The underground mine connection ramp is expected to improve ventilation at San Ignacio, reduce haulage times to the Bolanitos processing facility, and lower operating costs through better haulage rates. Guanajuato Silver has described the completion as a first step in the broader integration of the San Ignacio mine into the Bolanitos mines complex.

• The 267-metre underground connection ramp links San Ignacio to the Lucero area within the Bolanitos mines complex.
• Expected benefits include improved access, ventilation and reduced haulage times.
• The ramp supports the broader integration of San Ignacio into the Bolanitos mines complex.

Underground Connection Targets Better Haulage and Ventilation

The underground mine connection ramp is designed to improve access from San Ignacio to the Bolanitos processing facility. By reducing haulage distances, the company expects shorter cycle times and simpler material movement between the two operations. Guanajuato Silver plans to install a loading pocket at San Ignacio, which is intended to reduce transfer points and allow the use of larger haulage equipment.

Rick Trotman, Senior Vice-President, Mining Operations, described the completion as an early milestone in combining the two operations. “The completion of this connection tunnel is the first of many synergistic improvements that are planned as we move forward with a combined operation at the Bolanitos mines complex, which will include San Ignacio. This connection will allow us to increase ventilation at San Ignacio, while providing Bolanitos with access to mineralized material with cheaper haulage and better cycle times. As we move towards the end of the year, we will continue to methodically interconnect these operations with respect to the creation of a combined geologic model, updated resources and reserves, a full property-wide exploration plan, 2027 mine forecasts, and a new life of mine model. The amalgamation of San Ignacio into the Bolanitos mines complex has always been our plan, and now the two mines are connected underground.”

Mineralized Veins Prompt Follow-Up Drilling

During development of the underground mine connection ramp, crews encountered several mineralized structures, including veins associated with projections of the Cecilia vein system. Guanajuato Silver identified Cecilia veins #1, #3, #4 and #6 among the structures exposed during construction.

Reported assay results included Cecilia vein #4 returning 3.25 metres grading 6.02 g/t gold and 145 g/t silver, and Cecilia vein #3 returning 1.3 metres grading 2.68 g/t gold and 15 g/t silver. Analytical work was initially performed by the company’s own laboratory at the Bolanitos mine, which is not independent. Guanajuato Silver has submitted additional random samples, representing approximately 20% of analytical samples, to an independent ISO-certified laboratory for validation, though results had not been received as of the announcement date.

• Mineralized structures were encountered during development of the connection ramp.
• Identified veins include Cecilia veins #1, #3, #4 and #6.
• Cecilia vein #4 returned 3.25 metres grading 6.02 g/t gold and 145 g/t silver.
• Cecilia vein #3 returned 1.3 metres grading 2.68 g/t gold and 15 g/t silver.
• Guanajuato Silver has initiated a drilling program to investigate potential resource additions from the encountered mineralization.

The proposed development would be situated on approximately 97 acres of underutilized Army land at the depot. Under this graphite processing framework, the facility would leverage established infrastructure, existing site access and coordinated utilities planning already available within the defense installation.

• Empire State Mines would develop, finance, build, own and operate the proposed facility
• Phase I production is planned for Purified Micronized Graphite (PMG)
• Coated Spherical Purified Graphite (CSPG) is planned following customer qualifications
• The proposed lease framework contemplates an initial 50-year term with two additional 25-year renewal options
• Potential total operating tenure could reach up to 100 years, subject to the definitive Enhanced Use Lease

“Agreeing to this commercial framework with the U.S. Army is a significant milestone in Titan’s strategy to build a fully integrated American graphite supply chain. Developing within an existing Army installation provides important infrastructure and strategic advantages and creates a pathway to establish large-scale domestic graphite processing without having to develop an entirely new industrial site from the ground up.

Importantly, this is more than securing a site. The proposed framework combines long-duration site control, strategic U.S. defense infrastructure and financing flexibility with Kilbourne’s domestic natural flake graphite resource, our existing operating infrastructure and expertise in New York, and our growing customer qualification programs. Together, these elements provide a pathway to build a secure American graphite supply chain from mine through value-added purified graphite products.

With the potential for up to 100 years of site tenure, we are establishing the foundation for a long-term domestic processing platform capable of supporting U.S. defense, advanced manufacturing and energy supply chains for decades to come.” said Rita Adiani, President and Chief Executive Officer of Titan Mining Corporation.

