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- Last 2026-11-06
- A$0.23
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
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- Mkt cap
- A$668.5M
- EV
- A$639.3M
- Cash
- A$29.3M
- Debt
- A$0
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Sign in or enter a guest codeAnnouncements
Latest 12 of 7All sources ▸- Quarterly Activities Report and Appendix 5B, September 2026 quarterResults
- Lynas Rare Earths to acquire Meteoric Resources (Scheme Implementation Deed)Transaction
- Half Yearly Report and Accounts, half-year ended 30 June 2026Results
- Caldeira DFS Confirms Confidence in Project Fundamentals (ASX release with DFS executive summary)Study
- Annual Report to Shareholders (transitional six-month period to 31 December 2025)Results
- Annual Report to Shareholders, year ended 30 June 2025Results
- PFS Confirms Caldeira as a Strategic, Long-life REE ProjectStudy
Event calendar · next 12 months
6 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| End of Q4 2026 (Q3 quarterly, 29 Oct 2026) | Responses to FEAM information requests for the LI due | Permitting | Company Guided | High | Response timing drives the revised LI award date of early 2027. |
| December 2026 (company guidance in the 1 Oct 2026 announcement) | Scheme booklet dispatched to Meteoric shareholders | Transaction | Company Guided | High | Independent expert report, scheme terms and risks published; the scheme consideration (0.0207 Lynas shares) sets the value of the stock if the scheme completes. |
| Early 2027, after the wet season (Q3 quarterly) | Installation licence (LI) award by FEAM | Permitting | Company Guided | High | Gate to construction and FID; slipped from the December 2026 quarter. |
| January 2027 (indicative timetable) | Meteoric scheme meeting | Transaction | Company Guided | High | Shareholder vote needs 75% of votes cast and a majority by number; independent expert must conclude the scheme is in the best interests of shareholders. |
| Late January 2027 (prior-year pattern) | December 2026 quarterly activities and cash flow report | Results | Inferred | Medium | Quarterly cash and burn; scheme-related loan drawdowns. |
| Expected by March 2027 (indicative timetable) | Scheme implementation (subject to Brazilian change-of-control approval) | Transaction | Company Guided | High | Completion converts Meteoric shares into Lynas shares at 0.0207; Brazilian Law 15,506/2026 approval required. |
Executive roster
As of 2026-10-09Background checks ▸Directors and company secretary from the 30 June 2026 half-year report; CFO and COO from the issuer leadership page (local management research). Non-executive directors (Kitto, Gundy, Prins) excluded from executives. Start dates for CFO and COO not disclosed.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Andrew Tunks | Executive Chairman | Executive Director | — | Half Yearly Report and Accounts, half-year ended 30 June 2026 |
| Stuart Gale | Managing Director and Chief Executive Officer | Executive Director · Chief Executive | — | Half Yearly Report and Accounts, half-year ended 30 June 2026 |
| Marcelo de Carvalho | Executive Director | Executive Director | — | Half Yearly Report and Accounts, half-year ended 30 June 2026 |
| Andy Thomson | Chief Financial Officer | Finance | — | Local management assessment with background checks (management/MEI/summary.md) |
| Peter Sheehan | Chief Operating Officer | Operations | — | Local management assessment with background checks (management/MEI/summary.md) |
| Matthew Foy | Company Secretary | Company Secretary | — | Half Yearly Report and Accounts, half-year ended 30 June 2026 |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Caldeira Rare Earth Project (ionic clay, Minas Gerais, Brazil)
BR
DFS Unfunded Developer100% ownedRare Earths
DFS completed 31 July 2026; unfunded. Installation licence (LI) under review (award now expected early 2027); offtake and project finance not yet binding; Lynas scheme pending.
- Study
- DFS
- Post-tax NPV (study prices, attributable)
- US$847.0md
- NPV restated at our deck (attributable)
- Locked
- IRR
- 24%
- Initial capex (100%)
- US$498.4m
- Capital intensity
- US$39,872/(t/yr)d
- LoM AISC
- A$24,306/t
- Mine life
- 23.0 yrs
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVUS$847M8% discount
IRR24%Published return
Initial capexUS$498.4MPublished capital estimate
DFS post-tax NPV8 at spot NdPr US$129/kg (SMM FOB China, 18 June 2026), 70% payability, 23-year life; forecast case US$2,721m NPV at US$159/kg NdPr LOM average.
