Caldeira Project
Meteoric has completed the acquisition of the Caldeira Project, a Tier 1 Ionic Clay Rare Earth Element (REE) project in the Minas Gerais State of Brazil, following the signing of a definitive agreement with Togni Group of Companies in March 2023.
Meteoric has reported its Resource Estimate for Caldeira which stands at 170Mt at 2,766ppm TREO at a 1,000ppm cut-off grade.
The Caldeira Project comprises 51 licences (23 Mining Licences and 21 Mining Licence Applications) and has previously had significant exploration conducted including 1,311 shallow auger drill holes for 13,037m. Drilling across six licences returned ultra-high-grade Total Rare Earth Oxide (TREO) intersections all of which are reported from surface.
Meteoric will commence a 100,000m air core and diamond drilling program in mid 2023 to increase confidence in the resource estimate, with Scoping/Prefeasibility studies to commence in Q4 2023.
At Caldeira, REE mineralisation commences from surface. The average drill depth used in the MRE is 6.9m and 85% of all holes finish in TREO grades above 1,000 ppm – the Caldeira deposit remains completely open at depth.
The TREO identified across the Caldeira Project represents an enriched HREO basket with strongly enriched Magnet REOs – Tb2O3, Dy2O3, Nd2O3 and Pr2O3 – averaging greater than 22% of TREO.
The Scoping Study results for the Caldeira Project in Minas Gerais, Brazil, conducted by leading Australian Engineering Group Ausenco, confirms the potential for the world’s lowest-cost source of rare earths with outstanding financial metrics. The Australian Nuclear Science & Technology Organisation improved on previous test work, producing the first saleable MREC product from the Caldeira Project, which is low in impurities and has significantly improved metallurgical recoveries.
The Scoping Study highlights that simple mining and processing can deliver a new benchmark in operating costs and capital intensity. The project boasts an operating C1 cash cost (Opex) of US$7.00/kg of recovered Total Rare Earth Oxides (TREO) in a Mixed Rare Earths Carbonate (MREC) over a 20-year mine life, with an average Opex of US$5.50/kg of TREO over the first five years. High Rare Earth Oxides (REO) grades, averaging 4,500ppm TREO in the first five years and over 3,500ppm Life of Mine (LOM), contribute to this low cost. Additional highlights include a low mining strip ratio, simple and low-cost Ammonium Sulfate processing wash, and annualised production of 11.0kt TREO over the first five years.
The compelling financial outcomes of the Caldeira Project provide resilience to the cyclicality of commodity pricing. Project economics based on a 20-year mine life with Adamas pricing forecasts (discounted by 40%) highlight the robust nature of the project, delivering a pre-tax NPV8% of US$1,235M, a pre-tax IRR of 38%, and a pre-tax payback period of 2.2 years. With significant upside potential from further exploration and process optimisation, the project also features industry-leading sustainability credentials, including dry stack tailings backfill, a very low carbon footprint, and access to 100% renewable grid power. The Pre-Feasibility Study is underway, with completion scheduled for December 2024.
