https://wcsecure.weblink.com.au/pdf/MEI/02816939.pdf>Capão do Mel Resource Update Doubles Caldeira Project Measured and Indicated ResourcesMeteoric just updated their Ionic Clay REE project resource. The high grade core of the higher grade Capão do Mel area alone could have 5-10 years of mine life depending on the scale that they're going for, my calculations say that they'll either go for a 10ktpd or 20ktpd process. They're planning on building the processing facility right next to the higher grade area and a scoping study should be coming out within the next few days. The global resource increased by 43.8%. Considering that the >4,000ppm high grade core is about 36Mt and the global resource is 619Mt (and likely going to grow with time), this is really going to be a generational asset once it gets into production. At 20ktpd it would take 85 years to process that 619Mt.
From what my back of napkin math tells me, at 10ktpd they should be able to produce over 2,000 tons of magnetic REEs (DyTb + NdPr) per year for ten years. By comparison, another Ionic Clay developer Aclara's PEA estimates about 1,400t of MREOs, and they estimate US$340MM in annual EBITDA for a 17 year mine life, although they base that on a basket price of about $120/kg, while at current market prices it's closer to $90/kg, and longer term "bottom" price should be about $70/kg, so take that with a grain of salt. My conservative calculation for Meteoric is that they should be able to make US$150MM in EBITDA at $70/kg, $200MM EBITDA at current prices, and $260MM EBITDA at $120/kg, annually for the first 10 years. Their total resource is 168.1Mt @ 1,510ppm TREO versus Meteoric's 619Mt @ 2,538ppm TREO. Both have similar percentages of MREOs around 23% which will be the actual payable metals.
needless to say I'm balls deep in this stock so I am biased as fuck. Best REE company in the market DESU. They already have most of the permits in hand and will be looking to begin production in 2027.
