Brazilian Critical Minerals (BCM) investor relations material

Executive summary

• Ema advanced into FEED after the June 2026 BFS, with permitting, offtake and project financing work continuing toward a Final Investment Decision.

• A$10m institutional placement and A$12.2m quarter-end cash position support planned project work; a binding agreement to acquire 90% of Sais Nordeste was executed after quarter end.

Financial highlights

• Quarter-end cash was A$12.18m, versus A$4.36m at the start of the quarter; net operating cash used was A$1.72m.

• Exploration and evaluation payments were A$1.309m; staff costs were A$149k and administration and corporate costs were A$453k.

• Financing cash inflow was A$9.71m, including A$10.073m from equity issues and A$263k from option exercises, offset by A$646k in equity issue costs.

Outlook and guidance

• FEED with Altris is expected to run for ~24 weeks, refining plant and infrastructure design, equipment selections, cost estimates and the implementation schedule.

• December-quarter priorities include progressing INCRA consent and environmental licensing, FEED and equipment quotations, offtake and project financing discussions, and Sais Nordeste restructuring.

• Sais Nordeste's initial capacity is expected to meet ~50% of Ema's magnesium sulphate requirements during the first few production years, with potential expansion beyond 100%.