Meteoric Resources

Lynas Rare Earths agrees a binding scheme to buy 100% of Meteoric, at 0.0207 Lynas shares per Meteoric share, about A$0.286 each (68.4% premium) and A$968M in total. The board unanimously recommends it, subject to no superior proposal and an independent expert's view. Shareholder and court approval are still required.

business combination

Definitive Feasibility Study released: initial capex US$498M (PFS US$443M); at forecast prices pre-tax NPV8 US$4,249M and IRR 61%, at spot US$1,416M and 32%. Reserve revised to 151Mt at 3,524ppm TREO. Installation licence still expected Q4 2026; final investment decision follows licence and financing.

other

Non-binding memorandum with POSCO International (Korea) for up to 30% of Caldeira output for up to seven years. POSCO would explore equity investment and help access Korean export credit financing. Adds to the Neo and Ucore offtake MOUs; nothing binding yet.

material agreement

Updated Probable Ore Reserve for the DFS is 146Mt at 3,546ppm TREO, up 42% in tonnes from the July 2025 PFS's 103Mt, with grade down 13%. Contained TREO rises 24% to 517kt, covering a 20-year mine life at 6Mtpa.

resource reserve update

Updated global resource is 1.6Bt at 2,317ppm TREO, up from 1.5Bt at 2,359ppm. Measured resources rise 246% to 128Mt at 2,815ppm after infill drilling at the southern licences feeding the DFS. Measured plus Indicated is 703Mt at 2,617ppm.

resource reserve update

State agency FEAM completed its site inspection in late May; its field report is pending. Federal agencies confirmed no radiological risk. Installation licence is now expected early in the December quarter 2026, later than the June 2026 estimate, with a final investment decision after.

regulatory community update

Togni, Caldeira joint venture partner since December 2022, assigns the main production tenements (Capao do Mel, Soberbo, Figueira) to Meteoric. In return Togni gets a board nomination right and an option over up to 30% of MREC output on five years' notice.

material agreement

Firm commitments for a A$40M placement of about 235M shares at A$0.17, nil discount to last close, to fund the DFS, licensing, pilot plant and infill drilling. Pro-forma cash is about A$58M, versus A$32.4M at December. Not underwritten.

capital raising announcement

Installation (construction) licence application lodged with state agency FEAM, the second of three licensing stages. It follows the December preliminary licence and includes the environmental control plan. This meets the early-2026 lodging target; approval is still pending.

regulatory community update

Pilot plant reaches nameplate output of about 2kg a day of mixed rare earth carbonate, with 70% magnet rare earth recovery matching ANSTO's piloting. Dysprosium and terbium recoveries beat ANSTO's. Samples now go to offtake partners for qualification.

production update

Export Finance Australia gives a non-binding, conditional letter of support for up to US$50M (~A$77M) toward Caldeira, tied to Australian contractors. It adds to the US$250M EXIM letter of interest; neither is binding, and BNDES talks continue.

debt financing

Preliminary environmental licence approved without restriction by unanimous council vote on 19 December, resolving the November postponement. Construction licence is expected to be lodged early 2026, with approval estimated June 2026. Final investment decision now targeted by mid-2026.

regulatory community update

First mixed rare earth carbonate produced at the Poços de Caldas pilot plant, as scheduled for early December. All unit processes commissioned on low-grade clay, with 100% process water recycled. Moves to ~4,000ppm TREO ore next; data feeds the DFS.

production update

The 28 November state council vote on the preliminary licence was postponed because the state environmental agency (FEAM) asked for more time to answer federal prosecutor questions. Meteoric says it has already supplied the answers. New vote is targeted for 19 December. This delays the earlier December-quarter licence expectation.

regulatory community update

Shares are suspended at the company's request, pending an announcement responding to media speculation about the preliminary licence approval process. Suspension lasts until the announcement or the start of trading on 1 December.

listing compliance notice

Finalises the 2023 purchase of 21 mining licences (49km2) in the southern Caldeira area, keeping total value at US$11.5M. Cash falls from US$7M to US$3M and shares rise from US$1M to US$5M (50M shares at US10c). Licences sit between Capão do Mel, Soberbo and Figueira.

asset acquisition disposition

Signs two contracts with CEMIG, the Minas Gerais state utility, to build a 29km 138kV power line to Caldeira. Initial contracted demand is 16MW (capacity 107MW); Meteoric's share of cost is BRL2.4M (A$0.7M). CEMIG handles permitting.

material agreement

The conservation-area council has now consented to operations in the buffer zone around the Pedra Branca area. Resolves the August voting dispute. The company says all municipal consents for the preliminary licence are secured and no delay is expected. Pilot plant commissioning slips to late November.

regulatory community update

A Pedra Branca conservation-area council vote on buffer-zone consent for Caldeira went against the project. The company says one member voted against his body's instructions, and Caldas City Hall has declared the vote invalid and is reviewing it. The state EPA says the licence timing is not affected.

regulatory community update

Firm commitments for an upsized A$42.5M placement of about 304M shares at A$0.14, a 9.7% discount to the last price. Pro-forma cash is about A$53.5M. Funds the DFS, pilot plant and permitting; FID now targeted for 2026, not late 2025.

capital raising announcement

Pre-feasibility study books a maiden Probable Ore Reserve of 103Mt at 4,091ppm TREO. Pre-production capex is US$443M (up 10% from scoping), pre-tax NPV8 US$821M at consensus pricing, IRR 28%, throughput 6Mtpa. Replaces the scoping study's US$1,403M NPV8 and 40.4% IRR.

resource reserve update

Meteoric signs a 12-month non-binding MOU with MTM to explore Flash Joule Heating for refining its rare earth carbonate. A single unoptimised test lifted magnet rare earths from about 30% to 72% of the total. MTM is barred from similar Brazil clay deals without Meteoric's consent.

material agreement

Maiden Barra do Pacu resource of 389Mt at 2,204ppm TREO, including 77Mt Indicated at 2,917ppm, takes the global Caldeira resource to 1.5Bt at 2,359ppm. It will go into the upcoming PFS. Follows the December 2024 drilling results.

resource reserve update

Resource update for Dona Maria 1 & 2 and Cupim Vermelho Norte lifts the Caldeira global resource 50% to 1.1 billion tonnes at 2,413ppm TREO. Measured and Indicated rises 91% to 589Mt. Resolves the pending northern update; Barra do Pacu to follow.

resource reserve update

Aircore drilling at Agostinho, in the north of Caldeira, returned up to 19,183ppm TREO, with magnetic rare earths averaging 30.4% of the total versus the 23.1% resource average. Mineralisation averages 28.4m thick. Eight of 69 licences are now infill drilled.

