METEORIC RESOURCES NL — Capital/Financing Update 2024

Feb 28, 2024

29 February 2024

First Mixed Rare Earth Carbonate (MREC) Produced for Caldeira REE Project

First Caldeira MREC delivered using the low-Capex, low-Opex, standard AMSUL wash process at atmospheric pressure and temperature at pH 4.0

Highlights

• ANSTO successfully “Close the Gap” on impurity removal and precipitation losses from historic Caldeira MREC testwork on first pass testwork – further optimisation continues.

• New testwork delivers significantly improved recoveries of key basket elements including:

• 42% increase to Praseodymium (Pr) recoveries upgraded to 74%.

• 14% increase to Neodymium (Nd) recoveries upgraded to 73%.

• 29% increase to Dysprosium (Dy) recoveries upgraded to 50%.

• 12% increase to Terbium (Tb) recoveries upgraded to 53%.

• MREC concentration at 57.3% Total Rare Earth Oxides ( TREO )[1] and high Magnetic Rare Earth Oxide ( MREO )[2] to TREO ratio of 31.5%.

• MREO content of 31.5%, delivers 94% of the basket value .

• 8% increase of recovered TREO per tonne of ROM feed for increased cashflow and lower OPEX.

• Low levels of impurities reported to the MREC.

Meteoric Resources NL ( ASX: MEI ) (‘ Meteoric ’ or ‘ the Company ’) is pleased to provide an update on initial results of the metallurgical test work being undertaken on its 100%-owned Caldeira Rare Earth Ionic Clay Project, in the state of Minas Gerais, Brazil.

Meteoric has engaged Australia’s leading laboratory in Rare Earth Elements (REE) in Ionic clay leaching – Australian Nuclear Science and Technology Organisation (ANSTO) to establish metallurgical recoveries and assist with process flowsheet development. ANSTO has improved on previous testwork and produced the Caldeira Project’s first saleable MREC product that is low in impurities and represents significantly improved metallurgical recoveries.

Chief Executive Officer, Nick Holthouse said,

“Excellent results from the MEI Metallurgy and ANSTO teams that make already impressive recoveries even better.

For the Caldeira Project, this is another significant step forward as we continue to advance metallurgical understanding and derisk the processing flowsheet. For potential offtakes, the production of an unoptimised, yet high quality MREC validates the AMSUL leach flowsheet and signals the availability of a high quality and saleable product to the offtake market.

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

2 MREO = Pr6O11 + Nd2O3 + Tb4O7 + Dy2O3

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Simply put, this equates to more recovered TREO, more NdPr and more DyTb, which in turn equates to increased revenue per ore feed tonne. Successful rare earth projects need to be resilient to low commodity pricing cycles as is currently being experienced and these improved recoveries bode well for the Caldeira Project to be at the lower end of the operating cost curve.

More good news to follow in the coming months as we continue to derisk the Caldeira Project, with important updates around the onboarding of key project personnel, resource updates, engineering study updates, permitting updates and ongoing off-resource exploration activities.”

Executive Chairman Dr Andrew Tunks said,

“Combining this excellent metallurgical result with the world's highest grade Ionic clay REE project puts us first and foremost within the current crop of companies exploring and developing clay hosted rare earth deposits.

The rare earth recoveries we have published today are class leading and the process is simple and cheap to operate. The metallurgy reported here is complete recoveries to a saleable product and not simply leach recoveries as we have previously reported. In recent weeks, a significant worldwide shortage of acid has been reported but this process was completed in only mildly acidic conditions at pH 4.0. For perspective, this is similar to the acidity of beer or black coffee.

Based on the MREC samples outlined we can immediately engage with potential offtake partners around our product and the low levels of impurities achieved on our first attempt indicate the potential for further improvement as we continue to optimise the process.”

ANSTO Testwork

A representative master composite from Capão de Mel ( CDM ) has been compiled that best reflects the average ore grades and chemistry over the first six years of the proposed high-grade mining strategy for the Capão de Mel license. This sample is currently undergoing leaching, impurity removal and MREC precipitate optimisation work at ANSTO, as previously reported in ASX announcements on the 26[th] June, 26[th] September and 8[th] December 2023, culminating in a continuous piloting phase towards mid-2024.