Proposed Lease Structure and Army Procurement Rights

The graphite processing framework is designed to accommodate project financing while offering long-duration site control within strategic U.S. defense infrastructure. Under the proposed terms, the Army would hold a right of first offer to purchase certain uncommitted PMG and CSPG produced at the facility. That right would be limited to a maximum of 10 percent of annual facility production and would remain subject to applicable federal procurement requirements. This does not constitute a binding offtake agreement.

“The ability to process critical minerals on U.S. soil is a national-defense priority required for munitions, missiles, sensors, batteries, and the platforms our Soldiers depend on. Leveraging our legal authorities and land, the U.S. Army is able to help nurture and expedite the growth of critical minerals industrial base which equips and sustains America’s Soldiers without putting any taxpayer dollars at risk.” said Dr. Jeff Waksman, Principal Deputy Assistant Secretary of the Army for Installations, Energy and Environment.

The facility is intended to produce value-added natural graphite products that support U.S. defense, industrial and energy supply chains. Its placement within an existing Army installation is designed to reduce the burden of developing an entirely new industrial site.

Conditions Remaining and Parallel Developments

The definitive Enhanced Use Lease has not yet been executed. Completion of the agreement remains subject to customary conditions, including development and energy operating plans, environmental and regulatory matters, appraisal and valuation requirements, project financing, Titan Board approval, and applicable Army and Congressional processes.

• Additional site diligence continues at Pine Bluff Arsenal in Arkansas and Fort Drum in New York
• Titan is advancing the Kilbourne Graphite Project separately, including its Feasibility Study
• Customer qualification programs and commercial development activities at Kilbourne continue in parallel

The domestic graphite supply chain has drawn increasing attention as a national priority, and this graphite processing framework represents a structured step in that direction. The parties will now continue working toward execution of the definitive Enhanced Use Lease and completion of remaining project development requirements.

The lithium demonstration project combines Aramco’s subsurface expertise, developed through decades of exploration and operations, with NEDA’s integrated technology portfolio. At the core of the project is NESR’s proprietary LiThara™ platform, which brings together brine pretreatment, direct lithium extraction, and carbonation within a single modular system.

The Agreement and Saudi Arabia’s Lithium Demonstration Project

The agreement positions NESR as the technology and execution partner for what is described as Saudi Arabia’s first direct lithium extraction project. The scope covers the full process chain from brine conditioning through to the production of battery-grade lithium carbonate. Key details of the agreement and project scope include:

• The contract has an approximate value of US$200 million over up to five years.
• The project targets annual production of 2,000 tpa of battery-grade lithium carbonate.
• Commissioning and production start are planned for late 2027.
• The project is classified as a lithium demonstration project.

NESR’s regional presence in Saudi Arabia and its established field operations experience form part of the foundation for executing the project. The company reports more than 7,000 employees across 16 countries, representing over 60 nationalities, bringing operational depth to the undertaking.

Integrated Technology and Planned Production

The LiThara™ platform serves as the integrated technology backbone for the lithium demonstration project. Its modular solutions are designed to condition brine feedstock and extract lithium through a streamlined, single-process approach. The platform covers three core technology stages that together aim to deliver battery-grade lithium carbonate at competitive operating costs. The integrated LiThara™ technology portfolio includes:

• Brine pretreatment to condition raw feedstock before extraction.
• Direct lithium extraction to recover lithium from conditioned brine.
• Carbonation processing to convert extracted lithium into battery-grade lithium carbonate.
• Modular design intended to support scalable deployment across operations.

By combining Aramco’s subsurface knowledge with NEDA’s direct lithium extraction and processing capabilities, the project follows an approach designed for both technical integration and operational efficiency. The modular nature of the LiThara™ system is intended to enable rapid deployment while maintaining cost competitiveness in the production of lithium carbonate.

The Aramco 2027 Lithium Demonstration Project aims to commission and begin producing 2,000 tpa of battery-grade lithium carbonate by late 2027, leveraging NESR’s LiThara™ platform across brine pretreatment, direct lithium extraction, and carbonation stages.