drilling result

Aircore drilling at Barra do Pacu, just south of the Capão do Mel starter pit, hit up to 7,998ppm TREO, with mineralisation averaging 27m thick. Not in the resource or the coming PFS mine plan; seen as upside for the later definitive study.

drilling result

Sale of the Palm Springs gold project to WIN Metals completed. Meteoric received A$1M cash and A$1.75M of WIN shares (12-month escrow); A$1M is due after 18 months and A$1.25M at 20,000oz of gold. Resolves the pending sale; total up to A$5M.

asset acquisition disposition

CFO Stuart Gale, who joined in April 2024, is promoted to Managing Director and CEO on a A$450,000 salary, with performance rights tied to feasibility, funding and construction. Andy Thomson becomes CFO. Nick Holthouse stays to focus on Caldeira project delivery.

director officer appointment

Scoping study updated to include Figueira high-grade tonnes: pre-tax NPV rises 14% to US$1,403M, IRR 40.4%, payback 2.2 years, and the mine schedule is now 100% Measured and Indicated. Spot-price IRR is 22%. PFS now due second half FY2025.

other

The share purchase plan drew only A$420,046 of applications, so a further A$3M was placed to investors at the same A$0.11. Total new shares are about 31M. Pro-forma cash is about A$44M. Completes the 26 July raising.

capital raising announcement

Conditional agreement to sell the Palm Springs gold project in WA to WIN Metals for up to A$5M: A$1M cash and A$1.75M in WIN shares at settlement, A$1M after 18 months, and A$1.25M at 20,000oz of production. Leaves Meteoric focused on Caldeira.

asset acquisition disposition

Non-binding MOU with Ucore Rare Metals for offtake of at least 3,000t TREO a year of Caldeira mixed carbonate to its planned Louisiana plant. A binding agreement is still to be negotiated. This is Meteoric's second offtake MOU after Neo in May.

material agreement

Figueira resource grows 238% to 170Mt at 2,766ppm TREO, with 138Mt Indicated. Caldeira's global resource rises to 740Mt at 2,572ppm, with 308Mt Measured and Indicated. Pre-Feasibility Study on the three southern licences is scheduled for December 2024.

resource reserve update

Raising A$27.5M via placement of about 250M shares at A$0.11, an 8.3% discount to the last close, plus a up-to-A$5M share purchase plan at the same price. Pro-forma cash about A$41M, to fund a PFS, demonstration plant and approvals. This dilutes existing holders.

capital raising announcement

Scoping study (Ausenco) for Caldeira: 20-year life, 5Mtpa, initial capex US$297M excluding 35% contingency, average operating cost US$7.00/kg TREO. Funding of about US$400M would likely be needed, with no processing contracts yet secured. Delivers the late-June study promised earlier.

other

Capão do Mel resource upgraded, with 85Mt Measured and Indicated at 3,034ppm TREO, including a 36Mt high-grade core at 4,345ppm. Caldeira's global resource rises to 619Mt at 2,538ppm TREO (from 545Mt). The core supports targeting feed above 4,000ppm early on.

resource reserve update

Environmental Impact Statement for the southern licences (Soberbo, Capão do Mel, Figueira) lodged with Minas Gerais regulator about 3 months ahead of schedule. Construction licence still targeted Q4 2025; the company cites 89% community acceptance. Capão do Mel update due June, scoping study late June.

regulatory community update

Soberbo resource up 150% to 229Mt at 2,601ppm TREO, including the project's first Indicated resource (86Mt at 2,730ppm). Caldeira's global resource rises 33% from 409Mt to 545Mt at 2,561ppm TREO. Capão do Mel update and scoping study due soon.

resource reserve update

Non-binding MOU with Neo Performance Materials for offtake of 3,000 tonnes TREO a year of Caldeira mixed carbonate, with first refusal on volumes above 6,000 tonnes a year. A binding agreement is still to be negotiated; production aimed for second half 2027.

material agreement

Meteoric received a non-binding Letter of Interest from the US Export-Import Bank for a potential facility of up to US$250M, for US-origin equipment, goods and services. Subject to EXIM board approval and due diligence; the final investment decision is targeted late 2025.

debt financing

ANSTO produced Caldeira's first saleable mixed rare earth carbonate (57.3% TREO, 98% purity) using the AMSUL wash at pH 4. Recoveries improved: Pr 74%, Nd 73%, Dy 50%, Tb 53%. Result comes from a 25kg sample; further optimisation continues.

well test result

Diamond holes outside the 409Mt inferred resource hit thick clay mineralisation, led by 143m at 6,406ppm TREO in PIADD001 with elevated terbium and dysprosium (110ppm). Resource updates are due from Q2 2024; the environmental impact statement is due this year, with construction permits targeted late 2025.

drilling result

First results from the company's own aircore rig: 277 Soberbo holes include 17m at 6,686ppm TREO. Mineralisation averages 16.2m deep versus 9.3m in historic auger holes (77% deeper). A Soberbo resource re-estimate (currently 92Mt at 2,948ppm) follows once assays are in.

drilling result

Sale of the Juruena gold project to Keystone completed, with the US$17.5M (A$27.65M) balance received on the original US$20M terms. It reverses the April 2023 termination. Cash rises to about A$35M after ~A$0.55M costs, funding drilling, the scoping study and a pilot plant.

asset acquisition disposition

Ausenco awarded the Caldeira scoping study, to Class 5 cost-estimate standard, due Q1 2024. It covers the three southern licences (Figueira, Capão do Mel, Soberbo) on the 409Mt inferred resource. A reserve update is expected Q3 2024.

contract award

First ANSTO leach results on nine cores across the six deposits show magnet rare earth extractions of 79-88% over thick intervals, e.g. 84% over 24.8m. This backs up the earlier 2019 testwork, with the precipitation phase due early 2024.

well test result

Results from 22 diamond holes include 149.5m at 8,912ppm TREO in hole CVSDD001, outside the resource, the best intercept yet. A 52m zone averages 12,692ppm, with heavy magnet rare earths 4-5 times resource grade. A 60,000m aircore program has begun.

drilling result

Non-binding Cooperation Agreement with Minas Gerais state and Invest Minas gives Caldeira priority status and help with approvals. Alger is engaged for the environmental impact study. Agreed indicative timeline is 24 months to a Construction Licence.

material agreement

Assays from 27 diamond holes show high-grade rare earths continue below the maiden resource, e.g. 31.2m at 3,769ppm and 58.3m at 2,449ppm. Mineralisation reaches 36m at Capão do Mel and 56m at Figueira, so a future resource could grow. Drilling now expanded to regional targets.