First Production of MREC at ANSTO

In parallel to this work, Meteoric has produced its first Mixed Rare Earth Carbonate (MREC) product at ANSTO. Within the MREC, the contained Rare Earth Oxides (REO) have a grade of 57.3% and a very high purity level of 98%. The remaining 2% consist of impurities as shown in Table 3.

The test work was undertaken from a 25kg subsample of the 250kg CDM master composite sample and through the AMSUL extraction, impurity removal and carbonate precipitation process has generated approximately 50 grams of a high quality MREC product as shown in Figures 2, 3 and 4 below.

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Figure 1: MREC precipitation tank and setup at ANSTO.

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Figure 2 : WET MREC filter cake product.

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Figure 3 : Wet MREC after re-pulp and displacement wash.

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Figure 4: Dry MREC final product.

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New Recoveries and Comparison to Previous work

Both JOGMEC (historic) and Meteoric composites underwent a standard AMSUL wash at pH 4.0, 0.5M ammonium sulphate, ambient temperature and 30 minutes leaching time. However, under the ANSTO regime the pH modifier used in the impurity removal and rare earth precipitation steps were different to those used with the JOGMEC programme.

The impurity removal and precipitation to MREC steps were the source of most of the losses experienced in the previous test work phase and where Meteoric has experienced significant gains, the impacts of which can be seen below in Table 1. Improved recoveries lead directly to additional recovered TREO kilograms per tonne of ROM feed and the impact of this can be seen below in Figure 6.

Table 1 : Capaõ do Mel Composite Recoveries to MREC

Rare Earth Oxide	JOGMEC Recoveries	MEI Recoveries	% Difference
La2O3	62	76	24
CeO2	4	<1	-92
Pr6O11	52	74	42
Nd2O3	64	73	14
Sm2O3	52	65	27
Eu2O3	54	61	14
Gd2O3	56	64	15
Tb4O7	47	53	12
Dy2O3	39	50	29
Ho2O3	26	43	63
Er2O3	29	37	28
Tm2O3	25	33	32
Yb2O3	18	25	42
Lu2O3	21	24	14
Y2O3	37	50	35
TREO	42	53	28
Magnets	60	73	21

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----- Start of picture text -----

90.0 Global Rare Earth Recovery Comparison
JOGMEC Recovery MEI Recovery
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
% Global Recovery
----- End of picture text -----

Figure 5 : Capaõ do Mel composite sample recovery comparison between historic and new test work.

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----- Start of picture text -----

Recovered TREO Kgs/Tonne ROM Feed
2.500
2.000
1.500
1.000
Jogmec Recovery MEI Recovery
0.500
0.000
2600 3000 4000
TREO Feed Grade PPM
Recovered TREO Kgs
----- End of picture text -----

Figure 6 : Recovered kilograms TREO per tonne ROM feed. New results significantly impact increased REE production rates.

Table 2 : Rare earth distribution in the MREC.

Rare Earth Oxide	% Distribution
La2O3	57.6
CeO2	1.4
Pr6O11	8.6
Nd22O3	22.0
Sm2O3	2.4
Eu2O3	0.6
Gd2O3	1.5
Tb4O7	0.2
Dy2O3	0.8
Ho2O3	0.1
Er2O3	0.3
Tm2O3	0.01
Yb2O3	0.1
Lu2O3	0.01
Y2O3	4.5
	100.0
Total

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Table 3 : Weight % of impurities in MREC expressed as oxides.

Impurity	Wt %
Calcium (Ca)	0.55
Aluminium (Al)	0.36
Nickel (Ni)	0.29
Zinc (Zn)	0.19
Silica (Si)	0.14
Iron (Fe)	0.11
Uranium(U)	0.0057
Thorium (Th)	0.00004
Others	0.4
TOTAL	2.0%

Within the MREC, the Rare Earth Oxides (REO) have a contained grade of 57.3% and have a very high purity level of 98%. The remaining 2% consist of impurities as shown in Table 3.

The impurities compare well with similar saleable MREC products developed by other projects. While unoptimised, this bodes well for further reduction of impurities over time with additional test work programmes.