However, effectively leveraging and optimizing security solutions in mining environments can be uniquely difficult, with rugged terrain, weather exposure and occupational hazards posing persistent threats to security equipment; this is especially true at remote and large scale sites.

To help management and security personnel effectively safeguard people and property, in this article, we explore industry-specific and actionable security considerations for remote and large scale mining environments that can be used to measurably improve security outcomes.

Perimeter and Access Security

Perimeter security is among the most important considerations when securing modern mines. However, the same infrastructure that can be effective at smaller sites can be impractical to leverage at remote and large scale sites due to the nature and scope of identified boundaries.

As, in most cases, it will be financially and functionally impractical to install perimeter fencing and cameras along the entire boundary of a remote or large scale site, leaders should take a layered approach to perimeter security. At highly-visible and high-risk locations, such as main entrances and transport hubs, traditional fencing, cameras and sensors will be most effective.

Along larger lengths of the perimeter, where intrusion threats are less immediate, a more cost and resource-efficient approach is to construct earthen berms to restrict access. This enables leaders to erect smaller lengths of fencing deeper into the site to block entry to targeted areas and install cameras nearer to infrastructure to help reduce installation and maintenance costs.

Cyber-Physical Security Convergence

Security technology trends across many major industries are leaning heavily towards cyber and physical security convergence as a practical way to address increasingly sophisticated means of attack. As the use of networked technologies grows, more attackers are targeting digital systems, with 71% of operators reporting an increase in cyber attacks in recent years.

To help protect networked and automated technologies like Internet of Things (IoT) sensors, remote monitoring equipment and robotic vehicles against cyber-physical threats, operators should consider pursuing security convergence. By merging cyber and physical security teams to form a unified force, leaders can ensure critical equipment is set up to deter novel threats.

Through convergence, cyber and physical security leaders can advise each other on how to program and use equipment with threat prevention in mind. Cyber teams can deploy smart software like encryption and endpoint protection tools to safeguard machines against remote attackers, while physical teams can ensure IT equipment is secured against theft and damage.

Mobile and Autonomous Technologies

At smaller facilities, key security operations can be primarily performed by on-site personnel. Perimeters can be patrolled, disturbances can be investigated and camera and sensor alerts can be actioned with minimal delays; but at remote and large scale sites, the size and nature of the wider environment can make it hard to safely and routinely perform physical operations.

The desire to address this challenge is one of the driving forces behind the increasing use of mobile and autonomous devices across mining operations, with advanced mining economies like South Africa and Australia reporting a 75% adoption rate for such technologies. Leaders should consider leveraging smart security drones to assist human teams in addressing threats.

Autonomous drones and vehicles can be programmed to perform routine patrols and respond to site-specific triggers identified by existing security devices. Real-time video and sensor data can be communicated back to security teams in an on-site control room to provide insights into unfolding threats and ensure sites are well-monitored without placing human personnel at risk.

Practical Protections for Remote and Large Scale Sites

To reliably and continuously safeguard remote and large scale mines, managers and security teams must implement site-specific protections. Traditional measures like perimeter fencing, access control and camera systems can provide a baseline for effective infrastructure, but the specifics of how solutions are deployed must be adapted to meet unique environmental needs.

By making intelligent use of readily-available resources, converging the expertise of existing personnel and leveraging emerging autonomous technologies, operators can reliably secure sites, address novel threats and safeguard security teams against harm. Using these insights as a foundation, prospective cyber and physical security challenges can be readily addressed.

The Copperbelt power interconnector will strengthen the DRC’s connection to the Southern African Power Pool, the regional body that links national grids and enables cross-border power trading. With an estimated construction cost of USD300 million, the transmission line will carry a thermal capacity of 700MW, enabling up to 550MW of competitively priced electricity to be imported into the DRC’s Copperbelt mining region. Its design allows for future capacity expansion to more than 1GW.

• The Kalumbila Kolwezi Interconnector spans 200km between Zambia and the DRC
• All necessary concessions, licences and authorisations have been secured
• Estimated construction cost stands at USD300 million
• The line will carry 700MW thermal capacity, enabling up to 550MW of imports into the DRC
• Future capacity expansion to over 1GW is accommodated in the design

Project Financing and Equity Structure

FIS-RDC, EnPower and Gridworks have confirmed their intention to invest equity in the project. Gridworks, a specialist transmission and distribution developer owned and funded by British International Investment, is the lead equity investor and majority shareholder. Trafigura has agreed to arrange a significant share of the project’s debt financing. Discussions are underway with Zambian entities regarding a potential stake in the Copperbelt power interconnector.

