Meteoric Resources NL (MEI) Q3 2026 TU earnings summary

Executive summary

• Achieved 1,000 days Lost Time Injury free and maintained strong safety performance.

• Caldeira Pilot Plant delivered robust recoveries and consistent MREC production at or above nameplate capacity, with heavy magnet rare earth recoveries exceeding expectations.

• Definitive Feasibility Study (DFS) workstreams advanced, with engineering 82% complete and infill drilling supporting higher confidence in resource estimates.

• Strong support from all levels of Brazilian government, including visits from high-ranking officials and collaboration with national initiatives.

Financial highlights

• Cash position at 31 March 2026 was $18M; proforma cash balance after $40M placement in April was $58M.

• Quarterly operating cash outflows averaged $1.4M per month; technical studies and engineering for DFS at $1.3M per month.

• Exploration and evaluation expenditure for the quarter was $9.1M, with an additional $2.2M for deferred tenement purchases.

• Net cash used in operating activities for the quarter was $9.76M; net cash used in investing activities was $4.71M.

Outlook and guidance

• Well capitalised to advance towards a Final Investment Decision, with ongoing optimisation trials and further resource drilling planned.

• Active discussions with Export Credit Agencies and strategic investors to optimise funding solutions.

• Ongoing regulatory, technical, and commercial measures to progress Caldeira to its next development stage.