Resources & reserves4
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured | 128 Mt | 2,815 ppm TREO; 609 ppm MREO | Rare Earths | 2026-07-09 |
| Mineral Resource | indicated | 574 Mt | 2,572 ppm TREO; 578 ppm MREO | Rare Earths | 2026-07-09 |
| Mineral Resource | inferred | 928 Mt | 2,091 ppm TREO; 468 ppm MREO | Rare Earths | 2026-07-09 |
| Ore Reserve | probable | 151.1 Mt | 3,524 ppm TREO; 857 ppm MREO | Rare Earths | 2026-07-31 |
Tenements1
Milestones2
- Installation licence (LI) award by FEAM
Delayed · High materiality
- Final investment decision after LI and project financing
Pending · High materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Preliminary environmental licence (LP) | Minas Gerais, Brazil (SEMAD/FEAM) | Granted | — | No |
| Installation licence (LI) | Minas Gerais, Brazil (FEAM) | Pending | — | Yes |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Caldeira Definitive Feasibility Study | DFS | Current | 2026-07-31 | 23-year LOM, 12,500 t/yr TREO average, 6.0 Mtpa plant, initial capex US$498.4m incl. 10% contingency, post-tax NPV8 US$847m at spot (June 2026) and US$2,721m at forecast pricing (Argus and Adamas LT average). 8% discount rate, 34% Brazilian corporate tax. |
| Caldeira Pre-Feasibility Study | PFS | Superseded | 2025-07-21 | Superseded by the DFS: capex US$443m incl. 25% contingency, 20-year life, post-tax NPV8 US$488m at consensus pricing. |
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares at 30 June 2026 | Ordinary Share | 2.9B | — | — |
| Performance rights on issue at 30 June 2026 (non-listed, one share each on vesting) | Performance Right | 58.5M | — | — |
| 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 reviewed | Other | 95M | — | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | 6M to 31 Dec 2025 (audited transitional report)A |
|---|---|---|---|
| Profit and loss | |||
| Revenue | AUDm | 0.0 | |
| Operating costs (C1; actual: total operating and exploration cost proxy) | AUDm | 13.9 | |
| Royalties and charges | AUDm | 0.0 | |
| Total operating and exploration costs | AUDm | 13.9 | |
| EBITDA | AUDm | (13.9) | |
| Depreciation (tax proxy, 12 years) | AUDm | 0.0 | |
| EBIT | AUDm | (13.9) | |
| Income tax | AUDm | 0.0 | |
| Net profit after tax | AUDm | (13.9) | |
| Cash flow | |||
| Operating cash flow | AUDm | (13.4) | |
| Capex (sustaining and growth) | AUDm | 3.4 | |
| Free cash flow | AUDm | (16.7) | |
| Balance sheet | |||
| Cash | AUDm | 32.4 | |
| Debt (Lynas interim loan and project debt) | AUDm | 0.0 | |
| Net debt | AUDm | (32.4) | |
| Per share | |||
| Fully diluted shares | m shares | 2,643.5 | |
| 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) | x | 2.3 | |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-10-06Ann. 2026-10-01 | Debt | A$35M | — | — | Ongoing | — |
| 2026-04-29Ann. 2026-04-22 | Raising | A$40M | 235.3M | — | 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.
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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
The team has functional experience relevant to its company’s current stage, but the public record reviewed provides uneven evidence of personal contributions. The assessment weighs documented company delivery, individual role fit, and specific legal/environmental matters without treating company outcomes or unresolved allegations as personal misconduct. The announced Lynas scheme remains conditional, and two additional current senior officers were reconciled from the issuer page.
Decision-relevant facts
Material summary
Andrew Tunks
Executive Chairman
Role FitAnalyst Inference · Medium materiality
Professional fit for Executive Chairman
Role fit is an analytical inference from the documented position and the listed experience. The current role aligns with company leadership and project finance; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Half Yearly Report and Accounts, 30 June 2026 · Current executive roster
Leadership Team · leadership biography
Half Yearly Report and Accounts, 30 June 2026 · Directors’ report / current executive roster
Annual Report 2025 · director biography; prior roles
Annual Report 2025 · director biography and directorship history
Annual Report 2025 · director biography; appointment date
Company SuccessIssuer Reported · Medium materiality
Company-level project and delivery record
Meteoric’s 2026 half-year report documents Caldeira project advancement, and the issuer announced a proposed Lynas scheme on 1 October 2026. The scheme remains conditional; no completed acquisition is counted as delivery.
Role overlaps event; causation unproven · The individual held the stated role during some or all of the reported period; available evidence does not isolate personal contribution.
Half Yearly Report and Accounts, 30 June 2026 · operations / Caldeira project progress
EnvironmentDocumented · High materiality
Caldeira licensing challenged; MPF inquiry and suspension requests unresolved
The Caldeira project is subject to unresolved environmental and radiological licensing challenges. In December 2025 the Federal Public Prosecutor’s Office (MPF) opened a civil inquiry into possible irregularities in processing state licensing case 00911/2024; that is an inquiry, not a finding of wrongdoing. The state granted a Preliminary Licence (LP) in December 2025, but a separate Installation Licence (LI) is still required. In June 2026 a federal-court proceeding required an ANSN technical opinion before licensing could advance, according to local reporting. On 10 September 2026, local reporting said civil-society organizations had filed a civil public action questioning Caldeira and another project; the MPF, as legal watchdog rather than plaintiff, supported suspension pending a conclusive ANSN opinion. The article did not report a court order suspending the Caldeira process. Meteoric responded that ANSN had issued a final report in late August classifying its pilot facility as exempt from radiological control and said the MPF opinion was not a judgment. On 17 September, a local alliance separately asked MPF/FEAM to suspend the installation-license process until cumulative-impact and water studies were completed; Meteoric replied that it considered its technical, environmental and social studies robust and remained open to dialogue. As of the 9 October 2026 cutoff, no final court disposition, suspension order, or final LI award was identified. These are project- and company-level proceedings and stakeholder objections, not findings of misconduct by any named executive; the reviewed record does not establish individual responsibility.
Role overlaps event; causation unproven · The executive team oversees Caldeira, but the order addresses project review and does not establish personal responsibility or misconduct.
