Meteoric Resources NL (MEI) Q2 2026 TU earnings summary

Executive summary

• Preliminary Environmental License (LP) approved, enabling progression to Installation License (LI) for Caldeira Project construction, with first production targeted for 2028.

• Pilot Plant at Poços de Caldas constructed and commissioned, producing first batches of Mixed Rare Earth Carbonate (MREC) and validating process flowsheet.

• Acquisition of 21 mining and exploration licenses consolidates a contiguous 67km² area, enhancing project optionality and access to high-grade resources.

• Power supply contracts signed for renewable grid-connected energy, supporting sustainable operations.

• US$50 million non-binding Letter of Support received from Export Finance Australia for project financing.

Financial highlights

• Cash position at 31 December 2025 was $32.4 million.

• Quarterly cash outflows averaged $1.4 million per month, with significant spending on exploration, pilot plant construction, and technical studies.

• Exploration and evaluation expenditure for the quarter totaled $8.9 million, including $2.2 million for deferred tenement payments.

• Net cash used in operating activities for the quarter was $8.4 million; net cash used in investing activities was $3.2 million.

• No substantive mining production or development activities during the quarter.

Outlook and guidance

• Project delivery remains on schedule for first production in 2028, with the LI application expected to be lodged in early 2026 and approval anticipated by June 2026.

• Ongoing workstreams include completion of the Definitive Feasibility Study (DFS), securing final approvals, and negotiating binding offtake agreements.

• Active discussions continue with multiple export credit agencies and strategic investors to optimize funding solutions.