Meteoric Resources NL (ASX:MEI, OTC:METOF, FRA:RNF) has strengthened its tenure over the Caldeira Rare Earths Project in Minas Gerais, Brazil, after executing an amendment agreement with joint venture partner Togni S/A Materiais Refratários.

The agreement consolidates Meteoric’s interests in key tenements needed for the start of production at Caldeira and is expected to streamline the project’s development pathway.

The company has secured immediate and full assignment of the primary tenements required for the commencement of production, including Capão do Mel, excluding areas yet to be mined for clay, Soberbo and Figueira.

Barra do Pacu will also be assigned on written request, provided Togni’s clay mining activities are not affected.

Managing director Stuart Gale said the agreement reflected the strong and cohesive nature of Meteoric’s joint venture with Togni and supported the progression of a fully funded project financing solution.

“Completion of this agreement reflects the strong and cohesive nature of our joint venture with Togni and we remain appreciative of their ongoing support. Transfer of the tenements to Meteoric supports the progression of a fully funded project financing solution together with other administrative matters which are necessary for the development of Caldeira Project. We will continue to focus on the development of Caldeira through de-risking activities including the DFS and licence applications while working with key partners to establish a fully funded project financing solution to build the Caldeira Project.”

As consideration for the transfer, Togni has been granted the right to nominate a director to Meteoric’s board and a conditional offtake option for up to 30% of annual mixed rare earth carbonate production from Caldeira.

The option requires five years’ advance notice, will be priced at market rates on a take-or-pay basis and includes conditions preventing use of the material in competition with Meteoric’s interests.

The tenure update comes as Meteoric completed a $40 million placement, issuing 235 million new fully paid ordinary shares at $0.17 per share to institutional and sophisticated investors.

Funds will support advancement and pre-development activities at the 100%-owned Caldeira project as Meteoric works towards a Final Investment Decision in 2026.