Master Composite Details

The 250kg Capão de Mel master composite was assembled from ten diamond drill holes using 47 interval composites (ranging from 2.9 m – 4.4m), shown in Table 4 and Figure 7.

The assayed head grade for the master composite of 4,439 ppm TREO was in good agreement with the calculated head grade of 4,299 ppm estimated from the individual interval composites used to make the master composite. The calculated weighted average recovery to leach from the individual interval composites used is estimated from the diagnostic leaches at 74% for the MREE.

The composite was assembled to best match the proposed high grade feed strategy from the initial six-year mine plan. All intervals in the diamond drill holes were selected except for CDMDD001 11.3-14m and CDMDD002 15.218.5m, essentially because of a lack of samples for those intervals. In addition, intervals were not selected where magnet recovery was less than 30% leach extractions, typically occurring at the bottom of the clay profile and would therefore follow a natural mining sequence.

The JOGMEC bulk sample reported in the ASX announcement on the 20[th] December 2022 was a higher-grade sample at 4,928ppm TREO and was constructed from 184 x 1m intervals from 41 auger holes across CDM, however no consideration was given to a mine plan at that time.

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Table 4: CDM Master composite plan

		Interval		Assayed Head (ppm)	Lithology	% Leach E
Drill Hole						Pr Nd Tb Dy Magnets
	From	To	m	TREO MREE		% % % % %
CDMDD001	2.2 5.5 8.5 14.0	5.5 8.5 11.3 17.5	3.3 3.0 2.8 3.5	7,418 1,631 5,021 1,063 6,378 1,380 5,549 1,106	Clay Clay Clay Clay	67 69 44 36 67 49 52 30 28 50 64 66 51 47 65 67 70 56 54 69
	2.0	5.0	3.0	2,639 344	Clay	43 44 24 24 43
	5.0	8.0	3.0	2,940 673	Clay	44 45 19 14 43
CDMDD002	8.0	11.0	3.0	5,596 1,415	Clay	70 77 49 48 74
	11.0	15.2	4.2	5,908 1,711	Clay	77 84 62 58 81
CDMDD004	2.6 6.0 9.0 12.0	6.0 9.0 12.0 16.4	3.4 3.0 3.0 4.4	7,296 2,235 10,468 2,930 7,649 2,220 3,587 795	Clay Clay Transition 1 Transition 1	83 89 66 61 87 86 92 72 71 90 83 90 69 68 87 29 31 28 26 30
CDMDD005	2.0	5.0	3.0	9,621 2,316	Clay	49 53 41 40 52
CDMDD006	3.0 6.0 7.9 10.8 13.0 15.0 19.0 23.0 27.0	6.0 7.9 10.8 13.0 15.0 19.0 23.0 27.0 30.0	3.0 1.9 2.8 2.3 2.0 4.0 4.0 4.0 3.0	2,545 295 2,920 332 2,947 381 1,880 313 1,905 397 2,956 454 2,927 477 3,317 708 2,330 502	Clay Clay Clay Clay Clay Transition 1 Transition 1 Transition 1 Transition 1	37 38 13 10 36 47 46 10 10 42 82 79 27 23 76 65 64 23 19 62 76 74 39 35 73 51 50 14 11 48 44 43 15 10 41 44 43 34 27 43 36 36 18 19 35
	3.0	5.8	2.8	3,615 680	Clay	67 67 49 44 66
	5.8	8.0	2.2	3,200 492	Clay	65 65 50 45 64
	8.0	11.0	3.0	1,865 237	Clay	52 53 34 26 52
CDMDD007	11.0	14.0	3.0	1,825 239	Clay	57 61 32 30 59
	14.0	17.0	3.0	2,526 349	Clay	54 57 32 30 55
	17.0	20.0	3.0	2,482 356	Clay	48 49 28 26 47
	20.0	23.0	3.0	2,158 242	Clay	52 54 28 22 51
CDMDD008	1.7 4.0 7.0	4.0 7.0 10.0	2.4 3.0 3.0	4,778 741 5,460 1,333 2,214 414	Clay Clay Clay	63 63 39 39 62 70 76 63 64 74 63 67 62 65 65
	2.3	4.8	2.5	7,431 1,542	Clay	72 75 59 57 73
	4.8	8.0	3.2	3,519 705	Clay	74 77 55 55 75
CDMDD009	8.0	11.0	3.0	1,875 374	Clay	68 77 38 36 71
	11.0	14.0	3.0	1,730 256	Transition 3	31 34 18 10 32
CDMDD010	2.4 6.0 9.0 11.8 15.0 19.3	6.0 9.0 11.8 15.0 19.3 22.8	3.6 3.0 2.8 3.3 4.3 3.6	4,202 848 5,180 545 2,728 349 3,371 262 3,516 383 2,796 475	Clay Clay Clay Clay Clay Transition 3	77 80 47 43 78 62 69 42 40 66 57 65 28 20 59 55 57 10 6 50 51 53 18 12 50 38 41 15 12 39
	2.0	5.0	3.0	13,351 3,888	Clay	95 95 88 92 95
	5.0	8.5	3.5	13,202 3,566	Clay	88 95 84 89 95
CDMDD0011	8.5	11.0	2.5	5,519 1,484	Clay	92 95 84 87 95
	11.0	13.7	2.7	4,752 1,192	Clay	84 90 74 79 95
	13.7	18.0	4.4	4,486 919	Transition 3	51 57 50 48 55
Weighted **average **				4,299 867		72 76 54 51 74