Table 1. Caldeira REE Project 2024 Mineral Resource Estimate– by licence at 1,000ppm TREO cut-off
| License | JORC Category | Material Type | Tonnes Mt | TREO ppm | Pr6O11 ppm | Nd2O3 ppm | Tb4O7 ppm | Dy2O3 ppm | MREO ppm | MREO/TREO % |
|---|---|---|---|---|---|---|---|---|---|---|
| Capão do Mel | Measured | Clay | 11 | 3,888 | 222 | 586 | 6 | 28 | 842 | 21.7% |
| Total | Measured | 11 | 3888 | 222 | 586 | 6 | 28 | 842 | 21.7% | |
| Capão do Mel | Indicated | Clay | 74 | 2,908 | 163 | 449 | 5 | 23 | 640 | 22.0% |
| Soberbo | Indicated | Clay | 86 | 2,730 | 165 | 476 | 5 | 23 | 669 | 24.5% |
| Figueira | Indicated | Clay | 138 | 2,844 | 145 | 403 | 5 | 28 | 582 | 20.5% |
| Total | Indicated | 298 | 2,827 | 155 | 436 | 5 | 26 | 622 | 22.0% | |
| Total | Measured + Indicated | 308 | 2,864 | 158 | 441 | 5 | 26 | 622 | 22.0% | |
| Capão do Mel | Inferred | Clay | 32 | 1,791 | 79 | 207 | 2 | 13 | 302 | 16.9% |
| Capão do Mel | Inferred | Transition | 25 | 1,752 | 86 | 239 | 3 | 14 | 341 | 19.5% |
| Soberbo | Inferred | Clay | 89 | 2,713 | 167 | 478 | 5 | 24 | 675 | 24.9% |
| Soberbo | Inferred | Transition | 54 | 2,207 | 138 | 395 | 4 | 20 | 558 | 25.3% |
| Figueira | Inferred | Clay | 9 | 3,105 | 139 | 379 | 5 | 28 | 551 | 25.3% |
| Figueira | Inferred | Transition | 24 | 2,174 | 115 | 328 | 4 | 21 | 468 | 21.5% |
| Cupim Vermelho Notre3 | Inferred | Clay | 104 | 2,485 | 152 | 472 | 5 | 26 | 655 | 26.4% |
| Dona Maria 1 & 2 | Inferred | 94 | 2,320 | 135 | 404 | 5 | 25 | 569 | 24.5% | |
| Total | Inferred | 431 | 2,363 | 138 | 406 | 4 | 23 | 571 | 24.0% | |
| Total | Measured + Indicated + Inferred | 740 | 2,572 | 146 | 420 | 5 | 24 | 596 | 23.1% |
Table 2. Caldeira REE Project 2024 Mineral Resource Estimate– by cut-off grade
| Licence | JORC Category | Material Type | Tonnes Mt | TREO ppm | Pr6O11 ppm | Nd2O3 ppm | Tb4O7 ppm | Dy2O3 ppm | MREO ppm | MREO/TREO % |
|---|---|---|---|---|---|---|---|---|---|---|
| Figueira | Indicated | Clay | 138 | 2,844 | 145 | 403 | 5 | 28 | 582 | 20.5% |
| Total | Indicated | 138 | 2,844 | 145 | 403 | 5 | 28 | 582 | 20.5% | |
| Figueira | Inferred | Clay | 9 | 3,105 | 139 | 379 | 5 | 29 | 551 | 17.7% |
| Figueira | Inferred | Transition | 24 | 2,174 | 115 | 328 | 4 | 21 | 468 | 21.5% |
| Total | Inferred | 33 | 2,437 | 121 | 342 | 4 | 23 | 491 | 20.4% | |
| Total | Indicated + Inferred | 170 | 2,766 | 141 | 392 | 5 | 27 | 565 | 20.5% |
Competent Persons Statement
The information on this website that relates to Mineral Resources at the Caldeira Project is based on information compiled by Dr. Beck Nader, a Competent Person who is a Fellow of Australian Institute of Geoscientists #4472. Dr. Beck Nader is a consultant for BNA Mining Solutions. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify him as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr. Beck Nader consents to the inclusion on this website of the matters based on his information in the form and context in which it appears.
The information on this website that relates to Mineral Resources at the Caldeira Project is based on information compiled by Dr. Volodymyr Myadzel, a Competent Person who is a Member of Australian Institute of Geoscientists #3974. Dr. Volodymyr Myadzel is a consultant for BNA Mining Solutions. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr. Volodymyr Myadzel consents on this website in the report of the matters based on his information in the form and context in which it appears.
Project Geology
The Alkaline Intrusive Complex of Poços de Caldas represents one of the most important economic terrains in Brazil and hosts deposits of bauxite, clay, uranium, zirconium, REEs and leucite (used as a fertiliser). The Poços de Caldas Intrusive Complex covers an area of approximately 800km2, constituting the largest occurrence of alkaline rocks in South America. The main rock types found in the Poços de Caldas Complex are intrusive and volcanic alkaline rocks of the nepheline syenite system comprising phonolites and foidolites.
The Poços de Caldas area has a long and continuous history of clay mining for bricks and subsequently refractory clays along with a more recent history (from the 1950s) of mining activities focused on bauxite for aluminium and uranium by the Brazilian Nuclear Industry (INB – decommissioned).
