Australia's Meteoric Resources gains most in 4 years on $671.8 million Lynas buyout

Lynas Rare Earths

01/10/2026 01:56

** Shares of Meteoric Resources MEI.AX jump as much as 55.9% to A$0.265, their biggest intraday pct gain since mid-December 2022
** Shares hit highest since January 12, 2024
** Lynas Rare Earths LYC.AX to acquire all shares of Meteoric, in an all-share deal valuing the Perth-based miner at A$968 million ($671.79 million)
** Deal implies a 68% premium to Meteoric's last close
** Lynas also pledges funding up to A$110 million to aid the continued development of Meteoric's Caldeira project
** Near 68.4 million shares change hands, 9.8 times the 30-day average volume 
** MEI stock up over 50% YTD, including session moves

($1 = 1.4409 Australian dollars)

 (Reporting by Rudrannsh Mehra in Bengaluru)
 ((Rudrannsh.Mehra@thomsonreuters.com))