Meteoric Resources NL has entered into a significant collaboration agreement with MTM Critical Metals Ltd to advance a breakthrough refining process using Flash Joule Heating (FJH) technology on its Mixed Rare Earth Carbonate (MREC) from the Caldeira project in Brazil. Preliminary unoptimized tests have demonstrated that the chloride-based method can effectively extract high‐value magnetic rare earth elements—recovering around 76% of praseodymium, 65% of neodymium, 75% of dysprosium, and 81% of terbium—as chlorides ready for further processing. At the same time, the process successfully removed over 80% of low‐value elements such as lanthanum and cerium, thereby significantly boosting the Magnetic Rare Earth Oxide (MREO) content from approximately 30% to 72% of total rare earth oxides (TREO). The memorandum of understanding sets out a framework for an exclusive partnership, where both parties will assess the technical and commercial feasibility of scaling the FJH process as part of Meteoric Resources NL’s broader downstream strategy. The collaboration aims to integrate the new refining pathway into existing processing operations, explore technology licensing and joint development models, and improve engineering and process parameters ahead of the planned pilot plant at Poços de Caldas by September 2025. Future test work will also investigate the potential for converting rare earth chloride intermediates into the metals themselves. From a market sentiment perspective, the development carries both bullish and bearish implications. On the bullish side, the innovative FJH process could unlock an alternative supply chain for magnetic rare earth elements, providing a scalable method to upgrade feedstock and meet growing demand in magnet production. These positive test outcomes, along with plans for further technical refinement and pilot demonstrations, suggest considerable upside potential for the company. Conversely, there are bearish aspects to consider. The test work is still in its early, unoptimized stages, and the overall success of integrating the technology into a full-scale production process remains uncertain. Additionally, market and regulatory dynamics, including export controls on certain rare earths, may challenge the smooth deployment of this novel refining method. Meteoric Resources NL’s CEO expressed strong optimism about the partnership, emphasizing that the collaboration not only underpins the company’s commitment to pioneering scalable downstream solutions but also brings its rare earth products closer to market demands. The progress thus far indicates promising opportunities, while also highlighting the need for continued technical improvements and strategic planning as the project advances.