METEORIC RESOURCES NL (MEI)
Share Price Analysis and Chart

13/03/2025

1

Speculative Buy

$0.20

194.12%

Meteoric Resources' updated mineral resource estimate for Caldeira grew by 50% to 1.1bn tonnes at 2,413 parts per million (ppm), with the increase driven by drilling in three northern licences, explains Ord Minnett.

The broker's focus remains on funding the pre-feasibility and definitive feasibility studies rather than expanding resources.

The company has yet to report high-grade results from two other leases, Barra do Pacu and Agostinho, which could add further upside, according to the analysts. The pre-feasibility study is expected in the June quarter of 2025, which could act as a catalyst.

Cash reserves stood at $27m at the end of December, but with a spending rate of -$6-8m per quarter and additional commitments such as a demonstration plant in Brazil, Ord Minnett has concerns about funding before the DFS is completed.

The Speculative Buy rating and 20c target price are retained.

FORECAST
Ord Minnett forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -1.60 cents.
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.20 cents.

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

12/02/2025

1

Buy

$0.24

252.94%

Petra Capital highlights Meteoric Resources' drilling update from its Agostinho license at the flagship Caldeira project confirmed more high-grade mineralisation, and a higher proportion of valuable magnet rare earths.

The results will be included in the June quarter update, and the broker reiterates its view the economics outlined in the maiden scoping study are likely to improve in the pre-feasibility study (PFS).

The broker reminds Meteoric's selection as the only mining company in Brazil’s Climate and Ecological Transformation Investment Platform signals the potential for low-cost debt or grants.

The upcoming PFS (June quarter) may provide a catalyst and strengthen the company's case for international government funding support, the analyst believes.

Buy rating maintained and target price is 24c.

FORECAST
Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -0.60 cents.
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.10 cents.