drilling result

Binding option to acquire rare earth rights on 18 licences (20.5km2) west of Figueira, lifting total area to 193km2. Pays US$200k for 120-day exclusivity, then a three-year option, and US$1.5M if it acquires the rights.

farm in farm out agreement

Maiden Caldeira resource of 409Mt at 2,626ppm total rare earth oxide (1,000ppm cut-off), all Inferred, with 24% magnet rare earths. Drawn from shallow holes averaging 6.9m, so open at depth. Fulfils the late-April target; 100,000m drilling to start mid-year.

resource reserve update

Binding deal to acquire 21 more licences next to Caldeira, covering 49km2 and lifting its area 40% to 172km2. Costs US$500k exclusivity, US$3M on transfer, US$4M plus US$1M shares after one year, US$3M after two years, and a 1% royalty.

asset acquisition disposition

Caldeira acquisition completed: 21 mining licences and 9 applications. Meteoric keeps 100% of Juruena after Keystone's default and is considering its options. Pat Burke resigned as director. Over 100,000m of drilling is planned over 12-18 months; maiden resource due end of April.

asset acquisition disposition

Firm commitments for a $25M placement of 200M shares at $0.125, a 13.8% discount to last close, replacing the failed Juruena money. It funds the US$5M Caldeira completion payment and 2023 work. Andrew Tunks becomes Executive Chairman; Burke steps down to non-executive.

capital raising announcement

Keystone failed to pay the final US$17.5M for Juruena on 31 March and gave no date for payment, so Meteoric terminated the sale. It keeps the US$2.5M already paid. This reverses the earlier expectation that this money would fund Caldeira, and a capital raising is now planned.

material agreement termination

Nick Holthouse, formerly COO of Hastings Technology Metals, appointed CEO from early April, subject to Caldeira completion, with a $320,000 salary. He is intended to become Managing Director within 6 months. Performance rights are tied to resource size targets.

director officer appointment

Definitive agreement signed with Togni to acquire Caldeira, with Togni to be issued 100M performance shares and the first US$5M payment on completion. Re-assays of 398 samples matched the original results. Completion was to follow the 31 March Juruena payment; maiden resource due late April.

material agreement

Binding agreement to acquire the Caldeira ionic clay rare earth project in Minas Gerais, Brazil (30 licences), from Togni S/A. Prior auger drilling reported intersections such as 20m at 8,924 ppm TREO. Diamond drilling planned for January 2023. Purchase price not shown in the text provided.

asset acquisition disposition

Juruena sale completed. US$2.5M (A$3.78M) received; the final US$17.5M (A$26.5M) is now due by 31 March 2023, later than the 31 January 2023 date set on 14 September. Company says cash will fund Palm Springs exploration and wider acquisitions.

asset acquisition disposition

Juruena sale restructured: US$2.5M on completion and US$17.5M on 31 January 2023, instead of three instalments over 12 months. Meteoric gives up the capped US$2M royalty. Conditions deadline now 23 September, completion targeted 30 September 2022.

asset acquisition disposition

Agreed to sell the Juruena Gold Project (387koz) to Keystone Resources for up to US$22M (~A$30M): US$2.5M at completion, US$7.5M after 6 months, US$10M after 12 months, plus capped royalty. MD Andrew Tunks steps down to non-executive; CEO search begins. No shareholder vote needed.

asset acquisition disposition

First metallurgical tests on Butchers Creek (Palm Springs) core show 96.4% gold dissolution after 24 hours using simple whole-of-ore leaching, suggesting a low-cost processing route. Feeds the Scoping Study due Q1 2022. Note: gravity figures were later revised (see 9 Feb 2022).

other

Raising $1.7M via a placement of 100M shares at $0.017, with 1-for-5 attaching options at $0.024 expiring 28 May 2023. A fully underwritten share purchase plan for up to $1.02M follows on the same terms. Funds go to Juruena and Butchers Creek studies; the company is also doing due diligence on other gold projects.

capital raising announcement

Juruena deep drilling (3 holes, 2,421m) confirmed a porphyry system but not an economic discovery; JUDD043 had 640m at 206 ppm copper. The company will seek a major partner for the porphyry and has started a Juruena gold Scoping Study with GE 21 and mining licence applications.

drilling result

First 2021 Palm Springs assays confirm thick gold zones at Butchers Creek: BCRD483 57m at 1.6 g/t, including 18m at 3.1 g/t; BCRD484 32m at 1.4 g/t. Company will now start a Scoping Study (open pit and underground); remaining assays due October.

drilling result

Dr Marcelo De Carvalho, a Brazilian geologist who has worked on Juruena since acquisition, joins the board. JUDD043 finished at 820m with molybdenum and copper sulphides over 600m of core; first assays due August; a further 5,000m of porphyry drilling planned.

director officer appointment

Juruena resource lifted 50% to 387,000oz at 6.3 g/t Au (from 261koz in 2016), with Indicated up 170% to 156,800oz at 17 g/t. Delivers the promised update; company plans a Scoping Study update and mining licence application. Combined with Palm Springs, about 750,000oz.

resource reserve update

Maiden Palm Springs resource: 5.6Mt at 2.0 g/t for 357,000oz gold, 139,000oz of it Indicated, at Butchers Creek and Golden Crown. Resolves the maiden-resource aim; pit dewatering has stopped as no longer needed. A further upgrade is planned after current drilling.

resource reserve update

The 2021 Palm Springs drilling began in May: 10 holes for about 3,800m of RC and diamond drilling at Butchers Creek, aimed at the gold-rich fold hinge and 160m of extension southwest. Forecast to take 6 weeks; feeds resource and mining studies from Q3/4 2021.

drilling spud

Final seven Palm Springs holes returned, best 25m at 2.46 g/t in BCRD480, completing the 26-hole 2020 program. Gold is confirmed over 360m southwest of the pit. 2021 plans step-out drilling and infill for a maiden resource estimate.

drilling result

Meteoric is starting a first 3-hole, about 3,600m diamond program at Juruena in early February, rig already on site. It tests the IP chargeability anomaly, whose top is modelled 500m deep, for a possible copper-gold porphyry.

drilling spud

Placement of 70.2M shares at $0.057 to raise $4M, a 9.5% discount to the last price, with one free three-year $0.10 option per two shares. Tolga Kumova takes $1M; a Keith Biggs-led syndicate $2M. Funds go to Palm Springs and Juruena drilling.

capital raising announcement

Deep IP survey at Juruena found a large chargeability anomaly over 2,000m long and 1,500m wide, less than 500m below surface. Company interprets it as possible porphyry copper-gold sulphides; it is untested. Drilling is planned for early 2021 after data processing.