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Figure 7: Composite sample location plan.

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Next Steps

Leaching Program

A master composite of the CDM tenement representative of the LOM was constructed from all of the metallurgical drill holes that returned satisfactory metallurgical performance as shown in the CDM composite plan. The leaching program is well advanced in evaluating different lixiviants, lixiviant concentration, % solids and pH. Some of the optimised leach parameters have been used to make the first batch of MREC, however further optimisation is still required.

Optimisation of Impurity Removal

Some initial impurity removal sighter test profiling has been completed at different pH points to understand the optimum pH at which impurity removal is maximised whilst minimising the coprecipitation of rare earths. The first batch of MREC was produced trying to focus on product quality as a priority whilst recovery was of secondary importance. Once the leaching programme has identified the optimum parameters, further impurity removal optimisation will be performed to improve the rejection of deleterious elements such as aluminium, iron, silica, calcium, thorium and uranium, whilst maximising the recovery of the rare earths. This test work will aim to evaluate impurity removal conditions including pH, alkali type, temperature, residence time, % solids and solid liquid separation performance.

Rare Earth Precipitation

Further optimisation is still required once the upstream unit processes have been optimised sequentially.

Following the impurity removal program, rare earth precipitation tests will be performed to further improve the current MREC product. The test work will evaluate the type of precipitation agent, pH, temperature, residence time, % solids and solid liquid separation performance.

Schedule

The ANSTO bench top metallurgical scope is now approximately 50% complete. It will run until May 2024, culminating in a continuous pilot plant trial at ANSTO. The mini pilot will process a Capão de Mel ore feed that is representative of the first 5-6 years of mining and obtained from recent infill drilling samples.

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About ANSTO

ANSTO has extensive experience in rare earth process development with several rare earth experts in its team having a combined ~30 years’ experience dating back to early work on the Mt Weld Deposit (monazite mineralogy) in Western Australia in the early 1990s. Over the past 10-15 years, ANSTO has worked on numerous rare earth projects covering process development, piloting (Peak Resources, Arafura Rare Earths, ASM, Northern Minerals, Hastings Technology Metals, Mkango Resources, Iluka Resources) and providing expert advice.

Over the past five years, ANSTO’s expertise has shifted to an increasing number of ionic adsorption and clayhosted REE projects (>15 currently in progress), including the more advanced Aclara (Chile), Ionic Rare Earths (Uganda) and Australian Rare Earths (South Australia) projects. Work on these projects has included leaching/desorption, solid/liquid separation, impurity removal and rare earth precipitation, mineralogy, radionuclide deportment and removal, process modelling and mini-plant circuit operations.

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.

• The majority of the REE’s are absorbed onto clay minerals and accumulate in the clay zone of the regolith profile.

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

• Ionic Adsorption Clay REE deposits are typically found near surface, often at depths of less than 10m.

