Australia's Meteoric Resources jumps as Macquarie backs Brazil rare earths push

Meteoric Resources NL

02/12/2025 24:09

** Meteoric Resources MEI.AX climbs as much as 7.1% to A$0.150, posting its biggest intraday pct gain since November 20

** MEI on Monday reporteda delay in its preliminary licence at its Caldeira rare earth project in Brazil, eyeing a December 19 vote

** Macquarie says shedding China's grip on rare earths is no easy feat, given tight tech and equipment curbs, but MEI is making headway and could emerge as Brazil's second operating rare earths producer

** Brokerage says that despite the setback, MEI continues to target a construction licence issuance in mid-CY26

** Reiterate "outperform" rating with price target of A$0.39/shr

** Stock up 76.5% YTD

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))