drilling result

Second Palm Springs batch includes 69m at 4.4 g/t gold and 55m at 3.2 g/t, both with visible gold. Mineralisation is now shown over 700m of strike and remains open to the southwest. Twelve holes still await assay, due December/January.

drilling result

Sale of Midrim and LaForce to Rafaella completed for 13.05M Rafaella shares, valued at $1,174,500 at $0.09 per share. This resolves the pending sale announced in August, up from the roughly $860k first quoted. Meteoric keeps exposure via the shares.

asset acquisition disposition

First seven Palm Springs holes all hit gold, including 56m at 2.7 g/t and 45m at 2.3 g/t. Mineralisation extends 360m south of the old Butchers Creek pit and remains open. The 26-hole program finished 23 Oct; 19 holes still await assay.

drilling result

Juruena hole JUDD031 hit 14.3m at 10.2 g/t gold below the 2016 Dona Maria resource, plus 1.1m at 93 g/t. Meteoric now plans a new resource estimate for Q1 2021 and an updated scoping study. Palm Springs assays are expected late October or early November.

drilling result

First 2020 Juruena assays: JUDD024 hit 9m at 15.6 g/t gold and 1.5% copper, the best copper yet at the project. JUDD025 hit 3.4m at 10.1 g/t, over 100m below the 2016 resource. More assays are expected late September.

drilling result

Diamond drilling started at Palm Springs' Butchers Creek on 23 August, with the RC rig due the following week. It begins the 6,500m Stage 1 program (5,000m RC, 1,500m diamond) testing under the old pit. Managing Director Dr Tunks expects assays from October.

drilling spud

Meteoric agreed to sell its Canadian nickel-copper projects Midrim and LaForce to Rafaella Resources for 13.05M Rafaella shares, valued at about $860,000. Completion needs Rafaella due diligence and approvals. Treasury of cash and listed shares is put at about $6.65M.

asset acquisition disposition

Meteoric completed buying Palm Springs for $750,000 cash and 12.5M shares, escrowed six months. It covers over 12,000 ha with 60 known gold occurrences along 20km. A drilling Program of Works is lodged, with drilling expected from August.

farm in farm out completion

Meteoric signed a conditional agreement to buy the Palm Springs Gold Project near Halls Creek, WA, site of the Butchers Creek pit (52,000oz at 2.1 g/t mined in the 1990s). It adds an Australian gold project to the Brazil assets; the raising size and price are not in the excerpt.

asset acquisition disposition

Meteoric began its 4,000m 2020 diamond drilling program at Juruena on 8 June, starting at Dona Maria's southern shoot. It ends the COVID and wet-season pause; Crentes porphyry follow-up of JUDD010 (53.3m at 1.33 g/t gold) is planned next.

drilling spud

Meteoric reports over $7M cash at 31 March 2020 and says it has cut costs, with directors and senior staff taking pay cuts amid COVID-19. Juruena drilling will start when Brazil allows. It is also reviewing Australian and overseas gold and copper-gold acquisitions.

other

JUDD022 intersected 4.4m at 13.5 g/t gold from 300m, about 30m below the current Juruena resource, confirming the high-grade shoot continues at depth. Tomate hole JUDD013 hit 4.8m at 9.9 g/t. Resource stays at 261koz, with a review planned after 2020 drilling.

drilling result

Meteoric has firm commitments to raise $7M via 140M shares at 5c, a 12% discount to the last price of 5.6c. It follows the $2.7M August placement and will fund 5,000m more drilling at Juruena and 3,000m diamond plus 20,000m aircore/percussion at Novo Astro.

capital raising announcement

JUDD009 hit 1.2m at 45.83 g/t gold at the base of the Dona Maria resource (88,000oz at 12.7 g/t), showing high grade continues at depth. JUDD010 found a separate gold-copper zone at Crentes: 54.3m at 1.33 g/t gold and 0.23% copper.

drilling result

More bonanza assays at Juruena: JUDD008 returned 14m at 81.7 g/t gold, including 2.5m at 287.4 g/t, extending the high-grade zone beyond the Indicated resource. JUDD007 returned 3.5m at 15.3 g/t. Novo Astro's first hole began 2 October; 13 Juruena holes are complete.

drilling result

A GEOSOL rig has arrived at Novo Astro, with drilling due to start 2 October on the first of 21 holes (about 2,500m) across four targets. Geophysics crews are due in early November. Juruena holes JUDD12 and 13 are drilling; results for JUDD03-08 are due mid-October.

drilling spud

First Juruena assays confirm the visible gold: JUDD001 returned 20.6m at 94.9 g/t gold including 3.65m at 508.4 g/t; JUDD002 returned 4.5m at 6.20 g/t. Big River's 50m escrowed shares were released for sale to investors.

drilling result

Meteoric's first hole at Juruena, JUDD001, hit visible gold at 112.8m within a 16m wide alteration zone at Dona Maria, ending at 143.53m after a temporary halt for tool problems. No assays yet; results are expected in about four weeks. Novo Astro drilling is now expected mid-September.

drilling result

Meteoric raises $2.7m through a placement of 84,375,000 shares at 3.2c to institutional and sophisticated investors, with CPS Capital as lead manager. Funds expand drilling so Juruena and Novo Astro can be drilled at the same time. This is well above the 1c paid in the earlier raising.

capital raising announcement

The first GEOSOL diamond rig is on site at Juruena, with drilling to start by 24 July at Dona Maria and a second rig due within the week. The 26-hole, 4,700m program should take about 3 months; first samples go to the lab in early August.

drilling spud

Meteoric signs a drilling contract with Brazil's largest driller, GEOSOL, for maiden drilling at Juruena starting in July. The initial program is 26 holes for 4,700m, following up high-grade intercepts at Dona Maria and Querosene. This delivers the Q2 drilling plan, slightly later.

contract award

Meteoric completes the Juruena and Novo Astro acquisition from Crusader on the terms announced in March. Dr Tunks becomes full-time Managing Director on $276,000 a year, and heads to site to finalise drill plans for Dona Maria and Querosene.

farm in farm out completion

Meteoric offers eligible shareholders a share purchase plan of up to $15,000 each at 1c a share, capped at $750,000 (75m shares). Funds go to Juruena drilling, Novo Astro geophysics and working capital. It is part of the raising announced with the acquisition.

capital raising announcement

Meteoric agrees to buy the Juruena and Novo Astro gold projects in Brazil from Crusader for $3m: $1m cash, 50m shares at 1c, and $1.5m of shares tied to a 400,000oz resource and a decision to mine. Juruena holds 261koz gold at 6.3 g/t. This moves Meteoric from cobalt into gold.

