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2026-11-06
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Meteoric Resources Limited

DFS Unfunded Developer · Rare Earths · BR Rating locked: sign in to view v8.1 · mei-20261102t225749-full
Last 2026-11-06
A$0.23
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$668.5M
EV
A$639.3M
Cash
A$29.3M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$29.3M Finite
Debt A$0 Net cash A$29.3M
Basic shares 2.9B 2026-10-01
Runway 3.5 quarters Cash A$29.3m at 30 Sep 2026 divided by the September quarter outflow of A$8.5m (operating A$5.9m plus investing A$2.6m). Excludes the A$35m Lynas loan tranche received 6 Oct 2026 and the conditional balance of the A$110m facility.

Liquidity

Financial position

Cash alone funds about three to four quarters of corporate and exploration spend; the DFS capex of US$498.4m is unfunded. The Lynas interim facility (up to A$110m, A$35m received) funds development and scheme costs under the scheme, not the project build. Project financing letters (EXIM US$250m, EFA US$50m) are non-binding.

Inventory composition1

Pilot plant MREC inventory carried at A$208,006 at 30 June 2026; no commercial product inventory.

Pilot plant MREC inventory (carrying value, 30 June 2026)
A$208K carrying

Capital structure

Ownership and dilution

Ordinary shares
2.9B
Fully diluted
3.1B

Ordinary shares rose from 2,643,515,729 (31 Dec 2025) to 2,906,618,799 (30 Jun 2026) after the 29 Apr 2026 placement (235,294,118), Varginha share payment (16,402,262) and incentive shares. No later issue identified in the 29 Oct 2026 quarterly. Fully diluted count per the Lynas scheme announcement (1 Oct 2026). Lynas exchange ratio applies to the same fully diluted basis.

Security classes3
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares at 30 June 2026Ordinary Share2.9B——
Performance rights on issue at 30 June 2026 (non-listed, one share each on vesting)Performance Right58.5M——
Other fully diluted securities per Lynas SID footnote 5 (performance shares, long-term and short-term incentives, deferred Varginha consideration); not itemised in the sources reviewedOther95M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrend6M to 31 Dec 2025 (audited transitional report)A
Profit and loss
RevenueAUDm0.0
Operating costs (C1; actual: total operating and exploration cost proxy)AUDm13.9
Royalties and chargesAUDm0.0
Total operating and exploration costsAUDm13.9
EBITDAAUDm(13.9)
Depreciation (tax proxy, 12 years)AUDm0.0
EBITAUDm(13.9)
Income taxAUDm0.0
Net profit after taxAUDm(13.9)
Cash flow
Operating cash flowAUDm(13.4)
Capex (sustaining and growth)AUDm3.4
Free cash flowAUDm(16.7)
Balance sheet
CashAUDm32.4
Debt (Lynas interim loan and project debt)AUDm0.0
Net debtAUDm(32.4)
Per share
Fully diluted sharesm shares2,643.5
Earnings per share (fully diluted)AUD/share(0.01)
Multiples and ratios
EV / EBITDA (x, current EV)x(43.8)
P / E (x, current market cap)x(45.9)
FCF yield (current market cap)%-2.6%
EBITDA margin%—
Net debt / EBITDA (x)x2.3

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-06Ann. 2026-10-01DebtA$35M——Ongoing—
2026-04-29Ann. 2026-04-22RaisingA$40M235.3M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-01

Arrangements from the DFS, the Lynas scheme announcement and the 29 Oct 2026 quarterly; the Varginha and land agreements are not economic arrangements of the project; non-binding offtakes are listed as announced.

Togni Agreement gives Meteoric exclusive rights to Caldeira licences. Royalty 4.75% of value of REO recovered is a burden in the DFS cash flows. The amendment extended the termination date by two years.

Royalty · Active
Counterparties
Togni S/A - Materiais Refratarios and related parties (Etgran, Mineracao Monte Carmelo group)
Applies to
Caldeira Rare Earth Project (ionic clay, Minas Gerais, Brazil) · Rare Earths
Economic direction
Burden
Period
Through 2033-04-30; start date not stated
Key terms
Royalty on value of recovered REO: 4.75 %
Exclusive right to explore, develop and mine; termination if production not started by: April 2033
How it affects our valuation

No valuation treatment is available for this arrangement.

Landholder fees per tonne of ore removed from each landholder site; included in DFS royalties.

Royalty · Active
Counterparties
Multiple landholders
Applies to
Caldeira Rare Earth Project (ionic clay, Minas Gerais, Brazil) · Rare Earths
Economic direction
Burden
Period
Dates not stated
Key terms
Landholder fee per wet tonne of ore removed: 1 USD/t ore
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding memorandum of strategic partnership. Not modelled in cash flows: offtake price mechanism not agreed. Potential Korean ECA finance and equity participation flagged but not committed.

Offtake · Announced
Counterparties
POSCO International Corporation
Applies to
Caldeira Rare Earth Project (ionic clay, Minas Gerais, Brazil) · Rare Earths
Economic direction
Benefit
Period
Dates not stated
Key terms
Share of Caldeira rare earth material under proposed partnership: 30 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding offtake agreements per the DFS. Represented in the valuation only through the DFS payability (70%) and price deck.

Offtake · Announced
Counterparties
Neo Performance Materials Inc. · Ucore Rare Metals Inc.
Applies to
Caldeira Rare Earth Project (ionic clay, Minas Gerais, Brazil) · Rare Earths
Economic direction
Benefit
Period
Dates not stated
Key terms
Status: non-binding offtake agreements; terms (floor, payability, volumes) open
How it affects our valuation

No valuation treatment is available for this arrangement.