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METEORIC RESOURCES NL Capital/Financing Update 2023

Jul 23, 2023

65311_rns_2023-07-23_25391729-1c11-459f-b6e6-f6dea6bcdd76.pdf

Capital/Financing Update

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A S X A N N O U N C E M E N T

24 July 2023

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Diamond Drilling Confirms Ultra High-Grade REEs Extend Significantly Beneath Resource

Highlights

  • Assay results from 27 diamond cores at the Caldeira Project received

  • 85% of historic drilling was completed to an average depth of less than 10 metres. Meteoric’s new diamond drilling conclusively shows the clay zone and the High-Grade REE mineralisation extends significantly deeper, including to 36 metres at Capão do Mel and 56 metres at Figueira

  • Assay highlights effectively commencing from surface include remarkable results of:

  • CDMDD001 - 31.2m @ 3,769 ppm TREO[1] including 16.4m @ 5,537 ppm TREO

  • CDMDD002 - 18.5m @ 3,808 ppm TREO, including 10.4m @ 5,000 ppm TREO

  • CDMDD004 - 16.4m @ 5,967 ppm TREO, including 10.7m @ 7,243 ppm TREO

  • CDMDD005 - 5.4m @ 8,200 ppm TREO

  • CDMDD006 - 36.0m @ 2,881 ppm TREO, including 9.0m @ 4,228 ppm TREO

  • CDMDD007 - 33.0m @ 2,102 ppm TREO

  • CVNDD001 - 19.2m @ 5,825 ppm TREO

  • CVNDD002 - 20.6m @ 4,111 ppm TREO, including 11.2m @ 5,538 ppm TREO

  • CVNDD003 - 31.8m @ 3,243 ppm TREO, including 4.0m @ 16,074 ppm TREO

  • CVNDD004 - 27.4m @ 2,914 ppm TREO, including 11.0m @ 5,066 ppm TREO

  • DM1DD002 - 33.6m @ 2,715 ppm TREO

  • DM1DD003 - 9.9m @ 4,741 ppm TREO

  • FGDD001 - 41.2m @ 1,846 ppm TREO, including 3.6m @ 3,711 ppm TREO

  • FGDD002 - 58.3m @ 2,449 ppm TREO, including 5.5m @ 4,834 ppm TREO

  • FGDD003 - 45.6m @ 3,352 ppm TREO, including 11.7m @ 6,108 ppm TREO

  • SBDD002 - 26.1m @ 3,348 ppm TREO, including 14.0m @ 4,365 ppm TREO

  • 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[2] based solely on the historical drilling to an average depth of less than 10m. The new diamond drilling which extends mineralisation up to 56m at Figueira and 36m at Capão do Mel has enormous positive implications for any future resource estimate should the trend continue.

1 TREO = La2O3 + CeO2 +Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu 2O3 + Y2O3

2 ASX:MEI 01/05/2023 - Caldeira REE Project Maiden Mineral Resource

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Meteoric Resources NL ABN 64 107 985 651 Level 1, 33 Ord Street, West Perth WA 6005 www.meteoric.com.au | Page 1 of 11

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Meteoric Resources NL ( Meteoric or the Company ) (ASX: MEI ) is pleased to announce results from 27 diamond drill holes where assays have now been received. These results represent the first new sampling of the project by Meteoric.

Executive Chairman, Dr Andrew Tunks said,

“This is groundbreaking work for the Company with the first real data to indicate that the high-grade rare earth mineralisation continues significantly deeper than the current Inferred Resource. The new assays clearly show there is significant extensions at depth at all prospects and indeed this is particularly clear at Capão do Mel, where the diamond drilling has extended the mineralisation to a depth of thirty-six (36) metres and at Figueira where we see REE mineralised zones down to sixty-seven (67) metres. In fact, the diamond drilling at all six resource areas has extended the maximum depths of mineralisation significantly. This has enormous positive implications for any future resource estimate should the trend continue in future drilling.

Equally significant has been the validation of the historic auger drilling results, with the Company’s first diamond hole assays confirming the Caldeira Project’s status as the World’s highest grade Ionic Clay REE . Assays also confirm that the high TREO grades reflect very high-grade Magnetic Rare Earth Oxide (MREO)[3] results with several thick intersections well over 1,500ppm MREO. The Caldeira Project is clearly significantly higher grade than any other IONIC clay REE yet documented. When coupled with the excellent metallurgical recoveries document by previous explorers[4] this is potentially a disruptive asset in the global rare earth market.

