Meteoric Resources NL has entered into an exclusive twelve‐month collaboration with MTM Critical Metals Ltd to advance a novel refining process for rare earth elements derived from its Mixed Rare Earth Carbonate feedstock. Early test results using Flash Joule Heating (FJH) have demonstrated the potential to rapidly convert raw material into high‐value chloride intermediates. The pioneering method successfully extracted key magnetic elements such as praseodymium, neodymium, terbium, and dysprosium, while removing more than 80% of lower‐value elements like lanthanum. Notably, the process lifted the magnetic rare earth oxide content from approximately 30% to 72% of the total rare earth oxides, underscoring its promise for enhancing commercial value. The FJH tests were conducted in both Benchmark and Texas Oiltech laboratories in Houston, USA, and despite being an unoptimized single-flash run, delivered strong recoveries—up to 76% for praseodymium and 81% for terbium—while achieving substantial separation of heavy rare earth elements. The improved material processing means that less volume needs to be shipped for further refining, presenting a scalable alternative for supplying critical magnetic rare earths to Western magnet production facilities. Under the terms of the signed Memorandum of Understanding, Meteoric Resources NL and MTM Critical Metals Ltd will assess the technical and commercial merits of integrating FJH technology into the company’s downstream strategy. The collaboration is structured to explore potential technological licensing, processing fees, and joint development models while supporting scale-up and process optimization efforts. They intend to further refine the technology by increasing recovery rates of valuable components and suppressing unwanted impurities. A pilot plant scheduled for development in Poços de Caldas by September 2025 is expected to play a key role in demonstrating the technology on a larger scale and could potentially host a FJH demonstration facility. Meteoric’s Managing Director and CEO expressed enthusiasm about the partnership, emphasizing that the innovative refining pathway not only brings the Caldeira project’s product closer to end-user requirements but also creates an alternative supply chain for magnetic rare earth elements. This collaboration represents a significant step in the company’s broader strategy to enhance the value and flexibility of its rare earth supply. From a bullish perspective, the announcement signals a positive breakthrough in rare earth processing technology that could drive improved efficiency and unlock new revenue streams. The ability to significantly upgrade the feedstock and tailor the process to concentrate high-demand magnetic elements resonates well with market trends favouring innovation in critical materials supply chains. However, a bearish view remains cautious about the early stage of the technology. The current tests were unoptimized, implying further development is required before commercial deployment. Continued refinement, scale-up challenges, and the inherent risks associated with pilot plant operations mean that while the prospects are promising, investors should be mindful of potential delays or technical hurdles as the technology is further developed.