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

Mineral Resource Statement – Caldeira Project (ASX:MEI 1/5/2023)

Table 5: Caldeira REE Project 2023 Mineral Resource Estimate– 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%

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

For further information, please contact:

Nicholas Holthouse	Ben Creagh
Chief Executive Officer	Investor and Media Relations
Meteoric Resources NL	NWR Communications
E nholthouse@meteoric.com.au	Ebenc@nwrcommunications.com.au
T+61 428 964 276	T+61 417 464 233

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 a 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.

The information in this announcement that relates to the metallurgical results were compiled by Tony Hadley who is a permanent employee of Meteroic resources and is a Member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr. Hadley has sufficient experience that is relevant to the metallurgical testwork which was undertaken to qualify as a Competent Person as defined in the 2012 JORC Code. Mr. Hadley consents to the inclusion in this announcement of the matters based on the information in the form and context in which it appears.

The information in this release that relates to Mineral Resource Estimates 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.

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APPENDIX 1

Collar Table of holes referred to in this release previously reported 30 January 2024.

Target	Hole_ID	East	North	RL	Hole Depth
Capão do Mel Capão do Mel Capão do Mel Capão do Mel Capão do Mel Capão do Mel Capão do Mel Capão do Mel Capão do Mel Capão do Mel	CDMDD0001 CDMDD0002 CDMDD0004 CDMDD0005 CDMDD0006 CDMDD0007 CDMDD0008 CDMDD0009 CDMDD0010 CDMDD0011	346439 345621 347477 346611 346155 346893 347079 346570 346631 346621	7566998 7567611 7567043 7567015 7567180 7567307 7567709 7566704 7567194 7566802	1342 1339 1326 1316 1250 1288 1272 1277 1308 1296	50.00 50.00 50.00 9.78 46.35 39.44 40.58 29.61 57.75 25.95

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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, thefresh rock washalved by a powered sawand bagged.
Drilling techniques	▪ The drilling uses a 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 drilled vertical. ▪ Drilling is stopped once intersection with unweathered basement intrusives is confirmed= +5mof 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 meter by meter. ▪ Other important data parameters collected include: 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. ▪ Allgeologicaldata areimportedinto aMicrosoftAccess database andvalidated.
Sub-sampling techniques and sample preparation	▪ Metallurgical samples consist of ¾ of the drill core, except for the CDMDD001 where the entire core was sampled due the drill core being NQ. ▪ The samples were generally composited into 3m composites, however on occasions the composites were reduced/extended based on geologic boundaries (clay zone v transition v fresh rock). Composites ranged from 2.0m – 4.6m. ▪ The top 2m of material was excluded from shipments to avoid problems importing organic material within the soils into Australia. Fresh rock was also excluded from the testwork as it is clearly not related to ionic clay mineralisation. ▪ The metallurgical samples were dried at 60 degrees Celsius and stage crushed to –1mm. A 25 kg sub sample from the 250 kg master composite was used in the bulk slurry leach at 35% solids, using 0.5M ammonium sulphate solution, ambient temperature and 30 minutes leaching time at pH 4.0. The % extractions are calculated using thehead and theliqourassays.
Quality of assay data and laboratory tests	▪ A mixture of ANSTO and ALS methods were used for the solids. The liquors were measured by ALS Brisbane. ▪ The MREC product was measured by the three techniques detailed below but also by ANSTO acid digest. ▪ Bulk Leach Head and Leach solids by ALS ME-MS81and ANSTO XRF Liquors by ALS ME-MS02 for REEs (+Th, U, Sc) and ME-ICP02 for gangue ▪ Bulk Impurity Removal Residue by XRF and lithium tetraborate fusion digest with ICPMS/ICPOES finish, both at ANSTO

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Liquors by ALS ME-ICP02 and ME-MS02

• Bulk MREC

• MREC product – analysed at ALS by ME-MS81, ME-4ACD81 and ME-XRF30 and validated at ANSTO by acid digest with finish by ICPMS/ICPOES Liquors by ME-ICP02 and ME-MS02

• All samples were assayed by three ALS methods: o ME-MS81 – Lithium borate fusion digest with ICP-MS finish 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

  • ME-4ACD81 – 4-Acid digestion with ICP-MS finish for Ag, Au, Cd, Co, Cu, Li, Mo, Ni, Pb, Sc, Tl, Zn

• ME-XRF30 – X-Ray Fluorescence (XRF) for Al2O3, BaO, CaO, Cr2O3, Fe2O3, K2O, MgO, MnO, Na2O, P2O5, SiO2, SrO, TiO2, LOI (ME-GRA05).

