en.Wedoany.com Reported - Australian-listed mining company Meteoric Resources NL (ASX: MEI) announced on July 16, 2026, that the Ore Reserve at its Caldeira Rare Earth Project, an ionic clay rare earth project located in Minas Gerais, Brazil, has increased significantly by 42% to 146 million tonnes. The updated reserve has an average grade of 3,546 ppm Total Rare Earth Oxides (TREO) and 863 ppm Magnetic Rare Earth Oxides (MREO). These reserve figures will be incorporated into the upcoming Definitive Feasibility Study (DFS).
Meteoric Resources is an Australian mining company focused on the exploration and development of rare earth resources. Its wholly-owned Caldeira project is one of the world's leading ion-adsorption rare earth deposits. Located in Minas Gerais, Brazil, the project employs open-pit mining methods, with clay materials directly extractable by excavators, eliminating the need for drilling and blasting.
This updated ore reserve contains 517,000 tonnes of TREO and 126,000 tonnes of MREO, supporting a processing rate of 6 million tonnes of ore per year for over 20 years. Over 100 million tonnes of the ore have a grade exceeding 4,000 ppm TREO, and 28% of the reserve is based on Measured Resources with a drill spacing of 50 meters by 50 meters, indicating a high level of geological confidence. Meteoric Resources Managing Director Stuart Gale stated: "This ore reserve update covers the full 20-year production plan outlined in the DFS, significantly enhancing the project's operational and financial confidence and highlighting its long-term nature. The teams in Brazil and Australia continue to de-risk the project in areas such as environment, metallurgy, and mining."
Previously, on July 9, Meteoric announced an update to the global Mineral Resource Estimate (MRE) for the Caldeira project, with Measured Resources increasing by 246% to 128 million tonnes at an average grade of 2,815 ppm TREO; total global resources increased to 1.6 billion tonnes at an average grade of 2,317 ppm TREO. Infill drilling and 3D geological modeling in the southern tenement area were key to the resource upgrade. Infill drilling at the Barra do Pacu target is ongoing.
The Caldeira project employs a low-cost, simple ammonium sulfate leaching metallurgical process, achieving global average recoveries of 55% for TREO and 71% for MREO. The project received its Preliminary Licence in December 2025, with the Installation Licence expected to be approved in the fourth quarter of 2026. This dual increase in reserves and resources has significantly elevated the Caldeira project's status as a globally important rare earth development project, laying a more solid foundation for the upcoming DFS and subsequent investment and financing decisions.