Federal court orders further radiological review for Caldeira · lead paragraph
Half Yearly Report and Accounts, 30 June 2026 · operations and compliance sections
Caldeira Project Licensing Update · issuer update on court-directed ANSN review
Lynas Takeover Offer · scheme timeline and outstanding approvals
Portaria 107/2025 opens civil inquiry into environmental licensing process · Portaria 107/2025, p. 12; inquiry scope and target licensing case
Environmental licensing case 00911/2024 – Preliminary License · FEAM licensing registry; LP granted 20 Dec 2025; LI is separate
Civil Public Action questions rare-earth licensing; MPF seeks suspension pending ANSN opinion · paras. 88–100, 122–133; MPF position, procedural status, company response and ANSN claim
Community alliance asks MPF and FEAM to suspend installation-license processes · paras. 90–110 and 132–135; community requests, study issues and company response
Caldeira Project Licensing Update · 18 June issuer licensing update; LI timetable
Evidence gaps · 1
- The Brazilian nuclear authority’s final technical opinion following the June 2026 court-ordered review was not located by the cutoff.
Stuart Gale
Managing Director / Chief Executive Officer
Role FitAnalyst Inference · Medium materiality
Professional fit for Managing Director / Chief Executive Officer
Role fit is an analytical inference from the documented position and the listed experience. The current role aligns with the function stated in the title; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Half Yearly Report and Accounts, 30 June 2026 · Current executive roster
Leadership Team · leadership biography
Half Yearly Report and Accounts, 30 June 2026 · Directors’ report / current executive roster
Annual Report 2025 · director biography; prior role
Annual Report 2025 · director biography; role transitions
Annual Report 2025 · director biography; prior roles
Company SuccessIssuer Reported · Medium materiality
Company-level project and delivery record
Meteoric’s 2026 half-year report documents Caldeira project advancement, and the issuer announced a proposed Lynas scheme on 1 October 2026. The scheme remains conditional; no completed acquisition is counted as delivery.
Role overlaps event; causation unproven · The individual held the stated role during some or all of the reported period; available evidence does not isolate personal contribution.
Half Yearly Report and Accounts, 30 June 2026 · operations / Caldeira project progress
EnvironmentDocumented · High materiality
Caldeira licensing challenged; MPF inquiry and suspension requests unresolved
The Caldeira project is subject to unresolved environmental and radiological licensing challenges. In December 2025 the Federal Public Prosecutor’s Office (MPF) opened a civil inquiry into possible irregularities in processing state licensing case 00911/2024; that is an inquiry, not a finding of wrongdoing. The state granted a Preliminary Licence (LP) in December 2025, but a separate Installation Licence (LI) is still required. In June 2026 a federal-court proceeding required an ANSN technical opinion before licensing could advance, according to local reporting. On 10 September 2026, local reporting said civil-society organizations had filed a civil public action questioning Caldeira and another project; the MPF, as legal watchdog rather than plaintiff, supported suspension pending a conclusive ANSN opinion. The article did not report a court order suspending the Caldeira process. Meteoric responded that ANSN had issued a final report in late August classifying its pilot facility as exempt from radiological control and said the MPF opinion was not a judgment. On 17 September, a local alliance separately asked MPF/FEAM to suspend the installation-license process until cumulative-impact and water studies were completed; Meteoric replied that it considered its technical, environmental and social studies robust and remained open to dialogue. As of the 9 October 2026 cutoff, no final court disposition, suspension order, or final LI award was identified. These are project- and company-level proceedings and stakeholder objections, not findings of misconduct by any named executive; the reviewed record does not establish individual responsibility.
Role overlaps event; causation unproven · The executive team oversees Caldeira, but the order addresses project review and does not establish personal responsibility or misconduct.
Federal court orders further radiological review for Caldeira · lead paragraph
Half Yearly Report and Accounts, 30 June 2026 · operations and compliance sections
Caldeira Project Licensing Update · issuer update on court-directed ANSN review
Lynas Takeover Offer · scheme timeline and outstanding approvals
Portaria 107/2025 opens civil inquiry into environmental licensing process · Portaria 107/2025, p. 12; inquiry scope and target licensing case
Environmental licensing case 00911/2024 – Preliminary License · FEAM licensing registry; LP granted 20 Dec 2025; LI is separate
Civil Public Action questions rare-earth licensing; MPF seeks suspension pending ANSN opinion · paras. 88–100, 122–133; MPF position, procedural status, company response and ANSN claim
Community alliance asks MPF and FEAM to suspend installation-license processes · paras. 90–110 and 132–135; community requests, study issues and company response
Caldeira Project Licensing Update · 18 June issuer licensing update; LI timetable
Evidence gaps · 1
- The Brazilian nuclear authority’s final technical opinion following the June 2026 court-ordered review was not located by the cutoff.
Marcelo de Carvalho
Executive Director / Chief Geologist
Role FitAnalyst Inference · Medium materiality
Professional fit for Executive Director / Chief Geologist
Role fit is an analytical inference from the documented position and the listed experience. The current role aligns with the function stated in the title; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Half Yearly Report and Accounts, 30 June 2026 · Current executive roster
Leadership Team · leadership biography
Half Yearly Report and Accounts, 30 June 2026 · Directors’ report / current executive roster
Brazilian at company leadership · career profile
Annual Report 2025 · director biography and appointment date
Company SuccessIssuer Reported · Medium materiality
Company-level project and delivery record
Meteoric’s 2026 half-year report documents Caldeira project advancement, and the issuer announced a proposed Lynas scheme on 1 October 2026. The scheme remains conditional; no completed acquisition is counted as delivery.