EnPower serves as the project developer, a licensed Congolese power trader and a member of the Southern African Power Pool. KKIP is the first investment announced by FIS-RDC since its establishment in October 2025. The DRC faces a structural energy deficit of more than 1GW, and the project is expected to support mining and refining projects currently constrained by insufficient cost-effective baseload power. The Copperbelt power interconnector is also expected to increase mining and refining output and fiscal contributions.

Emile Osumba, CEO of FIS-RDC, said: “KKIP is the Fund’s inaugural transaction, and it reflects precisely the mandate entrusted to us by the Government. By helping close the Copperbelt’s power deficit, the project will unlock industrial growth, skilled jobs and fiscal revenue for the DRC. By backing a project led by a private Congolese developer, FIS-RDC is demonstrating that sovereign capital can act as a catalyst for private investment rather than a substitute for it. And by co-investing alongside credible and experienced partners such as Gridworks, we are building the track record that will allow the Fund to mobilise further capital for the country’s strategic infrastructure.”

Marc Orphanides, Managing Director of EnPower, added: “This agreement is an important milestone towards executing this strategic transmission infrastructure, which will add significant capacity to meet the ever-growing power demand of the DRC mining industry. We are grateful to the authorities, stakeholders and communities in the DRC and Zambia, as well as the International Finance Corporation, for their support to KKIP, which will be the first privately developed and financed cross-border transmission infrastructure on the African continent.”

Benefits for Zambia and Regional Power Markets

KKIP will create export opportunities for Zambian power producers, provide transmission capacity for licensed operators and help spur the development of new generation. The participation of FIS-RDC alongside Gridworks and Trafigura will also strengthen cooperation between the DRC and Zambian governments.

• KKIP will open export routes for Zambian power producers
• Transmission capacity will be available for licensed operators
• Discussions on potential Zambian co-investment are underway

Gonzalo De Olazaval, Global Head of Metals and Minerals at Trafigura, commented: “Trafigura is proud to support this landmark power project in the DRC, part of our broader power strategy in Africa. Reliable, competitively priced power is a critical enabler of economic growth across the continent, and Trafigura is well placed to bring together the investment, infrastructure and partnerships needed to make these projects a reality. KKIP has the potential to unlock industrial growth in the DRC and Zambia, while also supporting job creation and local communities in both countries.”

Chris Flavin, CEO of Gridworks, said: “Gridworks is proud to be the lead equity investor in KKIP. This is an important regional integration project. Zambia and the DRC both stand to benefit from closer interconnection, and this project will give the Copperbelt access to reliable, competitively priced power and lay the foundation for further cross-border transmission investment across Southern Africa. While the project is anchored by mining offtake, there is capacity on the line to serve the wider population too. Connecting regional power markets and supporting efficient energy trading is key to sustained economic growth in the region. We look forward to working alongside our partners to deliver this important infrastructure.”

The Kalumbila Kolwezi Interconnector is expected to be the first privately developed and financed cross-border transmission infrastructure on the African continent.

Beijing’s increasing willingness to leverage the supply-chain dependence of Western countries and impose export controls on germanium, graphite, antimony, rare earth elements (REEs) and tungsten, which the modern technology, clean energy and defense manufacturing sectors rely on, created an acute urgency for Washington to improve its strategic posture.

However, the traditional logic of deterrence, which would discourage a competitor from taking undesirable action, may fail in this case. The U.S., partly replicating China’s state-led model, expedited mining permits, took direct stakes in new projects, and signed international strategic partnerships in order to build alternative supply chains. When necessary, the government forced divestment and blocked acquisitions in critical minerals through the Committee on Foreign Investment in the United States (CFIUS). These policies notwithstanding, China’s existing control over supply chains can continue to produce the strategic leverage the U.S. is trying to eliminate.

China controls the raw extraction of 98.7% of gallium, 95% of magnesium, 82.7% of tungsten, and the refining of 96-99% of graphite, 95% of manganese and 91-92% of REEs globally. In the face of this dominance, alternative supply chains, especially their mid- and downstream parts, have a long road to reach scale. For this reason, Beijing need not acquire a majority stake in new projects to succeed in retaining its leverage. It needs only to prevent alternative supply chains from becoming commercially viable.