The coming months will see an exciting time for the Company with considerable activity following on from these diamond results. An initial batch of composite samples for metallurgical testwork is now underway at ANSTO laboratories in Australia, looking to confirm very high REE recoveries previously reported. The Company owned and operated Aircore drill rig will be infill drilling at Capão do Mel, Sorberbo and Figueira to delineate Measured and Indicated Resources for optimisation and economic studies. In addition, the diamond drilling will continue testing both priority soil anomalies outside the defined resource areas as well as further testing within the resource to collect depth to basement and density data. Given today’s exciting results, it is expected that this drilling will continue for the remainder of 2023 and form a crucial dataset for the next Mineral Resource Estimate.

Diamond Drilling Program

A total of 41 HQ Diamond (DD) drill holes for 1,313m have been drilled into the six (6) known deposits to 18 July 2023 ( Figure 1 ). The collar table for all drilling is presented in Appendix 1 . The initial proposed 1,250m program was designed to test the depth to the base of the clays below the Inferred Resource and support metallurgical characterisation and density testwork programs.

Due to the success of this program, drilling has been expanded to test seventeen (17) priority regional targets (soil anomalies) on licences outside the Company’s existing REE resource areas. Updates on these targets will be reported as results are received and interpreted.

Upon completion of the regional drill program further resource diamond holes will be completed in the resource areas documenting the validity of historical auger drilling and providing solid geological logging of the transition from the regolith profile into the underlying unweathered intrusive basement.

3 MREO = Pr6O11 + Nd2O3 + Tb4O7 + Dy2O3

4 ASX:MEI 20/12/23 Metallurgical Tests Confirm Caldeira as Ionic Adsorption Clay REE Deposit

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Figure 1: DD Drill Hole Location Plan

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Diamond Drilling Results

Rare Earth mineralisation occurs in a thick saprolite (clay zone) and transition zone which has formed as a result of intense weathering of the underlying intrusive host rocks.

