Meteoric Resources provides significant update to Figueira Mining Licences

Meteoric Resources NL (ASX: $MEI) has announced a substantial update to the existing Mineral Resources Estimate (MRE) for the Figueira Mining Licences at its 100%-owned Caldeira Rare Earth Element Ionic Clay Project. The Figueira MRE has expanded to 170Mt at 2,766ppm Total Rare Earth Oxides (TREO), significantly enhancing the size and geological confidence of the overall Caldeira Project MRE.

Executive Commentary on Figueira MRE Update

Chief Executive Officer, Nick Holthouse, expressed his satisfaction with the update, highlighting the significant upgrade in the size and geological confidence of the Caldeira Project Resource. He emphasized the potential for further upside into the future early-stage, high-grade production profile, driven by the additional 47Mt at greater than 4,000ppm TREO included in this update. Holthouse reaffirmed the company's commitment to delivering a Pre-Feasibility Study for the Caldeira Project, aiming to be the lowest-cost, scalable supplier of rare earth elements to the growing western supply chain.

Summary of Figueira MRE Update

The updated Mineral Resources Estimate for the Figueira Mining Licences at Meteoric Resources' Caldeira Project has significantly increased the overall MRE to 740Mt at 2,572ppm TREO, with 595ppm Magnetic Rare Earth Oxides (MREO) for a MREO/TREO ratio of 23.1%. The Measured and Indicated Resources from Soberbo, Capão do Mel, and Figueira licence areas are set to be the subject of a Pre-Feasibility Study for a future project development, scheduled for completion in December 2024. The company aims to solidify its position as a low-cost supplier of critical minerals in the rare earth element market.