This dangers of this dynamic is already being seen in the corporate boardrooms of South Korea. Korea Zinc has become a strategically important firm due to operations that span the processing of multiple non-ferrous metals and critical minerals, catching the eye of American policymakers. As part of Project Crucible, a joint venture supported by the United States government, the company is establishing a major processing hub on U.S. soil. The corporate leadership dispute between Korea Zinc’s existing management and a partnership of the Young Poong Group and equity firm MBK Partners has, however, raised serious concerns about Chinese influence potentially finding its way into the project.

The mutual investment relationship between MBK Partners and state-owned Chinese business, which includes Beijing’s flagship sovereign wealth fund, the China Investment Corporation (CIC), may provide an avenue through which Chinese influence could eventually enter the U.S. and South Korea’s new mineral supply chain. The agreement between MBK Partners and Young Poong to leverage the latter’s 42.1% stake in Korea Zinc therefore warrants scrutiny as a potential national security concern.

As Korea Zinc issued a 10.59% stake to fund Project Crucible via third-party capital allotment, MBK and Young Poong have looked to invalidate this “external” bloc’s voting rights, supporting the project itself, but aiming to gain a controlling majority to replace Korea Zinc’s management. Even if the final outcome is not direct Chinese ownership that public debates often focus on, the change in corporate control could potentially produce a management structure that stalls the strategic commitment or capital allocation necessary to deliver Project Crucible thereby risking the project’s viability. There are also public questions revolving around MBK Partner’s ability to manage Korea Zinc’s very specific smelting processes if it takes control of the company further worrying US policy makers. This could take place due to either geopolitical directives coming out of Beijing, or as recent criticism of Young Poong’s leadership suggests, a gap in technical know-how.

Failure to deliver the project in the U.S. would grant a strategic victory to China as its market power would persist, but a similar outcome can essentially be achieved if the project is continuously delayed.

The otherwise highly productive Mountain Pass mine in the State of California remains reliant on Chinese refining capacity as well. The Trump administration has already recognized that an increase in mining capacity is ineffective without a concurrent scaling up of domestic refining too. The scaling up of Syrah Resources’ Louisiana facility has faced similar challenges, and there continues to be a significant gap between the strategic intent of producing increased amounts of natural graphite and an operational reality characterized by logistics and shipping bottlenecks.

China has notable structural advantages. On the one hand, while U.S. supply chains are struggling to reach economies of scale, Beijing can flood the market with graphite and keep prices artificially low. While Beijing benefited from decades of securing contracts in Africa and Latin America and building mineral processing at home with relatively little international attention, public U.S. strategies clearly announce a roadmap and strategic goals that can be countered early.

Australia’s intervention in a Chinese-linked investment in Northern Minerals illustrated the value of early scrutiny. Even a potential minority stake was treated as a strategic threat when Australia’s Foreign Investment Review Board (FIRB) repeatedly prevented China-linked investors, including by ordering several shareholders to divest minority stakes and restricting their voting rights in Northern Minerals.

Preventing Chinese ownership is necessary, but it is not enough if alternative supply chains can be delayed or fail before reaching commercial scale. The United States and its allies must protect strategically important projects and support them until they become reliable sources of supply. China does not have to own the next generation of critical mineral supply chains to win the war for resources. The real test of deterrence is whether the United States and its allies can enable alternative supply chains succeed.

The Skouries mine has been successfully connected to the Greek national power grid following final inspection, testing and approval by the Greek transmission authority. The permanent connection provides a reliable long term power source for the operation and supports the continued advancement of processing and mining activities at the site.

Skouries Mine Energization Supports Ramp Up

The mine energization gives Skouries access to the permanent power infrastructure required to continue commissioning and ramp up key systems across the operation. The development comes as the project transitions from construction and commissioning toward steady state operations. “Site energization is an important step in advancing Skouries toward ramp up to steady-state operations,” said George Burns, Chief Executive Officer of Eldorado Gold.

Burns added that the connection to permanent grid power supports the ongoing commissioning and ramp up of key systems while providing the long term power infrastructure required for the operation. He also linked the milestone with the recent achievement of first copper gold concentrate production at Skouries.

