Remarkable REE Drill Results Outside Caldeira Resource

Meteoric Resources NL (Meteoric or the Company) (ASX: MEI) is pleased to announce results from 22 diamond drill holes where assays have now been received. 17 of the holes were located inside the current resource area and are designed to test depth to basement and continuity of mineralisation at depth, below the resource model. Additional results have been received from a further 5 holes drilled outside the resource area. This new drilling is designed to test REE soil anomalies and expand the current footprint of the resource.

Highlights

• CVSDD001, located outside the Caldeira Project Mineral Resource, has returned the widest, highest-grade ionic clay REE drill intercept reported this year at the Caldeira Project.
• CVSDD001 had significantly higher values of both Light Magnet Rare Earths Neodymium (Nd) + Praseodymium (Pr) and Heavy Magnet Rare Earths Terbium (Tb) + Dysprosium (Dy) averaging four to five times higher than reported in the maiden mineral resource estimate for the Caldeira Project³.
• CSVDD001 delivered an exceptional intersection of 52m from 61m downhole has LMREO grades of Nd2O3 -1,948 ppm Pr6O11- 656 ppm and HMREO grades of Dy2O3 -108 ppm and Tb4O7 - 21 ppm.
• MREO average grade over the entire 149.5m intersection stands at 1,417ppm MREO –higher than any peers’ Ionic Clay TREO grade in reported resource estimates.
• CVSDD001 did not reach fresh rock and EOH (148-149.5m) grade is 5,972 ppm TREO

Resource Drilling

• CDMDD009 - 16.9m @ 3,649ppm TREO [0m], including 7m @ 5,834ppm TREO [0m]
• CDMDD010 - 52.6m @ 2,619ppm TREO [0m], including 5m @ 3,016ppm TREO [17m]
• CDMDD011 - 25m @ 6,575ppm TREO [0m], including 4.5m @ 15,598ppm TREO [2m]
• FGDD004 - 97.7m @ 1,817ppm TREO [0m], including 12.3m @ 3,666ppm TREO [22.8m]
• FGDD005 - 11.1m @ 2,670ppm TREO [0m], including 7.1m @ 3,072ppm TREO [4m]
• FGDD006 - 59m @ 2,594ppm TREO [0m], including 28m @ 3,905ppm TREO [10m]
• SBDD004 - 22.7m @ 2,359ppm TREO [0m], including 10.3m @ 3,755ppm TREO [0m]
• SBDD008 - 26.2m @ 3,306ppm TREO [0m], including 18.2m @ 4,172ppm TREO [8m]
• SBDD009 - 26.2m @ 3,958ppm TREO [0m], including 19.2m @ 4,785ppm TREO [7m]
• SBDD010 - 24.3m @ 2,992ppm TREO [0m], including 14m @ 4,038ppm TREO [7m]
• SBDD011 - 24.5m @ 2,240ppm TREO [0m], including 10m @ 3,781ppm TREO [12m]

• CVSDD001 - 149.5m @ 8,912 ppm TREO [0m], with 52m @ 12,692ppm or 1.27 % TREO [61m],
• BDPDD001 - 73.3m @ 3,939ppm TREO [0m], including 42,3m @ 4,719ppm TREO [0m]
• CDMDD003- 26.7m @ 1,561ppm TREO [0m], including 4.2m @ 3,582ppm TREO [0.9m]
• CRDD001 - 58m @ 2,702ppm TREO [0m], including 33m @ 3,006ppm TREO [5m]
• CRDD002 - 28.4m @ 2,194ppm TREO [0m], including 12.1m @ 2,322ppm TREO [5m]

Exploration Drilling Update – Aircore Rig

• MEI has commenced a 60,000m aircore program with the objective to define Measured & Indicated Resources at Soberbo, Capao da Mel, and Figueira (Figure 1) following the purchase of a Hanjin 8D Multipurpose Drill rig.
• The Company recently published its maiden Mineral Resource Estimate (MRE) for the Caldeira REE Project under JORC 2012 which stands at a World Class 409Mt @ 2,626 TREO at a 1,000ppm cut-off grade, based solely on historical drilling to an average depth of less than 10m. Increased depth of mineralised clays encountered in recent diamond drilling has enormous positive implications for any future resource estimate.

The Caldeira Project continues to deliver truly amazing results that even a month ago, we could not have predicted. The extensions of REE mineralisation below the Mineral Resource Estimate have now clearly been proven. Our maiden Resource was modelled on the results of previous exploration where all drilling was completed with powered auger. The depth restrictions of augur drilling limited our understanding of the depth of mineralisation across the project, with only an average drilling depth of less than 10m in historic results. Our diamond drilling now conclusively shows that the depth of mineralised clays is far greater than 10m and that REE mineralisation is developed throughout the entire regolith profile.

Of course, hole CVSD001, which is outside the resource area, is simply remarkable. It contains the best intercept we have yet seen at Caldeira and ended in strongly mineralised clay. For the first time, we have also seen a strong enriched heavy magnet rare earth zone where we have increased grades of terbium and dysprosium up to 57ppm and 248ppm respectively. The elevated presence of these valuable elements, averaging 4-5 times above the current resource’s estimated head grade, will have a significant impact on the value of the MREC4 basket price. This result underscores our belief that the Caldeira Project can provide the global economy with a viable alternative to China’s dominance of rare earth supply.

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