Role overlaps event; causation unproven · The individual held the stated role during some or all of the reported period; available evidence does not isolate personal contribution.
Half Yearly Report and Accounts, 30 June 2026 · operations / Caldeira project progress
EnvironmentDocumented · High materiality
Caldeira licensing challenged; MPF inquiry and suspension requests unresolved
The Caldeira project is subject to unresolved environmental and radiological licensing challenges. In December 2025 the Federal Public Prosecutor’s Office (MPF) opened a civil inquiry into possible irregularities in processing state licensing case 00911/2024; that is an inquiry, not a finding of wrongdoing. The state granted a Preliminary Licence (LP) in December 2025, but a separate Installation Licence (LI) is still required. In June 2026 a federal-court proceeding required an ANSN technical opinion before licensing could advance, according to local reporting. On 10 September 2026, local reporting said civil-society organizations had filed a civil public action questioning Caldeira and another project; the MPF, as legal watchdog rather than plaintiff, supported suspension pending a conclusive ANSN opinion. The article did not report a court order suspending the Caldeira process. Meteoric responded that ANSN had issued a final report in late August classifying its pilot facility as exempt from radiological control and said the MPF opinion was not a judgment. On 17 September, a local alliance separately asked MPF/FEAM to suspend the installation-license process until cumulative-impact and water studies were completed; Meteoric replied that it considered its technical, environmental and social studies robust and remained open to dialogue. As of the 9 October 2026 cutoff, no final court disposition, suspension order, or final LI award was identified. These are project- and company-level proceedings and stakeholder objections, not findings of misconduct by any named executive; the reviewed record does not establish individual responsibility.
Role overlaps event; causation unproven · The executive team oversees Caldeira, but the order addresses project review and does not establish personal responsibility or misconduct.
Federal court orders further radiological review for Caldeira · lead paragraph
Half Yearly Report and Accounts, 30 June 2026 · operations and compliance sections
Caldeira Project Licensing Update · issuer update on court-directed ANSN review
Lynas Takeover Offer · scheme timeline and outstanding approvals
Portaria 107/2025 opens civil inquiry into environmental licensing process · Portaria 107/2025, p. 12; inquiry scope and target licensing case
Environmental licensing case 00911/2024 – Preliminary License · FEAM licensing registry; LP granted 20 Dec 2025; LI is separate
Civil Public Action questions rare-earth licensing; MPF seeks suspension pending ANSN opinion · paras. 88–100, 122–133; MPF position, procedural status, company response and ANSN claim
Community alliance asks MPF and FEAM to suspend installation-license processes · paras. 90–110 and 132–135; community requests, study issues and company response
Caldeira Project Licensing Update · 18 June issuer licensing update; LI timetable
Evidence gaps · 1
- The Brazilian nuclear authority’s final technical opinion following the June 2026 court-ordered review was not located by the cutoff.
Matthew Foy
Company Secretary
Role FitAnalyst Inference · Medium materiality
Professional fit for Company Secretary
Role fit is an analytical inference from the documented position and the listed experience. The current role aligns with the function stated in the title; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Half Yearly Report and Accounts, 30 June 2026 · Current executive roster
Corporate Directory · corporate directory
Half Yearly Report and Accounts, 30 June 2026 · Directors’ report / current executive roster
Annual Report 2018 · company secretary biography
Company SuccessIssuer Reported · Medium materiality
Company-level project and delivery record
Meteoric’s 2026 half-year report documents Caldeira project advancement, and the issuer announced a proposed Lynas scheme on 1 October 2026. The scheme remains conditional; no completed acquisition is counted as delivery.
Role overlaps event; causation unproven · The individual held the stated role during some or all of the reported period; available evidence does not isolate personal contribution.
Half Yearly Report and Accounts, 30 June 2026 · operations / Caldeira project progress
Andy Thomson
Chief Financial Officer
Role FitAnalyst Inference · Medium materiality
Professional fit for Chief Financial Officer
Role fit is an analytical inference from the documented position and the listed experience. The current role aligns with the function stated in the title; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Half Yearly Report and Accounts, 30 June 2026 · Current executive roster
Leadership Team · leadership team listing
Half Yearly Report and Accounts, 30 June 2026 · Directors’ report / current executive roster
Leadership Team · leadership biography; prior roles
Annual Report 2025 · KMP chronology; role transition
Company SuccessIssuer Reported · Medium materiality
Company-level project and delivery record
Meteoric’s 2026 half-year report documents Caldeira project advancement, and the issuer announced a proposed Lynas scheme on 1 October 2026. The scheme remains conditional; no completed acquisition is counted as delivery.
Role overlaps event; causation unproven · The individual held the stated role during some or all of the reported period; available evidence does not isolate personal contribution.
