Meteoric Resources NL (MEI) H2 2024 earnings summary

Executive summary

• FY24 marked the first full year focused on rare earths exploration and development, with significant progress at the Caldeira Ionic Clay REE Project in Brazil, expanding from 30 to 69 licences covering 193km².

• The Caldeira Project's Mineral Resource Estimate (MRE) grew over 80% since April 2023, now totaling 740Mt at 2,572ppm TREO, with 308Mt in Measured and Indicated categories.

• A Scoping Study released in July 2024 confirmed Caldeira as one of the world's lowest-cost rare earths projects, with robust financial metrics and a 20-year mine life.

• Strategic offtake MOUs were signed with Neo Performance Materials, SENAI (Lab Fab), and Ucore Rare Metals, positioning the project in the global permanent magnet supply chain.

Financial highlights

• Net loss from operations was $16.4M for FY24, a significant improvement from the $37.0M loss in FY23.

• Cash assets at 30 June 2024 were $13.9M, with net assets of $8.3M, down from $17.3M and $15.9M respectively at the prior year-end.

• Sale of the Juruena Gold Project completed for $20M, resulting in a $28.9M profit from discontinued operations.

• Share placement and SPP post-year-end raised $27.9M, strengthening the balance sheet.

Outlook and guidance

• Pre-Feasibility Study for Caldeira is underway, with results expected by late December 2024.

• Environmental permitting is on track, with a Construction Licence targeted within two years of EIS lodgement.

• Ongoing discussions for additional offtake agreements and funding, including a non-binding $250M LOI from the US EXIM Bank.