Table 1. Mineralised Intercept Table

Target Hole
From (m)
To (m)
Length
(m)
TREO
(ppm)
MREO
(ppm)
MREO as % of
TREO		 Hole
From (m)
To (m)
Length
(m)
TREO
(ppm)
MREO
(ppm)
MREO as % of
TREO		 Hole
From (m)
To (m)
Length
(m)
TREO
(ppm)
MREO
(ppm)
MREO as % of
TREO		 Hole
From (m)
To (m)
Length
(m)
TREO
(ppm)
MREO
(ppm)
MREO as % of
TREO		 Hole
From (m)
To (m)
Length
(m)
TREO
(ppm)
MREO
(ppm)
MREO as % of
TREO		 Hole
From (m)
To (m)
Length
(m)
TREO
(ppm)
MREO
(ppm)
MREO as % of
TREO		 Hole
From (m)
To (m)
Length
(m)
TREO
(ppm)
MREO
(ppm)
MREO as % of
TREO
Capão da Mel CDMDD001 0.0 31.2 31.2 3,760 923 24.6%
including 2.2 18.6 16.4 5,537 1,572 28.4%
CDMDD002 0.0 18.5 18.5 3,808 907 23.8%
including 6.0 16.4 10.4 5,000 1,405 28.1%
CDMDD004 0.0 16.4 16.4 5,967 1,736 29.1%
including 3.3 14.0 10.7 7,243 2,203 30.4%
CDMDD005 0.0 5.4 5.4 8,200 1,943 23.7%
including 0.7 5.4 4.7 8,794 2,025 23.0%
CDMDD006 0.0 36.0 36.0 2,881 519 18.0%
including 0.0 9.0 9.0 4,228 316 7.5%
and 22.0 26.0 4.0 3,398 743 21.9%
CDMDD007 0.0 33.3 33.3 2,102 371 17.7%
CDMDD008 0.0 36.8 36.8 1,600 276 17.2%
including 3.0 8.0 5.0 4,861 1,206 24.8%
Cupim Vermelho CVNDD001 0.0 19.2 19.2 5,825 1,403 24.1%
including 0.0 16.9 16.9 6,403 1,552 24.2%
CVNDD002 0.0 20.6 20.6 4,111 1,194 29.0%
including 5.0 16.2 11.2 5,538 1,795 32.4%
CVNDD003 0.6 32.4 31.8 3,243 699 21.6%
including 23.0 27.0 4.0 16,074 5,017 31.2%
CVNDD004 0.0 27.4 27.4 2,914 631 21.6%
including 9.0 20.0 11.0 5,066 1,669 32.9%
CVNDD005 0.4 19.8 19.4 1,556 282 18.1%
Don Maria I DM1DD001 1.7 20.4 18.8 2,857 785 27.5%
including 4.8 14.0 9.2 4,079 1,341 32.9%
DM1DD002 1.0 34.6 33.6 2,715 580 21.4%
including 4.0 16.0 12.0 4,714 1,445 30.6%
DM1DD003 0.0 9.9 9.9 4,741 1,362 28.7%
including 3.0 9.9 6.9 5,714 1,764 30.9%
DM1DD004 0.3 13.4 13.0 2,229 474 21.2%
DM1DD005 0.0 1.0 1.0 1,200 232 19.3%
Dona Maria II DM2DD001 0.0 15.6 15.6 2,076 517 24.9%
including 3.0 6.0 3.0 3,453 883 25.6%
DM2DD002 0.0 5.0 5.0 2,690 616 22.9%
including 0.0 3.0 3.0 3,386 859 25.4%
DM2DD003 0.0 15.3 15.3 2,175 526 24.2%
including 0.0 4.0 4.0 3,626 1,069 29.5%
DM2DD004 0.0 15.6 15.6 2,331 521 22.3%
including 5.0 7.1 2.1 4,381 1,376 31.4%
and 13.0 15.6 2.6 5,163 1,181 22.9%
Figueira FGDD001 0.0 42.2 42.2 1,846 286 15.5%
including 0.5 4.0 3.6 3,771 737 19.6%
FGDD002 9.0 67.3 58.3 2,449 423 17.3%
including 47.6 53.2 5.5 4,834 1,093 22.6%
FGDD003 0.0 45.6 45.6 3,352 643 19.2%
including 2.3 14.0 11.7 6,108 1,518 24.8%
and 28.0 31.0 3.0 5,804 891 15.4%
Soberbo SBDD001 0.0 13.0 13.0 3,545 870 24.6%
including 9.0 13.0 4.0 5,497 1,372 25.0%
SBDD002 0.0 26.1 26.1 3,348 878 26.2%
including 11.0 25.0 14.0 4,365 1,282 29.4%
SBDD003 0.0 3.9 3.9 1,506 343 22.8%

*min 4m width, bottom cut-off 1000ppm TREO, max 2m internal dilution

**including: min 2m width, bottom cut-off 3000 ppm TREO, max 1m internal dilution

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Clay Zone & REE Mineralisation Extends Below the Current Resource

In Ionic Clay Adsorbed REE mineralisation the economic zone that can be leached with ammonium sulfate is confined to the clay zone of the regolith profile. Beneath the clay zone, in the partially weathered and fresh syenite (basement), a percentage of REE elements are possibly related to primary mineralisation and consequently may not be a target for the Company.

All Diamond Drill holes ended in fresh granite, penetrating below the base of Auger drilling and the current Inferred Resource to test the thickness of the clay zone and the depth to which REE mineralisation is present. Table 2 shows the average depths of clay observed in historic Auger Drilling versus the average depths of clay observed in the current Diamond Drilling program.

Table 2. Observed depth of mineralised Clay Zone (AUGER v DD Drilling).

Target No. AUGER
holes		 Ave. Depth
Clay in AUGER		 No. DD holes Ave. Depth
Clay in DD		 Increased Depth of
Clay (m)		 Increased Depth of
Clay (%)
Capão do Mel 337 10.27 11 26.81 16.54 + 161 %
Soberbo 323 9.25 11 18.76 9.51 + 103 %
Figueira 92 10.33 6 56.66 46.33 + 448 %
Cupim Vermelho 185 9.99 5 23.87 13.98 + 140 %
Dona Maria I 316 10.00 5 16.08 6.98 + 70 %
Dona Maria II 143 9.11 4 15.03 5.92 + 65 %
TOTAL 1,396 9.83 42 26.20 16.38 + 164 %

The depth of the Clay Zone was observed to increase by an average of 164% across the 6 deposits, with the biggest increases coming at Figueira (448% increase), Capão do Mel (161% increase), and Cupim Vermelho Norte (140% increase).

