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METEORIC RESOURCES NL Capital/Financing Update 2024

May 13, 2024

65311_rns_2024-05-13_9b1fb61d-f510-4f8f-b964-3a2eff88bc14.pdf

Capital/Financing Update

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

14 May 2024

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Mineral Resources increase 150% with first Indicated Resource at the Soberbo Mining Licence

Meteoric Resources NL (ASX: MEI) ( Meteoric or the Company ) is pleased to announce an updated Mineral Resources Estimate for its Caldeira Project. A 150% increase in the Resource estimate at the Soberbo Mining Licence (ML) has increased Meteoric’s Global Mineral Resources to 545 million tonnes (Mt) at 2,561 parts per million (ppm) Total Rare Earth Oxides (TREO)[1] . Magnetic Rare Earth Oxides (MREO)[2] comprise 24.1% of this Resource estimate.

Highlights

  • First Indicated Resources for the Caldeira Project 86Mt @ 2,730 ppm TREO (1,000ppm cut-off) defined at the Soberbo ML.

  • Soberbo ML total Indicated and Inferred Resources are 229Mt @ 2,601ppm TREO (1,000ppm cutoff) with 645ppm (24.8%) MREO , including 158Mt @ 3,058ppm TREO (2,000 ppm cut-off).

  • Updated Global Resource Estimate for Caldeira REE Project increases 33% to 545Mt @ 2,561 ppm TREO (1,000ppm cut off) with 24.1% MREO.

Meteoric’s updated Resource Estimate for the Caldeira Rare Earth Element (REE) Project in Minas Gerais Brazil follows completion of an additional 5,893m of infill Diamond and Aircore drilling on the Soberbo ML. At 1,000 ppm TREO cut-off the Global Mineral Resource stands at 545Mt @ 2,561 ppm TREO and contains MREO grades of 616ppm comprising 24.1% of TREO basket (Table 1).

Table 1: Caldeira REE Project Global Mineral Resource Estimate – by license at 1,000ppm TREO cut-off.

Licence
JORC
Material
Tonnes
TREO
Pr6O11
Nd2O3
Tb4O7
Dy2O3
MREO
MREO/TREO
Licence
JORC
Material
Tonnes
TREO
Pr6O11
Nd2O3
Tb4O7
Dy2O3
MREO
MREO/TREO
Licence
JORC
Material
Tonnes
TREO
Pr6O11
Nd2O3
Tb4O7
Dy2O3
MREO
MREO/TREO
Licence
JORC
Material
Tonnes
TREO
Pr6O11
Nd2O3
Tb4O7
Dy2O3
MREO
MREO/TREO
Licence
JORC
Material
Tonnes
TREO
Pr6O11
Nd2O3
Tb4O7
Dy2O3
MREO
MREO/TREO
Licence
JORC
Material
Tonnes
TREO
Pr6O11
Nd2O3
Tb4O7
Dy2O3
MREO
MREO/TREO
Licence
JORC
Material
Tonnes
TREO
Pr6O11
Nd2O3
Tb4O7
Dy2O3
MREO
MREO/TREO
Licence
JORC
Material
Tonnes
TREO
Pr6O11
Nd2O3
Tb4O7
Dy2O3
MREO
MREO/TREO
Licence
JORC
Material
Tonnes
TREO
Pr6O11
Nd2O3
Tb4O7
Dy2O3
MREO
MREO/TREO
Licence
JORC
Material
Tonnes
TREO
Pr6O11
Nd2O3
Tb4O7
Dy2O3
MREO
MREO/TREO
Category
Type
Mt
ppm
ppm
ppm
ppm
ppm
ppm
%
Soberbo Indicated
Clay
86 2,730 165 476 5 23 669 24.5%
TOTAL INDICATED 86 2,730 165 476 5 23 669 24.5%
Soberbo Inferred
Clay
89 2,713 167 478 5 24 675 24.9%
Soberbo Inferred
Transition
54 2,207 138 395 4 20 558 25.3%
Capão do Mel3 Inferred
Clay
68 2,692 148 399 4 22 572 21.3%
Cupim Vermelho Norte3 Inferred
Clay
104 2,485 152 472 5 26 655 26.4%
Dona Maria 1 & 23 Inferred
Clay
94 2,320 135 404 5 25 569 24.5%
Figueira3 Inferred
Clay
50 2,811 135 377 5 26 542 19.3%
TOTAL INFERRED 459 2,529 147 429 5 24 606 24.1%
Total INDICATED +
INFERRED
545
2,561
150
437
5
24
616
24.1%

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

2 MREO = Pr6O11 + Nd2O3 +Tb4O7 + Dy2O3

  • 3 Refer ASX release 1 May 2023

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Meteoric Resources ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au | Page 1 of 33

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Executive Chairman, Dr Andrew Tunks said:

“Congratulations to the Brazil Exploration team on an outstanding result. Using Meteoric’s in-house drilling capacity we have quickly and efficiently tested the true depth extent of the clay hosted mineralisation at Soberbo with spectacular growth in the total resource and our first Indicated Resource which will feed directly into our Scoping Study. The staggering size of the project has again been illustrated and when combined with best in class grades and recoveries speaks to the potential of the Caldeira Project to become a significant long life supplier of rare earths crucial to global electrification.”

Chief Executive Officer, Nick Holthouse added:

“Very pleased to see the Soberbo resource update come to market marking another significant step forward in the Caldeira Project development.

Stepping away from the conventional contract model for infill resource drilling programs, purchasing our own multipurpose rig, employing an experienced drilling manager and drilling team was an unconventional move but has paid off handsomely. The low cost per metre and exceptional drilling rates that this team are achieving coupled with the diligent work of the geology team has enabled us to complete this update in record time.

Looking forward there is much to come over the following weeks with soon to be finalised Capão do Mel resource update, the much-anticipated Scoping Study and Southern licenses permitting process updates.”

Figure 1 below shows the extent of Meteoric’s targeted resource infill drilling programs in core areas of the Caldeira Project which will form the basis for an initial Scoping Study and future development.

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Figure 1: Soberbo ML location map with historical drill hole collar locations of all Resource Areas.

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Meteoric Resources NL ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au | Page 2 of 33

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Project Information provided under ASX Listing Rule 5.8.1 Updated Resource Estimate – Soberbo ML

The updated Indicated and Inferred Resource estimate for the Soberbo ML is 229Mt @ 2,601 ppm (1,000ppm cutoff), with 645 ppm MREO (24.8%). The updated resource was completed by BNA Consulting in April 2024 after infill Diamond and Aircore drilling of 337 holes for 5,893m (Figure 2 & Table 3). This represents an increase of 150% above the previous Inferred Resources reported in 2023 and reflects the true depth of the clay horizon which was not adequately tested by historic powered Auger.

Table 2: Soberbo Mineral Resource Estimate at 1,000ppm TREO cut-off.

Licence JORC Material Tonnes TREO Pr6O11 Nd2O3 Tb4O7 Dy2O3 MREO MREO/TREO
Category **Type ** Mt ppm ppm ppm ppm ppm ppm %
Soberbo Indicated Clay 86 2,730 165 476 5 23 669 24.5%
TOTAL INDICATED 86 2,730 165 476 5 23 669 24.5%
Soberbo Inferred Clay 89 2,713 167 478 5 24 675 24.9%
Soberbo Inferred Transition 54 2,207 138 395 4 20 558 25.3%
TOTAL INFERRED 143 2.523 156 447 5 23 631 25.0%
Total INDICATED + INFERRED 229 2,601 160 458 5 23 645 24.8%

Drilling Techniques and Hole Spacing

A total of 660 drill holes were used to estimate the resource, comprising: Diamond, Aircore and powered Auger drilling (Table 3).

Table 3: Soberbo Updated Mineral Resource - drill hole statistics.

Hole Type Number
Holes
Number
Samples
Total drilled (m) Maximum depth
(m)
Average depth
(m)
Diamond 14 284 374.8 48.1 26.8
Aircore 323 2,849 5,518.0 77.4 17.1
Auger 323 3,035 2,986.7 20.0 9.3
Totals 660 6,168 8,879.4 77.4 13.5

Spacing for Auger holes varies across the prospect from a maximum of: 200m by 200m, infill drilled to 100m by 100m, with tighter spacing of 50m by 50m in areas. Aircore drilling was done at nominal 100m x 100m. Diamond holes had no regular spacing but were designed to check specific geologic characteristics (i.e. grade, density). Given the substantial geographic extent and generally shallow, flat lying geometry of the mineralisation, the spacing and orientation are considered sufficient to establish geologic and grade continuity.

Diamond

Diamond drilling employed a conventional wireline diamond drill rig (Mach 1200). All holes were drilled vertical using PQ diameter core to the transition zone (85mm diameter), reducing to HQ diameter core below this (63.5mm diameter). The diamond drill holes were drilled to fresh rock with the depth of clay varying between 2.5m to 24m. The maximum depth drilled was 48.1m.

Aircore

Drilling was completed using a HANJIN 8D Multipurpose Track Mounted Drill Rig, configured to drill 3-inch Aircore holes. The rig is supported by an Atlas Copco XRHS800 compressor which supplies sufficient air to keep the sample dry to the end of the hole. A deepest depth of 77.4m was reached. All holes were drilled vertical.

Most drill sites required minimal to no site preparation. On particularly steep sites, the area was levelled with a

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backhoe loader. The hole generally stopped at 'blade refusal' when the rotating bit was unable to cut the ground any deeper. This generally occurred in the transition zones (below clay zone and above fresh rock). On occasions a face sampling hammer was used to penetrate through the remaining transition zone and into fresh rock.

Powered Auger

Powered auger drilling employed a motorised post hole digger with a 4inch diameter. All holes were drilled vertical. The maximum depth achievable was 20m, providing the hole did not encounter fragments of rocks/boulders within the weathered profile, and/or excessive water. All Auger drilling was completed by previous explorers and has been reported under the JORC code in ASX:MEI 15/12/2022. The auger assay data was used to estimate the maiden resource statement for the Caldiera Project ASX:MEI 30/04/2023.

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Figure 2 : Soberbo ML Updated Resource drill hole location plan by drill type with location of type Cross-Sections shown.

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Geology and Geological Interpretation

The Cretaceous (80 Ma) Alkaline Complex of Poços de Caldas in Brazil represents an important geological terrain which hosts deposits of REE, bauxite, white clay for ceramics, uranium, zirconium and leucite. The Poços de Caldas Intrusive Complex covers an area of approximately 800km[2] . The main rock types found are intrusive and volcanic alkaline rocks of the nepheline syenite system, comprising phonolites and foidolites (syenites). Primary mineralisation includes Uranium, Zirconium and REE that are confined to the intrusives emplaced during the magmatic event. Post intrusion intense weathering of the region has resulted in an extensive clay regolith developed above the syenites.

The dominant REE mineral in the source rock (syenite) beneath the clay zone is Bastnaesite, a major source of REE worldwide. Bastnaesite is a REE carbonate-fluoride mineral (REE)CO3F and has very low levels of Uranium and Thorium in its structure. Due to the chemistry of the underling intrusives and the intense weathering of the region, a thick profile comprising soil, clay and saprolite (regolith) has formed (Figures 3-5), and these are the hosts to the ionic clay REE mineralisation.