asset acquisition disposition

At its own request, Meteoric is suspended from quotation. The company says the aim is to manage disclosure on a material acquisition; no details are given. It follows the 15 March trading halt and the weak Joyce drilling results.

listing compliance notice

Joyce maiden drilling of four holes for 492m found only narrow mineralisation, best 1.845% copper over 0.61m. The MD says results do not support the surface sampling, with gold and cobalt low. Untested eastern targets remain. Fewer holes than the 8 planned.

drilling result

A rig has been mobilised and the initial 8-hole, 500m diamond drill program started at Joyce on 11 January, targeting zones below massive sulphide outcrops. Results are expected in coming weeks. This starts the maiden drilling announced in November.

drilling spud

TopTung will not complete the purchase of Midrim and LaForce, citing market conditions and a focus on its existing portfolio. This ends the November sale, so Meteoric keeps both projects. It says it has over $2m cash net of liabilities and is assessing gold projects.

material agreement termination

Meteoric agrees to sell its non-core Midrim and LaForce nickel-copper projects in Quebec for 31.25m TopTung shares, valued at $1.53m. Completion is conditional on TopTung approvals and its acquisition of the buyer. Treasury of cash and listed shares would be about $4m.

asset acquisition disposition

Joyce is named the top priority target, with a maiden 8-hole, 500m drill program to start imminently once approvals arrive. Final VTEM data for Iron Mask, Mulligan East and Beauchamp is delayed by the contractor. The company is also reviewing projects in other commodities and places.

drilling scheduled

Mulligan maiden drilling, 11 holes for 970m, hit the targeted structures but found no major cobalt mineralisation. The company says the system lacks the scale and grade for modern mining and moves focus away from Mulligan to its other projects. It also flags unspecified, incomplete talks on further assets.

drilling result

The drill rig has reached Mulligan and maiden drilling starts immediately: 16 holes, 1,570m, targeting seven geophysical anomalies and historic workings. The company expects two to three weeks of drilling, with assays to follow. Historic results are repeated.

drilling spud

Meteoric signs a binding agreement to buy 100% of Joyce River, 4.6 km2 in north-western Ontario, a copper-cobalt-gold sulphide style new to its portfolio. Rock chips reached 0.3% cobalt, 11% copper and 8.1 g/t gold. Untested airborne EM anomalies are included.

asset acquisition disposition

Meteoric signs a binding agreement to acquire 100% of the Lorrain Cobalt Project, 4.9 km2 about 9km from the town of Cobalt, with historical cobalt-silver workings. Mapping and rock chip sampling start this week. Price terms are not in the text provided.

asset acquisition disposition

Meteoric staked the Beauchamp Cobalt Project, 160 claim cells covering 33.5 km2, 40km north-north-west of the Cobalt Camp in Ontario, held 100%. The Cross-Lake Fault runs through it. Geophysics is to start immediately; no cost is stated.

asset acquisition disposition

Meteoric agrees conditionally to buy 100% of the Gillies Cobalt Project, 11 claim blocks in Ontario's Cobalt Camp, with vendor rock chips up to 1.6% cobalt. Pays CAD$50,000 plus CAD$50,000 in shares on completion, a 2% royalty, and later instalments.

asset acquisition disposition

Meteoric sets a 2018 cobalt strategy across four 100% Ontario projects. Geophysics at Mulligan is planned for April/May with drilling from July, and Iron Mask drilling from September. Burt and Mulligan East are earlier-stage targets.

other

Preliminary metallurgical tests on the old 2000-01 Midrim core recovered up to 95% of copper and 80% of nickel in 10 minutes of flotation. Detailed testing on the fresh 2017 core, including PGEs, is next.

other

Assays from the maiden Midrim program confirm shallow high-grade copper-nickel-PGE: 22.1m at 2.38% Cu, 1.64% Ni and 2.56 g/t PGE from 28m in MR-17-01, plus 9.4m at 4.25% Cu. This follows the December drilling and confirms historical intercepts.

drilling result

Meteoric staked the Burt Cobalt Project, 9.34 km2 in Ontario, about 7km along strike from Battery Mineral Resources' Island 27 project. Three fault zones give 5.7km of strike length. Exploration is planned for Q2 2018.

asset acquisition disposition

Dr Andrew Tunks, former A-Cap Resources CEO, is appointed Managing Director, working about 3 days a week for $12,500 a month. Graeme Clatworthy steps back to non-executive director. A security incentive package needs shareholder approval.

director officer appointment

The first Midrim program finished: 15 holes for 2,270m, with thick massive sulphides (chalcopyrite, pyrrhotite, pentlandite) in hole MR-17-01. No assay grades yet; results are expected early 2018. Down-hole EM was completed on 21 holes.

drilling result

The share purchase plan closed over 3.7 times oversubscribed, with 399 applications for $4.605m against the $1.24m cap, so all were scaled back proportionally. With the earlier placement, Meteoric says it has about $5m cash.

capital raising announcement

Rock-dump grab samples at Mulligan returned up to 9.71% cobalt, 16.5 g/t silver and 14.3 g/t gold, supporting the historic high-grade showing. Soil assays are due shortly; IP survey approval expected mid-late December.

drilling result

Patrick Burke, a lawyer and corporate adviser with several ASX directorships, becomes non-executive Chairman. Neville Bassett, on the board since November 2012, resigned as chairman. A change of chair.

director officer appointment

Meteoric is raising $4.34m before costs: a $3.10m placement of 50m shares at $0.062 (5.2% discount to the 5-day average price) plus a $1.24m share purchase plan at $0.062 underwritten by CPS Capital. Funds 2018 cobalt and Midrim exploration. 30 million options also vested.

capital raising announcement

Meteoric began its first drilling at Midrim: 10 diamond holes for 1,500m, mostly twinning and testing extensions to historical high-grade intercepts. Three old holes will be reamed for down-hole EM. Metallurgical results are expected later this quarter; the company says programs are fully funded.

drilling spud

Shastri Ramnath, CEO of Orix Geoscience, joins as Technical Director from 1 October 2017. George Sakalidis will resign as director at the 2017 AGM but stay as consultant on Warrego, Tennant Creek and Webb JVs.

director officer appointment

Meteoric bought a geological database of over 1,000 documents for 7.2m shares and CAD$165,500. Its land in the belt now exceeds 118 km2 (as stated), covering 24 of the 36 targets. Reprocessing has begun, with first results expected within weeks.