Figures 2 - 4 (below) show a strong correlation with the block model from the current Inferred Resource in the upper part of the weathering profile (to a maximum of 20m depth), but also clearly show strong TREO grades (> 1000ppm) extending below the block model, confirming both an increase in the depth of clay and an increase in the depth of mineralisation below the current resource.

Remaining assay results from ALS (Belo Horizonte) are expected during August and will be reported once they have been received and interpreted.

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Figure 2. Oblique Cross Section (NW-SE) through Figueira Deposit showing: current Inferred Resource block model, DD drill holes intersecting clays up to 70m below the current Inferred Resource (FGDD002), with an average increase in depth of Clay Zone of 449% across the Deposit.

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Figure 3. Oblique Cross Section (SW-NE) through Capão do Mel Deposit showing: current Inferred Resource block model, DD drill holes intersecting clays up to 19m below the current Inferred Resource (CDMDD006), with an average increase in depth of Clay Zone of 161% across the Deposit.

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Figure 4. Oblique Cross Section (E-W) through Cupim Vermelho Norte Deposit showing: current Inferred Resource block model, DD drill holes intersecting clays up to 17m below the current Inferred Resource (CVNDD003), with an average increase in depth of Clay Zone of 139% across the Deposit.

Background Information on Ionic Clay REE Deposits

Geologically, the Caldeira REE Project is classified as an Ionic Adsorption Clay REE Deposit, which is characterised by the following key criteria:

  • Formed in the saprolite (clay) zone of the weathering profile

  • Majority of the REE’s adsorbed onto clay minerals and accumulated in the clay zone of the regolith profile

  • Adsorbed REE are ionically attached to the clay minerals and can be liberated by leaching in a weak solution of ammonium sulphate (or other metal salt) at near neutral pH

  • Ionic Adsorption Clay REE Deposits are typically found near the surface, often at depths of less than 10 metres

  • The U and Th levels in Ionic Clay REE Deposits are typically low, as these elements are less soluble in ground waters and are not preferentially adsorbed by clays during the weathering and leaching processes

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Meteoric Resources NL ABN 64 107 985 651 Level 1, 33 Ord Street, West Perth WA 6005 www.meteoric.com.au | Page 7 of 11

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Mineral Resource Statement – Caldeira Project (ASX:MEI 30/04/2023)

Table 3. Caldeira REE Project 2023 Mineral Resource Estimate (JORC 2012) – by licence at 1,000ppm TREO cut-off

Licence JORC Tonnes TREO Pr6O11 Nd2O3 Tb4O7 Dy2O3 MREO MREO/TREO
Category Mt ppm ppm Ppm ppm ppm ppm %
Capão do Mel Inferred 68 2,692 148 399 4 22 572 21.3%
Cupim Vermelho
Notre		 Inferred 104 2,485 152 472 5 26 655 26.4%
Dona Maria 1 & 2 Inferred 94 2,320 135 404 5 25 569 24.5%
Figueira Inferred 50 2,811 135 377 5 26 542 19.3%
Soberbo Inferred 92 2,948 190 537 6 27 759 25.8%
Total Inferred 409 2,626 154 447 5 25 631 24.0%

TREO = La2O3 + CeO2 +Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu 2O3 + Y2O3

This release has been approved by the Board of Meteoric Resources NL.

