Meteoric Resources NL announced that field based due diligence check sampling programs are progressing with re-sampling of selected historic coarse rejects and pulps complete and sent for assay, and with diamond drilling to commence in approximately 10 days. Meteoric have executed a contract with a local service provider, Thrust Drilling. The Company's diamond core drilling program will start in late January.

Twenty holes are designed to twin historic auger holes drilled by previous explorers JOGMEC between 2016-2019. All new holes will be drilled deeper than the original historic holes into unoxidised granite to ensure full mapping and documentation of the extensive regolith profile that hosts the REE mineralisation. The new diamond drilling will serve multiple purposes:- Geostatistical comparison of downhole grades between diamond holes (new) and old auger holes; all new assays will be completed at the SGS-Geosol laboratory, located in Vespasiano, Minas Gerais by ICP-MS. Drill beyond the current base of drilling (max depth 20m average depth 10m) until granite basement is intersected to collect data on the thickness of the clay zone and the depth to which REE mineralisation is present.

Provide sample material for metallurgical testwork across 6 licenses - previous testwork was only completed at Capo do Mel Prospect; and To characterise the weathering profile and rock conditions to determine the optimum drilling method for any detailed resource drill out. The auger holes for twinning were selected to represent all 6 prospects, with an emphasis on holes that finished in strong mineralisation. The Company has formally engaged with the Australian Nuclear Science Technology Organisation (ANSTO) to devise and conduct a series of metallurgical recovery tests on the Caldeira Project ores.

Sample material will be collected from all drillholes in the upcoming diamond drill program and after logging will be split into 2 fractions. Fraction 1 will be sent to SGS-Geosol laboratory in Vespasiano, Minas Gerais Brazil for analysis by ICP-MS. Fraction 2 will be packed and sent to ANSTO at Lucas Heights in NSW where they will undergo a series of mineralogical and metallurgical tests to assess any metallurgical variability across the system and to optimize REE recoveries. The Company has previously reported the preliminary metallurgical testwork completed on the Caldeira Project by JOGMEC.

The results show that excellent REE desorption was achieved using a standard ammonium sulphate [(NH4)2SO4] solution at pH 4 and crucially confirms that the high-grade Caldeira Project is an Ionic - Adsorption Clay REE Deposit. BNA Mining Solutions (BNA) have been involved as the competent group overseeing previous exploration at the Caldeira Project and are a well-known resource and mining consultancy based in Belo Horizonte in the state of Minas Gerais, Brazil. Historic data collected by previous explorers, JOGMEC includes: 13,037 whole rock analyses collected from 1,311 auger holes drilled across 6 licences of the Caldeira Project.

Rigorous procedures including the use of duplicates, blanks and standards were followed during the historic exploration. Work has already commenced on validation of the historical database and QAQC on the data. A Maiden Resource Estimate for the Caldeira Project reported under the JORC Code (2012) will be available in the second quarter of 2023.

As part of the Due Diligence assessment a total of 31 drill holes from JOGMEC's 2016-2019 drilling program were resampled, 315 pulp samples were collected from 23 drill holes and 109 samples of original unprocessed sample were collected from 8 drill holes, completing 424 samples. The resampling of historical course rejects from the auger drilling and pulps from the laboratory was designed to cover all the targets previously drilled.