asset acquisition disposition

Meteoric staked 138 claims covering 82.53 km2 in the Baby segment of the Belleterre-Angliers belt, adding 13 of the 36 electromagnetic targets and capturing the whole 4km x 1km Geoffrey anomaly. Metallurgical testing has begun, with results expected within two months.

asset acquisition disposition

Meteoric finished legal and technical due diligence and will proceed with buying Cobalt Canada, giving 100% of Midrim, La Force, Mulligan and Iron Mask. The Iron Mask claims were granted. An extraordinary general meeting on 14 August will vote on the deal.

asset acquisition disposition

Chalice's first Parakeet hole at Warrego North returned 8m at 1.74% copper and 0.42g/t gold from 249m, a discovery on ground Meteoric farmed out. The second hole hit no visible sulphide. A 3D IP survey is planned for July 2017 to guide follow-up drilling.

drilling result

Meteoric will buy Cobalt Canada, which holds rights to three Canadian cobalt and polymetallic projects (Midrim, Mulligan, Iron Mask), for 60 million shares and $30,000 cash. It plans an underwritten raising of about $1.386m at $0.011 per share. Completion depends on shareholder approval and due diligence.

asset acquisition disposition

Chalice reports its first Parakeet hole at Warrego North, on Meteoric's farm-in ground, intersected copper sulphide (chalcopyrite) in magnetite ironstone at 249-258m. The hole was still drilling toward about 350m. Assays are expected in about three weeks.

drilling progress report

Meteoric agreed a placement of 50 million shares at $0.0091 each to raise $455,000, handled by CPS Capital. Funds are for existing projects, new opportunities and working capital. Issued under the approval given at the 18 November 2016 AGM.

capital raising announcement

Radar trials at Webb interpreted undrilled targets KJ52 and KJ62 as kimberlite pipes of 4ha and 7ha. Drilled target KJ244 is reinterpreted as a 2ha pipe. Radar will help prioritise drilling of the 42 targets, now expected in the 2017 field season, not 2016.

drilling result

Meteoric farmed out Warrego North to Chalice's subsidiary, which can earn 70% by spending $800,000 within five years: 51% for $400,000 in three years, then 19% more. Chalice must drill at least one deep hole at Parakeet in year one. This resolves the open Bulletin earn-in status.

farm in farm out agreement

Latest Webb loam results add 5 microdiamonds, making 24, with about 80% in the north and two 'hot spots'. 42 untested kimberlite targets are in the cluster, with drilling expected later in 2016. Meteoric's interest is now 19% and diluting.

drilling result

Meteoric and People Post agreed not to proceed with the acquisition announced on 1 February 2016. This ends the short-lived move into delivery services; no reason is given beyond the due diligence heading.

material agreement termination

Meteoric signed a binding heads of agreement to acquire People Post, a courier and delivery app platform. This is a move outside mineral exploration. Price and terms are not visible in the text provided.

business combination

The auction sold none of the forfeited partly paid shares and raised nothing, so they will be cancelled. This ends the $0.20 call without the roughly $5.5 million it sought. The announcement quotes 27,490,014 and 27,904,014 shares inconsistently.

security holder rights change

Meteoric hired Otsana Capital as corporate adviser for 12 months from 18 November 2015. Otsana gets 15 million shares now, 11 million more on a successful transaction, plus a 1% fee on money raised and 5% on capital it introduces.

material agreement

Following non-payment of the $0.20 call due 14 October, the company will auction up to 27,490,014 forfeited partly paid shares on 25 November 2015. This shows the call raised little or nothing from holders; the shares were previously due to raise up to $5.5 million.

security holder rights change

Further loam sampling at Webb found 8 more microdiamonds, taking the total to 19, with 12 clustered in the north. 27 untested kimberlite targets lie in that cluster; drilling is anticipated in the first half of 2016. Follows the earlier microdiamond-free drilling.

drilling result

Meteoric will make a first and final call of $0.20 per partly paid share (MEICA), to raise about $5.5 million before costs. Payment is due 14 October 2015. Shares are then to convert to fully paid.

capital raising announcement

Blaze says it earned a further 20% of the Barkly joint venture by spending $350,000, lifting it to 70%. It will now sole-fund spending until a bankable feasibility study to earn a final 10%, reaching 80%. Meteoric's share falls accordingly.

farm in farm out completion

Meteoric placed 14 million shares at $0.008 to raise $112,000, with a further 30 million shares at $0.008 ($240,000) subject to shareholder approval. Funds go to existing projects, new opportunities and working capital. CPS Capital manages the raising.

capital raising announcement

A third cluster of kimberlites with indicator minerals from the diamond stability field is confirmed in the north, in an E-W belt over 10km long. It overlaps the most coherent surface microdiamond anomaly, making it a priority for further sampling and drilling.

drilling result

Webb drilling now totals 51 kimberlites from 63 targets, under 20% of the field's targets. No microdiamonds were found in drill samples, but some indicator minerals point to deep, diamond-zone sources in two clusters. Copper sulphides noted at KJ171.

drilling result

Blaze's final Bluebird phase II results: BBDD0004 hit 16m at 3.02% copper from 139m, including 4m at 6.49%. Phase II is complete. Broken ground forced two holes to be abandoned, so the high-grade gold zone is not fully tested. Blaze says this enhances resource potential.

drilling result

Bulletin Resources announces a terms sheet to earn 70% of Meteoric's Warrego North project by spending $750,000 within two years, with Meteoric free-carried. Bulletin has no minimum spend and can walk away. This is the counterparty's version of the deal.

farm in farm out agreement

Meteoric confirms the Warrego North farm-in with Bulletin Resources: Bulletin can earn 70% by spending $750,000 within two years, initially drilling the Parakeet copper-gold target. Drilling is expected within a month. Follows earlier talk of seeking a partner for Parakeet.

farm in farm out agreement

Blaze's Bluebird phase II RC results include BBRC0012: 31m at 2.48% copper from 116m, and BBRC0010: 11m at 0.98 g/t gold. A new footwall zone was identified, and five holes await diamond completion. Mineralisation remains open. Meteoric holds the underlying Barkly project.

drilling result

Seven more microdiamonds found in 73 Webb loam samples, bringing the total to 11. Six form a cluster in the north, and the drill rig has moved there. 41 targets drilled so far (over 5,000m). The company says the significance is open to interpretation.

drilling result

Chair Michael Robson and director Peter Thomas (a founding director since the 2004 listing) resigned. Neville Bassett becomes Non-Executive Chairman. The board shrinks from five to three directors. Text gives no reason for Thomas's departure; Robson cites focus on his legal practice.