For further information, please contact:

Dr Andrew Tunks

Victoria Humphries Investor and Media Relations

Executive Chairman

Meteoric Resources NL NWR Communications E [email protected] E T +61 400 205 555 T +61 431 151 676

E [email protected] T +61 431 151 676

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APPENDIX 1

APPENDIX 1
Drill Hole Location Co-Ordinates (all holes were drilled vertical).
Target Hole ID East North RL Hole Depth Depth of Clay **Assays **
Capão do Mel CDMDD-001 346439 7566994 1328 31.18 26.54 Received
Capão do Mel CDMDD-002 345627 7567601 1312 20.40 18.50 Received
Capão do Mel CDMDD-004 347477 7567043 1326 18.85 16.35 Received
Capão do Mel CDMDD-005 346611 7567015 1316 9.78 5.40 Received
Capão do Mel CDMDD-006 345992 7566799 1344 46.35 35.95 Received
Capão do Mel CDMDD-007 346893 7567307 1288 39.44 33.25 Received
Capão do Mel CDMDD-008 347079 7567709 1272 40.58 36.76 Received
Capão do Mel CDMDD-009 346578 7566694 1289 29.61 16.92 Pending
Capão do Mel CDMDD-010 346631 7567194 1308 57.75 52.63 Pending
Capão do Mel CDMDD-011 346621 7566802 1296 25.95 25.95 Pending
Cupim Vermelho CVNDD-001 342885 7576690 1422 23.25 19.15 Received
Cupim Vermelho CVNDD-002 341677 7579289 1382 28.05 20.64 Received
Cupim Vermelho CVNDD-003 342535 7578361 1421 42.95 32.40 Received
Cupim Vermelho CVNDD-004 343854 7578258 1434 31.10 27.40 Received
Cupim Vermelho CVNDD-005 345060 7578282 1272 22.75 19.76 Received
Dona Maria 1 DM1DD-001 337939 7581336 1353 33.25 20.41 Received
Dona Maria 1 DM1DD-002 338450 7579638 1367 37.25 34.58 Received
Dona Maria 1 DM1DD-003 338886 7579953 1382 15.05 9.93 Received
Dona Maria 1 DM1DD-004 339141 7579358 1374 21.20 14.46 Received
Dona Maria 1 DM1DD-005 338056 7580236 1405 12.11 1.00 Received
Dona Maria 2 DM2DD-001 339847 7579729 1391 22.05 15.63 Received
Dona Maria 2 DM2DD-002 339441 7579946 1346 22.35 13.63 Received
Dona Maria 2 DM2DD-003 339936 7580142 1385 23.20 15.26 Received
Dona Maria 2 DM2DD-004 339649 7580345 1394 18.62 15.60 Pending
Figueira FGDD-001 341851 7572048 1351 61.80 42.20 Received
Figueira FGDD-002 341238 7572677 1352 84.45 84.45 Received
Figueira FGDD-003 340847 7572850 1282 45.55 45.55 Received
Figueira FGDD-004 340882 7571408 1343 97.65 97.65 Pending
Figueira FGDD-005 340893 7572111 1330 20.74 11.10 Pending
Figueira FGDD-006 341233 7573358 1250 58.99 58.99 Pending
Soberbo SBDD-001 348798 7569484 1307 18.15 12.95 Received
Soberbo SBDD-002 349087 7568044 1298 31.45 26.10 Received
Soberbo SBDD-003 348993 7570684 1311 19.75 3.90 Received
Soberbo SBDD-004 350298 7569905 1218 31.10 28.83 Pending
Soberbo SBDD-005 348119 7568003 1313 23.40 17.00 Pending
Soberbo SBDD-006 349845 7570492 1296 10.25 7.51 Pending
Soberbo SBDD-007 347973 7569979 1209 11.14 8.81 Pending
Soberbo SBDD-008 349905 7570592 1283 29.25 26.20 Pending
Soberbo SBDD-009 350003 7570490 1261 29.57 26.15 Pending
Soberbo SBDD-010 348201 7569900 1236 38.69 24.26 Pending
Soberbo SBDD-011 348806 7569291 1306 28.85 24.45 Pending
Total 41 Holes 1,313.85

