Meteoric Resources NL (ASX: MEI) (Meteoric or the Company) encloses a replacement ASX release relating to the updated Caldeira Scoping Study released today. The updated announcement corrects Figures 2 – 7 that data had formatting issues.
Meteoric Resources NL (ASX: MEI) (Meteoric or the Company) is pleased to announce an update to the Scoping Study (Study) results on its Caldeira Rare Earth Ionic Clay Project (Caldeira Project or the Project) (see ASX release on 8 July 2024) following the updated Mineral Resource Estimate (MRE) for the Figueira deposit (see ASX release on 5 August 2024).
The financial metrics of the Project have improved with the inclusion of the high-grade Figueira resources into the Study’s 20-year mine plan increasing NdPr production and reducing operating costs. In addition, rare earth element (REE) spot prices have been adjusted, to include the current pricing (NdPr US$60/kg). All other variables contained in the Study remain in line with previous Scoping Study.
HIGHLIGHTS
Significantly improved financial outcomes throughout the Life of Mine (LOM)
Improved project economics based on a 20-year LOM, maintaining Adamas pricing forecasts (discounted by 40%) highlight the robust nature of the Caldeira Project and deliver:Increase in Pre-tax NPV8% of 14% to US$1,403MPre-tax IRR increases 6% to 40.4%Pre-tax payback of 2.2 yearsNdPr C1 Cash Cost (Opex)1 reduces by 4% to average US$16.84/kg over the first five years and US$20.41/kg LOMAt current spot prices the Calderia Project generates an IRR of 22% with a payback of 3 years.
Improved production profile with the inclusion of high-grade tonnes from Figueira
NdPr production increases by 4% to 18,109 tonnes in first five years with LOM increasing by 7% to 63,899 tonnesTotal REO production increases by 3% to 57,258 tonnes in the first five years and 7% to 193,584 tonnes LOMProject Opex reduces by 3% to an industry leading US$6.74/kg of recovered TREO in a Mixed Rare Earths Carbonate (MREC) over a 20-year LOMAnnualised production of 11.5kt TREO over first five years with LOM average production of 9.7kt TREO comprised of 33% NdPr and 1% DyTbHigher confidence in the mine schedule which is now based 100% on Measured and Indicated Resources for the LOM
Outstanding project growth potential
Extension of the currently modelled 20-year mine life is highly likely based on the current global resource estimate of 740Mt @ 2,572ppm TREO of which only 13.5% is included in the Study mine scheduleStrong scope for the expansion of future processing capacity as additional Mineral Resources are identified through further exploration successSignificant upside potential for additional high-grade mineralisation (>4,000ppm TREO) early in the LOM with 90% of project licences yet to be explored and assessed
Pre-Feasibility Study on track for completion in the second half of FY2025
Meteoric Chief Executive Officer, Nick Holthouse said,
“As expected, the addition of Figueira tonnes has further improved the financial metrics of an already outstanding low cost REE development project.
The simple combination of outstanding metallurgical recoveries and additional high-grade feed from the recently announced Figueira resource cements the Caldeira Project as a low cost, environmentally friendly producer of significance for REEs to a growing supply chain of downstream industries and OEMs.
All key work programs for the Pre-Feasibility Study, including Permitting, Engineering, and Metallurgical and Resource development continue to advance on schedule. This also Includes the recently approved scoping study level separation test work with ANSTO, important to our longer term ambitions of moving further downstream beyond Mixed Rare Earth Carbonates and into separated Rare Earth products.”
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