Brazilian Rare Earths (BRE) investor relations material

Executive summary

• Advanced a province-scale rare earths and critical minerals platform in Bahia, Brazil, with over 50 mineralised discoveries and significant progress at Monte Alto, Sulista, and Pelé districts.

• Achieved major technical milestones, including high-yield ore sorting, low-temperature acid-cure processing, and high recoveries for rare earths and uranium.

• Secured a 10-year heavy rare earth offtake and technical partnership with Carester, and completed a A$120 million equity raise to accelerate development.

• Announced plans to demerge the Amargosa Bauxite-Gallium Project, providing direct exposure to a large-scale, high-quality bauxite-gallium asset.

Financial highlights

• Revenue of A$4.2 million in 2025, up from A$2.7 million in 2024, driven by higher cash balances and interest rates.

• Net loss after tax of A$42.1 million, a 24.9% improvement from A$56.0 million in 2024.

• Exploration and evaluation expenses decreased 25% to A$35.6 million, reflecting lower acquisition costs.

• Cash and financial assets of A$162.4 million at year-end, following a successful A$120 million capital raise.

• Share price increased 67.8% to A$3.96, with market capitalisation rising 86.9% to A$1,087.5 million.

Outlook and guidance

• Focused on completing the Scoping Study for the rare earths, critical minerals, and energy platform.

• Plans to advance Monte Alto and Sulista drilling, downstream metallurgical programs, and the Amargosa demerger.

• Continued emphasis on building a long-term critical minerals business supporting electrification, advanced manufacturing, and energy security.