*Geographic Datum SIRGAS_2000_23S

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APPENDIX 2 - JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria Commentary
Sampling techniques •
The drilling utilises a conventional wireline diamond drill rig (Mach 1200) with HQ diameter.
•
The core is collected in core trays with depth markers at the end of each drill run (blocks).
•
In the saprolite zone the core is halved with a metal spatula and bagged in plastic bags, the fresh
rock was halved by a powered saw and bagged.
Drilling techniques •
The drilling is diamond drill rig (Mach 1200) with HQ diameter using the wireline technique.
•
Each drill site was cleaned and levelled with a backhoe loader.
•
All holes are vertical.
•
Drilling is stopped once intersection with unweathered basement intrusives is confirmed = +5m of
fresh rock.
Drill sample recovery •
Core recoveries were measured after each drill run, comparing length of core recovered vs. drill
depth. Overall Core recoveries are 92.5%, achieving 95% in the saprolite target horizon, 89% in
the transitional rock (fresh fragments in clay), and 92.5% in fresh rock.
Logging •
The geology was described in a core facility by geologist - logging focused on the soil (humic)
horizon, saprolite and fresh rock boundaries. Depth of geological boundaries are honoured and
described with downhole depth – not metre by metre.
•
Others important parameters data collected includes: grainsize, texture and colour, which can
help to identify the parent rock before weathering.
•
All drilled holes have a digital photographic record. The log is stored in Microsoft Excel template
with inbuilt validation tables and pick list to avoid data entry errors.
•
All geological data are imported into a Microsoft Access database and validated.
Sub-sampling
techniques and
sample preparation		 •
Sample preparation (drying, crushing, splitting and pulverising) is carried out by ALS laboratory
using industry standard protocols:
o
dried at 60°C
o
the fresh rock is crushed to sub 2mm
o
the saprolite is just disaggregated with hammers
o
Riffle split 800g sub-sample
o
800 g pulverized to 90% passing 75um, monitored by sieving.
o
Aliquot selection from pulp packet
Quality of assay data
and laboratory tests		 •
All samples were assayed by three ALS methods:
o
ME-MS81 – Lithium borate fusion prior acid dissolution and ICP-MS analysis for
Ba, Ce, Cr, Cs, Dy, Er, Eu, Ga, Gd, Hf, Ho, La, Lu, Nb, Nd, Pr, Rb, Sc, Sm, Sn,
Sr, Ta, Tb, Th, Ti, Tm, U, V, W, Y, Yb, Zr
o
Me-4ACD81 - Lithium borate fusion prior acid dissolution and ICP-MS analysis for
Ag, Au, Cd, Co, Cu, Li, Mo, Ni, Pb, Sc, Tl, Zn.
o
ME-ICP06 – X-Ray Fluorescence (XRF) and acid ICP-AES analysis for Al2O3,
BaO, CaO, Cr2O3, Fe2O3, K2O, MgO, MnO, Na2O, P2O5, SiO2, SrO, TiO2, LOI.
•
Laboratory inserted its own QA/QC controls, with standards, blanks and duplicates to
assure the quality and standards of the lab.
•
The QA/QC data includes a duplicate sample every 20 samples, and a blank and standard
sample in each 30 samples.
Verification of
sampling and
assaying		 •
All data is in digital format and stored in a cloud server, also the company maintains a back up in
a desktop computer to assure that the data could be restored if any problem occurs with the
cloud or with the desktop server.
•
Raw assays are received as Elemental data (ppm) from ALS laboratories. The Elemental data is
converted to Element Oxide data using the following conversion factors:-
Location of data
points		 •
All collars were surveyed in SIRGAS 2000, 23S spindle UTM grid system. The SIRGAS 2000 is
a South American Datum which is very similar with the WGS 84.
•
At present the survey of collars was made with a hand GPS. Prior to inclusion in any resource
estimation work the holes will be surveyed by a RTK GPS.
•
The Topographic data was made by by Nortear Topografia e Projectos Ltda., planialtimetric
topographic surveyors. The GPS South Galaxy G1 RTK GNSS was used, capable of carrying
out data surveys and kinematic locations in real time (RTK-Real Time Kinematic), consisting of
two GNSS receivers, a BASE and a ROVER. The horizontal accuracy, in RTK, is 8mm + 1ppm,
and vertical 15mm + 1ppm. The coordinates were provided in the following formats: Sirgas 2000
datum, and UTM WGS 84 datum - georeferenced to spindle 23S.
•
For the generation of planialtimetric maps (DEM), drones were used with control points in the

