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Meteoric Resources Upgrades Ore Reserve Estimate for Brazil Project; Shares Down 3%

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Meteoric Resources (ASX:MEI) upgraded its ore reserve estimate for the Caldeira project in Brazil to 146 million tonnes at 3,546 part per million (ppm) total rare earth oxides, with 863 ppm magnet rare earth oxides, according to a Thursday filing with the Australian bourse.

The maiden ore reserve from the pre-feasibility study in July 21, 2025, was 103 million tonnes at 4,091 ppm total rare earth oxides for 421,000 tonnes of contained total rare earth oxides, a separate filing said.

The updated estimate underpins the upcoming definitive feasibility study, projecting over 20 years of operations at a production rate of 6 million tonnes per year, the filing said.

Shares fell nearly 3% in morning trade Thursday.

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