Each one in plain English, with the numbers worked through for a shareholder.
24 Apr 2023asset acquisition disposition▲ GoodMajor
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.
20 Apr 2023security holder rights change● Neutral
Notice that listed MEIO options, exercisable at $0.024, expire 5pm WST on 28 May 2023, with quotation ending 22 May. Holders must exercise by then or lose them. Exercising would bring cash into the company; no amount stated.
20 Apr 2023regulatory community update▲ Good
Analysis of 12,941 historic samples shows low uranium (17ppm) and thorium (64ppm) in the Caldeira clay zone, and low levels (21ppm U, 22ppm Th) in test rare earth carbonate. Addresses a radioactivity concern ahead of the maiden resource.
12 Apr 2023asset acquisition disposition▲ GoodMajor
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.
12 Apr 2023investor presentation● Neutral
April investor presentation repeats the Caldeira case: 85% of historic holes ended above 1,000 ppm TREO, with 43% and 58% recoveries. States cash of about A$18.5M after the Caldeira payment and 1,734.1M shares on issue. No new results.
11 Apr 2023admin correction● Neutral
Caldeira completion, due 10 April with a US$5M payment and 100M performance shares to Togni, was extended one day to 11 April because 10 April was a public holiday. Administrative only.
4 Apr 2023capital raising announcement● NeutralMajor
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.
What it means for a shareholder
200m new shares at $0.125 to raise about $25.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
3 Apr 2023material agreement termination▼ BadMajor
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.
20 Mar 2023director officer appointment▲ GoodMajor
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.
13 Mar 2023material agreement▲ GoodMajor
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.
13 Mar 2023half year report▲ Good
Half-year to 31 December 2022 shows a net profit of $26.9M and net assets of $28.9M, up from $1.7M at June 2022. Cash was $2.75M. The profit is not explained in the text provided (inference: likely linked to the Juruena sale).
23 Feb 2023drilling result● Neutral
Palm Springs RC assays: best was 5m at 19.7 g/t gold from 9m at the new Mt Bradley target; syenite holes north of Butchers Creek were modest (best 13m at 0.69 g/t). A 3-5,000m RC program is planned after the wet season, starting with Golden Crown.
17 Jan 2023drilling scheduled▲ Good
Diamond drilling at Caldeira to start the week of 23 January: 25 holes, 20 twinning historic auger holes and 5 on undrilled licences, to test depth below the old 20m maximum. A maiden JORC resource is targeted for early Q2 2023.
20 Dec 2022flow test result▲ Good
Review of 2019 testwork on the Caldeira project found rare earths can be washed off the clay with ammonium sulphate, confirming it as an ionic adsorption clay deposit. Average recovery was 58% for Pr+Nd and 43% for Tb+Dy. Historic, preliminary work; ANSTO engaged for future tests.
16 Dec 2022asset acquisition disposition▲ GoodMajor
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.
16 Dec 2022other● Neutral
ASX notice that Meteoric's trading suspension will lift immediately after the Caldeira acquisition announcement. Administrative notice with no new information.
12 Dec 2022other● Neutral
At the company's request, ASX suspended trading from 12 December 2022 pending an announcement about a material acquisition. It follows a trading halt granted on 8 December. Suspension to last until the announcement or 15 December.
28 Nov 2022drilling result● Neutral
Seven RC holes (1,098m) completed at Palm Springs; assays due early 2023. Syenite with about 5% sulphides was hit north of the Butchers Creek pit. Golden Crown could not be drilled because of flooding and is left for 2023.
24 Nov 2022director officer appointment● Neutral
Non-executive director Shastri Ramnath resigned on 24 November 2022, having joined the board in 2017. No reason given. Board now Burke, Tunks, Kitto and de Carvalho.
14 Nov 2022drilling spud● Neutral
A 1,000m RC drill program began at Palm Springs, testing IP anomalies north of the Butchers Creek pit, at the tailings dam and at Mt Bradley. Eight holes are planned, taking about two weeks. Golden Crown is not in this program.
5 Oct 2022asset acquisition disposition▲ GoodMajor
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.
5 Oct 2022admin correction● Neutral
Re-release of the 5 October Juruena completion notice. The only change is the wording of who paid the first US$2.5M ("received from" Alchemist rather than "received by"). Terms are unchanged.
21 Sept 2022annual report● Neutral
Annual report for the year to 30 June 2022. Names Juruena and Palm Springs as the key gold assets and lists Andrew Tunks as non-executive director. The visible text recaps earlier drilling and a 319koz resource figure, which differs from the 355koz restated in June 2022.
21 Sept 2022drilling result▲ Good
IP survey (six lines, 4,490m, to about 200m depth) found chargeability anomalies along strike of Butchers Creek, Golden Crown and Faugh-a-Ballagh, plus new targets at Mt Bradley and north of the tailings dam. An RC drill program is being designed. No gold assays yet.
21 Sept 2022admin correction● Neutral
Appendix 4G and corporate governance statement for the year to 30 June 2022, lodged with the annual report. Compliance paperwork with no new operating or financial information.
14 Sept 2022asset acquisition disposition▲ GoodMajor
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.
8 Sept 2022joint venture update● Neutral
Juruena sale pre-conditions deadline extended a further week to 14 September 2022. Second delay in a row to completion; no other change stated.
31 Aug 2022joint venture update● Neutral
Juruena sale pre-conditions deadline extended one week to 7 September 2022. Completion and the first US$2.5M payment are delayed; no other terms changed.
15 June 2022drilling scheduled● Neutral
2022 field season starts at Palm Springs: IP survey this week, followed by about 2,000m of reverse circulation drilling at Butchers North and Golden Crown. Resource restated at 5.7Mt at 1.94 g/t for 355koz. Brazil sale described as moving towards completion.
3 June 2022asset acquisition disposition▲ GoodMajor
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.