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Figure 3: Section A – B showing: block grades, drill hole type and grade, and geologic boundaries (soil, clay, transition) - Vertical Exaggeration x 5.

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Figure 4: Section C – D showing: block grades, drill hole type and grade, and geologic boundaries (soil, clay, transition) - Vertical Exaggeration x 5.

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Figure 5: Section E – F showing: block grades, drill hole type and grade, and geologic boundaries (soil, clay, transition) - Vertical Exaggeration x 5.

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Sampling and Sub-sampling Techniques

Auger material

Each drill site was cleaned, removing leaves and roots from the surface. Tarps were placed on either side of the hole and samples of soil and saprolite where collected every 1m, homogenised, and then quartered with one quadrant collected in a plastic bag. Samples are weighed and if the samples are wet, they are dried for several days on rubber mats. After drying the samples are screened (5mm). Homogenization occurs by agitation in bags, followed by screening to <3mm. Fragments of rock or hardened clay that were retained in the sieves were fragmented with a 10kg manual disintegrator and a 1kg hammer, until 100% of the sample passed through the screening. The sample was homogenized again by agitation in bags. Finally, the sample was Split in a Jones 12 channel splitter, where 500g was sent to the lab (SGS_geosol laboratory in Vespasiano – Minas Gerais).

Diamond cores

Sample lengths for diamond drilling were determined by geological boundaries with a maximum sample length of 1 metre applied. In the saprolite zone the core was halved using a metal spatula and placed in plastic bags, and for fresh rock the core was halved using a brick saw then placed into plastic bags. Field duplicates consisted of quarter core, with two (2) quarters sent to the lab.

Aircore material

Two (2) metre composite samples were collected from the cyclone of the rig in plastic buckets which were weighed. The sample (> 6kg) was passed through a single tier riffle splitter generating a 50/50 split, with one half bagged and submitted to the laboratory, and the other half bagged and stored as a duplicate at the core facility in Pocos de Caldas. If a sample was <6kg the entire sample was bagged and submitted for assay. Given the grainsize of the mineralisation is extremely fine (clays) and shows little variability, the practice of submitting 50% of original sample for analysis was deemed appropriate.

Meteoric QAQC protocols demand a duplicate sample every 20 samples, and a blank and standard sample every 30 samples.

Sample Analysis Method

Auger

Each batch analysed at SGS Geosol Laboratory comprised approximately 43 samples. The sample preparation method employed was PRP102_E: the samples were dried at 100°C, crushed to 75% less than 3 mm, homogenised and passed through a Jones riffle splitter (250g to 300g). This aliquot was then pulverised in a steel mill to the point at which over 95% had a size of 150 microns.

Analysis followed by IMS95A to determine the Rare Earth Elements assays. With this method, samples were fused with lithium metaborate and read using the ICP-MS method, the limits or which are shown below.

Table 4 : ICP-MS method results of limits via IMS95A

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Meteoric Resources NL ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au | Page 7 of 33

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Diamond and Aircore samples

Samples are analysed by ALS Laboratories in Vespasiano (MG). Upon arriving at ALS samples received the following additional preparation:

  • dried at 60°C

  • the fresh rock was crushed to sub 2mm

  • the saprolite was disaggregated with hammers

  • Riffle split 800g sub-sample

  • 800 g pulverized to 90% passing 75um, monitored by sieving.

  • Aliquot selection from pulp packet

The aliquot obtained from the physical preparation process at Vespasiano was sent to ALS Lima for analysis by ME-MS81 – which consisted of analysis of Rare Earth Elements and Trace Elements by ICP-MS for 32 elements by fusion with lithium borate as shown below (with detection limits):

Table 5 : ICP-MS method results for Rare Earth Elements and Trace Elements

Code
Analytes & Ranges(ppm)
ME-MS81 Ba 0.5 – 10000 Gd 0.05 - 1000 Rb 0.2 - 10000 Ti 0.01 - 10%
Ce 0.1 – 10000 Hf 0.5 - 10000 Sc 0.5 - 500 Tm 0.01 - 1000
Cr 5 – 10000 Ho 0.01 - 10000 Sm 0.03 - 1000 U 0.05 - 1000
Cs 0.01 – 10000 La 0.1 - 10000 Sn 0.5 - 10000 V 5 - 10000
Dy 0.05 – 1000 Lu 0.01 - 10000 Sr 0.1 - 10000 W 0.5 - 10000
Er 0.03 – 1000 Nb 0.05 - 2500 Ta 0.1 - 2500 Y 0.1 - 10000
Eu 0.02 – 1000 Nd 0.1 - 10000 Tb 0.01 - 1000 Yb 0.03 - 1000
Ga 0.1 – 10000 Pr 0.02 - 10000 Th 0.05 - 1000 Zr 1 - 10000

Estimation Methodology

The resource estimations are based on the block model interpolated by the Ordinary Kriging ( OK ) method, using Micromine software. Ordinary Kriging was selected as the method for grade interpolation as the sampling data has a log-normal distribution represented by a single generation.

A discretised Block Model was created in the sub-blocking process using wireframes of several surfaces: topography, base of Soil, base of Clay, and base of Transition. Mineralisation begins from near surface (0.3m – 2.0m soil coverage). Where there was no information from Diamond or Aircore drill holes (which drill to transition/fresh rock), and mineralisation was present at the end of Auger drill holes (in areas of known deep weathering), the mineralisation was assumed to extend 2m below the hole.

Initially, the model was filled with blocks measuring 25 (X) by 25 (Y) by 5 (Z) meters, which were divided into subunits of smaller size, with a factor for size subdivision of 10 by 10 by 5 in contact with the surrounding three-dimensional wireframes. The grade estimation was performed in four consecutive passes (rounds) using different criteria for: search radius, number of composite samples allowed, and number of holes the samples must come from. The radii and the orientation of the search ellipses were determined using standard variograms (see JORC Table 1 for additional discussion).

Parameters applied to each sector of a search ellipse were: the maximum number of points in the sector and the minimum total number of points in the interpolation that varies depending on the size of the ellipse, from 3 to 1. Thus, the maximum total number of samples involved in the interpolation was 12 samples.

The block model was validated in several ways: by running an Inverse Distance Weighted interpolation and comparing the results, and by comparing the means and standard deviations of the block grades to the composite data set.

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Meteoric Resources NL ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au | Page 8 of 33

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Figure 6 : Plan View of Soberbo Resource showing distribution of high grades. Oblique Section line shown as x-x'.

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Meteoric Resources NL ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au | Page 9 of 33

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Figure 7: Oblique Section X-X’ (orientation N030) through Soberbo showing distribution of high-grade zones in the block model.

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Cut-off grades, including basis for the selected Cut-off Grade

The selection of the TREO cut-off grade (1,000ppm) used for reporting was based on the experience of the Competent Person (Table 6 & Figure 8). Given a combination of Indicated and Inferred Resources (Figure 9) and in the absence of any development studies, this cut-off grade was selected based on a peer review of publicly available information from more advanced projects with comparable mineralisation styles (i.e., clay-hosted rare earth mineralisation) and comparable conceptual processing methods. Material above this cut-off generates a head feed grade of over 2,601 ppm, and in the opinion of the Competent Person, meets the conditions for reporting of a Mineral Resource with reasonable prospects of eventual economic extraction.

Table 6 : Soberbo Mineral Resource Estimate – by cut-off grade.

cut-off JORC Material Tonnes TREO Pr6O11 Nd2O3 Tb4O7 Dy2O3 MREO MREO/TREO
ppm TREO Category **Type ** Mt **ppm ** **ppm ** **ppm ** **ppm ** **ppm ** **ppm ** %
1000 Indicated Clay 56 2,743 167 478 5 23 673 24.5
Inferred Clay 61 2,704 167 476 5 24 673 24.9
Inferred Transition 28 2,205 137 395 4 20 557 25.3
Total Indicated + Inferred 144 2,602 160 458 5 23 646 24.8
2000 Indicated Clay 61 3,172 203 581 6 27 816 25.7
Inferred Clay 68 3,064 199 567 6 28 801 26.1
Inferred Transition 29 2,806 190 543 5 26 764 27.2
Total Indicated + Inferred 158 3,058 199 568 6 27 800 26.2
3000 Indicated Clay 29 3,923 270 775 7 34 1,086 27.7
Inferred Clay 29 3,830 269 763 7 35 1,074 28.1
Inferred Transition 7 3,899 286 816 8 37 1,146 29.4
Total Indicated + Inferred 65 3,879 271 774 7 35 1,087 28.0
4000 Indicated Clay 10 4,864 358 1,028 9 42 1,437 29.5
Inferred Clay 9 4,719 350 989 9 44 1,392 29.5
Inferred Transition 2 5,157 408 1,153 10 48 1,618 31.4
Total Indicated + Inferred 21 4,829 359 1,023 9 43 1,435 29.7

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Figure 8: Soberbo Updated Resource Estimate - Grade Tonnage Curve.

Criteria used for Classification

Mineral Resources for Soberbo ML have been classified as Indicated and Inferred.

The Competent Persons are satisfied that the classification is appropriate based on the current: level of confidence in the data, drill hole spacing, geological continuity, variography, bulk density, and licensing data available for the project.

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Figure 9: Oblique Section X-X’ (oriented N030) through Soberbo ML (outside the APA) showing distribution of Indicated v Inferred Resources.

Meteoric Resources NL ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au | Page 13 of 33

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Environmental factors

There are two Environmental areas within the municipality of Caldas which encroach upon the current resources at Soberbo and Capão do Mel deposits, being:

  • (i) Environmental Protection Area (“APA”) Ecological Sanctuary of Serra da Pedra Branca (established by Municipal Law of Caldas/MG nº 1.973/2006) and

  • (ii) a three (3) kilometre strip surrounding the APA (“Buffer Zone”).

Part of the Soberbo resource is within the APA whilst the remaining (larger) part of Soberbo resource and the entire Capão do Mel resource are within the Buffer Zone.

Article 51 of Law of Caldas/MG nº 1.973/2006 stipulates that mining activity is currently not permitted within the APA (other than for existing activity with operating licenses). Importantly, for Meteoric’s current program no infill drilling has been performed inside the APA, nor are there current plans to conduct any exploration activities inside the APA. Additionally, the ‘Base Case’ development scenario contemplated in MEI’s current Scoping Study and Preliminary Environmental Permit (LP) application do not propose any activity inside the APA area.

Mining activity within the Buffer Zone is permitted and may be undertaken upon completion of an Environmental Impact Assessment, a proposal of measures necessary to mitigate any possible impact on ecosystems, and seeking authorization from the municipality of Caldas and the APA Management Council.