• ▪ 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.

• ▪ All liquor samples were sent to ALS in Brisbane for ICP-MS analysis (ME-MS02) for La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu, Y, Th, U and for ICPAES analysis (ME-ICP02) for Al, Ca, Fe, K, Mg, Mn, Na, S, Si and Zn.

• Verification of ▪ All data is in digital format and stored in a cloud server, also the company maintains sampling and a backup in a desktop computer to assure that the data could be restored if any

• assaying 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:

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Symbol Conversion Factor Oxide Species
La 1.1728 La2O3
Ce 1.2284 CeO2
Pr 1.2082 Pr6O11
Nd 1.1664 Nd2O3
Sm 1.1596 Sm2O3
Eu 1.1579 Eu2O3
Gd 1.1526 Gd2O3
Tb 1.1762 Tb4O7
Dy 1.1477 Dy2O3
Ho 1.1455 Ho2O3
Er 1.1435 Er2O3
Tm 1.1421 Tm2O3
Yb 1.1387 Yb2O3
Lu 1.1372 Lu2O3
Y 1.2699 Y2O3
Sc 1.5338 Sc2O3
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• Location of data ▪ All collars were surveyed in SIRGAS 2000, 23S spindle UTM grid system. The points 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 handheld GPS. Prior to inclusion in any resource estimation work the holes will be surveyed by a RTK GPS.

• The Topographic data was collected 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 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 ▪ Collar plan displayed in the body of the release. distribution ▪ No new resources are reported. Orientation of ▪ The mineralisation is flat lying and occurs within the saprolite/clay zone of a deeply data in relation to developed regolith (reflecting topography and weathering). Vertical sampling from geological the diamond holes is appropriate. structure ▪ 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 shed to be logged and sampled as reported before.

• ▪ Composited samples were given unique identifiers and placed in plastic bags, before being packed into plastic drums suitable for export via airfreight to ANSTO in Australia.

• ▪ Export drums were shipped via FedEx Airfreight. Samples were collected from Meteoric core shed in Pocos de Caldas and tracked online to their destination in Sydney, Australia (ANSTO).

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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 samplingtechniques and data has been completed.

Section 2 Reporting of Exploration Results

Criteria	Commentary	Commentary
Mineral tenement	▪	No change since previous report.
and land tenure	▪	Given the rich history of mining and current mining activity in the Poços de
status		Caldas there appears to be no impediments to obtaining a License to operate in
		the area.
Exploration done	▪	Licenses under the TOGNI Agreement: significant previous exploration exists in
by other parties		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).
	▪	Licenses under VAGINHA and RAJ Agreements: no previous exploration exists
		for REEs.
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
		HREEcomposition.
Drill hole	▪	Reported in body of report and Appendix 1.
Information
Data aggregation	▪	Mineralised Intercepts are reported with a minimum of 4m width, lower cut-off
methods		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.
	▪	Ultra 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.
Mineralisation	▪	All holes are vertical and mineralisation is developed in a flat lying clay and
widths and		transition zone within the regolith. As such, reported widths are considered to
intercept lengths		equal true widths.
Diagrams	▪	Reported in the body of the text.

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Balanced reporting	▪	All metallurgical recoveries for all samples are published in table 1 in body of
		report.
	▪	Highlights of the Mineralised Intercepts are reported in the body of the text with
		available results from every drill hole drilled in the period reported in the
		MineralisedIntercept tableforbalancedreporting.
Other substantive	▪	A maiden Inferred resource was published to the ASX on May 1st2023
exploration data		estimated from 1,379 drill holes for 13,309m to a maximum depth of 20m.
		Previousinitial leachextraction resultsreleased27September 2023.
Further work	▪	Proposed work is discussed in the body of the text.

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