director officer appointment

Meteoric agreed a conditional sale of its 90% Wilthorpe interest to Resourceful Mining Group for $405,000. Payment is due only after tenement E52/2067 converts to a mining licence. Follows earlier talk of seeking a buyer for the project.

asset acquisition disposition

Blaze has started follow-up drilling at Bluebird: up to 12 holes for 2,100m, half RC and half diamond. The aim is an initial JORC 2012 resource estimate. Continues the Bluebird thread after BBDD-2's high-grade gold.

drilling spud

Blaze's Bluebird diamond hole BBDD-2 hit 20m at 8.17 g/t gold, 0.61% copper from 157m, including 1m at 62.3 g/t gold. It sits about 85m below the earlier BBRC-5 copper hit, with mineralisation open. Blaze can still earn up to 80% of Barkly.

drilling result

Meteoric relays Blaze's report that first-stage drilling at Barkly's Bluebird prospect gave exceptionally high-grade copper and gold, open in all directions; diamond drilling has started. Actual grades are not given here. Blaze's earn-in terms are unchanged.

drilling result

GeoCrystal elected to sole-fund the second Webb earn-in, spending $1.5m for another 19%. Meteoric's interest would fall to 30% of the Webb tenements and 24% of the Mt Webb tenement. Drilling of up to 50 targets to follow.

farm in farm out agreement

First microdiamonds at Webb: one in each of 4 of 67 loam samples and one in an aircore drill sample. Indicator minerals appear in 30 samples across a 20km anomaly. Company calls results preliminary. Answers the earlier lack of microdiamonds.

drilling result

Meteoric agrees to transfer its 51% Tibooburra (NSW) interest to JV partner Awati. It gets $150,000 only on a later sale, production or Awati IPO (plus $150,000 of Awati shares if an IPO), and a 2% net royalty. Little near-term cash.

asset acquisition disposition

Meteoric farms out Barkly copper-gold to Blaze International: Blaze can earn 50% by spending $250,000 before March 2015, then 20% more for $350,000 by March 2017, up to 80% if it funds to feasibility. Resolves the farm-out talks needed to fund Bluebird drilling.

farm in farm out agreement

Meteoric will raise up to $746,345 at 2.75 cents a share: an 11.5m-share placement ($316,250) plus a 1-for-8 underwritten rights issue (about 15.6m shares, $430,095). CPS Capital is lead manager; underwriting agreement still being finalised.

capital raising announcement

Webb aircore drilling confirmed a new kimberlite field, potentially 400 sq km; five holes returned kimberlite-consistent chemistry with indicator minerals. No microdiamonds yet. Joint venture tenements doubled to 1,000 sq km; drilling resumes in September. Builds on the GeoCrystal earn-in.

drilling result

December quarter: cash $603k. Meteoric decided to divest its 51% Tibooburra interest after a review, reversing earlier plans to keep earning in. GeoCrystal's Webb deadline changed to raising funds by 1 February 2013. Bluebird drilling results repeated.

quarterly activities report

Graeme Clatworthy (Executive Director), Neville Bassett and Michael Robson were appointed to the board at the 29 November 2012 AGM, restructuring management. Sakalidis and Thomas are now non-executive; Roger Thomson no longer listed as a director.

director officer appointment

Bluebird hole BBRC-2 hit 8m @ 2.20% copper including 4m @ 3.7% from 112m, below the earlier 8m @ 1.0% intercept. The EM conductor hole BBRC-1 found no mineralisation. First high-grade copper result at the prospect; ironstone appears to widen with depth.

drilling result

Meteoric lodged a 65 sq km permit application over coarse flake graphite occurrences near Cortegana, Spain, with old workings reported at 10-20% carbon. Grant is not guaranteed. A new commodity outside its gold, iron and copper focus; no drilling or exploration yet.

asset acquisition disposition

June quarter: cash $1.167m. Meteoric stopped sole-funding Tibooburra and proposed a contributing JV to Awati, deferring RC drilling. The Webb IOCG tenements were surrendered. GeoCrystal may earn 70% of the kimberlite targets if it lists. Wilthorpe and Robinson Range are offered for sale.

quarterly activities report

Completed 204-hole, 5,815m Tibooburra drilling gave results the company calls lower grade and narrower than expected. A twin of the 20m @ 5.22 g/t hole returned 7m @ 8.08 g/t, but a hole drilled beneath it hit only 2m @ 0.93 g/t. Over 400 samples await assay.

drilling result

Meteoric is placing 11,084,614 shares at $0.065 each to raise about $720k, mainly to fund Tibooburra drilling and working capital. This lifts issued shares to 85.1m and cash plus liquid investments to $1.5m after costs.

capital raising announcement

Early Coorara holes hit shallow hematite-goethite iron: 8m @ 60.9% Fe from 10m and 8m @ 59% Fe from 14m, open at depth and to the south. Nine more targets remain in the 1,300m programme. A first encouraging result after earlier thinner intercepts.

drilling result

One-metre re-assays confirm shallow high-grade gold at Tibooburra's New Bendigo: 20m @ 5.22 g/t from 8m, including 3m @ 22.62 g/t, and 4m @ 11.33 g/t at end of hole. Zone is open to the south; an untested western trend of old diggings remains.

drilling result

First-pass Tibooburra drilling (63 holes, 2,049m) at New Bendigo returns best 16m @ 3.45 g/t gold, including 4m @ 10.40 g/t. Meteoric has met minimum spend and may earn 51%. Preliminary 4m composites; 1m re-assays pending.

drilling result

Heads of Agreement lets North Australian Diamonds earn 70% of Meteoric's rights in four Webb tenements by spending $2.5m within five years of signing an access agreement. Minimum 1,000m drilling in first two years. Resolves the earlier joint-venture plan; access still pending.

farm in farm out agreement

Meteoric has acquired a 500 sq km package of West Arunta licences over 50+ magnetic anomalies that may be kimberlite or lamproite pipes. Targets are conceptual, untested and need an access agreement; the company is considering a joint venture with a diamond explorer.

asset acquisition disposition

First Coorara RC drilling (22 holes, 1,455m) confirms goethite-hematite in the weathered zone, but thicknesses are generally lower and silica higher than surface sampling suggested. Three holes await logging; heavy rain interrupted drilling. This is a softer result than the surface samples implied.

drilling result

Meteoric places 6,000,000 shares at $0.15 to raise $0.9m via CPS Securities, with 4,000,000 free contributing shares attached. Cash and investments will be $2.1m after costs. Funds go to Coorara iron drilling and working capital.

