Loureiro Ltda 100% - 820.352/1972 Mining Concession Mineração Zelândia Ltda 100% - For personal use only
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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 820.353/1972 Mining Concession Mineração Zelândia Ltda 100% - 820.354/1972 Mining Concession Mineração Zelândia Ltda 100% - 813.025/1973 Mining Request Mineração Perdizes Ltda 100% - 808.556/1974 Mining Concession Mineração Perdizes Ltda 100% - 811.232/1974 Mining Concession Mineração Perdizes Ltda 100% - 809.359/1975 Mining Concession Companhia Geral de Minas 100% - 803.459/1975 Mining Concession Mineração Perdizes Ltda 100% - 804.222/1975 Mining Request Mineração Perdizes Ltda 100% - 807.899/1975 Mining Request Companhia Geral de Minas 100% - 808.027/1975 Mining Concession Companhia Geral de Minas 100% - 809.358/1975 Mining Concession Companhia Geral de Minas 100% - 830.391/1979 Mining Request Mineração Perdizes Ltda 100% - 830.551/1979 Mining Request Togni S A Materiais Refratários 100% - 830.000/1980 Mining Request Mineração Perdizes Ltda 100% - 830.633/1980 Mining Request Mineração Zelândia Ltda 100% - 831.880/1991 Mining Request Mineração Zelândia Ltda 100% - 835.022/1993 Mining Concession Mineração Perdizes Ltda 100% - 835.025/1993 Mining Concession Mineração Perdizes Ltda 100% - 831.092/1983 Mining Concession Mineração Perdizes Ltda 100% - 830.513/1979 Mining Request Mineração Monte Carmelo Ltda 100% - 830.443/2018 Exploration Licence Fertimax Fertilizantes Orgânicos Ltda. 100% - 830.444/2018 Exploration Licence Fertimax Fertilizantes Orgânicos Ltda. 100% - 833.655/1996 Mining Application Minas Rio Mineradora Ltda. 100% - 833.656/1996 Mining Application Minas Rio Mineradora Ltda. 100% - 833.657/1996 Mining Application Minas Rio Mineradora Ltda. 100% - 834.743/1995 Mining Application Minas Rio Mineradora Ltda. 100% - 833.486/1996 Mining Application Minas Rio Mineradora Ltda. 100% - 002.349/1967 Mining Licence Varginha Mineração e Loteamentos Ltda. 100% - 833.176/2008 Exploration Application Varginha Mineração e Loteamentos Ltda. 100% - 830.955/2006 Exploration Application Varginha Mineração e Loteamentos Ltda. 100% - 830.461/2018 Exploration Application Fertimax Fertilizantes Orgânicos Ltda. 100% - 832.193/2012 Exploration Licence Varginha Mineração e Loteamentos Ltda. 100% - 831.686/2012 Exploration Licence Varginha Mineração e Loteamentos Ltda. 100% - 831.269/1992 Mining Licence Varginha Mineração e Loteamentos Ltda. 100% - 832.572/2003 Mining Application Varginha Mineração e Loteamentos Ltda. 100% - 833.551/1993 Mining Application Varginha Mineração e Loteamentos Ltda. 100% - 833.553/1993 Mining Application Varginha Mineração e Loteamentos Ltda. 100% - 830.697/2003 Mining Application Varginha Mineração e Loteamentos Ltda. 100% - 832.252/2001 Mining Application Varginha Mineração e Loteamentos Ltda. 100% - 830.416/2001 Mining Application Varginha Mineração e Loteamentos Ltda. 100% - 832.146/2002 Mining Application Varginha Mineração e Loteamentos Ltda. 100% - For personal use only
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Meteoric Resources NL I ACN 143 493 118 | Level 1, 35 Ventnor Avenue, West Perth WA 6005 | ASX ANNOUNCEMENT 24 October 2025 APPENDIX 2: Caldeira Project Mineral Resource Estimate Table 5:Global Caldeira Project MRE by license at 1,000ppm TREO cut-off (refer MEI Announcements dated 1 May 2023, 14 May, 13 June 2024, 5 August 2024, 12 March 2025 and 15 April 2025). Differences may occur due to rounding. Licence JORC Material Tonnes TREO Pr6O11 Nd2O3 Tb4O7 Dy2O3 MREO MREO Category Type Mt ppm ppm ppm ppm ppm ppm /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% For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity METEORIC RESOURCES NL ABN Quarter ended (“current quarter”) 64 107 985 651 30 SEPTEMBER 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (5,257) (5,257) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (820) (820) (e) administration and corporate costs (807) (807) 1.3 Dividends received (see note 3) - - 1.4 Interest received 154 154 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (6,730) (6,730) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (63) (63) (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (63) (63) 3. Cash flows from financing activities 42,500 42,500 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (2,186) (2,186) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities 40,314 40,314 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 10,966 10,966 4.2 Net cash from / (used in) operating activities (item 1.9 above) (6,730) (6,730) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (63) (63) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 40,314 40,314 For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 4.5 Effect of movement in exchange rates on cash held (46) (46) 4.6 Cash and cash equivalents at end of period 44,441 44,441 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 38,874 5,399 5.2 Call deposits 5,567 5,567 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 44,441 10,966 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 406 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Payments of Directors fees and salaries For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (6,730) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (6,730) 8.4 Cash and cash equivalents at quarter end (item 4.6) 44,441 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 44,441 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 6.6 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 24 October 2025 Authorised by: The Board (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only