Mine Energization Builds on First Concentrate Production

The latest mine energization follows the recent production of first copper gold concentrate at Skouries, representing another step in Eldorado Gold’s progress toward the start of commercial operations.

The company said the national grid connection will provide a reliable long term power supply as processing and mining activities continue. The development is therefore expected to support the operation as it advances through commissioning and ramp up.

Skouries is expected to reach commercial production in the fourth quarter of 2026. Over the life of the mine, the project is expected to produce an average of 140,000 ounces of gold and 67 million pounds of copper annually.

Eldorado Gold Moves Skouries Toward Commercial Production

The mine energization marks a key infrastructure milestone for Eldorado Gold as Skouries moves closer to commercial production. With permanent grid power now connected, the project can continue commissioning and ramp up activities while supporting the systems required for future operations.

Eldorado Gold operates mining, development and exploration assets in Canada, Türkiye and Greece. Skouries forms part of its portfolio of gold, copper and base metals operations and developments.

HVO is jointly owned by Yancoal, which holds a 51% stake, and Glencore, which holds the remaining 49%. The operation produces thermal and semi-soft steelmaking coal for export and is independently managed on behalf of its joint venture owners.

The approval marks a significant regulatory milestone for the coal extension, although the project still requires Federal Government environmental approval before operations can continue beyond the existing approvals.

Hunter Valley Operations Set for Extended Mine Life

The HVO Continuation Project is designed to recover additional coal resources within existing mining tenements and extend the operating life of both HVO North and HVO South.

Under the approved project:

• HVO North’s mine life would extend from 2026 to 2045
• HVO South’s mine life would extend from 2030 to 2042
• Additional coal resources would be recovered within existing mining areas

The coal extension follows a six-year regulatory assessment process involving changes to the project’s design. Glencore said the project was amended during the assessment to align with NSW and Federal Government legislative guidelines, environmental standards and climate change policies.

The IPC decision therefore provides approval at the state planning level for the proposed coal extension, while leaving a further federal environmental requirement outstanding.

Federal Approval Remains for Coal Extension

Glencore said the HVO Continuation Project remains subject to Federal Government environmental approval, which is required by the end of December 2026 for operations to continue.

The additional approval requirement means the coal extension has not yet received all necessary regulatory clearances. The NSW IPC approval represents the latest step following the project’s extended assessment process, but continued operations under the proposed timeline depend on the federal environmental decision.

The project is focused on extending production from an established mining complex rather than developing a new greenfield operation. By allowing further resources to be recovered from existing tenements, the coal extension is intended to maintain HVO’s production activity across both mining areas over the coming decades.

HVO remains an important part of Glencore’s Australian coal business, producing export thermal and semi-soft steelmaking coal. The proposed coal extension would keep the operations active for longer periods, subject to the remaining Federal Government environmental approval.

Proposed Transaction and Strategic Rationale

Under the proposed rare earths deal, Meteoric shareholders would receive 0.0207 Lynas shares for each Meteoric share held. This exchange ratio implies consideration of A$0.286 per Meteoric share, representing a 68.4% premium to Meteoric’s last closing price of A$0.1706. The implied consideration rises to A$0.310 per share based on Lynas’ 30-day VWAP and A$0.316 per share based on the 60-day VWAP.

The Meteoric Board has unanimously recommended the Scheme, subject to stated conditions and an independent expert concluding that the Scheme is in the best interests of Meteoric shareholders. The transaction supports Lynas’ Towards 2030 growth objective of adding resource and scale, and Lynas describes Caldeira as the largest known ionic clay JORC rare earth oxide Mineral Resource outside China, containing both light and heavy rare earth elements.

• Implied equity value: A$968 million on a fully diluted basis
• Exchange ratio: 0.0207 Lynas shares for each Meteoric share
• Premium: 68.4% to Meteoric’s last close of A$0.1706
• Board recommendation: Meteoric Board unanimously recommends the Scheme, subject to conditions
• Key shareholder support: Meteoric directors (2.6% of shares) and largest shareholder Tolga Kumova and associated entities (approximately 6.7%) have indicated their intention to vote in favour, subject to stated qualifications

Prof John Humphrey, Chair of Lynas Rare Earths, stated: “Lynas is very pleased with the potential to bring together the Caldeira deposit which is the largest known ionic clay rare earth Mineral Resource outside China reported in accordance with the JORC Code, and Lynas’ high grade Mt Weld deposit and leading rare earth operations. This will deliver on our Towards 2030 growth objective of adding resource and scale. Expanding our operations into a new country will help Lynas maintain its leading position in the global rare earths supply chain and meet increased customer demand for rare earth materials.

