Meteoric Resources (ASX:MEI) said its definitive feasibility study (DFS) for its Caldeira Rare Earth Ionic Clay Project in Brazil targets total neodymium-praseodymium production of 88,829 tonnes, according to a Friday Australian bourse filing.

The DFS targets average annual production of 3,862 tonnes, with total dysprosium-terbium production of 2,926 tonnes and average annual production of 127 tonnes, the company said.

The company said average production is based on ore feed of greater than 5,000 parts per million total rare earth oxide (TREO) in years one and two, with a further 100 million tonnes at an average grade of greater than 4,000 parts per million TREO, and magnet rare earth recoveries of 71%.

The updated ore reserve of 151 million tonnes at 3,524 parts per million TREO supports the entire DFS mine plan, with the project delivering significant volumes of light and heavy strategic rare earth elements including yttrium, praseodymium, neodymium, samarium, gadolinium, terbium, dysprosium and ytterbium, the filing added.

More than 80% of tenure was not considered in the DFS, confirming expansion and life extension potential, it added.

The company's shares rose nearly 3% in recent Friday trade.