Half Yearly Report and Accounts, 30 June 2026 · operations / Caldeira project progress
EnvironmentDocumented · High materiality
Caldeira licensing challenged; MPF inquiry and suspension requests unresolved
The Caldeira project is subject to unresolved environmental and radiological licensing challenges. In December 2025 the Federal Public Prosecutor’s Office (MPF) opened a civil inquiry into possible irregularities in processing state licensing case 00911/2024; that is an inquiry, not a finding of wrongdoing. The state granted a Preliminary Licence (LP) in December 2025, but a separate Installation Licence (LI) is still required. In June 2026 a federal-court proceeding required an ANSN technical opinion before licensing could advance, according to local reporting. On 10 September 2026, local reporting said civil-society organizations had filed a civil public action questioning Caldeira and another project; the MPF, as legal watchdog rather than plaintiff, supported suspension pending a conclusive ANSN opinion. The article did not report a court order suspending the Caldeira process. Meteoric responded that ANSN had issued a final report in late August classifying its pilot facility as exempt from radiological control and said the MPF opinion was not a judgment. On 17 September, a local alliance separately asked MPF/FEAM to suspend the installation-license process until cumulative-impact and water studies were completed; Meteoric replied that it considered its technical, environmental and social studies robust and remained open to dialogue. As of the 9 October 2026 cutoff, no final court disposition, suspension order, or final LI award was identified. These are project- and company-level proceedings and stakeholder objections, not findings of misconduct by any named executive; the reviewed record does not establish individual responsibility.
Role overlaps event; causation unproven · The executive team oversees Caldeira, but the order addresses project review and does not establish personal responsibility or misconduct.
Federal court orders further radiological review for Caldeira · lead paragraph
Half Yearly Report and Accounts, 30 June 2026 · operations and compliance sections
Caldeira Project Licensing Update · issuer update on court-directed ANSN review
Lynas Takeover Offer · scheme timeline and outstanding approvals
Portaria 107/2025 opens civil inquiry into environmental licensing process · Portaria 107/2025, p. 12; inquiry scope and target licensing case
Environmental licensing case 00911/2024 – Preliminary License · FEAM licensing registry; LP granted 20 Dec 2025; LI is separate
Civil Public Action questions rare-earth licensing; MPF seeks suspension pending ANSN opinion · paras. 88–100, 122–133; MPF position, procedural status, company response and ANSN claim
Community alliance asks MPF and FEAM to suspend installation-license processes · paras. 90–110 and 132–135; community requests, study issues and company response
Caldeira Project Licensing Update · 18 June issuer licensing update; LI timetable
Peter Sheehan
Chief Operating Officer
Role FitAnalyst Inference · Medium materiality
Professional fit for Chief Operating Officer
Role fit is an analytical inference from the documented position and the listed experience. The current role aligns with the function stated in the title; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Half Yearly Report and Accounts, 30 June 2026 · Current executive roster
Leadership Team · leadership team listing
Half Yearly Report and Accounts, 30 June 2026 · Directors’ report / current executive roster
Annual Report 2023 · COO career profile; awards during country manager tenure
Annual Report 2023 · COO biography and role history
Annual Report 2023 · career profile
Company SuccessIssuer Reported · Medium materiality
Company-level project and delivery record
Meteoric’s 2026 half-year report documents Caldeira project advancement, and the issuer announced a proposed Lynas scheme on 1 October 2026. The scheme remains conditional; no completed acquisition is counted as delivery.
Role overlaps event; causation unproven · The individual held the stated role during some or all of the reported period; available evidence does not isolate personal contribution.
Half Yearly Report and Accounts, 30 June 2026 · operations / Caldeira project progress
EnvironmentDocumented · High materiality
Caldeira licensing challenged; MPF inquiry and suspension requests unresolved
The Caldeira project is subject to unresolved environmental and radiological licensing challenges. In December 2025 the Federal Public Prosecutor’s Office (MPF) opened a civil inquiry into possible irregularities in processing state licensing case 00911/2024; that is an inquiry, not a finding of wrongdoing. The state granted a Preliminary Licence (LP) in December 2025, but a separate Installation Licence (LI) is still required. In June 2026 a federal-court proceeding required an ANSN technical opinion before licensing could advance, according to local reporting. On 10 September 2026, local reporting said civil-society organizations had filed a civil public action questioning Caldeira and another project; the MPF, as legal watchdog rather than plaintiff, supported suspension pending a conclusive ANSN opinion. The article did not report a court order suspending the Caldeira process. Meteoric responded that ANSN had issued a final report in late August classifying its pilot facility as exempt from radiological control and said the MPF opinion was not a judgment. On 17 September, a local alliance separately asked MPF/FEAM to suspend the installation-license process until cumulative-impact and water studies were completed; Meteoric replied that it considered its technical, environmental and social studies robust and remained open to dialogue. As of the 9 October 2026 cutoff, no final court disposition, suspension order, or final LI award was identified. These are project- and company-level proceedings and stakeholder objections, not findings of misconduct by any named executive; the reviewed record does not establish individual responsibility.
Role overlaps event; causation unproven · The executive team oversees Caldeira, but the order addresses project review and does not establish personal responsibility or misconduct.
