Meteoric Resources' (ASX:MEI) share surge on Tuesday is likely due to rising interest in rare earth companies after recent export restrictions from China and new US government plans to build a strategic supply of rare earth materials, Euroz Hartleys said in a Tuesday note.
The company on Tuesday reported a mineral resource estimate at the Barro do Pacu license within the Caldera project in Brazil of 389 million tonnes at 2,204 parts-per-million grade of total rare earth oxides, including 77 million tonnes of indicated resources at a grade of 2,917 ppm TREO.
Euroz Hartley believes the stock surge can help the company's funding efforts.
The research firm said that Meteoric Resources' price target is currently under review.
the mining firm's shares surged 29% on market close.
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