Brazilian Critical Minerals (BCM) investor relations material

Project overview and resource definition

• Developing a scalable rare earth project in northern Brazil with the lowest CapEx in its class, boasting pre-production capital expenditure of US $55M.

• Utilizes in-situ recovery (ISR), the most common and scalable rare earth extraction method, with proven field extraction at scale.

• Defined 1.07 billion tons of mineralization at just over 700 ppm, covering 80 sq km and 45% of drilled tenure, with a 20-year mine life based on scoping study.

• Sits at the low end of the global cost curve, offering ultra-low all-in sustaining costs of US $8-10/kg TREO.

• Market capitalization as of May 2026 is $61M, with competitive positioning against larger peers.

Technical highlights and extraction process

• ISR involves injecting magnesium sulfate (Epsom salts) into shallow vertical holes to extract rare earths via ionic exchange, eliminating the need for mining or tailings dams.

• Three-step leaching process: inject lixiviant, perform ionic exchange, and pump solution to the plant.

• Field trials demonstrated high extraction efficiency, with leaching grades up to 7,800ppm TREO and MREO grades above 3,500ppm, and rare earth oxides in solution exceeding resource grades.

• Magnet rare earths (NdPrDyTb) averaged 44% of total rare earth oxides in solution, placing the project among top Western peers.

• Proven ISR model at scale, referencing over 20,000t MREC produced in Malaysia since 2022.

Product, partnerships, and commercialization

• Technical collaboration agreement established with MCRE Resources in Malaysia to explore joint market opportunities.

• Process plant design modeled after successful operations by MCRE Resources.

• Produced mixed rare earth carbonate (MREC) with >50% TREO and >41% NdPrDyTb composition, sent to off-takers for evaluation.

• Magnet elements represent 95% of the product basket, supporting strong revenue potential.

• Annual production profile targets 9,000–10,000tpa MREC, including 4,000–5,000tpa TREO and 2,000–2,500tpa MREO.