capital raising announcement

First Webb T1 diamond hole (604m) hit no massive hematite, breccia or significant sulphides; best was 5m at 0.04% copper. Further T1 drilling awaits modelling. T4 and T5 (>5,000nT) anomalies advance, with gravity surveys and a heritage survey planned.

drilling result

Meteoric can earn 51% of 600sq km of Tibooburra goldfield tenements in NSW by spending $500,000 in three years, then 24% more for $1m. It can exit after $60,000 of sampling. Historic production was at least 60,000oz; sampling has begun.

farm in farm out agreement

Meteoric acquires 100% of licence E52/2412 next to its Robinson Range iron project, with 250,000 shares plus 1 million on transfer, and 1 million more on a mine decision or sale. First Webb T1 diamond hole (500m) has started.

asset acquisition disposition

Meteoric agrees to acquire 100% of the 148sq km Coorara iron licence in WA, with a 40km banded iron formation and no prior iron drilling. It sits along strike from a 1.05 billion tonne magnetite resource. A new iron ore thread beyond Webb.

asset acquisition disposition

Aeromagnetic surveys define three drill targets at the 2.5km-long T1 IOCG body, with holes over 500m deep needed. Drilling is due to start in the first week of June. A very strong 5,000nT anomaly at T5 is also identified.

drilling scheduled

Agreement in principle lets Black Ridge earn 60% of Meteoric's Unaly Hill South licence for $1m within three years, rising to 70% for a further $0.5m. Meteoric keeps gold and silver rights. First Webb IOCG drilling is due at the end of May.

farm in farm out agreement

Meteoric's Webb sampling could not repeat the Geological Survey's strong gold values, and 112 shallow RAB holes (1,091m) found no significant gold. That undercuts the 80sq km gold anomaly thesis. A 3km-long IOCG gravity and magnetic target now becomes the focus, with drilling envisaged for March or April 2010.

drilling result

Sipa Resources enters a farm-in with Meteoric over Tennant Creek tenements (about 150sq km). Sipa can earn 51% by spending $600,000 in three years, or 70% for $1.2m in five years. This advances Meteoric's plan to farm out non-core projects.

farm in farm out agreement

Meteoric agrees to place 9,310,000 shares at $0.20 (about $1.8m) with Indian Ocean Capital, up from $0.15 in September. A further 4,655,000 contributing shares need AGM approval. Cash and liquid investments reach $3.3m after costs.

capital raising announcement

Meteoric agrees to place 7,500,000 shares at $0.15, about $1.1m, with one contributing share for every two shares subscribed, subject to shareholder approval. This is almost three times the April price of $0.055. Cash and investments reach $1.8m.

capital raising announcement

Agreement in principle with Beadell Resources on four licences (840sq km) near Webb. Meteoric can earn 51% by spending $400,000 within three years, and up to 70% with a further $400,000. It must complete 7,000m of drilling within the first year.

farm in farm out agreement

Agreement in principle with Cazaly's subsidiary Sammy Resources on four licences near Webb with copper-gold (IOCG) targets. Meteoric can earn 70% by drilling 1,000m within three years, or 90% by issuing $300,000 of shares. Subject to native title holder consent.

farm in farm out agreement

March quarter report: agreement in principle with traditional owners for access to Webb, and a heritage agreement signed at Robinson Range. Emmerson will sole-fund Barkly, diluting Meteoric from 70%; about $950,000 spending takes it to 30%. Meteoric seeks to farm out other projects to focus on Webb and Robinson Range.

quarterly activities report

Meteoric placed 6,618,182 shares at $0.055 to raise $364,000, lifting cash and liquid investments to just over $1m. Funds are mainly for Webb gold and Robinson Range iron exploration. Fully paid shares on issue rise to 50,815,290.

capital raising announcement

Meteoric confirms priority right of application over a 10km x 8km gold anomaly at Webb in the West Arunta, WA, the largest in a 6,500sq km government survey. It applied for three licences (760sq km). Unexplored, and access negotiations are still under way.

asset acquisition disposition

September quarter report: cash is $0.8m (down from $1.7m a year earlier). Meteoric is seeking to farm out or sell the 61,600oz Wilthorpe project and farm out Warrego North and Scorpion Well, whose survey was deferred. Barkly has reached 70% earn-in.

quarterly activities report

Meteoric has reached the 30% earn-in on the Image joint venture (Scorpion Well, Mt Remarkable, Top Well) and elects to go to 51% by spending a further $200,000 by late 2010. Robinson Range suffered a setback as the Jidi Jidi Aboriginal Corporation rejected the amended heritage agreement.

farm in farm out completion

First Harrods South resource: 545,000t at 1.5g/t gold (27,000oz, all Inferred). Combined with Harrods Central, the Harrods total rises to 61,600oz. Cash is $1.7m after an investment sale; economics are being assessed given the improving gold price.

resource reserve update

June quarter report says preliminary open pit studies show a poor economic return for Harrods Central at current gold prices and costs, so deeper higher-grade drilling is planned for late August/September. Scorpion Well drilling was deferred to mid August for rig availability.

quarterly activities report

First resource estimate for Harrods Central: 712,000 tonnes at 1.5g/t gold, over 34,000oz (452,000t Indicated, 260,000t Inferred). Deeper high-grade targets starting about 120m down will be drilled when a rig is available. Open pit optimisation studies are being prepared.

resource reserve update

The 52-hole, 3,280m RC programme at Harrods Central is finished, with best results of 2m at 11.7g/t and 2m at 9.4g/t, confined to about 50m depth. Mineralisation is open to the east and south. Consultants will model a near-surface resource by end February 2007.

drilling result

Meteoric can earn up to 70% of three Image Resources gold projects (Scorpion Well, Top Well, Mt Remarkable) by spending $700,000 over six years. The first 30% needs $300,000 within two years, with a $150,000 minimum before withdrawal.

farm in farm out agreement

The close-spaced 54-hole RC programme at Harrods Central is finished, with best results of 7m at 13.4g/t and 10m at 7.1g/t. Mineralisation shapes can now be interpreted with some confidence; the two panels are under 20% of the area, and a major drill-out is likely in the September quarter.

drilling result

Placed 2,786,000 fully paid shares at $0.33 and 928,666 contributing shares at $0.05, raising $965,813. Cash and liquid investments will be about $3 million. Funds go mainly to Harrods drilling: 3,000m close-spaced RC plus RAB programmes starting early March.

capital raising announcement

Final RAB assays at the 90%-owned Wilthorpe project define a new 800m-long gold zone at Harrods South, with best results of 8m at 9.7g/t and a 1m hit of 140.5g/t. RC drilling at Harrods Central also confirmed gold, including 4m at 18.8g/t.

drilling result