The Perth-headquartered firm said it also expects to obtain a construction permit by the fourth quarter of 2025, and aims to commence MREC production during the second half of 2027.
“Ucore’s interest signals strong external market confidence in the Caldeira project’s ability to progress to a final investment decision and into production,” Meteoric CEO Nick Holthouse said.
Shares of Meteoric were down as much as 4% to A$0.096 by 0033 GMT, amid weakness across the sector.
The agreement follows Meteoric collaborating with a regional department of Brazil’s Minas Gerais state in late June to explore the production of rare earths magnets.
(By Shivangi Lahiri; Editing by Rashmi Aich)
