Meteoric Resources NL (MEI) Investor Presentation summary

Project overview and resource highlights

• Caldeira is positioned as the world's highest grade ionic adsorption clay rare earth element (REE) deposit, with a resource of 740Mt at 2,572ppm TREO and further updates expected.

• Eight license areas have been drilled out of 69, with significant growth potential and government support for expansion.

• Mineralisation averages 27–28.4m thickness from surface across key licenses, supporting long-life, low-cost operations.

• High-grade intercepts include up to 19,183ppm TREO, with multiple holes exceeding 4,000ppm TREO near the starter pit and processing facility.

• The project benefits from a simple, low-risk process flowsheet, high recoveries (~70% MREO), and strong environmental credentials.

Financial metrics and cost structure

• Life of mine is projected at 20 years, with an NPV of $1.4bn and IRR of 40%, and a payback period of 2.2 years (3.7 years under current pricing).

• Annual production is estimated at 9,679t REO, with a plant nameplate capacity of 5Mtpa and a TREO feed grade of 3,724ppm.

• All-in sustaining costs are industry-leading and in the lowest quartile globally, with low capital intensity per tonne of product.

• Base case capex is US$297M (total US$403M with contingency), including all direct, indirect, and owner's costs.

• Funding is supported by government debt, grants, export credit agencies, and strategic offtake agreements.

Growth strategy and future potential

• Stage 1 focuses on a 5Mtpa processing facility, with significant resources across southern tenements and a pending resource update for Barra do Pacu.

• Stage 2 targets expansion into high-grade northern licenses, including Dona Maria 1 & 2, Cupim Vermelho Norte, and Agostinho.

• Ongoing drilling and resource updates aim to define key target areas and support further growth.

• The project is positioned as an industry disruptor with scale optionality and strong government backing.