Meteoric Resources NL announced that the Definitive Agreement for the acquisition of the Rare Earths (REE) rights comprising the Caldeira Project has been signed. The material terms of the Definitive Agreement for the Acquisition of the Rare Earth Rights comprising the Caldeira Project are as follows: Togni S/A - Materiais Refratários (and various subsidiaries and affiliates) and Etgran Mineração, Importação E Exportação De Produtos Ltda (collectively Togni) grant Meteoric the exclusive right to explore, develop and mine the Rare Earth Minerals (REE) on the 30 Licences (21 Mining Licences and 9 Mining Licence Applications) that comprise the Caldeira Project. Any Licences within a 10km radius of the outer boundary of the Caldeira Project acquired by either Meteoric or Togni shall also be subject to the terms of the Agreement.

In consideration of the grant of the exclusive right, Meteoric shall pay Togni: USD 5 million on or before 10 April 2023 (Completion), USD 5 million on or before 2 April 2024, USD 5 million on or before 2 April 2025 and USD 5 million on or before 2 April 2026, which amounts are deemed to be advance payments for (and therefore offset against) the Royalty; and Upon production commencing, and subject to the advanced payments referred to above, a 4.75% Royalty based on the REO value, and benchmarked against the FOB-China pricing published in the Metal-Pages service provided by the Argus Metals publication (Royalty). In the first four years of production, Meteoric shall pay the Royalty based on a monthly minimum of 210 tons per month (being one quarter of the envisioned production subject to studies) even if production is less than this amount. From the fifth year onward Meteoric shall pay the Royalty on a monthly minimum of 420 tons per month (being half of the envisioned production subject to studies) even if production is less than this amount.

Meteoric shall expend a minimum of USD 5 million on the Caldeira Project in the first two years, and USD 2.5 million in subsequent years. Initial expenditure shall be focused on driving Resource growth towards Reserves as fast as possible, Metallurgical Testwork, Development Studies and Plant Design. Any annual expenditure exceeding the minimum amount shall carry over to the following years.

Togni shall do all things necessary to assist Meteoric in perfecting its title to the REE.