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field (mainly in a region with more dense vegetation), in addition to the auger drillholes.an
employed company with drone imaging and RTK GPS on auger drill holes
Data spacing and
distribution		 •
Collar plan displayed in the body of the release.
•
No resources are reported.
Orientation of data in
relation to geological
structure		 •
The mineralisation is flat lying and occurs within the saprolite/clay zone of a deeply developed
regolith (reflecting topography and weathering). Vertical sampling from the diamond holes is
appropriate.
•
Diamond drill core is acknowledged to deliver uncontaminated samples, as such no sampling
bias is believed to be introduced.
Sample security •
Samples are removed from the field and transported back to a Core shad to be logged and
sampled as reported before.
•
All samples for submission to the lab are packed in plastic bags (in batches) and sent to the lab
where it is processed as reported above.
•
The remaining sample is stored in the core trays and stored at the core shed on wooden pallets.
•
The transport of samples from Poços de Caldas to ALS laboratory in Vespasiano was
undertaken by a competent independent contractor.
Audits or reviews •
MEI conducted a review of assay results as part of its Due Diligence prior to acquiring the project.
Approximately 5% of all stored coarse rejects from auger drilling were resampled and submitted
to two (2) labs: SGS Geosol and ALS Laboratories. Results verified the existing assay results,
returning values +/-10% of the original grades, well within margins of error for the grade of
mineralisation reported. (see ASX:MEI 13/03/23 for a more detailed discussion).
•
No independent audit of sampling techniques and data has been completed.

Section 2 Reporting of Exploration Results

Criteria Commentary
Mineral tenement and
land tenure status		 •
No change since previous report.
•
Given the rich history of mining and current mining activity in the Poços de Caldas there
appears to be no impediments to obtaining a License to operate in the area.
Exploration done by
other parties		 •
The Caldeira Project has had significant exploration in the form of surface geochem across 30
granted mining concessions, plus: geologic mapping, topographic surveys, and powered auger
(1,396 holes for 12,963 samples).
•
MEI performed Due Diligence on historic exploration and are satisfied the data is accurate and
correct (refer ASX Release 13 March 2023 for a discussion).
Geology •
The Alkaline Complex of Poços de Caldas represents in Brazil one of the most important
geological terrain which hosts deposits of ETR, bauxite, clay, uranium, zirconium, rare earths
and leucite. The different types of mineralization are products of a history of post-magmatic
alteration and weathering, in the last stages of its evolution (Schorscher & Shea, 1992; Ulbrich
et al., 2005), The REE mineralisation discussed in this release is of the Ionic Clay type as
evidenced by development within the saprolite/clay zone of the weathering profile of the
Alkaline syenite basement as well as enriched HREE composition.
Drill hole Information •
Reported in body of report and Appendix 1.
Data aggregation
methods		 •
Mineralised Intercepts are reported with a minimum of 4m width, lower cut-off 1000ppm TREO,
with a maximum of 2m internal dilution.
•
High-Grade Intercepts reported as “including” are reported with a minimum of 2m width, lower
cut-off 3000 ppm TREO, with a maximum of 1m internal dilution.
Mineralisation widths
and intercept lengths		 •
All holes are vertical and mineralisation is developed in a flat lying clay and transition zone
within the regolith. As such, reported widths are considered to equal true widths.
Diagrams •
Reported in the body of the text.
Balanced reporting •
Highlights of the Mineralised Intercepts are reported in the body of the text with results from
every drill reported in the Mineralised Intercept table for balanced reporting.
Other substantive
exploration data		 •
Metallurgical work was carried out on samples split from a 200kg composite sample, which in
turn was composed of a selection of 184 samples from 41 holes (100 x100m grid) across the
Capo do Mel Target. Head grade of the composite sample was 4,917ppm TREO. Results
showed excellent recoveries by desorption of Rare Earth Elements (REE) using ammonium
sulphate solution [(NH4)2SO4)] in weakly acidic conditions [pH 4]. Average recovery of the low
temperature magnet REE Pr + Nd was 58%. desorption was achieved using a standard
ammonium sulphate solution at pH 4 and confirms the Caldeira Project is an Ionic (Adsorption)
Clay REE deposit (for further discussion refer ASX Release 20 December 2023).
•
A maiden Inferred resource was published to the ASX on May 1st2023.
Further work •
Proposed work is discussed in the body of the text.

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