Meteoric has conducted extensive research and consultation from mid-2023 with the object of seeking and obtaining permission to conduct activities in the Buffer Zone and is confident of obtaining favourable consideration from the relevant authorities. That confidence is based upon: Environmental Impact Statement (EIS) and relevant flora and fauna and ethnographic studies completed over the area, ongoing dialogue and consultation with multiple stakeholders including favourable feedback from a Social Diagnosis and Stakeholder Survey of the Caldeira REE Project conducted by EcoDue Ambiental in December 2023, and specifically by reason of the terms of a written Protocol of Intent entered into between the Government of Minas Gerais and Meteoric Brazil [See ASX Announcement “Cooperation Agreement Signed with Government of Minas Gerais and Invest Minas” - 11 August 2023].

As such we consider there are reasonable prospects for eventual economic extraction to justify the Mineral Classifications of Indicated (within the Buffer Zone) and Inferred (within the APA).

Mining and metallurgical methods / material modifying factors

No specific mining or metallurgical methods or parameters were incorporated into the modelling process.

Proposed Further Work

Updated resource estimations for Capão do Mel and Figueira are expected in June and July respectively. Measured and Indicated Resources from these Licenses will be used as Base Case scenario in a Scoping Study to be released Q2 2024.

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Meteoric Resources NL Meteoric Resources NL ABN 64 107 985 651ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au www.meteoric.com.au | | Page 14 of 33Page 14 of 33

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Competent Person Statements

Dr Marcelo J De Carvalho

The information in this announcement that relates to exploration results is based on information reviewed, collated and fairly represented by Dr Carvalho a Competent Person and aa Member of the Australasian Institute of Mining and Metallurgy and a consultant to Meteoric Resources NL. Dr.Carvalho has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr. Carvalho consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

Dr. Beck Nader

The information in this report that relates to Mineral Resources is based on information compiled by Dr. Beck Nader, a Competent Person who is a Fellow of Australian Institute of Geoscientists #4472. Dr. Beck Nader is a consultant for BNA Mining Solutions. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify him as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr. Beck Nader consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Dr. Volodymyr Myadzel

The information in this report that relates to Mineral Resources is based on information compiled by Dr. Volodymyr Myadzel, a Competent Person who is a Member of Australian Institute of Geoscientists #3974. Dr. Volodymyr Myadzel is a consultant for BNA Mining Solutions. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr. Volodymyr Myadzel consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this release that relates to Mineral Resource Estimates at the Capão do Mel, Cupim Vermelho Norte, Dona Maria 1 & 2 and Figueira prospects was prepared by BNA Mining Solutions and released on the ASX platform on 1 May 2023. The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resources in this publication. The Company confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the BNA Mining Solutions findings are presented have not been materially modified.

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

For further information, please contact:

Mr Nick Holthouse Tim Fogarty Chief Executive Officer Media Liaison Meteoric Resources NL The Civic Partnership E [email protected] E [email protected] T +61 428 964 276 T + 61 3 9620 9300

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Appendix 1: JORC Table 1

Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)

Criteria Commentary
Sampling The resource was sampled using: a powered auger drill machine (open hole), a diamond drill machine
techniques and an Aircore drill machine.
Auger drill holes
o Each drill site was cleaned, removing leaves and roots from the surface. Tarps were placed on either
side of the hole and samples of soil and saprolite where collected every 1m of advance, logged,
photographed with subsequent bagging of the sample in plastic bags.
Diamond drill holes
o The intact drill cores are collected in plastic core trays with depth markers recording the depth at the
end of each drill run (blocks).
o Samples were collected at 1m intervals. 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.
Aircore drill holes
o Two (2) metre composite samples are collected from the cyclone of the rig in plastic buckets. The
material from the plastic buckets is passed through a single tier, riffle splitter which generates a 50/50
split. One half is bagged and numbered for submission to the laboratory, and the other half bagged
and given the same number, then stored as a duplicate at the core facility in Pocos de Caldas.
Drilling Powered Auger
techniques o Powered auger drilling employed a motorised post hole digger with a 4 inch diameter. All holes were
drilled vertical. The maximum depth achievable was 20m, providing the hole did not encounter
fragments of rocks/boulders within the weathered profile and/or excessive water. Final depths were
recorded according to the length of rods in the hole.
Diamond Core
o Diamond drilling employed a conventional wireline diamond drill rig (Mach 1200). All holes were
drilled vertical using PQ diameter core through soils and clays (85mm core diameter), reducing to
HQ through transition material and fresh rock (63.5mm core diameter). The maximum depth drilled
was 48.1m. The final depth was recorded using the length of the rods in the hole.
Aircore
o Drilling was completed using a HANJIN 8D Multipurpose Track Mounted Drill Rig, configured to drill
3-inch Aircore holes. The rig is supported by an Atlas Copco XRHS800 compressor which supplies
sufficient air to keep the sample dry down to the current deepest depth of 73m. All holes are drilled
vertical.
o Most drill sites require minimal to no site preparation. On particularly steep sites, the area is levelled
with a backhoe loader.
o Drilling is stopped at 'blade refusal' when the rotating bit is unable to cut the ground any further. This
generally occurs in the transition zones (below clay zone and above fresh rock). On occasions a face
sampling hammer is used once 'blade refusal' is reached to penetrate through the remaining
transition zone and into the fresh rock.
Drill sample Auger sample recovery
recovery o Estimated visually based on the amount of sample recovered per 1m interval drilled. Recoveries
were generally in a range from 75% - 100%. If estimates dropped below 75% recovery in a 1m
interval, the field crew aborted the drill hole and redrilled the hole.
Diamond drill hole recovery
o Calculated after each run, comparing length of core recovery vs. drill depth. Overall core recoveries
are 92.5%, achieving 95% in the saprolite target horizon, 89% in the transition zone and 92.5% in
fresh rock.
Aircore recovery
o Every 2m composite sample is collected in plastic buckets and weighed. Each sample averages
approximately 12kg. This is considered acceptable given the hole diameter and specific density of
the material.
Logging Auger drilling,
o Material is described in a drilling bulletin every 1m and photographed. The description is made
according to the tactile-visual characteristics, such as material (soil, colluvium, saprolite, rock
fragments); material color; predominant particle size; presence of moisture; indicator minerals; extra
observations.

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Criteria Commentary
Diamond drilling
o Geology description is made in a core facility, focused on the soil (humic) horizon, saprolite, transition
zone and fresh rock boundaries. The geology depth is honored and described with downhole depth
(not metre by metre). Parameters logged include: grainsize, texture and colour, which can help to
identify the parent rock before weathering.
o All drill holes are photographed and stored at Core facility in Pocos de Caldas.
Aircore drilling
o The material is logged at the drill rig by a geologist. Logging focused on soil (humic) horizon,
saprolite/clay zones and transition boundaries. Other parameters recorded includes: grainsize,
texture and colour, which can help to identify the parent rock before weathering.
o Logging is done on 2m intervals due to the nature of the drilling with 2m composite samples collected
in a bucket and presented for sampling and logging.
o The chip trays of all drilled holes have a digital photographic record and are retained at a Core facility
in Pocos de Caldas.
Sub- Auger material
sampling o Samples are weighed and if the samples are wet, they are dried for several days on rubber mats.
After drying the samples are screened (5mm). Homogenization occurs by agitation in bags, followed
techniques by screening to <3mm. Fragments of rock or hardened clay that are retained in the sieves are
and sample fragmented with a 10kg manual disintegrator and a 1kg hammer, until 100% of the sample passes
through the screening. The sample is homogenized again by agitation in bags. Finally, the sample is
preparation Split in a Jones 12 channel splitter, where 500g is sent to the lab (SGS_geosol laboratory in
Vespasiano – Minas Gerais).
o Remaining samples are placed in 20-liter plastic buckets, clearly labelled by Hole ID and depth, and
stored in shed facility in Pocos de Caldas.
Diamond cores
o In the saprolite zone the core is halved with a metal spatula and bagged in plastic bags
o The fresh rock was halved by a powered saw and bagged into a plastic bag with a unique sequential
number of samples and sent to ALS laboratory in Vespasiano – Minas Gerais.
o Field duplicates consist of quarter core, with both quarters sent to the lab.
Aircore material
o Samples are weighed at the Rig. When the sample > 6kg it passes through a single tier Riffle splitter
generating a 50/50 split, one for ALS Laboratory and a duplicate which is retained in core facility.
Samples are bagged in plastic bags with unique tag for the interval.
o Given the grainsize if the mineralisation is extremely fine (clays) and shows little variability, the
practice of submitting 50% of original sample for analysis is deemed appropriate.
o Field Duplicates are routinely submitted and results analysed by examining the correlation between
original and duplicate samples. More than 90% of duplicates show <20% variance.
Quality of Auger sampleswere analysed at SGS Geosol laboratory in batches of 43 samples, 37 of which belong to
assay data exploration intervals and 6 are QA/QC samples (duplicate, blank and standards).
o
The sample preparation method employed was PRP102_E: the samples are dried at 100°C, crushed
and to 75% less than 3 mm, homogenized and passed through a Jones riffle splitter (250g to 300g). This
laboratory aliquot was then pulverized in a steel mill to the point at which over 95% had a size of 150 microns.
tests
o Analysis followed by IMS95A to determine the Rare Earth Elements. With this method, samples are
melted with lithium metaborate and read using the ICP-MS method, the limits or which are shown
below.
Diamond and Aircoresamples are analysed by ALS Laboratories (accredited) in Batches up to 72
samples. Upon arriving at ALS Vespasiano samples receive additional preparation (drying, crushing,
splitting, and pulverising):
o
dried at 60°C

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Criteria Commentary
o
the fresh rock is crushed to sub 2mm
o
the saprolite is 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
The aliquot obtained from the physical preparation process at Vespasiano is sent to ALS Lima or analysis by
ME-MS81 – which consists of analysis of Rare Earths and Trace Elements by ICP-MS for 32 elements by
fusion with lithium borate as seen below (with detection limits):
Code
Analytes & Ranges(ppm)
ME-MS81
Ba
0.5 - 10000
Gd
0.05 - 1000
Rb
0.2 - 10000
Ti
0.01 - 10%
Ce
0.1 - 10000
Hf
0.5 - 10000
Sc
0.5 - 500
Tm
0.01 - 1000
Cr
5 - 10000
Ho
0.01 - 10000
Sm
0.03 - 1000
U
0.05 - 1000
Cs
0.01 - 10000
La
0.1 - 10000
Sn
0.5 - 10000
V
5 - 10000
Dy
0.05 - 1000
Lu
0.01 - 10000
Sr
0.1 - 10000
W
0.5 - 10000
Er
0.03 - 1000
Nb
0.05 - 2500
Ta
0.1 - 2500
Y
0.1 - 10000
Eu
0.02 - 1000
Nd
0.1 - 10000
Tb
0.01 - 1000
Yb
0.03 - 1000
Ga
0.1 - 10000
Pr
0.02 - 10000
Th
0.05 - 1000
Zr
1 - 10000

MEI QAQC protocols demand duplicate sample every 20 samples, and a blank and standard sample in
each 30 samples. In addition, ALS inserted their own internal reference check samples as well as
conducting repeat analysis. Results show: 94.94% of Standards are within tolerance limits, 99.96% of
Blanks are within tolerance limits, and only 4.92% of Duplicate samples showed >30% variation for the
Original result.
Verification
of sampling
and assaying

Given the nature of the ionic clay mineralisation visual checks are not appropriate for verification of
mineralised intercepts.

