Meteoric Resources NL (MEI) Q4 2025 TU earnings summary

Executive summary

• Maiden Mineral Resource Estimate at Barra do Pacu added 389Mt at 2,204ppm TREO, increasing global MRE to 1.5Bt at 2,359ppm TREO (1,000ppm cut-off).

• Caldeira Project's Pre-Feasibility Study (PFS) released post-quarter, confirming robust technical and economic viability and declaring a maiden Ore Reserve of 103Mt at 4,091ppm TREO.

• Breakthrough in downstream processing with successful Flash Joule Heating (FJH) testwork and exclusive MOU signed with MTM for rare earth separation.

• Inclusion in the BRL5 billion Brazilian Strategic Minerals funding program, supporting pilot plant and downstream development.

• $42.5M equity placement completed post-quarter, boosting pro-forma cash to ~$53.5M to support Final Investment Decision.

Financial highlights

• Cash position at 30 June 2025 was approximately A$11.0M, with monthly operating outflows of ~A$1.6M and a one-off US$5M royalty payment.

• Exploration and evaluation expenditure for the quarter was A$11.28M.

• Post-quarter, a $42.5M equity placement was completed, heavily oversubscribed and supported by institutional investors.

• Net cash used in operating activities for the quarter was A$12.8M; cash and cash equivalents at quarter end were A$10.97M.

• Estimated quarters of funding available at quarter end was 0.9, with the equity placement post-quarter ensuring continued operations.

Outlook and guidance

• Focus on advancing the Definitive Feasibility Study (DFS), pilot plant construction, and further resource conversion.

• Ongoing collaboration with MTM to enhance FJH technology and downstream rare earth separation.

• Application submitted for Brazilian government funding to support pilot plant and downstream processing.

• Pilot plant development expected to be completed by September 2025.