Meteoric's Caldeira Pilot Plant: Measured Progress at Pilot Scale

Highlights

• Meteoric Resources' Caldeira pilot plant in Brazil achieves ~70% magnet rare earth recoveries and 2.6 kg/day Mixed Rare Earth Carbonate production, validating technical feasibility at pilot scale with results matching independent ANSTO test work.
• Element-level recoveries include 70% neodymium, 71% praseodymium, and improved heavy rare earth capture (56% dysprosium, 61% terbium), with MREC grade at 32.7% magnetic rare earth oxide and ~1% combined dysprosium-terbium oxides.
• While pilot-scale validation is constructive, commercial viability requires scaling from 2.6 kg/day to industrial throughput, securing financing, establishing downstream processing partnerships, and obtaining binding offtake agreements to meaningfully diversify non-Chinese heavy rare earth supply.

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Meteoric Resources NL (ASX: MEI) reports (opens in a new tab) ~70% magnet rare earth recoveries at its Caldeira ionic clay project in Minas Gerais, Brazil. Pilot production has reached 2.6 kg/day of dry Mixed Rare Earth Carbonate (MREC), in line with prior independent test work by Australian Nuclear Science and Technology Organization (ANSTO). Samples are now being supplied to potential offtake partners. The development represents technical validation at pilot scale, though commercial execution remains ahead.

Technical Validation in Brazil’s Ionic Clay Province

Meteoric states the Poços de Caldas pilot plant is operating at or above its ~2.0 kg/day nameplate capacity, with recent output of 2.6 kg/day. Average magnet rare earth recoveries of 70% match ANSTO’s prior continuous pilot results.

Element-level recoveries include 70% neodymium, 71% praseodymium, 56% dysprosium (above ANSTO’s 49%), and 61% terbium (above ANSTO’s 57%). The reported MREC grade includes 32.7% magnetic rare earth oxide, with approximately 1% combined dysprosium and terbium oxides. Assays were conducted by SGS Geosol (ISO/IEC 17025 accredited).

Water recycling (85%) and ammonium sulfate recovery (90%) are consistent with established ionic clay processing practices. On a metallurgical basis, the flowsheet appears to be performing as designed at pilot scale.

That is a constructive milestone.

Scaling Remains the Real Test

However, 2.6 kg/day is firmly pilot scale. Commercial ionic clay operations—primarily in southern China—operate at industrial throughput levels measured in thousands of tonnes per year of concentrate equivalent. Transitioning from pilot validation to bankable, continuous commercial production is a significant engineering and financing step.

The company notes that capital and operating costs are tracking in line with budget, but this announcement does not disclose updated capex or opex figures. No independent audit of pilot mixing techniques has been reported.

Language such as “de-risking” and “outstanding recoveries” is typical of ASX communications. Investors should distinguish technical consistency from final investment readiness, a key distinction.

Strategic Context in the Rare Earth Supply Chain

Ionic clay deposits are globally significant because they are a primary source of heavy rare earths such as dysprosium and terbium. Outside China, few projects have demonstrated sustained commercial success in this deposit class. By contrast, hard-rock bastnäsite systems such as MP Materials Corp. at Mountain Pass are dominated by light rare earths.

If Caldeira succeeds, it could gradually diversify the non-Chinese heavy rare-earth supply over time. Yet separation capacity, downstream processing strategy, and binding offtake agreements will ultimately determine strategic impact. And this, of course, is presupposed by a number of other actions in the USA and elsewhere.

The Investor Takeaway

Meteoric’s pilot data appears technically credible and consistent with prior independent work. The flowsheet functions at pilot scale. That is an important step. Commercial scale, financing clarity, and downstream integration will determine whether Caldeira becomes a meaningful player in the global rare earth supply chain.

Source: Meteoric Resources NL ASX Announcement, 11 February 2026.