It’s been labelled one of the finds of the past year, lifting...

It’s been labelled one of the finds of the past year, lifting its owner almost 1,000% in the past 12 months and turning it into a burgeoning $420 million-capped mid-tier player.

Now Meteoric Resources (ASX:MEI) is getting ready to put the first economic numbers behind the Caldeira project in Brazil, which ranks among the highest grade ionic clay rare earths discoveries worldwide.

Many companies have brought ionic clay projects to the ASX in recent years. The method is one of the largest producers in China, home to the bulk of the world’s rare earth production and almost all its refining.

But deposits outside China are relatively untapped territory. While most grade in the hundreds of part per million, Caldeira stands out because it registers in the thousands.

It contains a JORC compliant inferred resource of 409Mt at 2626ppm total rare earth oxides.

Today it announced the award of a contract to Australian engineers Ausenco to complete a scoping study on the project utilising its Perth and Brazil offices. A “Class 5” engineering cost estimate is due in the first quarter of 2024, with capex and opex for financial models and a reserve update expected in the third quarter.

“It is excellent to see this important package of work now underway under the guidance of a world-class
engineering group such as Ausenco,” MEI CEO Nick Holthouse said.

“The Ausenco team have a strong track record in the REE space and will deliver exactly the right level of expertise and detail required to ensure the World-Class Caldeira Project progresses at the best possible speed.

“Ausenco are well recognised as industry leaders in their field. We are pleased to have them as part of our team at Caldeira and look forward to building on the strong relationship we already have with them.

“The Study will provide economic, engineering and environmental data and deliverables for the Project, whilst help to refine parameters and next steps for the development pathway for this high-grade, high-recovery and strategically located asset.”

The study will focus on the southern licences at Caldeira, where infill drilling is under way to convert around 200Mt of inferred resources to measured and indicated standard, with metallurgical testwork at the Australian Nuclear Science Technology Organisation also ongoing.

An EIA permitting process is also in the works, with MEI targeting completion of that pricess by the first quarter of 2025 ahead of a potential permit to construct in the final quarter of 2025.

Meteoric Resources (ASX:MEI)