Meteoric Resources’ recent Preliminary Feasibility Study for its Caldeira Rare Earth Project in Minas Gerais, Brazil, outlines a robust technical and economic case for a large-scale, low‐cost rare earth operation. The study confirms the project’s potential as one of the world’s largest ionic clay rare earth deposits, with a maiden Ore Reserve estimated at 103 million tonnes at an average total rare earth oxide (TREO) grade of about 4,091 parts per million. Extensive drilling—over 57,000 metres—and metallurgical testwork conducted with the assistance of ANSTO underpin a resource base that includes measured and indicated categories totaling roughly 666 million tonnes at 2,685 ppm TREO. The project design features a 20‐year mine life and a processing capacity of 6 million tonnes per annum, which is expected to produce nearly 271,687 tonnes of TREO over its life. The study highlights a streamlined extraction process based on ammonium sulfate leaching under mildly acidic conditions that achieves rapid recovery within 30 minutes. Reported recoveries average around 55% for TREO and 71% for magnetic rare earth oxides, with operating costs estimated at US$8.91 per kilogram of TREO for the early years and slightly higher when averaged over the full life of the mine. Capital expenditure is estimated at approximately US$443 million, inclusive of a significant contingency, which underpins a financial model showing a pre-tax net present value (NPV8) of US$821 million at broker consensus pricing and an internal rate of return approaching 28% before tax with payback in under three years. Supporting this promising financial profile, the project benefits from strong government backing in Minas Gerais, with formal designations as a priority initiative and commitments to facilitate permitting and environmental approvals. The study also gives strong emphasis to sustainability, noting that 100% of the project’s power requirements will be met through renewable energy sources and that water and waste management practices have been carefully designed to minimize environmental impact. In addition, strategic off-take commitments and early-stage Memoranda of Understanding with major industrial players enhance the project’s market prospects, particularly as global demand for non-Chinese sources of rare earths intensifies. From a sentiment perspective, there is considerable bullish momentum given the project’s high-grade resource, low operating costs, rapid payback period, and strategic positioning within secure and diversified rare earth supply chains. Recent off-take arrangements and robust government support provide added confidence in the project’s ability to meet market demand for rare earth elements used in electric vehicles, wind energy, and defense applications. On the other hand, while the long-term fundamentals are strong, the project’s success is sensitive to fluctuations in rare earth prices and execution risk. Complexities in securing environmental permits and mining licenses in Brazil remain a challenge that could potentially impact timelines and cost assumptions. Overall, the study positions the Caldeira Project as a potentially transformative asset in the global rare earth market, with a blend of technical robustness, competitive economics, and sustainability credentials that make it an attractive prospect for long-term investors while highlighting some inherent risks associated with regulatory and market volatility.