Meteoric Resources NL (MEI) Q1 2026 TU earnings summary

Executive summary

• Pre-Feasibility Study (PFS) for the Caldeira Rare Earth Project confirms robust technical and economic viability, with a long-life, world-class project profile in a rapidly growing rare earths market.

• Maiden Ore Reserve of 103Mt at 4,091ppm TREO declared, based on extensive drilling and sampling, enhancing confidence in high-value magnetic rare earth oxide recovery.

• Pilot plant construction in Brazil is nearing completion, with commissioning expected in November 2025 to support continuous MREC production and further process validation.

• Strong institutional support reflected in a heavily oversubscribed $42.5M equity placement, boosting cash reserves to $44.4M at quarter-end.

Financial highlights

• Life of Mine (LOM) annual average revenue forecasted at $245M (spot), $315M (consensus), and $485M (forecast); annual EBITDA at $86M (spot), $150M (consensus), and $305M (forecast).

• LOM post-tax NPV8 ranges from $109M (spot) to $1,256M (forecast); post-tax IRR from 11% to 31%.

• Payback period estimated between 2.5 and 6.1 years depending on pricing scenario.

• Annual operating cost for TREO is $8.91/kg for the first five years; AISC ranges from $12.62/kg to $14.18/kg TREO.

• Cash position at 30 September 2025 was $44.4M, with estimated 6.6 quarters of funding available.

Outlook and guidance

• Project timeline remains on schedule, with environmental permitting progressing and preliminary licence expected in December quarter 2025.

• Ongoing work programs and pilot plant operations aim to further de-risk project cost estimates and process flowsheet ahead of a Final Investment Decision in 2026.

• Continued focus on securing offtake agreements, government grants, and strategic partnerships to support project commencement.