Meteoric Resources announces significant increase in Mineral Resources

Meteoric Resources NL (ASX: $MEI) has announced a substantial 150% increase in the Resource estimate at the Soberbo Mining Licence, leading to a total of 545 million tonnes (Mt) at 2,561 parts per million (ppm) Total Rare Earth Oxides (TREO). The first Indicated Resources for the Caldeira Project, comprising 86Mt at 2,730 ppm TREO, have been defined at the Soberbo ML. The Soberbo ML total Indicated and Inferred Resources are 229Mt at 2,601ppm TREO with 645ppm (24.8%) Magnetic Rare Earth Oxides (MREO), including 158Mt at 3,058ppm TREO.

Executive commentary on the resource update

Executive Chairman, Dr Andrew Tunks, expressed his satisfaction with the outstanding results achieved by the Brazil Exploration team, highlighting the significant growth in the total resource and the first Indicated Resource. Chief Executive Officer, Nick Holthouse, also expressed his pleasure with the resource update, emphasizing the unconventional move of purchasing their own multipurpose rig and the exceptional drilling rates achieved by the team.

Summary of the resource update and future plans

Meteoric Resources has seen a remarkable 150% increase in the Resource estimate at the Soberbo Mining Licence, leading to a total of 545 million tonnes (Mt) at 2,561 parts per million (ppm) Total Rare Earth Oxides (TREO). The company is looking forward to the finalised Capão do Mel resource update, the much-anticipated Scoping Study, and Southern licenses permitting process updates. Updated resource estimations for Capão do Mel and Figueira are expected in June and July respectively, and Measured and Indicated Resources from these Licenses will be used as the Base Case scenario in a Scoping Study to be released in Q2 2024.