MEI completed several rounds of Twin Hole drilling:-
o
DD drill holes twinning historic Auger holes
o
A total of 32 DD holes were drilled to twin historic Auger holes and confirm the reported widths
and grades across the 6 resource areas (February 2023 - January 2024). Results confirmed the
width and general nature of high-grade TREO mineralization, showing a slight (14%) Positive
Bias in Auger results compared to DD results. The apparent Bias is not considered significant.
o
AC holes twinning existing DD holes
o
A total of 17 AC holes were drilled at Soberbo, Capão do Mel and Figueira deposits to twin
existing DD drill holes and assess AC as a sampling method (March 2023 – March 2024). Results
confirmed the width and general nature of high-grade TREO mineralization, showing a slight
(20%) Negative Bias in AC results compared to DD results. The apparent Bias is not considered
significant.

For historic Auger holes, collar co-ordinates are recorded, and holes were logged and photographed at
the drill site prior to information being transferred into Excel Spreadsheets back at the office. Drilling data
is kept in Excel Spreadsheets in a well organised structure of file folders on a local network and in the
‘Cloud’. The original paper logging sheets were not retained.

For all drilling conducted by MEI (DD and AC), data is recorded into MX Deposit tables (collar, survey,
geology, sample) using tablets/laptops at the Aircore Rig or in the Core Shed. Files are forwarded via
email by Geologists to Database manager for uploading into the Database. The data is stored in MX
Deposit database (Sequent). Data validation is turned ON during the import of data avoiding errors.

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:

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Criteria Commentary
Location of Auger drill collars
data points o
All holes were picked up 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.
o
The coordinates were provided in the following formats: Sirgas 2000 datum, and UTM WGS 84 datum
- georeferenced to spindle 23S.
Diamond and Aircore collars
o
The survey was made by MEI personal using a GPS CHCNAV i73 RTK GNSS 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 +/- 1mm, and
vertical 15mm +/- 1mm.
Topography imaging survey
o
A detailed imaging and topographic survey was done by GeoSense Engenharia e Geotecnologia Ltda.
The survey was done using a DJI Matrice 300 RTK drone with vertical accuracy with 0.1metre and
horizontal accuracy of 0.3metre using visual system. Using the GPS system the vertical accuracy is
0.5metre and horizontal accuracy is 1.5metre. Using the RTK system the vertical accuracy is 0.1metre
and horizontal accuracy is 0.1metre.
o
A on board LiDAR Alpha
Air 450 sensor was used which has a range of 450 metres, accuracy of
15mm, acquisition tax of 240,000 points per second (first pass), 480,000 points per second (second
pass) and 720,000 points per second (third pass), equipped with a Sony A5100 camera with 26 Mega
Pixels and an integrated GNSS receptor (L1L2).
o
For the base points it was
used a GPS CHCNAV i73 RTK GNSS 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 +/- 1mm, and vertical 15mm +/- 1mm.
Data spacing
Hole spacing for Auger holes varies across the prospect scale from a maximum of: 200m by 200m, infill
and drilled to 100m by 100m, with tighter spacing of 50m by 50m in the closest space areas. Aircore drilling
was done at 100m x 100m. Diamond holes had no regular spacing but were designed to target specific
distribution geologic characteristics (i.e. grade, density).
Given the substantial geographic extent and generally shallow, flat lying geometry of the mineralisation,
the spacing and orientation are considered sufficient to establish geologic and grade continuity.
Sample compositing:

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Criteria Commentary
o
Auger samples were collected at 1.0m composites.
o
Diamond samples were collected at 1.00m composites, respecting the geological contacts.
o
Aircore samples were collected at 2.00m composites.
Orientation The mineralisation is flat lying and occurs within the saprolite/clay zone of a deeply developed regolith
of data in (reflecting topography and weathering). Vertical sampling from all sampling methods is considered most
appropriate.
relation to
geological
structure
Sample Auger samples:
security o
Samples were removed from the field by Company staff and transported back to a facility in Poços
de Caldas. From here the samples are packed in plastic bags and transported to SGS-Geosol in Belo
by a commercial Transport Company.
o
The remaining sample is stored in 20 litre plastic buckets, labelled with the name of the target, hole
name and sampled intervals. Samples are securely locked up in the storage shed.
Diamond samples:
o
Samples are removed from the field by MEI staff and transported back to a Core shad to be logged
and sampled. 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 transport of samples from Poços de Caldas
to ALS laboratory in Vespasiano was undertaken by a commercial Transport Company.
Aircore samples:
o
Samples are split and bagged in the field and transported back to a Core shed. All samples for
submission to the lab are packed in plastic bags (in batches) and despatched to ALS laboratory in
Vespasiano using a commercial Transport Company.
Audits or MEI conducted a review of assay results as part of its Due Diligence prior to acquiring the project.
reviews 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)
A site visit was carried out by Volodymyr Myadzel from BNA Mining Solutions on 19-20 February 2024 to:
inspect drilling and sampling procedures, verify survey methods, inspect the storage shed, verification of
geological records, review of QAQC procedures and review of geologic model.

Section 2 Reporting of Exploration Results (Criteria in this section apply to all succeeding sections.)

Criteria Commentary
Mineral tenement Listed in Appendix 3.
and land tenure 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.
status
Exploration done by The Caldeira Project has had significant exploration in the form of surface geochem across 30
other parties 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 terrains which hosts deposits of 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 dominant REE mineral in the source rock (syenite) beneath the clay zone is Bastnaesite, a
major source of REE worldwide. Bastnaesite is a REE carbonate-fluoride mineral (REE)CO3F
and has very low levels of U and Th in its structure. Due to the chemistry of the underling intrusives

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Criteria Commentary
and the intense weathering of the region, a thick profile comprising soil, clay and saprolite
(regolith) has formed (Figures 3-5), and these are the hosts to the ionic clay REE mineralization.
Drill hole Information Information for all Auger holes was reported in a previous ASX Release on 01 May 2023 “Caldeira
REE Project Maiden Mineral Resource”. Drill hole information for all Aircore & Diamond Core
holes is presented in Appendix 2.
Data aggregation Mineralised Intercepts are reported with a minimum of 4m width, lower cut-off 1,000ppm TREO,
methods with a maximum of 2m internal dilution.
High-Grade Intercepts reported as “including” are reported with a minimum of 2m width, lower
cut-off 3,000 ppm TREO, with a maximum of 1m internal dilution.
Extreme High-Grade Intercepts reported as “with” are reported with a minimum of 2m width, lower
cut-off 10,000 ppm TREO, with a maximum of 1m internal dilution.
No Metal Equivalents are used.
Mineralisation widths
All holes are vertical and mineralisation is developed in a flat lying clay and transition zone within
and intercept lengths the regolith. As such, reported widths are considered to equal true widths.
Diagrams Reported in the body of the text.
Balanced reporting Significant Intercepts for all Auger drill holes were reported in a previous ASX Release on 01 May
2023 “Caldeira REE Project Maiden Mineral Resource”.
Significant Intercepts for Aircore drill holes SBBAC0001-SBBAC0277 were reported in a previous
ASX Release on 14 December 2023 “High-Grade REEs Extend Beneath Soberbo Resource,
Caldeira Project”.
Other substantive Metallurgical work was carried out on samples split from a 200kg composite sample, which in
exploration data 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 1st 2023.
Further work Proposed work is discussed in the body of the text.

Section 3 Estimation & Reporting of Mineral Resources (Criteria in this section apply to all succeeding sections.)

Criteria Commentary
Database integrity All data was imported into Micromine Software. The database was validated using specific
processes to verify the existence of the errors listed below:
o The drill hole’s name is present in the collar file but is missing from the analytical database;
o The drill hole’s name is present in the analytical database, but is absent in the collar file;
o The drill hole’s name appears repeated in the analytical database and in the collar file;
o The drill hole’s name does not appear in the collar file and in the analytical database;
o One or more coordinate notes are absent from the collar file;
o FROM or TO are not present in the analytical database;
o FROM > TO in the analytical database;
o Sampling intervals are not continuous in the analytical database (there are gaps between
the logs);
o Sampling intervals overlap in the analytical database;
o The first sample does not correspond to 0 m in the analytical database;
o The hole total depth is shallower than the depth of the last sample.
Random checks of the original data as received from SGS-Geosol and ALS laboratories was
compared with the provided database and no errors were found.
Site visits A site visit was carried out by Volodymyr Myadzel from BNA Mining Solutions on 19-20 February
2024 to: inspect drilling and sampling procedures, verify survey methods, inspect the storage
shed, verification of geological records, review of QAQC procedures and review of geologic

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Criteria Commentary Commentary Commentary Commentary
model.
Geological
interpretation

The resource estimation is based on historical Auger data an additional 3,133m of infill Diamond
and Aircore drilling. Confidence in the geological interpretation of the rare earth mineralization
in clay and saprolite is very high as drilling activities used a regular and relatively close-spaced
drill spacing.

Where there is no information from Diamond or Aircore drill holes (which drill to transition/fresh
rock), and mineralisation was present at the end of Auger drill holes (in areas of known deep
weathering), the mineralisation was assumed to extend 2m below the hole. This is prevalent in
the APA area.

Factors affecting rare earth mineralisation in saprolite rocks include the degree of weathering of
primary rocks and variations in mineralization. These were detailed in Diamond, Aircore, and
Auger drilling from surface and into the fresh rock.
Dimensions
The Mineral Resource is spread across 2,600m x 3,800m in NE-SW direction.

The top of the rare earth element mineralization is the topographic surface.
Estimation and
modelling techniques

The results are based on a block model interpolated by Ordinary Kriging (OK) method, using
Micromine software. Ordinary Kriging was selected as the method for grade interpolation as the
sample data has a log-normal distribution represented by a single generation.

All analyzed elements were interpolated to the empty block model using Ordinary Kriging (OK)
and IDW3 (Inverse Distance Weighting with inverse power 3) methods. The IDW3 method was
used for control and comparison.

The grade estimation was performed in four consecutive passes (rounds) using different sizes
of search radius, criteria of number of composite samples, and number of holes.
Search Ellipse parameters by Pass.
Pass
Search Ellipse
(size factor)
Min. No.
Composites
Max. No.
Composites
Min. No. Drill
Holes
01
0.667
4
3
2
02
1
2
3
2
03
2
2
3
1
04
100
1
3
1

Column ‘Min No. Composites’ is the minimum number of composites required for each of the
estimation passes. Column ‘Max No. Composites’ is the maximum number of samples
allowed for each of the four sectors of the ellipsoid used for the elements’ estimation process.

The Block Model created in the process of discretization of the wireframes using the sub-
blocking process. Initially, the model was filled with blocks measuring 25 (X) by 25 (Y) by 5 (Z)
meters, which were divided into subunits of smaller size, with a factor for size subdivision of 10
by 10 by 5 in contact with the surrounding three-dimensional wireframes.

