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Meteoric Resources Advances Key Workstreams for Brazil Project in June Quarter; Shares Down 3%

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Meteoric Resources (ASX:MEI) advanced technical, engineering and commercial work streams for the Caldeira project in Brazil in the three months ended June 30, with the definitive feasibility study expected to be delivered soon, according to a Friday filing with the Australian bourse.

Drilling at the Southern licenses resulted in an updated mineral resource estimate of 1.6 billion tonnes at 2,317 parts per million total rare earth oxides, the filing said. Measured resources increased to 128 million tonnes at 2,815 parts per million total rare earth oxides.

Additionally, the Caldeira pilot plant continued delivering strong recoveries and consistent mixed rare earth carbonate production at or above nameplate capacity, per the filing.

The company's shares were down nearly 3% in recent Friday trade.

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