Lynas Rare Earths buys Meteoric Resources for $968M

• Lynas Rare Earths executes a binding deed to acquire Meteoric Resources in an all-share transaction valued at $968 million.
• The exchange ratio values are meteoric, based on a 60-day volume-weighted average price of $15.29 per Lynas share.
• The deal aims to diversify Lynas' operations by adding the Caldeira ionic clay project in Brazil.

Lynas Rare Earths (ASX:LYC) entered a binding agreement to acquire 100% of Meteoric Resources (ASX:MEI) in an all-share deal worth $968 million.

The acquisition provides Lynas with access to the Caldeira Rare Earth Project in Brazil, adding a major ionic clay asset to its primary hard rock supply in Western Australia.

Because no executive quotes were included in the announcement document, this narrative detail moves directly to the target transaction figures.

Under the terms of the agreement, Meteoric shareholders will receive 0.0207 Lynas shares for every Meteoric share held.

The transaction supports the strategic plan of Lynas to expand production capacity across light and heavy rare earth elements.

Following the announcement, the Lynas Rare Earths share price was unchanged at $13.83.

The Caldeira project contains an estimated mineral resource of 802 kilotonnes of NdPr oxides and 41 kilotonnes of DyTb oxides.

This acquisition increases the total measured and indicated TREO mineral resources reported by Lynas by approximately 79% on a pro forma basis.