Caldeira Project

Meteoric is focused on the rapid exploration and development of its flagship Caldeira Rare Earth Ionic Clay Project, the world’s highest grade ionic absorption rare earth deposit.

Caldeira currently boasts a Global Mineral Resource Estimate of 740Mt at 2,572ppm total rare earth oxides (TREO) at a 1,000ppm TREO cut-off grade.
High-grade TREO for any future mining and processing operation at Caldeira is expected to be extracted from three licence areas at Capão do Mel, Soberbo, and Figueira.

The Caldeira Project comprises 69 licenses (with total landholdings over 193km2) located in the southwest region of the Minas Gerais State of Brazil, close to the city of Poços de Caldas. Only a small number of these licenses have been explored to date, giving the Project considerable geological upside.

The Alkaline Intrusive Complex of Poços de Caldas where Caldeira is found is one of the most important economic terrains in Brazil. As well as REE, the area hosts deposits of bauxite, clay, uranium, zirconium and leucite (used as a fertiliser). This Intrusive Complex covers an area of approximately 800km2, constituting the largest occurrence of alkaline rocks in South America.

Caldeira’s favourable ionic clay metallurgy allows Meteoric to produce a refined Mixed Rare Earth Carbonate (MREC) product at a significantly lower cost and energy intensity than other hard rock rare earths deposits.

Caldeira is strategically adjacent to long-established, high-quality transport infrastructure. The project area has access to low-cost, clean energy from an electricity grid that is entirely powered by renewable hydro, solar and wind sources from the Energy Company of Minas Gerais (Companhia Energetica de Minas Gerais S.S CEMIG).

With +60 Licence areas still unexplored, together with further upside expected from within the existing exploration areas, the potential expansion of the Caldeira Project remains enormous. Caldeira is already one of the largest and highest grade true ionic absorption clay deposits in the world and gives us great confidence in the ability to transform Caldeira into a truly world-class, multi-generational REE district.

A Pre-Feasibility Study for the Caldeira Project is underway and will be completed in the first half of 2025.

An Updated Scoping Study (Study) completed in 2024 highlights the potential for Meteoric to build into the world’s lowest cost producer of rare earth products.

The Study showed very strong financial outcomes in terms of net present value, internal rate of return and payback period. The 20-year LOM schedule shows industry leading operating costs, particularly in the first five years where very high-grade ore has been prioritised.

The Scoping Study mine life is based solely on higher confidence (JORC 2012) Measured and Indicated Resources and is not resource constrained. There is considerable scope to expand beyond this timeframe with the addition of more current resource areas and ongoing conversion of the yet untested +60 remaining licences.

The project produces outstanding metallurgical recoveries based on high-grade feed and by utilising a simple process with low technical risk and high environmental credentials. This process requires no drilling and blasting, and no tailings dams. Utilising these physical attributes, Caldeira boasts a low capital intensity per unit of production capacity.

For more details on the updated Scoping Study, click here.

Table 1. Caldeira REE Project 2024 Mineral Resource Estimate– by licence at 1,000ppm TREO cut-off
LicenseJORC CategoryMaterial TypeTonnes MtTREO ppmPr6O11 ppmNd2O3 ppmTb4O7 ppmDy2O3 ppmMREO ppmMREO/TREO %
Capão do MelMeasuredClay113,88822258662884221.7%
TotalMeasured11388822258662884221.7%
Capão do MelIndicatedClay742,90816344952364022.0%
SoberboIndicatedClay862,73016547652366924.5%
FigueiraIndicatedClay1382,84414540352858220.5%
TotalIndicated2982,82715543652662222.0%
TotalMeasured + Indicated 3082,86415844152662222.0%
Capão do MelInferredClay321,7917920721330216.9%
Capão do MelInferredTransition251,7528623931434119.5%
SoberboInferredClay892,71316747852467524.9%
SoberboInferredTransition542,20713839542055825.3%
FigueiraInferredClay93,10513937952855125.3%
FigueiraInferredTransition242,17411532842146821.5%
Cupim Vermelho Notre3InferredClay1042,48515247252665526.4%
Dona Maria 1 & 2Inferred942,32013540452556924.5%
TotalInferred4312,36313840642357124.0%
TotalMeasured + Indicated + Inferred740 2,57214642052459623.1%
Table 2. Caldeira REE Project 2024 Mineral Resource Estimate– by cut-off grade
LicenceJORC CategoryMaterial TypeTonnes MtTREO ppmPr6O11 ppmNd2O3 ppmTb4O7 ppmDy2O3 ppmMREO ppmMREO/TREO %
FigueiraIndicatedClay1382,84414540352858220.5%
TotalIndicated1382,84414540352858220.5%
FigueiraInferredClay93,10513937952955117.7%
FigueiraInferredTransition242,17411532842146821.5%
TotalInferred332,43712134242349120.4%
TotalIndicated + Inferred1702,76614139252756520.5%

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.

Brazil – an Established Mining Jurisdiction

Brazil has a long-established history of mining, holding the second largest iron reserves and the third-largest REE reserves in the world. The country’s first rare earths mine, Serra Verde, started commercial production in early 2024.

Brazil has significant ambitions in the rare earths industry, and is actively gearing up to become one of the world’s largest rare earth producers. With a growing number of discoveries in rare earth deposits, Brazil continues to place significant investments in exploration projects, research and development, updating regulatory frameworks and improving infrastructure.

Meteoric has developed strong ties with local Brazilian authorities and local stakeholders.

The Company has signed a Memorandum of Understanding (MoU) with the Government of Minas Gerais and Invest Minas. This MoU promotes a higher degree of cooperation between Meteoric and local government bodies, with Caldeira placed on an exclusive list of high priority mining projects for the State of Minas Gerais.

Permitting for Caldeira is progressing well, with an Environmental Impact Statement (EIS) lodged in May 2024. The Company remains on track for the issue of a Construction Licence (LI) within two years of the lodgement of the EIS.

To spur developments and finance strategic minerals projects, Brazil has launched the Brazil Climate and Ecological Transformation Investment Platform (BIP), an initiative led by the Brazilian government and the Brazilian Development Bank (BNDES).

The Caldeira Project has been selected as the only mining project in the initial BIP pilot program which has the aim of mobilising capital amounting up to US$10.8 billion upon obtaining a final investment decision.

Meteoric acknowledges the importance of implementing responsible and sustainable practices across all aspects of our business. This involves developing industry leading practices in environmental and community engagement and management developing systems to provide lasting benefits to both. Meteoric is committed to implementing its comprehensive sustainability programme and plans to undertake the follow actions to ensure best possible compliance:

  • The implementation of a workplan to deliver a maiden Sustainability Report by mid-2025;
  • The preservation where possible of remnant vegetation when considering disturbance footprints for the project processing and mining activities;
  • The use of dry stacked tailings and backfilling of pits instead of a conventional wet tailings approach;
  • The consideration of current project base case scope emissions and developing targets and strategies to lower through subsequent design phases; and
  • Local community engagement for social work programmes, employment education and training.
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