The radii and the orientation of search ellipse were determined using standard variograms. The
limitations presented by each sector of a search ellipse were: the maximum number of points in
the sector and the minimum total number of points in the interpolation that varies depending on
the size of the ellipse, from 3 to 1. Thus, the maximum total number of samples involved in the
interpolation was 12 samples.
Radiiof Search Ellipsoid by element.
Element
Soberbo
X
Y
Z
La (ppm)
130
90
15
Ce (ppm)
130
90
15
Pr (ppm)
130
90
15
Nd (ppm)
130
90
15
Sm (ppm)
130
90
15
Eu (ppm)
130
90
15
Element Soberbo
X Y Z
La (ppm) 130 90 15
Ce (ppm) 130 90 15
Pr (ppm) 130 90 15
Nd (ppm) 130 90 15
Sm (ppm)
130
90 15
Eu (ppm) 130 90 15

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Criteria Commentary
Gd (ppm) 130 90 15
Tb (ppm) 130 90 15
Dy (ppm) 130 90 15
Ho (ppm) 130 90 15
Er (ppm) 130 90 15
Tm (ppm) 130 90 15
Yb (ppm) 130 90 15
Lu (ppm) 130 90 15
Y (ppm) 130 90 15
Th (ppm) 125 85 10
U (ppm) 125 85 10
Moisture
All estimations are reported as a dry tonnage.

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Criteria Commentary
Cut-off parameters
Cut-off grades for TREO were used to prepare the reported resource estimates. The selection
of the cut-off was based on the experience of the Competent Person, plus a peer review of
publicly available information from more advanced projects with comparable mineralisation
styles (i.e clay and transition zone hosted rare earth mineralisation) and comparable
conceptual processing methods.

The chosen cut-off grade of 1,000 ppm TREO is consistent with this.
Mining factors or
No specific mining method is assumed other than potentially the use of open pit mining methods.
assumptions
Metallurgical factors or

Auger historic metallurgy data has been completed and reported to ASX:MEI 20/12/2023.
assumptions
Head grade of the composite sample for testwork collected from 44 holes, over 140 samples
(200 kg) was 4,917ppm TREO including 25.5% Magnet REE.

Initial metallurgical testwork showed excellent recoveries by desorption of Rare Earth Elements
(REE) by using ammonium sulphate solution [(NH4)2SO4)] in weakly acidic conditions [pH 4]

Average recovery of the low temperature magnet REE Pr + Nd was 58%

Average recovery of high temperature magnet REE, Tb +Dy was 43%.

The results show that excellent REE desorption was achieved using a standard ammonium
sulphate solution at pH 4 and crucially confirms that the high-grade Caldeira Project is an Ionic
(Adsorption) Clay REE deposit
Environmental factors There are two Environmental areas within the municipality of Caldas which encroach upon the
or assumptions current resources at Soberbo and Capao do Mel deposits, being:-
(i)
Environmental Protection Area (“APA”) Ecological Sanctuary of Serra da Pedra Branca
(established by Municipal Law of Caldas/MG nº 1.973/2006) and
(ii) a three (3) kilometre strip surrounding the APA (“Buffer Zone”).
Part of the Soberbo resource is within the APA whilst the remaining (larger) part of Soberbo
resource and the entire Capão do Mel resource are within the Buffer Zone.
Article 51 of Law of Caldas/MG nº 1.973/2006 stipulates that mining activity is currently not
permitted within the APA (other than for existing activity with operating licenses). Importantly, for
Meteoric’s current program no infill drilling has been performed inside the APA, nor are there current
plans to conduct any exploration activities inside the APA. Additionally, the ‘Base Case’
development scenario contemplated in MEI’s current Scoping Study and Preliminary Environmental
Permit (LP) application do not propose any activity inside the APA area.
Mining activity within the Buffer Zone is permitted and may be undertaken upon completion of an
Environmental Impact Assessment, a proposal of measures necessary to mitigate any possible
impact on ecosystems, and seeking authorization from the municipality of Caldas and the APA
Management Council.
Meteoric has conducted extensive research and consultation from mid-2023 with the object of
seeking and obtaining permission to conduct activities in the Buffer Zone and is confident of
obtaining favourable consideration from the relevant authorities. That confidence is based upon:
Environmental Impact Statement (EIS) and relevant flora and fauna and ethnographic studies
completed over the area, ongoing dialogue and consultation with multiple stakeholders including
favourable feedback from a Social Diagnosis and Stakeholder Survey of the Caldeira REE Project
conducted by EcoDue Ambiental in December 2023, and specifically by reason of the terms of a
written Protocol of Intent entered into between the Government of Minas Gerais and Meteoric Brazil
[See ASX Announcement “Cooperation Agreement Signed with Government of Minas Gerais and
Invest Minas” - 11 August 2023].
As such we consider there are reasonable prospects for eventual economic extraction to justify the
Mineral Classifications of Indicated (within the Buffer Zone) and Inferred (within the APA).
Bulk density
Diamond drill samples were selected to get the specific gravity, these samples were not cut in
the middle as a normal sample. The sample was sent to ALS lab and was submitted to an
industrial specific gravity method (OA-GRA09a, bulk density paraphing coating).
Classification
The Mineral Resources for the project have been classified as Indicated and Inferred.

The Competent Person is satisfied that the classification is appropriate based on: current drill
hole spacing, geological continuity, variography, and bulk density data available for the project.

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Meteoric Resources NL Meteoric Resources NL ABN 64 107 985 651ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au www.meteoric.com.au | | Page 24 of 33Page 24 of 33

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Criteria Commentary
Audits or reviews As yet there have been no third-party audits or reviews of the mineral resource estimates.
Discussion of relative The block model with interpolated grades was subject to visual and statistical verification.
accuracy/ confidence Histograms and probability graphs of the interpolated grades were built. Then, the interpolated
grades of the block model were compared with the same histograms and probability graphs of
the composite samples. The histograms and graphs of the interpolated grades and composite
samples were similar, and the block model histograms were smoother than the composite
histograms. The comparisons confirmed the validity and consistency of the built block model.
The mineral resource is a global resource estimate and locally resource estimates may vary in
a negative or positive manner.

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Meteoric Resources NL Meteoric Resources NL ABN 64 107 985 651ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au www.meteoric.com.au | | Page 25 of 33Page 25 of 33

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Appendix 2: Soberbo ML - Drill Hole Coordinates

Hole ID **Drill Type ** East North Elevation Depth Dip Azimuth
SBBAC0001 Air Core 350,090 7,571,312 1,239 24.5 90 360
SBBAC0002 Air Core 350,164 7,571,308 1,251 3.0 90 360
SBBAC0003 Air Core 350,098 7,571,204 1,240 17.0 90 360
SBBAC0004 Air Core 350,189 7,571,206 1,259 3.0 90 360
SBBAC0005 Air Core 349,995 7,571,105 1,244 13.0 90 360
SBBAC0006 Air Core 349,905 7,571,204 1,223 5.5 90 360
SBBAC0007 Air Core 349,790 7,571,294 1,203 5.0 90 360
SBBAC0008 Air Core 349,919 7,571,060 1,235 24.5 90 360
SBBAC0009 Air Core 349,903 7,571,092 1,234 20.0 90 360
SBBAC0010 Air Core 350,093 7,571,007 1,254 14.3 90 360
SBBAC0011 Air Core 349,984 7,570,999 1,242 8.0 90 360
SBBAC0012 Air Core 350,086 7,570,917 1,259 14.3 90 360
SBBAC0013 Air Core 349,997 7,570,914 1,248 17.0 90 360
SBBAC0014 Air Core 349,977 7,570,802 1,267 31.0 90 360
SBBAC0015 Air Core 349,896 7,570,906 1,249 17.0 90 360
SBBAC0016 Air Core 349,887 7,570,794 1,254 14.5 90 360
SBBAC0017 Air Core 349,933 7,570,772 1,262 28.0 90 360
SBBAC0018 Air Core 348,893 7,569,420 1,298 26.0 90 360
SBBAC0019 Air Core 348,887 7,569,310 1,296 21.0 90 360
SBBAC0020 Air Core 348,797 7,569,424 1,291 18.0 90 360
SBBAC0021 Air Core 348,888 7,569,497 1,306 20.0 90 360
SBBAC0022 Air Core 348,788 7,569,215 1,308 23.0 90 360
SBBAC0023 Air Core 348,697 7,569,206 1,314 10.0 90 360
SBBAC0024 Air Core 348,688 7,569,114 1,325 10.5 90 360
SBBAC0025 Air Core 348,980 7,569,616 1,300 18.0 90 360
SBBAC0026 Air Core 348,871 7,569,699 1,273 25.0 90 360
SBBAC0027 Air Core 348,795 7,569,716 1,268 12.0 90 360
SBBAC0028 Air Core 348,804 7,569,606 1,291 35.0 90 360
SBBAC0029 Air Core 348,686 7,569,721 1,273 0.1 90 360
SBBAC0030 Air Core 348,710 7,569,597 1,275 15.0 90 360
SBBAC0031 Air Core 348,992 7,569,720 1,297 5.5 90 360
SBBAC0032 Air Core 349,011 7,569,839 1,305 18.8 90 360
SBBAC0033 Air Core 348,898 7,569,841 1,291 1.0 90 360
SBBAC0034 Air Core 348,895 7,569,907 1,286 9.0 90 360
SBBAC0035 Air Core 349,100 7,569,905 1,312 26.8 90 360
SBBAC0036 Air Core 349,191 7,570,009 1,306 5.0 90 360
SBBAC0037 Air Core 349,195 7,570,105 1,294 8.0 90 360
SBBAC0038 Air Core 349,282 7,570,112 1,307 5.0 90 360
SBBAC0039 Air Core 349,362 7,570,208 1,304 12.2 90 360
SBBAC0040 Air Core 349,395 7,570,294 1,294 32.5 90 360
SBBAC0041 Air Core 349,294 7,570,212 1,308 2.0 90 360
SBBAC0042 Air Core 349,205 7,570,222 1,303 12.5 90 360
SBBAC0043 Air Core 349,084 7,570,034 1,294 14.2 90 360
SBBAC0044 Air Core 349,092 7,570,111 1,281 12.1 90 360
SBBAC0045 Air Core 348,995 7,570,101 1,274 11.0 90 360
SBBAC0046 Air Core 348,987 7,570,025 1,292 21.0 90 360
SBBAC0047 Air Core 348,899 7,570,003 1,276 9.2 90 360
SBBAC0048 Air Core 348,808 7,570,010 1,261 8.0 90 360
SBBAC0049 Air Core 348,785 7,570,090 1,249 26.8 90 360
SBBAC0050 Air Core 348,712 7,570,008 1,246 4.0 90 360
SBBAC0051 Air Core 348,682 7,569,925 1,238 14.8 90 360
SBBAC0052 Air Core 348,807 7,569,925 1,268 13.0 90 360
SBBAC0053 Air Core 348,990 7,569,906 1,301 17.9 90 360
SBBAC0054 Air Core 348,909 7,570,111 1,265 10.4 90 360
SBBAC0055 Air Core 348,588 7,569,082 1,328 26.0 90 360
SBBAC0056 Air Core 348,704 7,569,307 1,288 15.0 90 360
SBBAC0057 Air Core 348,700 7,569,415 1,277 22.0 90 360
SBBAC0058 Air Core 348,705 7,569,517 1,281 5.2 90 360
SBBAC0059 Air Core 348,595 7,569,809 1,244 9.8 90 360
SBBAC0060 Air Core 348,498 7,569,908 1,224 20.0 90 360

