Meteoric Resources Finalizes Significant Supply Agreement with Ucore Rare Metals

Meteoric Resources, listed on the Australian Securities Exchange, has secured a significant supply agreement with Ucore Rare Metals, a Canadian firm. This deal involves Meteoric supplying 3,000 metric tonnes of rare earth oxide from its Caldeira project in Minas Gerais, Brazil, to Ucore’s new facility in Louisiana, USA.

Formalized through a memorandum of understanding, the agreement also includes a commitment to provide at least 3,000 tonnes annually of critical rare earth elements like neodymium, praseodymium, terbium, and dysprosium. These materials are essential for producing high-performance magnets used in electric vehicles and renewable energy technologies.

Ucore plans to start production at the Louisiana plant by late 2025, with commercial operations expected in the first half of 2026. This collaboration is part of a strategy to enhance North America’s self-reliance in sourcing critical minerals, reducing dependence on imports from China.

Meteoric has been rapidly expanding in the rare earth market, securing contracts with a Brazilian rare earth magnet facility in June and with Neo Performance Materials in May. These moves position Meteoric as a key contributor to the global rare earth supply chain, especially as demand for these materials rises.

The agreement highlights the increasing need for stable supplies of rare earth elements. As competition for these resources grows, such partnerships are vital for ensuring the continuity of supply chains supporting modern technology and industry.