Meteoric Resources (ASX:MEI) continued work on the Caldeira project in Brazil during the quarter ended Sept. 30, according to a Friday filing with the Australian bourse.

The release of the pre-feasibility study (PFS) confirmed the project's long life, supported by strong mining, processing, and financial metrics in the rare earths market, the filing said.

The maiden ore reserve has been declared, with a probable ore reserve of 103 million tonnes at 4,091 parts per million total rare earth oxide, based on exploration and drilling data.

The PFS results delivered higher rare earth element production at a lower capital intensity, with further metallurgical test work and piloting completed to support and de-risk process design and flowsheet, per the filing.

Shares rose 2% in afternoon trade Friday.