Federal court orders further radiological review for Caldeira · lead paragraph
Half Yearly Report and Accounts, 30 June 2026 · operations and compliance sections
Caldeira Project Licensing Update · issuer update on court-directed ANSN review
Lynas Takeover Offer · scheme timeline and outstanding approvals
Portaria 107/2025 opens civil inquiry into environmental licensing process · Portaria 107/2025, p. 12; inquiry scope and target licensing case
Environmental licensing case 00911/2024 – Preliminary License · FEAM licensing registry; LP granted 20 Dec 2025; LI is separate
Civil Public Action questions rare-earth licensing; MPF seeks suspension pending ANSN opinion · paras. 88–100, 122–133; MPF position, procedural status, company response and ANSN claim
Community alliance asks MPF and FEAM to suspend installation-license processes · paras. 90–110 and 132–135; community requests, study issues and company response
Caldeira Project Licensing Update · 18 June issuer licensing update; LI timetable
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-02-17
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 11.82% | 312,876,960 | |
| 2 | 5.66% | 149,746,400 | |
| 3 | 4.60% | 121,633,687 | |
| 4 | 3.74% | 99,071,250 | |
| 5 | 2.92% | 77,348,509 | |
| 6 | 2.65% | 70,223,615 | |
| 7 | 2.32% | 61,467,833 | |
| 8 | 1.47% | 39,000,000 | |
| 9 | 1.41% | 37,200,000 | |
| 10 | 1.40% | 37,000,000 | |
| 11 | 1.21% | 31,962,651 | |
| 12 | 1.16% | 30,774,762 | |
| 13 | 1.13% | 30,000,000 | |
| 14 | 0.89% | 23,636,640 | |
| 15 | 0.88% | 23,400,000 | |
| 16 | 0.80% | 21,250,000 | |
| 17 | 0.76% | 20,000,000 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The register is a dated list of registered accounts, not a complete beneficial-ownership register. Nominee and custody accounts may represent multiple underlying investors.
- Substantial-holder notices after the cited annual-report snapshot were not individually reconciled for this candidate; holdings may have changed by the review cutoff.
Sources
- Annual Report to Shareholders (Transitional 6 Month Period)
ASX / Meteoric Resources Limited · Published 2026-03-26 · Accessed 2026-10-09
Dated registered ordinary-shareholder top-20 table and quantities/percentages.
2026/2026-03-26_Annual Report to Shareholders (Transitional 6 Month Period).pdf, PDF page 84; shareholder register section
Disclosed activity
Insider transactions
Trading activity0 buys · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2025-12-23 | Tolga KumovaKumova #1 Family A/C
Details & evidence for Tolga Kumova on 2025-12-23The single record preserves the internal transfer legs (quantity acquired and disposed are both shown) without recording a group-level purchase or sale. Per-share consideration is disclosed but cash payment is not established. As disclosed: Off-market transfer of 5,190,000 fully paid ordinary shares from Cennet Investments Pty Ltd to Kitara Investments Pty Ltd at A$0.185 per share.
Kitara Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Bilgi Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Sisu International Pty Ltd · relevant interest disclosed in substantial-holder notice Cennet Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Gondwana Investment Group Pty Ltd · relevant interest disclosed in substantial-holder notice Change in substantial holding ↗ | Transfer InFully paid ordinary shares | 5,190,000 | —Not Disclosed | AUD 0.185Disclosed price | — |
| 2025-04-04 | Tolga KumovaKumova #1 Family A/C
Details & evidence for Tolga Kumova on 2025-04-04The single record preserves the internal transfer legs (quantity acquired and disposed are both shown) without recording a group-level purchase or sale. Per-share consideration is disclosed but cash payment is not established. As disclosed: Off-market transfer of 24,500,000 fully paid ordinary shares from Cennet Investments Pty Ltd to Kitara Investments Pty Ltd at A$0.060 per share.
Kitara Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Bilgi Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Sisu International Pty Ltd · relevant interest disclosed in substantial-holder notice Cennet Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Gondwana Investment Group Pty Ltd · relevant interest disclosed in substantial-holder notice Change in substantial holding ↗ | Transfer InFully paid ordinary shares | 24,500,000 | —Not Disclosed | AUD 0.06Disclosed price | — |
| 2024-09-04 | Tolga KumovaKumova #1 Family A/C
Details & evidence for Tolga Kumova on 2024-09-04Paired with the ordinary-share vesting record for the same economic event. As disclosed: Performance rights converted into 20,000,000 fully paid ordinary shares.
Kitara Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Bilgi Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Sisu International Pty Ltd · relevant interest disclosed in substantial-holder notice Cennet Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Gondwana Investment Group Pty Ltd · relevant interest disclosed in substantial-holder notice Change in substantial holding ↗ | VestingPerformance Rights (class and terms not specified) | 20,000,000 | —Not Disclosed | — | — |
| 2024-09-04 | Tolga KumovaKumova #1 Family A/C
Details & evidence for Tolga Kumova on 2024-09-04A matching 20,000,000 performance-right reduction is recorded as the other security leg; the form does not specify the right class or full vesting terms. As disclosed: Conversion of performance rights; 20,000,000 fully paid ordinary shares.
Kitara Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Bilgi Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Sisu International Pty Ltd · relevant interest disclosed in substantial-holder notice Cennet Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Gondwana Investment Group Pty Ltd · relevant interest disclosed in substantial-holder notice Change in substantial holding ↗ | VestingFully paid ordinary shares on conversion of performance rights | 20,000,000 | —Not Disclosed | — | — |
Disclosed holding observations8 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-04-29 | Tolga Kumova
Details & evidence for Tolga Kumova on 2026-04-29Component holding from the Form 604; do not add again to the aggregate reporting-group total.
Kitara Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Bilgi Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Sisu International Pty Ltd · relevant interest disclosed in substantial-holder notice Cennet Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Gondwana Investment Group Pty Ltd · relevant interest disclosed in substantial-holder notice Change in substantial holding ↗ | PositionFully paid ordinary shares | 12,500,000 | — |
| 2026-04-29 | Tolga Kumova
Details & evidence for Tolga Kumova on 2026-04-29Component holding from the Form 604; do not add again to the aggregate reporting-group total.