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Meteoric Resources NL Meteoric Resources NL ABN 64 107 985 651ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au www.meteoric.com.au | | Page 26 of 33Page 26 of 33

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Hole ID **Drill Type ** East North Elevation Depth Dip Azimuth
SBBAC0061 Air Core 349,796 7,570,608 1,277 32.0 90 360
SBBAC0062 Air Core 349,671 7,570,521 1,289 21.5 90 360
SBBAC0063 Air Core 349,587 7,570,439 1,293 23.6 90 360
SBBAC0064 Air Core 349,592 7,570,509 1,293 30.0 90 360
SBBAC0065 Air Core 349,596 7,570,610 1,278 27.4 90 360
SBBAC0066 Air Core 349,497 7,570,612 1,269 25.4 90 360
SBBAC0067 Air Core 349,492 7,570,712 1,249 11.2 90 360
SBBAC0068 Air Core 349,502 7,570,797 1,232 16.5 90 360
SBBAC0069 Air Core 349,595 7,570,807 1,241 13.5 90 360
SBBAC0070 Air Core 349,595 7,570,710 1,258 19.0 90 360
SBBAC0071 Air Core 349,688 7,570,606 1,274 20.5 90 360
SBBAC0072 Air Core 349,697 7,570,719 1,255 18.0 90 360
SBBAC0073 Air Core 349,798 7,570,707 1,259 28.2 90 360
SBBAC0074 Air Core 349,794 7,570,809 1,245 24.0 90 360
SBBAC0075 Air Core 349,699 7,570,806 1,247 28.0 90 360
SBBAC0076 Air Core 349,694 7,570,906 1,230 11.2 90 360
SBBAC0077 Air Core 349,790 7,570,904 1,233 21.2 90 360
SBBAC0078 Air Core 349,498 7,570,409 1,282 16.0 90 360
SBBAC0079 Air Core 349,510 7,570,503 1,282 18.8 90 360
SBBAC0080 Air Core 349,424 7,570,671 1,249 5.2 90 360
SBBAC0081 Air Core 349,431 7,570,614 1,260 18.1 90 360
SBBAC0082 Air Core 349,434 7,570,508 1,264 24.0 90 360
SBBAC0083 Air Core 349,293 7,570,509 1,264 26.4 90 360
SBBAC0084 Air Core 349,267 7,570,417 1,274 24.0 90 360
SBBAC0085 Air Core 349,207 7,570,307 1,287 10.0 90 360
SBBAC0086 Air Core 349,189 7,570,408 1,294 32.0 90 360
SBBAC0087 Air Core 349,195 7,570,498 1,284 21.6 90 360
SBBAC0088 Air Core 349,100 7,570,611 1,291 19.0 90 360
SBBAC0089 Air Core 349,077 7,570,512 1,307 22.5 90 360
SBBAC0090 Air Core 349,012 7,570,618 1,302 2.0 90 360
SBBAC0091 Air Core 349,113 7,570,696 1,275 8.3 90 360
SBBAC0092 Air Core 349,201 7,570,676 1,268 22.5 90 360
SBBAC0093 Air Core 349,296 7,570,680 1,252 11.4 90 360
SBBAC0094 Air Core 349,194 7,570,608 1,276 10.0 90 360
SBBAC0095 Air Core 349,256 7,570,602 1,263 13.0 90 360
SBBAC0096 Air Core 348,895 7,570,709 1,295 3.6 90 360
SBBAC0097 Air Core 349,100 7,570,814 1,283 12.2 90 360
SBBAC0098 Air Core 348,787 7,570,828 1,255 3.6 90 360
SBBAC0099 Air Core 348,800 7,570,904 1,254 44.0 90 360
SBBAC0100 Air Core 348,773 7,570,978 1,255 71.0 90 360
SBBAC0101 Air Core 348,786 7,571,313 1,228 26.0 90 360
SBBAC0102 Air Core 348,882 7,571,315 1,209 18.0 90 360
SBBAC0103 Air Core 348,811 7,571,198 1,223 27.0 90 360
SBBAC0104 Air Core 348,804 7,571,118 1,226 24.0 90 360
SBBAC0105 Air Core 348,887 7,571,108 1,229 21.5 90 360
SBBAC0106 Air Core 348,897 7,571,003 1,244 70.0 90 360
SBBAC0107 Air Core 348,921 7,570,917 1,251 24.0 90 360
SBBAC0108 Air Core 348,985 7,570,919 1,257 29.0 90 360
SBBAC0109 Air Core 349,111 7,570,884 1,276 14.2 90 360
SBBAC0110 Air Core 349,101 7,571,002 1,255 2.0 90 360
SBBAC0111 Air Core 349,087 7,571,100 1,240 77.4 90 360
SBBAC0112 Air Core 349,004 7,571,207 1,218 19.5 90 360
SBBAC0113 Air Core 349,014 7,571,331 1,214 33.4 90 360
SBBAC0114 Air Core 349,106 7,571,225 1,229 28.0 90 360
SBBAC0115 Air Core 349,212 7,571,128 1,255 43.0 90 360
SBBAC0116 Air Core 349,207 7,571,216 1,250 38.2 90 360
SBBAC0117 Air Core 349,284 7,571,214 1,249 22.0 90 360
SBBAC0118 Air Core 349,197 7,571,315 1,229 24.0 90 360
SBBAC0119 Air Core 349,121 7,571,309 1,230 40.0 90 360
SBBAC0120 Air Core 349,373 7,571,306 1,251 20.2 90 360
SBBAC0121 Air Core 349,410 7,571,215 1,271 26.0 90 360
SBBAC0122 Air Core 349,403 7,571,096 1,292 11.4 90 360
SBBAC0123 Air Core 349,290 7,571,011 1,298 12.1 90 360

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Meteoric Resources NL Meteoric Resources NL ABN 64 107 985 651ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au www.meteoric.com.au | | Page 27 of 33Page 27 of 33

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Hole ID **Drill Type ** East North Elevation Depth Dip Azimuth
SBBAC0124 Air Core 349,194 7,570,880 1,287 22.4 90 360
SBBAC0125 Air Core 349,589 7,571,216 1,262 8.0 90 360
SBBAC0126 Air Core 349,589 7,571,326 1,240 16.0 90 360
SBBAC0127 Air Core 349,493 7,571,327 1,231 15.0 90 360
SBBAC0128 Air Core 349,761 7,571,184 1,224 1.0 90 360
SBBAC0129 Air Core 349,724 7,571,258 1,225 3.4 90 360
SBBAC0130 Air Core 349,717 7,571,318 1,227 15.3 90 360
SBBAC0131 Air Core 349,606 7,570,983 1,233 6.4 90 360
SBBAC0132 Air Core 349,511 7,570,896 1,234 20.4 90 360
SBBAC0133 Air Core 349,415 7,570,862 1,244 12.0 90 360
SBBAC0134 Air Core 349,379 7,570,802 1,245 12.0 90 360
SBBAC0135 Air Core 349,203 7,570,786 1,270 13.5 90 360
SBBAC0136 Air Core 349,201 7,571,010 1,293 21.0 90 360
SBBAC0137 Air Core 349,383 7,571,053 1,294 14.5 90 360
SBBAC0138 Air Core 349,490 7,571,113 1,271 23.0 90 360
SBBAC0139 Air Core 349,586 7,571,121 1,255 24.0 90 360
SBBAC0140 Air Core 349,528 7,571,238 1,251 4.5 90 360
SBBAC0141 Air Core 349,261 7,570,932 1,295 31.0 90 360
SBBAC0142 Air Core 349,250 7,571,158 1,257 40.8 90 360
SBBAC0143 Air Core 349,693 7,571,115 1,234 15.0 90 360
SBBAC0144 Air Core 349,683 7,570,999 1,228 9.0 90 360
SBBAC0145 Air Core 349,515 7,570,994 1,250 10.0 90 360
SBBAC0146 Air Core 349,291 7,570,817 1,264 11.0 90 360
SBBAC0147 Air Core 348,980 7,569,616 1,300 3.0 90 360
SBBAC0148 Air Core 349,101 7,570,415 1,310 34.8 90 360
SBBAC0149 Air Core 348,985 7,570,530 1,315 15.5 90 360
SBBAC0150 Air Core 348,894 7,570,504 1,302 13.0 90 360
SBBAC0151 Air Core 348,785 7,570,422 1,285 16.0 90 360
SBBAC0152 Air Core 348,992 7,570,399 1,281 6.4 90 360
SBBAC0153 Air Core 348,962 7,570,318 1,278 17.0 90 360
SBBAC0154 Air Core 349,100 7,570,281 1,287 20.5 90 360
SBBAC0155 Air Core 348,908 7,570,320 1,264 8.6 90 360
SBBAC0156 Air Core 348,781 7,570,238 1,252 3.2 90 360
SBBAC0157 Air Core 348,678 7,570,139 1,243 15.6 90 360
SBBAC0158 Air Core 348,597 7,570,101 1,237 9.2 90 360
SBBAC0159 Air Core 348,502 7,570,068 1,230 14.0 90 360
SBBAC0160 Air Core 348,404 7,570,057 1,226 15.3 90 360
SBBAC0161 Air Core 348,302 7,570,106 1,228 21.4 90 360
SBBAC0162 Air Core 348,186 7,570,090 1,222 12.0 90 360
SBBAC0163 Air Core 348,100 7,570,081 1,217 7.0 90 360
SBBAC0164 Air Core 347,996 7,570,088 1,209 9.5 90 360
SBBAC0165 Air Core 347,974 7,569,977 1,207 8.2 90 360
SBBAC0166 Air Core 348,002 7,569,998 1,207 3.2 90 360
SBBAC0167 Air Core 348,125 7,569,992 1,214 31.0 90 360
SBBAC0168 Air Core 348,178 7,569,990 1,210 5.0 90 360
SBBAC0169 Air Core 348,286 7,569,964 1,214 6.0 90 360
SBBAC0170 Air Core 348,378 7,569,891 1,222 34.0 90 360
SBBAC0171 Air Core 348,420 7,569,823 1,227 20.0 90 360
SBBAC0172 Air Core 348,464 7,569,779 1,227 10.0 90 360
SBBAC0173 Air Core 348,485 7,569,677 1,244 11.5 90 360
SBBAC0174 Air Core 348,510 7,569,598 1,251 9.0 90 360
SBBAC0175 Air Core 348,472 7,569,487 1,273 4.0 90 360
SBBAC0175B Air Core 348,472 7,569,487 1,273 14.2 90 360
SBBAC0176 Air Core 348,399 7,569,610 1,277 8.1 90 360
SBBAC0177 Air Core 348,381 7,569,697 1,267 14.0 90 360
SBBAC0178 Air Core 348,192 7,569,898 1,232 34.0 90 360
SBBAC0179 Air Core 348,099 7,569,907 1,231 48.0 90 360
SBBAC0180 Air Core 347,972 7,569,904 1,211 12.0 90 360
SBBAC0181 Air Core 348,013 7,569,820 1,218 22.0 90 360
SBBAC0182 Air Core 348,095 7,569,705 1,226 26.2 90 360
SBBAC0183 Air Core 348,197 7,569,712 1,237 17.0 90 360
SBBAC0184 Air Core 348,293 7,569,712 1,250 60.5 90 360
SBBAC0185 Air Core 348,180 7,569,594 1,247 40.0 90 360