“Brazil is a well-established and supportive mining jurisdiction and its rare earth reserves are the largest outside China. We have enjoyed getting to know Andrew and his team and congratulate Meteoric on their achievements to date, including extensive knowledge of the ore body and ionic clays, the integration of sustainability initiatives into project design, and the completion of a technically robust DFS. With Lynas’ proven expertise and strong balance sheet, we will continue this excellent work with the local team, the Government of Brazil and local communities to achieve the Project’s full potential,” Prof John Humphrey continued.

“We look forward to welcoming Meteoric’s shareholders to the Lynas share register and continuing to build value for all shareholders.”

Caldeira Resource Potential, Funding and Approval Timeline

The Caldeira project has a completed Definitive Feasibility Study. Meteoric’s reported mineral resources include an estimated 802kt of NdPr oxides and 41kt of DyTb oxides. On a pro forma arithmetic basis, the Lynas acquisition of Meteoric would increase Lynas’ reported Measured and Indicated TREO Mineral Resources by approximately 79% and reported Ore Reserves by approximately 26%. Based on Meteoric’s DFS production target, the Caldeira project has potential for average annual production of approximately 3,862 tonnes of NdPr and 127 tonnes of DyTb over its life of mine.

Lynas expects capital expenditure for the development of Caldeira to be over US$500 million, referencing an initial estimate of US$498 million from Meteoric’s July 2026 DFS announcement. Lynas will provide Meteoric with an interim funding facility of up to A$110 million, with an initial A$35 million tranche available following execution of the Scheme Implementation Deed, subject to stated conditions. Lynas sees potential to integrate Caldeira into its existing downstream operations in Malaysia and plans to study the potential for additional downstream processing in Brazil.

• Mineral resources: 802kt NdPr oxides and 41kt DyTb oxides reported
• Resource uplift: Approximately 79% increase in Lynas’ Measured and Indicated TREO Mineral Resources and approximately 26% increase in Ore Reserves on a pro forma basis
• DFS production target: Average annual production potential of approximately 3,862 tonnes NdPr and 127 tonnes DyTb
• Interim funding: Up to A$110 million facility, with initial A$35 million tranche

Andrew Tunks, Executive Chair of Meteoric Resources, stated: “I am very proud that the work of our team has attracted a partner of Lynas Rare Earths’ calibre to Caldeira. This project has been progressed with an intensive focus on the fundamentals: drilling, geological understanding, metallurgical recoveries and test work, including from our own pilot plant. That discipline is why Caldeira stands where it does today: an orebody that is high grade, highly recoverable, low in capital intensity, low in operating cost, and highly scalable. Meteoric has a great team of people who have developed significant intellectual property on this ionic clay project.

“We have worked hand in hand with our host communities, Indigenous stakeholders, and government at the municipal, state and federal levels. As part of this transaction, Lynas has engaged directly with the Federal Government and BNDES to ensure no delay in the development of Caldeira.

“The efforts of the Meteoric team have culminated in Lynas, one of the world’s leading rare earths companies, validating the quality of the Project through the proposed transaction, which will allow our shareholders to gain access to Lynas’ skills and capabilities. Through this process, I have built a strong relationship with John Humphrey and the Lynas senior leadership team, and have the greatest confidence in Lynas’ ability to deliver. Lynas brings technical expertise, global credibility and balance sheet strength to fast-track the development of Caldeira. Together we see a long future leading the development and industrialisation of the rare earths industry in Brazil”.

The Scheme remains subject to an independent expert’s conclusion, regulatory approvals, Meteoric shareholder approval by at least 75% of votes cast and a majority in number of shareholders present and voting, and Court approval. Meteoric intends to dispatch the Scheme Booklet in December 2026, with the Scheme Meeting expected in January 2027 and implementation expected by March 2027, subject to all approvals including relevant Brazilian regulatory approval.