Kitara Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Bilgi Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Sisu International Pty Ltd · relevant interest disclosed in substantial-holder notice Cennet Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Gondwana Investment Group Pty Ltd · relevant interest disclosed in substantial-holder notice Change in substantial holding ↗ | PositionFully paid ordinary shares | 9,080,000 | — |
| 2026-04-29 | Tolga Kumova
Details & evidence for Tolga Kumova on 2026-04-29Component holding from the Form 604; do not add again to the aggregate reporting-group total.
Kitara Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Bilgi Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Sisu International Pty Ltd · relevant interest disclosed in substantial-holder notice Cennet Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Gondwana Investment Group Pty Ltd · relevant interest disclosed in substantial-holder notice Change in substantial holding ↗ | PositionFully paid ordinary shares | 21,250,000 | — |
| 2026-04-29 | Tolga Kumova
Details & evidence for Tolga Kumova on 2026-04-29Component holding from the Form 604; do not add again to the aggregate reporting-group total.
Kitara Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Bilgi Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Sisu International Pty Ltd · relevant interest disclosed in substantial-holder notice Cennet Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Gondwana Investment Group Pty Ltd · relevant interest disclosed in substantial-holder notice Change in substantial holding ↗ | PositionFully paid ordinary shares | 148,761,250 | — |
| 2026-04-29 | Tolga Kumova
Details & evidence for Tolga Kumova on 2026-04-29Group total across the five component interests listed in Section 4; percentage decline reflects share-count denominator change and is not a disposal.
Kitara Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Bilgi Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Sisu International Pty Ltd · relevant interest disclosed in substantial-holder notice Cennet Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Gondwana Investment Group Pty Ltd · relevant interest disclosed in substantial-holder notice Change in substantial holding ↗ | FinalFully paid ordinary shares | 194,566,250 | 6.74%Voting Power |
| 2026-04-29 | Tolga Kumova
Details & evidence for Tolga Kumova on 2026-04-29Component holding from the Form 604; do not add again to the aggregate reporting-group total.
Kitara Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Bilgi Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Sisu International Pty Ltd · relevant interest disclosed in substantial-holder notice Cennet Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Gondwana Investment Group Pty Ltd · relevant interest disclosed in substantial-holder notice Change in substantial holding ↗ | PositionFully paid ordinary shares | 2,975,000 | — |
| 2026-02-17 | Tolga Kumova
Details & evidence for Tolga Kumova on 2026-02-17Annual report identifies the registered-holder account; this is a dated holding snapshot, not a transaction.
Kitara Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Bilgi Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Sisu International Pty Ltd · relevant interest disclosed in substantial-holder notice Cennet Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Gondwana Investment Group Pty Ltd · relevant interest disclosed in substantial-holder notice Annual Report to Shareholders (Transitional 6 Month Period) ↗ | PositionFully paid ordinary shares | 99,071,250 | — |
| 2024-08-13 | Tolga Kumova
Details & evidence for Tolga Kumova on 2024-08-13Previous substantial-holder notice dated 13 August 2024; aggregate only.
Kitara Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Bilgi Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Sisu International Pty Ltd · relevant interest disclosed in substantial-holder notice Cennet Investments Pty Ltd · relevant interest disclosed in substantial-holder notice Gondwana Investment Group Pty Ltd · relevant interest disclosed in substantial-holder notice Change in substantial holding ↗ | InitialFully paid ordinary shares | 174,566,250 | 7.79%Voting Power |
The closest covered peers
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Narrative and provenance
Research & Sources
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Sign in or enter a guest codeChronological evidenceSource-document inventory13 documents
Market snapshot for MEI at 2026-11-02 (miners.v8db.market_snapshot)Market Data · MediumMetadata Only
Price performance vs mining index, 20-session traded value A$5.4m, 52-week range A$0.14-0.255, AUD per USD 1.4236 (used for FX), no thin-peer rows for the primary commodity.
- Document ID
- mei-market-snapshot-2026-11-02
- Published UTC
- 2026-11-02T05:00:00Z
- Projects
- caldeira_project
- Commodities
- rare_earths
MEI close on 2 Nov 2026 (reference price, local ASX price history via miners.reference_price)Market Data · HighMetadata Only
Latest eligible close A$0.22 on 2026-11-02 (volume 6,522,266), fresh (0 days). Source: market data provider history as stored in data/asx_mining_companies.db.
- Document ID
- mei-reference-price-2026-11-02
- Published UTC
- 2026-11-02T05:00:00Z
- Projects
- caldeira_project
- Commodities
- rare_earths
LYC (Lynas) close on 2 Nov 2026, local ASX price historyMarket Data · HighMetadata Only
Lynas close A$12.12 on 2026-11-02 (local price database, daily_stock_prices). Used to value the scheme consideration: 0.0207 x 12.12 = A$0.251 per Meteoric share.
- Document ID
- mei-lynas-share-price-2026-11-02
- Published UTC
- 2026-11-02T05:00:00Z
- Projects
- caldeira_project
- Commodities
- rare_earths
Peer closing prices and 12-month returns, local ASX price history (data/asx_mining_companies.db)Market Data · MediumMetadata Only
Closing prices on 2 Nov 2026 and 3 Nov 2025 for rare earth peers (LYC, ILU, ARU, BRE, IXR, ARR) from daily_stock_prices. Peer market caps not used: the database market_cap field does not reconcile with its own price history.