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Meteoric Resources NL Meteoric Resources NL ABN 64 107 985 651ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au www.meteoric.com.au | | Page 28 of 33Page 28 of 33

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Hole ID **Drill Type ** East North Elevation Depth Dip Azimuth
SBBAC0186 Air Core 348,181 7,569,498 1,240 25.0 90 360
SBBAC0187 Air Core 347,942 7,569,672 1,229 34.0 90 360
SBBAC0188 Air Core 348,253 7,569,882 1,224 38.0 90 360
SBBAC0189 Air Core 348,099 7,569,809 1,235 26.1 90 360
SBBAC0190 Air Core 348,309 7,569,786 1,254 48.2 90 360
SBBAC0191 Air Core 348,290 7,569,506 1,265 8.0 90 360
SBBAC0192 Air Core 348,292 7,569,585 1,275 3.0 90 360
SBBAC0193 Air Core 348,398 7,569,412 1,287 20.0 90 360
SBBAC0194 Air Core 348,463 7,569,370 1,295 10.0 90 360
SBBAC0195 Air Core 348,504 7,569,309 1,304 9.0 90 360
SBBAC0196 Air Core 348,503 7,569,007 1,306 1.5 90 360
SBBAC0197 Air Core 348,371 7,568,989 1,310 22.0 90 360
SBBAC0198 Air Core 348,290 7,569,018 1,300 5.0 90 360
SBBAC0199 Air Core 348,195 7,569,012 1,291 12.5 90 360
SBBAC0200 Air Core 348,203 7,568,906 1,291 7.0 90 360
SBBAC0201 Air Core 348,266 7,568,939 1,299 25.0 90 360
SBBAC0202 Air Core 348,095 7,568,905 1,261 12.0 90 360
SBBAC0203 Air Core 348,079 7,568,818 1,252 15.0 90 360
SBBAC0204 Air Core 347,997 7,568,805 1,236 8.0 90 360
SBBAC0205 Air Core 348,098 7,568,706 1,238 18.0 90 360
SBBAC0206 Air Core 348,156 7,568,810 1,263 18.0 90 360
SBBAC0207 Air Core 348,093 7,569,020 1,277 8.0 90 360
SBBAC0208 Air Core 348,003 7,568,969 1,264 11.5 90 360
SBBAC0209 Air Core 348,102 7,569,100 1,290 6.0 90 360
SBBAC0210 Air Core 348,000 7,569,107 1,279 13.0 90 360
SBBAC0211 Air Core 347,961 7,569,147 1,277 1.5 90 360
SBBAC0212 Air Core 347,993 7,569,207 1,291 22.5 90 360
SBBAC0213 Air Core 348,091 7,569,212 1,297 1.5 90 360
SBBAC0214 Air Core 348,070 7,569,290 1,286 9.0 90 360
SBBAC0215 Air Core 347,947 7,569,306 1,276 22.0 90 360
SBBAC0216 Air Core 347,990 7,569,414 1,252 5.0 90 360
SBBAC0217 Air Core 348,081 7,569,417 1,243 19.5 90 360
SBBAC0218 Air Core 348,067 7,569,518 1,235 9.2 90 360
SBBAC0219 Air Core 347,997 7,569,511 1,243 15.8 90 360
SBBAC0220 Air Core 347,999 7,569,603 1,232 21.5 90 360
SBBAC0221 Air Core 347,942 7,569,672 1,229 15.2 90 360
SBBAC0222 Air Core 348,201 7,569,093 1,284 10.0 90 360
SBBAC0223 Air Core 348,330 7,569,125 1,301 5.0 90 360
SBBAC0224 Air Core 348,388 7,569,211 1,304 22.5 90 360
SBBAC0225 Air Core 348,399 7,569,304 1,301 8.3 90 360
SBBAC0226 Air Core 348,276 7,569,115 1,284 7.0 90 360
SBBAC0227 Air Core 348,279 7,569,206 1,275 14.8 90 360
SBBAC0228 Air Core 348,281 7,569,302 1,273 7.0 90 360
SBBAC0229 Air Core 348,595 7,568,913 1,303 12.0 90 360
SBBAC0230 Air Core 348,595 7,568,791 1,309 37.0 90 360
SBBAC0231 Air Core 348,592 7,568,707 1,291 21.5 90 360
SBBAC0232 Air Core 348,593 7,568,607 1,287 22.0 90 360
SBBAC0233 Air Core 348,494 7,568,612 1,284 22.0 90 360
SBBAC0234 Air Core 348,388 7,568,594 1,291 35.4 90 360
SBBAC0235 Air Core 348,393 7,568,707 1,269 18.0 90 360
SBBAC0236 Air Core 348,293 7,568,707 1,260 18.2 90 360
SBBAC0237 Air Core 348,204 7,568,688 1,255 4.0 90 360
SBBAC0238 Air Core 348,188 7,568,594 1,240 8.0 90 360
SBBAC0239 Air Core 348,270 7,568,491 1,243 13.0 90 360
SBBAC0240 Air Core 348,340 7,568,397 1,247 7.0 90 360
SBBAC0241 Air Core 348,495 7,568,307 1,260 16.5 90 360
SBBAC0242 Air Core 348,497 7,568,217 1,253 18.0 90 360
SBBAC0243 Air Core 348,597 7,568,213 1,262 22.0 90 360
SBBAC0244 Air Core 348,697 7,568,203 1,276 11.0 90 360
SBBAC0245 Air Core 348,594 7,568,307 1,263 24.0 90 360
SBBAC0246 Air Core 348,694 7,568,312 1,277 10.0 90 360
SBBAC0247 Air Core 348,616 7,568,398 1,269 7.0 90 360
SBBAC0248 Air Core 348,689 7,568,409 1,275 10.0 90 360

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Meteoric Resources NL Meteoric Resources NL ABN 64 107 985 651ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au www.meteoric.com.au | | Page 29 of 33Page 29 of 33

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Hole ID **Drill Type ** East North Elevation Depth Dip Azimuth
SBBAC0249 Air Core 348,388 7,568,412 1,259 10.0 90 360
SBBAC0250 Air Core 348,402 7,568,494 1,262 11.0 90 360
SBBAC0251 Air Core 348,489 7,568,513 1,273 17.6 90 360
SBBAC0252 Air Core 348,490 7,568,416 1,262 6.4 90 360
SBBAC0253 Air Core 348,267 7,568,607 1,256 10.6 90 360
SBBAC0254 Air Core 348,401 7,568,810 1,273 5.1 90 360
SBBAC0255 Air Core 348,496 7,568,907 1,290 4.4 90 360
SBBAC0256 Air Core 348,598 7,569,008 1,314 29.0 90 360
SBBAC0257 Air Core 348,499 7,568,807 1,294 27.0 90 360
SBBAC0258 Air Core 348,592 7,568,519 1,279 9.4 90 360
SBBAC0259 Air Core 348,491 7,568,713 1,284 14.0 90 360
SBBAC0260 Air Core 348,789 7,568,195 1,288 24.2 90 360
SBBAC0261 Air Core 348,806 7,568,120 1,288 21.6 90 360
SBBAC0262 Air Core 348,695 7,568,112 1,274 14.4 90 360
SBBAC0263 Air Core 348,567 7,568,102 1,256 16.0 90 360
SBBAC0264 Air Core 348,504 7,568,127 1,251 16.4 90 360
SBBAC0265 Air Core 348,091 7,568,603 1,237 6.4 90 360
SBBAC0266 Air Core 348,013 7,568,716 1,237 10.0 90 360
SBBAC0267 Air Core 347,982 7,568,519 1,251 17.0 90 360
SBBAC0268 Air Core 348,694 7,568,504 1,290 12.0 90 360
SBBAC0269 Air Core 348,084 7,568,482 1,251 13.6 90 360
SBBAC0270 Air Core 348,095 7,568,413 1,256 21.6 90 360
SBBAC0271 Air Core 347,997 7,568,406 1,268 21.6 90 360
SBBAC0272 Air Core 347,989 7,568,307 1,261 5.0 90 360
SBBAC0273 Air Core 347,995 7,567,902 1,316 7.2 90 360
SBBAC0274 Air Core 347,993 7,568,006 1,294 10.0 90 360
SBBAC0275 Air Core 347,976 7,568,094 1,282 7.0 90 360
SBBAC0276 Air Core 347,972 7,568,193 1,272 21.2 90 360
SBBAC0277 Air Core 348,089 7,567,907 1,316 19.0 90 360
SBBAC0278 Air Core 348,117 7,568,001 1,304 22.0 90 360
SBBAC0279 Air Core 348,108 7,568,093 1,291 17.4 90 360
SBBAC0280 Air Core 348,209 7,568,204 1,283 25.0 90 360
SBBAC0281 Air Core 348,799 7,569,486 1,298 10.0 90 360
SBBAC0282 Air Core 348,809 7,569,292 1,303 14.5 90 360
SBBAC0283 Air Core 348,788 7,567,986 1,284 14.0 90 360
SBBAC0284 Air Core 348,796 7,567,906 1,297 30.4 90 360
SBBAC0285 Air Core 348,711 7,567,923 1,292 27.8 90 360
SBBAC0286 Air Core 348,696 7,568,006 1,276 25.0 90 360
SBBAC0287 Air Core 348,598 7,568,009 1,271 25.0 90 360
SBBAC0288 Air Core 348,590 7,567,909 1,263 22.0 90 360
SBBAC0289 Air Core 348,778 7,568,310 1,291 28.0 90 360
SBBAC0290 Air Core 347,994 7,568,602 1,256 15.2 90 360
SBBAC0291 Air Core 348,292 7,568,203 1,267 16.0 90 360
SBBAC0292 Air Core 348,204 7,568,314 1,258 12.4 90 360
SBBAC0293 Air Core 348,178 7,568,247 1,273 23.0 90 360
SBBAC0294 Air Core 348,223 7,568,401 1,242 8.8 90 360
SBBAC0295 Air Core 348,294 7,568,307 1,245 6.0 90 360
SBBAC0296 Air Core 348,372 7,568,195 1,247 7.0 90 360
SBBAC0297 Air Core 348,392 7,568,113 1,248 9.0 90 360
SBBAC0298 Air Core 348,410 7,568,015 1,254 6.8 90 360
SBBAC0299 Air Core 348,472 7,567,993 1,247 11.5 90 360
SBBAC0300 Air Core 348,471 7,567,935 1,252 20.0 90 360
SBBAC0301 Air Core 348,390 7,567,910 1,259 14.0 90 360
SBBAC0302 Air Core 348,295 7,567,909 1,271 20.0 90 360
SBBAC0303 Air Core 348,296 7,568,005 1,265 16.0 90 360
SBBAC0304 Air Core 348,223 7,568,102 1,271 10.0 90 360
SBBAC0305 Air Core 348,300 7,568,107 1,257 14.0 90 360
SBBAC0306 Air Core 348,200 7,568,007 1,278 14.0 90 360
SBBAC0307 Air Core 348,192 7,567,911 1,284 12.0 90 360
SBBAC0308 Air Core 348,555 7,569,159 1,318 18.0 90 360
SBBAC0309 Air Core 348,483 7,569,118 1,336 23.0 90 360
SBBAC0310 Air Core 348,479 7,569,202 1,328 17.0 90 360
SBBAC0311 Air Core 348,391 7,569,499 1,282 23.0 90 360

