Stuart Gale steps up to helm Meteoric Resources

Meteoric has promoted Stuart Gale to managing director and CEO as the company charts a rare earths production course for Caldeira.

The company is confident in its new helmsman’s commercial qualities to turn from explorer to producer. Pic: Getty Images

• Meteoric CFO Stuart Gale promoted effective immediately to CEO and MD

• Former CEO Nick Holthouse remains on deck and dedicated to Caldeira’s development

• Meteoric is confident in its Brazilian asset’s potential as one of the world’s lowest-cost, highest-grade and sustainable supplies of rare earths

Special report: Meteoric Resources has promoted former CFO Stuart Gale to managing director and CEO as the company charts a rare earths production course for the Caldeira project.

Former chief executive Nick Holthouse will stay on at the company, with company general manager of commercial Andy Thompson stepping into the CFO seat as Holthouse dedicates his full expertise to Caldeira’s development.

The shift comes at a pivotal time for Meteoric Resources (ASX:MEI), which is confident in Caldeira after a scoping study showed off the Brazilian project’s potential as one of the world’s lowest-cost sources of high-grade and sustainable rare earth elements.

A recent upgrade from the Figueira deposit added further tonnage and confidence to the project, and Meteoric believes Caldeira has enormous room for growth through expansion and exploration in erstwhile-untouched areas.

The company believes the restructuring reflects its focus of priorities on financing, offtake, project delivery and developing the long-term strategies to grow into a global leader in the crucial supply of rare earths to western markets.

A ‘critical juncture’ for Meteoric

Meteoric executive chairman Andrew Tunks said the important restructure aligns with the strong progress it has made over the two years since Caldeira’s acquisition.

“We are very excited for Stuart to take the reins at this critical juncture for Meteoric,” Tunks said.

“Since he joined the company earlier this year, Stuart has demonstrated exceptional leadership capabilities and strategic acumen.

“Add to this his wealth of experience in debt and equity capital markets and we’re highly confident in his ability to deliver the financial and commercial outcomes required to deliver on the world-class potential of the Caldeira project.”

And at the same time, Tunks added that Nick Holthouse has the requisite development and project delivery skills to manage Meteoric’s ambitious timeline – looking ahead to first production as soon as 2027.

Resourceful resume

Stuart Gale only joined Meteoric in April this year but he has already played a central role in the financial, commercial and corporate advancement side which now stands as the priority for development.

Gale has been a part of major developments before, spending close to a decade at Fortescue Metals Group during its acceleration to full production across the Chichester and Solomon operations before moving to Resolute Mining where he was also promoted from CFO to CEO and managing director.

In his time at Resolute, he oversaw operations in more complicated places than Brazil’s mining-rich state of Minas Gerais, overseeing the sale of the Bibani gold mine in Ghana and multi-jurisdictional operations in Mali and Senegal.

Critical commodities

China’s control over rare earths markets is pervasive, with the commodity superpower both willing and able to flex its muscle over international supply chains.

Meteoric believes Caldeira holds the capability to flip the script with a source capable of undercutting the costs of rare earths companies from the Middle Kingdom accused of flooding the market to drive down prices and preserve its market dominion.

And the company has good reason to think that low cost can be achieved with a low impact in a mining sector which can have heavy environmental impact when poorly regulated – notably it is the only miner named in Brazil’s development and climate change platform.

This article was developed in collaboration with Meteoric Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.