Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
Meteoric Resources Reports Higher Half-Year Loss as Caldeira Rare Earths Project Advances
Highlights:
Financial Results Reflect Continued Project Development
Meteoric Resources Limited (ASX: MEI) reported a net loss after tax of AU$27.14 million for the half-year ended 30 June 2026, compared with AU$20.24 million in the corresponding period of 2025. The company continued to focus on developing its Caldeira Rare Earths Project in Brazil, alongside exploration and technical evaluation activities. Despite the wider loss, Meteoric’s net assets increased to AU$66.36 million at the end of June, up from AU$53.85 million at 31 December 2025. Cash and cash equivalents also rose to AU$37.76 million from AU$32.39 million over the same period. However, net cash outflows from operating activities reached AU$27.08 million, compared with AU$17.63 million a year earlier. The company did not declare or pay dividends for the reporting period.
Caldeira Pilot Plant Records Strong Recoveries
The Caldeira project remained the central focus of Meteoric’s development strategy. During the half-year, the pilot plant maintained stable operations, with production of mixed rare earth carbonate (MREC) meeting or exceeding its stated nameplate capacity.
Optimisation trials delivered magnet rare earth oxide (MREO) recoveries of 80% and total rare earth oxide (TREO) recoveries of 74%. Average MREO recoveries, covering neodymium, praseodymium, dysprosium and terbium, were 71% during the operating period.
Meteoric also reported that more than 200 kilograms of MREC had been produced to date. Bulk samples were provided to potential processing and offtake partners for separation testing and product qualification.
Project Resources and Approvals Progress
An updated mineral resource estimate released on 9 July 2026 outlined 1.6 billion tonnes at 2,317 parts per million TREO. Measured resources increased by 246% to 128 million tonnes, according to the company’s report.
Meteoric also submitted an application for an Installation Licence in May 2026, the second stage of the three-stage environmental approval process required for full-scale production. The company said the licence remained on schedule for consideration in the December 2026 quarter.
In July, Meteoric also announced a non-binding memorandum of understanding with POSCO International Corporation to explore a potential long-term partnership covering approximately 30% of Caldeira’s rare earth material for up to seven years. The proposed arrangement remains subject to further negotiations and definitive agreements.
Outlook
Meteoric plans to continue progressing environmental approvals, engineering studies, project contracts and financing arrangements as it advances Caldeira towards a final investment decision. Its next steps will focus on project readiness and establishing a funding package to support development.
Note: All data presented is based on information available at the time of writing.
Disclaimer for Kapitales Research
The materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.Disclosure: The information mentioned above has been sourced from the company reports and a third-party database, i.e. Koyfin. Investors are advised to use strict stop-loss to protect their investments in case of any unfavorable/uncertain market events.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au