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Meteoric Resources NL Meteoric Resources NL ABN 64 107 985 651ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au www.meteoric.com.au | | Page 30 of 33Page 30 of 33

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Hole ID **Drill Type ** East North Elevation Depth Dip Azimuth
SBBAC0312 Air Core 348,307 7,569,414 1,274 23.0 90 360
SBBAC0313 Air Core 348,245 7,569,409 1,250 23.0 90 360
SBBAC0314 Air Core 349,338 7,570,293 1,291 18.0 90 360
SBBAC0315 Air Core 349,410 7,570,426 1,271 14.0 90 360
SBBAC0316 Air Core 348,897 7,569,609 1,291 14.0 90 360
SBBAC0317 Air Core 349,997 7,571,312 1,227 18.0 90 360
SBBAC0318 Air Core 349,903 7,571,306 1,217 22.0 90 360
SBBAC0319 Air Core 350,018 7,571,185 1,233 22.0 90 360
SBBAC0320 Air Core 349,803 7,571,084 1,220 13.5 90 360
SBBAC0321 Air Core 349,791 7,571,004 1,228 9.0 90 360
SBBAC0322 Air Core 350,108 7,571,081 1,254 15.0 90 360
SBBDD0001 Diamond 348,798 7,569,486 1,298 18.2 90 360
SBBDD0002 Diamond 349,085 7,568,049 1,284 31.5 90 360
SBBDD0003 Diamond 348,991 7,570,681 1,295 19.8 90 360
SBBDD0004 Diamond 350,299 7,569,907 1,215 31.1 90 360
SBBDD0005 Diamond 348,119 7,568,005 1,304 23.4 90 360
SBBDD0006 Diamond 349,844 7,570,495 1,292 10.3 90 360
SBBDD0007 Diamond 347,976 7,569,982 1,207 11.1 90 360
SBBDD0008 Diamond 349,904 7,570,592 1,275 29.3 90 360
SBBDD0009 Diamond 350,004 7,570,493 1,259 29.6 90 360
SBBDD0010 Diamond 348,196 7,569,900 1,232 38.7 90 360
SBBDD0011 Diamond 348,804 7,569,298 1,303 28.9 90 360
SBBDD0012 Diamond 349,062 7,571,158 1,233 48.1 90 360
SBBDD0013 Diamond 349,124 7,570,520 1,293 39.0 90 360
SBBDD0014 Diamond 348,660 7,568,096 1,269 16.1 90 360

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Meteoric Resources NL Meteoric Resources NL ABN 64 107 985 651ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au www.meteoric.com.au | | Page 31 of 33Page 31 of 33

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Appendix 3 Caldeira REE Project - Licence details

License Status License Holder Area(Ha)
808027/1975 MINING CONCESSION COMPANHIA GERAL DE MINAS 600.76
809358/1975 MINING CONCESSION COMPANHIA GERAL DE MINAS 617.23
809359/1975 MINING CONCESSION COMPANHIA GERAL DE MINAS 317.36
815645/1971 MINING CONCESSION COMPANHIA GERAL DE MINAS 366.02
815682/1971 MINING CONCESSION COMPANHIA GERAL DE MINAS 575.26
817223/1971 MINING CONCESSION MINERAÇÃO DANIEL TOGNI LOUREIRO LTDA 772.72
803459/1975 MINING CONCESSION MINERAÇÃO PERDIZES LTDA 24.02
808556/1974 MINING CONCESSION MINERAÇÃO PERDIZES LTDA 204.09
811232/1974 MINING CONCESSION MINERAÇÃO PERDIZES LTDA 524.40
814251/1971 MINING CONCESSION MINERAÇÃO PERDIZES LTDA 124.35
815006/1971 MINING CONCESSION MINERAÇÃO PERDIZES LTDA 717.52
816211/1971 MINING CONCESSION MINERAÇÃO PERDIZES LTDA 796.55
835022/1993 MINING CONCESSION MINERAÇÃO PERDIZES LTDA 73.50
835025/1993 MINING CONCESSION MINERAÇÃO PERDIZES LTDA 100.47
814860/1971 MINING CONCESSION MINERAÇÃO ZELÂNDIA LTDA 341.73
815681/1971 MINING CONCESSION MINERAÇÃO ZELÂNDIA LTDA 766.54
820352/1972 MINING CONCESSION MINERAÇÃO ZELÂNDIA LTDA 26.40
820353/1972 MINING CONCESSION MINERAÇÃO ZELÂNDIA LTDA 529.70
820354/1972 MINING CONCESSION MINERAÇÃO ZELÂNDIA LTDA 216.49
2757/1967 MINING CONCESSION RAJ MINERIOS LTDA 20.10
5649/1963 MINING CONCESSION RAJ MINERIOS LTDA 12.41
803457/1975 MINING CONCESSION RAJ MINERIOS LTDA 60.64
825972/1972 MINING CONCESSION RAJ MINERIOS LTDA 377.42
833914/2007 MINING CONCESSION RAJ MINERIOS LTDA 6.99
002.349/1967 MINING CONCESSION VARGINHA MINERACAO E LOTEAMENTOS LTDA 74.01
830443/2018 EXPLORATION LICENSE FERTIMAX FERTILIZANTES ORGANICOS LTDA 79.24
830444/2018 EXPLORATION LICENSE FERTIMAX FERTILIZANTES ORGANICOS LTDA 248.34
830824/2006 EXPLORATION LICENSE RAJ MINERIOS LTDA 13.24
832350/2006 EXPLORATION LICENSE RAJ MINERIOS LTDA 27.14
832351/2006 EXPLORATION LICENSE RAJ MINERIOS LTDA 16.77
832671/2005 EXPLORATION LICENSE RAJ MINERIOS LTDA 16.91
832714/2016 EXPLORATION LICENSE RAJ MINERIOS LTDA 13.61
832800/2002 EXPLORATION LICENSE RAJ MINERIOS LTDA 6.94
831686/2012 EXPLORATION LICENSE VARGINHA MINERACAO E LOTEAMENTOS LTDA 6.50
832193/2012 EXPLORATION LICENSE VARGINHA MINERACAO E LOTEAMENTOS LTDA 12.46
807899/1975 MINING APPLICATION COMPANHIA GERAL DE MINAS 948.92
815274/1971 MINING APPLICATION COMPANHIA GERAL DE MINAS 739.73
833486/1996 MINING APPLICATION MINAS RIO MINERADORA LTDA 79.38
833655/1996 MINING APPLICATION MINAS RIO MINERADORA LTDA 249.11
833656/1996 MINING APPLICATION MINAS RIO MINERADORA LTDA 82.77
833657/1996 MINING APPLICATION MINAS RIO MINERADORA LTDA 68.25
834743/1995 MINING APPLICATION MINAS RIO MINERADORA LTDA 283.19
830513/1979 MINING APPLICATION MINERAÇÃO MONTE CARMELO LTDA 457.77
804222/1975 MINING APPLICATION MINERAÇÃO PERDIZES LTDA 403.65
813025/1973 MINING APPLICATION MINERAÇÃO PERDIZES LTDA 943.74
830000/1980 MINING APPLICATION MINERAÇÃO PERDIZES LTDA 203.85
831092/1983 MINING APPLICATION MINERAÇÃO PERDIZES LTDA 171.39
830391/1979 MINING APPLICATION MINERAÇÃO PERDIZES LTDA. 7.30
830633/1980 MINING APPLICATION MINERAÇÃO ZELÂNDIA LTDA 35.25
831880/1991 MINING APPLICATION MINERAÇÃO ZELÂNDIA LTDA 84.75
815237/1971 MINING APPLICATION RAJ MINERIOS LTDA 131.98
830722/2002 MINING APPLICATION RAJ MINERIOS LTDA 5.60
831250/2008 MINING APPLICATION RAJ MINERIOS LTDA 2.48
831598/1988 MINING APPLICATION RAJ MINERIOS LTDA 930.90
832889/2005 MINING APPLICATION RAJ MINERIOS LTDA 27.82
837368/1993 MINING APPLICATION RAJ MINERIOS LTDA 340.04
830551/1979 MINING APPLICATION TOGNI S/A MATERIAIS REFRATÕRIOS 528.88
830416/2001 MINING APPLICATION VARGINHA MINERACAO E LOTEAMENTOS LTDA 166.22
831269/1992 MINING APPLICATION VARGINHA MINERACAO E LOTEAMENTOS LTDA 442.16
832146/2002 MINING APPLICATION VARGINHA MINERACAO E LOTEAMENTOS LTDA 18.95

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Meteoric Resources NL Meteoric Resources NL ABN 64 107 985 651ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au www.meteoric.com.au | | Page 32 of 33Page 32 of 33

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License Status License Holder Area(Ha)
832252/2001 MINING APPLICATION VARGINHA MINERACAO E LOTEAMENTOS LTDA 51.96
832572/2003 MINING APPLICATION VARGINHA MINERACAO E LOTEAMENTOS LTDA 204.49
833551/1993 MINING APPLICATION VARGINHA MINERACAO E LOTEAMENTOS LTDA 98.87
833553/1993 MINING APPLICATION VARGINHA MINERACAO E LOTEAMENTOS LTDA 98.13
830.697/2003 MINING APPLICATION VARGINHA MINERACAO E LOTEAMENTOS LTDA 5.38
830.461/2018 EXPLORATION APPLICATION FERTIMAX FERTILIZANTES ORGANICOS LTDA 50.88
832799/2002 EXPLORATION APPLICATION RAJ MINERIOS LTDA 38.35
830955/2006 EXPLORATION APPLICATION VARGINHA MINERACAO E LOTEAMENTOS LTDA 1993.50
833176/2008 EXPLORATION APPLICATION VARGINHA MINERACAO E LOTEAMENTOS LTDA 634.00

==> picture [82 x 24] intentionally omitted <==

Meteoric Resources NL Meteoric Resources NL ABN 64 107 985 651ABN 64 107 985 651 Level 1, 35 Ventnor Avenue, West Perth WA 6005Level 1, 35 Ventnor Avenue, West Perth WA 6005 www.meteoric.com.au www.meteoric.com.au | | Page 33 of 33Page 33 of 33