- Document ID
- mei-peer-prices-2026-11-02
- Published UTC
- 2026-11-02T05:00:00Z
- Projects
- caldeira_project
- Commodities
- rare_earths
Quarterly Activities Report and Appendix 5B, September 2026 quarterResults · HighExtracted
September 2026 quarterly: cash A$29.3m at 30 Sep 2026, quarterly operating and investing outflows, updated Caldeira Mineral Resource (9 July 2026) and the superseded 16 July Ore Reserve, POSCO memorandum, Lynas loan facility first tranche and revised LI timing.
- Document ID
- mei-q3-2026-quarterly
- Published UTC
- 2026-10-28T22:30:00Z
- Projects
- caldeira_project
- Commodities
- rare_earths
Local management assessment with background checks (management/MEI/summary.md)Leadership · MediumExtracted
Local management research product reviewed with cited background sources; used for executive roster and assessment only, not as an investment conclusion. Roster reconciled to H1 report and leadership page (CFO and COO added as current, start dates not disclosed).
- Document ID
- mei-management-research
- Published UTC
- 2026-10-08T22:00:00Z
- Projects
- —
- Commodities
- rare_earths
Local top-20 register and substantial holders (ownership/MEI/investors.json)Other · MediumExtracted
Register dated 17 Feb 2026 from the transitional annual report (top-20 registered accounts; nominee accounts do not identify beneficial owners). Substantial holder notices after that date not reconciled.
- Document ID
- mei-ownership-register
- Published UTC
- 2026-10-08T22:00:00Z
- Projects
- —
- Commodities
- rare_earths
Lynas Rare Earths to acquire Meteoric Resources (Scheme Implementation Deed)Transaction · HighExtracted
Binding scheme implementation deed: Lynas to acquire 100% of Meteoric by scheme, 0.0207 Lynas shares per Meteoric share, fully diluted shares 3,060,127,368, interim loan facility up to A$110m, reverse break fee A$8.8m, Brazilian change-of-control approval, Togni termination date extended to April 2033.
- Document ID
- mei-lynas-scheme-2026
- Published UTC
- 2026-09-30T22:39:08Z
- Projects
- caldeira_project
- Commodities
- rare_earths
Half Yearly Report and Accounts, half-year ended 30 June 2026Results · HighExtracted
Half-year to 30 June 2026: loss A$27.1m, operating outflow A$27.1m, cash A$37.8m, equity raise A$40m at A$0.17 (29 April 2026), 2,906,618,799 shares, lease liabilities and no borrowings.
- Document ID
- mei-h1-2026-half-year
- Published UTC
- 2026-09-01T22:14:14Z
- Projects
- caldeira_project
- Commodities
- rare_earths
Caldeira DFS Confirms Confidence in Project Fundamentals (ASX release with DFS executive summary)Study · HighExtracted
Definitive Feasibility Study for Caldeira: initial capex US$498.4m incl. 10% contingency, 23-year life, 151.1Mt probable ore reserve at 3,524ppm TREO, post-tax NPV8 US$847m at spot and US$2,721m at forecast pricing, IRR 24% and 47%.
- Document ID
- mei-dfs-2026
- Published UTC
- 2026-07-30T22:19:48Z
- Projects
- caldeira_project
- Commodities
- rare_earths
Annual Report to Shareholders (transitional six-month period to 31 December 2025)Results · HighExtracted
Transitional six-month report to 31 Dec 2025 (after year-end change from 30 June): loss A$13.9m, cash A$32.4m, net assets A$53.9m, shares 2,643,515,729; comparatives for FY2025 restated.
- Document ID
- mei-transitional-annual-2026
- Published UTC
- 2026-03-26T06:58:46Z
- Projects
- caldeira_project
- Commodities
- rare_earths
Annual Report to Shareholders, year ended 30 June 2025Results · MediumExtracted
FY2025 annual report: loss A$36.5m as first reported, cash A$11.0m at 30 June 2025, net assets A$8.4m as first reported (later restated in the transitional report).
- Document ID
- mei-annual-2025
- Published UTC
- 2025-09-24T08:50:41Z
- Projects
- caldeira_project
- Commodities
- rare_earths
PFS Confirms Caldeira as a Strategic, Long-life REE ProjectStudy · MediumExtracted
Superseded Pre-Feasibility Study (21 July 2025): capex US$443m incl. 25% contingency, post-tax NPV8 US$488m at consensus pricing, 20-year mine life.
- Document ID
- mei-pfs-2025
- Published UTC
- 2025-07-20T22:51:41Z
- Projects
- caldeira_project
- Commodities
- rare_earths
Evidence facts12
29318000 AUD
2026-09-3035000000 AUD
2026-10-06145.9 Mt
2026-07-1637762553 AUD
2026-06-3032386897 AUD
2025-12-3120524991 AUD
2025-06-308433784 AUD
2025-06-30847 USD m
2026-06-30498.4 USD m
2026-06-30151.1 Mt
2026-07-310.0207 LYC/MEI
2026-10-013060127368 shares
2026-10-01Conflicts requiring judgment2
- book_equity at 30 June 2025 (A$)
Transitional report restated the 30 June 2025 comparative (net assets A$20.5m vs A$8.4m originally); restated figure used, original kept as superseded.
- Probable ore reserve (Mt)
DFS of 31 July 2026 states 151.1Mt, 3.5% above the 16 July 146Mt; DFS mine plan ore mined (151,071kt) matches the later figure. 16 July figure superseded.