General discussion (MEI), page-3816

https://mining.com.au/2023s-junior-mining-winners-which-stocks-brought-the-greatest-returns/

3. Meteoric Resources (ASX:MEI)

Now, if we’re being nitpicky, Meteoric Resources — another Brazilian rare earths explorer — has not experienced gains as significant as some others on this list over 2023.

But that’s only because its share price surge started towards the end of 2022.
Throughout most of August, September, and October last year, Meteoric shares were trading at $0.01. As of 8 December 2023, shares are trading at $0.22.

Who doesn’t like a neat 2,000% increase?
There are some glaring similarities between Meteoric’s and Viridis’ stories: Meteoric’s share price journey began in December 2022 with the purchase of a ‘potential world-class ionic clay REE project’ in Minas Gerais, Brazil.

The project in question, Caldeira, had already returned ‘ultra-high-grade’ REE results from drilling under its previous owners.

In the weeks and months that followed, Meteoric would expand its purchase area, bolster its executive team, and raise $25 million through a share placement, all while its shares continued to climb.
Sound familiar?


Of course, given Meteoric was the early to the party, the company has taken its exploration slightly further, with the delivery of a maiden mineral resource for the Caldeira Project of 409 million tonnes (Mt) @ 2,626 ppm TREO using a 1,000ppm cut-off at the start of Ma

From here, Meteoric has reported ‘remarkable’ results from outside of and beneath this resource area, further expanded its Caldeira area, and even signed a cooperation agreement for the development of the project with the government of Minas Gerais.

The company has also further supported its balance sheet with the sale of some non-core assets, and investors have continued to reap the rewards.

Clearly, rare earths in Brazil have been ingredients in the recipe for success over 2023. What could the future hold for this sector and these metals?